June 2026
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Largest Public Companies in North Macedonia
Benchmark revenue and EBITDA valuation multiples for public comps like
ALTA banka, Komercijalna Banka, NLB Banka, Makedonski Telekom and Alkaloid.
 | ALTA banka AD Bitola operates as a commercial bank. It serves households and businesses through retail banking and corporate banking segments. Retail banking serves individuals with deposits, loans, mortgages, and payment services, while corporate banking provides businesses with financing, trade finance, and cash management solutions. | $72 | -- | $1B | $1B | 8.8x | - | ||
| Komercijalna Banka AD Skopje is a commercial bank. The principal activities of the bank are - collecting deposits, placing loans and advances domestically and abroad, factoring and financing commercial transactions, foreign exchange operations, fast money transfer, trading with foreign currencies, trading with securities, services of a bank-custodian of investment and pension funds, intermediating in selling insurance policies, data collection and analysis of company's credit rating, and many others. It operates in the Republic of Macedonia, Europe, and other EU member countries. | $502 | -6% | $1B | $1B | 7.7x | - | ||
| NLB Banka a.d. Skopje is a bank in the Republic of Macedonia. It provides general banking services like accepting deposits, granting loans and advances, foreign exchange, asset management, retail banking services, brokerage services, custody services, and many others. The bank operates in the Republic of Macedonia, EU countries, Non-EU countries in Europe, and other countries. | $1,072 | 0% | $915M | $988M | 7.9x | - | ||
| Makedonski Telekom AD offers telecommunications services. Its services include telephone services, internet access services including broadband internet and entertainment IPTV products. The company offers a portfolio for residential and business customers, provided from a single source and focuses on Cloud and ICT solutions in order to provide the best customer experience. | $9 | +14% | $817M | $777M | 3.4x | 7.8x | ||
| Alkaloid AD Skopje is engaged in producing and selling pharmaceutical, chemical and cosmetic products, as well as goods from the herbal origin. Its segments are Pharmaceuticals, Chemicals, Cosmetics and Botanicals. It derives maximum revenue from Pharmaceuticals products segment. | $464 | -10% | $654M | $703M | 2.0x | 18.6x | ||
| Titan USJE AD Skopje is engaged in the production, transportation and distribution of cement, concrete, aggregates, mortars and other building materials. | $892 | +13% | $503M | $498M | 4.3x | 10.6x | ||
| Mermeren Kombinat AD is a company engaged in the mining, processing, and distribution of marble and decorative stones. The products of the company are used in high-end projects, including mosques, hotels, palaces, commercial and residential buildings, villas and artworks. The business activity of the group functions through Quarry, Factory, and photovoltaic plants segments. It generates a vast majority of revenue from the Quarry segment. Geographically, the business presences of the firm are seen in North Macedonia, China, Greece, Balkan, and other regions. | $65 | +5% | $307M | $297M | 8.0x | 13.5x | ||
| Makpetrol AD engages in the distribution and trade of oil and oil products in the Republic of Macedonia and internationally. Its product offerings include aviation fuel, oils and lubricants, LPG (Liquefied petroleum gas), biofuels, and natural gas. The company serves fleet operators, freight forwarders, transport companies, airports and industrial entities. Makpetrol also operates restaurants and cafes in the circle of its gas stations. | $2,182 | -2% | $221M | $210M | 0.4x | 9.2x | ||
| Investbanka AD Skopje provides banking and financial products and services. The segments of the bank are Retail operation and Corporate banking. The company generates maximum revenue from Corporate banking segment. The bank offers services such as E-banking, savings and checking accounts, debit or credit cards, mobile banking and loans, among others. | $95 | +20% | $199M | $199M | - | - | ||
