May 2026
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Largest Public Companies in Latvia
Benchmark revenue and EBITDA valuation multiples for public comps like
IPAS Indexo, Delfin, Virsi, MADARA Cosmetics and Saf Tehnika.
 | IPAS Indexo is a licensed investment management company. It provides asset management services to state-funded pension scheme plans and private pension plans. The company has two segments, Asset management: Includes management of the assets of state-funded pension scheme investment plans and private pension scheme investment plans, which generates the majority of its revenue, and Banking development: Includes all the revenues, costs and main balance sheet items for the Banking activities. | $10 | -9% | $102M | $216M | 33.0x | (45.3x) | ||
| DelfinGroup is a Latvian fintech company that offers finance and pawn services. The operating segments of the group are: Pawn loan segment includes handling pawn loan issuance, sale of pawn shop items in the branches, and online. The retail of pre-owned goods segment includes the sale of pre-owned goods in the branches and online, purchased by customers. Consumer loan segment includes handling consumer loans to customers, debt collection activities, and debt sales to external debt collection companies. The other operations segment includes providing loans for real estate development, general administrative services to the companies of the Group, and transactions with related parties. | $2 | +26% | $78M | $225M | 3.0x | — | ||
| Virsi-A AS is engaged in retail and wholesale of oil products, and retail sales of goods. The company manages three subsidiaries SIA Virsu nekustamie ipasumi, SIA Virsi logisktika, SIA Virsi Renergy, and Virsi Lietuva UAB. The operating activities of the subsidiaries are related to those of the company and represent the development and management of real estate properties, ensuring fuel deliveries to the group’s filling stations, franchises and wholesale clients, and selling natural gas and electricity. | $5 | -4% | $68M | $107M | 0.2x | 6.0x | ||
| MADARA Cosmetics AS manufactures natural skin care products in the Baltic and North European regions. The company provides various cosmetic products such as toners, lip care, moisturizers, and other related products. The firm generates revenue from the production and wholesale of cosmetic products. Geographically, it generates maximum revenue from the European Union, followed by Latvia and other markets. | $12 | +1% | $44M | $37M | 1.4x | 17.1x | ||
| Saf Tehnika and its subsidiaries are engaged in the design, production, and distribution of microwave radio data transmission equipment thus offering an alternative to cable channels. The company offers products to mobile network operators, data service providers such as Internet service providers and telecommunications companies, as well as state institutions and private companies. The company also sells antennas, cables, OEM products, and other accessories purchased from other suppliers, as another structural unit. The company's segments are; CFIP, Integra, Spectrum, Compact, Aranet; and Other. It sells its product in Latvia, North and South America, Europe, CIS, Asia, Africa, and the Middle East, of which key sales revenue is generated from North and South America. | $13 | +89% | $39M | $30M | 1.0x | 25.1x | ||
| Kalve Coffee AS is a coffee roasting company. It offer efficient coffee solutions for both B2C and B2B segments. Its coffee products include Candy Shop, Brazil - Natural (CO2 Neutral), Marmelade, Heirloom-washed, etc. | $8 | +1% | $10M | $9M | 1.4x | 47.9x | ||
| AS Latvijas Juras medicinas centrs is a private certified medical institution in Latvia providing outpatient and inpatient healthcare services through qualified staff and modern equipment. Its core activities include hospital services, orthopaedic retail, medical and dental practice, human health and residential care, social work activities, and physical well-being services. It operates the Women's Health Clinic, offering gynecological consultations, pregnancy care, diagnostics, postpartum services, gynecological care for girls, and surgery. The centre also provides vaccination, rehabilitation, a Multiple Sclerosis Center, medical commission, home visits, laboratory services, physical medicine and massage, therapeutic procedures, medical treatment, and anesthesia and intensive care. | $9 | +36% | $7M | $6M | — | — | ||
| AS Rigas kugu buvetava is a Latvia-based company. The company earns revenue through ship repairs and Leasing and managing owned or rented real estate. Geographically the company generates majority of its turnover in Latvia. | $0 | +220% | $5M | $8M | 4.0x | 6.6x | ||
| Siguldas CMAS is a producer and supplier of breeding bull semen in Latvia. The company also provides other breeding-related services such as consultations on issues of cattle breeding, feeding and keeping, artificial insemination of cows, evaluation of cow exteriors, and initial processing of the supervisory data. The Company offers Latvian farms to test genome samples of herd animals in the United States genetics laboratory. | $7 | +13% | $3M | $3M | 1.2x | 16.9x | ||
| Median | $8 | +13% | $39M | $30M | 1.4x | 16.9x |
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