| Granit AD is engaged in the construction of buildings and infrastructure outside Macedonian borders. The company has been active in Libya, Kuwait, Iraq, Russia, Ukraine, Germany, Albania, Bulgaria, Croatia, Bosnia and Herzegovina, Serbia, among others. | $28 | -14% | $79M | $77M | 1.1x | 11.4x | ||
| Replek AD is engaged in the development, design and production of generic medicines. The company develops drugs in different pharmaceutical therapeutic categories including anti-platelet, lipid-lowering, atypical antipsychotic, anti-infective, among others. It manufactures drugs in different forms including tablets, capsules, oral solutions, creams and ointments. Its product portfolio consists of Clopidogrel, Atorvastatin, Simvastatin, risperidone, Clarythromycin, Ciprofloxacin, Meloksikam, Risperidon, terazosin, among others. Replek also offers cannabis oil products, food supplements and cosmetics. | $300 | +6% | $78M | $84M | 2.3x | 11.4x | ||
| Makedonija Turist AD provides tourism, catering and hotel services. It operates hotels offering short and longer stays, conference rooms, business center, fitness center and sauna. Its hotel properties include Holiday Inn Skopje, Best Western Hotel Turist, Hotel Karpos, Hotel Bellevue and Hotel Vodno. The company also operates Ogniste Restaurant. | $152 | -20% | $62M | $40M | 5.2x | 7.9x | ||
| Makstil AD is a producer of hot-rolled heavy plates in the Balkan region. The company produces flat-rolled products such as hot rolled plates, hot rolled coils, cold rolled strips and sheets, galvanized strips and sheets and pre-painted coated strips. | $2 | -10% | $34M | $73M | 0.5x | 5.0x | ||
| Prilepska Pivarnica AD is engaged in beverage manufacturing. Its core business activities include production and trade of beer and non-alcoholic drinks. The company offers various brands of beers including Golden Dab, Krali Marko, Tuborg and Carlsberg. It also produces soft drinks including Pepsi, Pepsi Twist, Pepsi Max, 7UP, Mirinda Lemon and Mirinda Orange. | $702 | +3% | $28M | $24M | 0.6x | 3.8x | ||
| Teteks AD is a producer of textiles and clothing. Its business activities include activating fabrics for the production of fabrics and blankets, as well as production of ready-made garments in apparel and knitwear. Its product offerings include confection, knitwear, fabrics, blankets, yarn and wolves. TETEKS production is intended mainly for export to the United States and European countries such as Germany, Greece, Italy, Denmark, Russia, Bulgaria, among others. | -- | -- | $18M | $17M | 11.5x | 11.3x | ||
| Euromax Resources Ltd is a Canadian-based firm focused on developing the Ilovica-Shtuka copper and gold project in Macedonia. The company is also engaged in greenfield development in the Balkans. The group operates in one sector in the mining industry, i.e. the exploration and development of mineral rights interests. Its segments are Macedonia, and Corporate. | $0 | +146% | $17M | $37M | - | (80.9x) | ||
| Liberti AD Skopje is a steel and mining company. Its operating segments are NAFTA, Brazil, Europe, ACIS, and Mining. NAFTA segment produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate. Brazil segment includes the flat operations of Brazil and the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica and Venezuela. Europe segment produces a portfolio of steel products in Europe including Spain and Romania. ACIS segment produces a combination of flat, long products and tubular products. Mining segment comprises all mines owned by the company in Americas, Asia, Europe, and Africa. The majority of the company's revenue comes from the United States. | $0 | -40% | $4M | $24M | 0.2x | (4.7x) | ||
| RZ Tehnicka kontrola AD provides quality control services for the metallurgic industry. The company provides services through different laboratories namely Chemical, Mechanical, Metallographic, and non-destructive testing. It carries out the testing of minerals and ores, metals, alloys, fuels, lubricant, soils and fertilizers, waste materials, tensile strength, fortress, a degree of impurities, grain size, ultrasound examination, radiography, penetrant and magnetic testing and others. | $14 | +36% | $3M | $2M | 0.8x | 3.9x | ||
| Median | $95 | +2% | $139M | $141M | 2.8x | 8.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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