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Afry Valuation Multiples

Discover revenue and EBITDA valuation multiples for Afry and similar public comparables like Royal Heijmans, Ferrovial, and Koninklijke Bam Groep.

Afry Overview

About Afry

Afry AB is an engineering and consulting firm with projects in energy, industrial, and infrastructure markets. It develops solutions for public and private clients and can serve all regions of the world. The business divisions are Industrial & Digital Solutions, Infrastructure, Process Industries, Energy, and Management Consulting. It constructs plants and provides market analysis for power generation, manufacturing facilities, and refining chemicals. It also offers engineering, design, and advisory services across three main sectors: infrastructure, industry, and energy. It generates the majority of its revenue from the Infrastructure segment.


Founded

1895

HQ

Sweden
Employees

18.2K+

Website

afry.com

Financials

LTM Revenue $2.8B

LTM EBITDA $290M

EV

$2.6B

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Afry Financials

Afry has a last 12-month revenue (LTM) of $2.8B and a last 12-month EBITDA of $290M.

In the most recent fiscal year, Afry achieved revenue of $2.8B and an EBITDA of $301M.

Afry expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Afry P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.8B XXX $2.8B XXX XXX XXX
Gross Profit $2.2B XXX $2.2B XXX XXX XXX
Gross Margin 79% XXX 79% XXX XXX XXX
EBITDA $290M XXX $301M XXX XXX XXX
EBITDA Margin 10% XXX 11% XXX XXX XXX
EBIT $201M XXX $198M XXX XXX XXX
EBIT Margin 7% XXX 7% XXX XXX XXX
Net Profit $127M XXX $127M XXX XXX XXX
Net Margin 5% XXX 5% XXX XXX XXX
Net Debt XXX XXX $455M XXX XXX XXX

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Afry Stock Performance

As of May 30, 2025, Afry's stock price is SEK 170 (or $17).

Afry has current market cap of SEK 19.2B (or $2.0B), and EV of SEK 25.3B (or $2.6B).

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Afry Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$2.6B $2.0B XXX XXX XXX XXX $1.20

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Afry Valuation Multiples

As of May 30, 2025, Afry has market cap of $2.0B and EV of $2.6B.

Afry's trades at 0.9x EV/Revenue multiple, and 8.7x EV/EBITDA.

Equity research analysts estimate Afry's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Afry has a P/E ratio of 15.6x.

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Afry Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $2.0B XXX $2.0B XXX XXX XXX
EV (current) $2.6B XXX $2.6B XXX XXX XXX
EV/Revenue 0.9x XXX 0.9x XXX XXX XXX
EV/EBITDA 9.0x XXX 8.7x XXX XXX XXX
EV/EBIT 13.0x XXX 13.2x XXX XXX XXX
EV/Gross Profit 1.2x XXX n/a XXX XXX XXX
P/E 15.6x XXX 15.6x XXX XXX XXX
EV/FCF 15.6x XXX 13.6x XXX XXX XXX

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Afry Margins & Growth Rates

Afry's last 12 month revenue growth is 2%

Afry's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Afry's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Afry's rule of X is 16% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Afry Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 2% XXX 3% XXX XXX XXX
EBITDA Margin 10% XXX 11% XXX XXX XXX
EBITDA Growth 5% XXX 0% XXX XXX XXX
Rule of 40 12% XXX 13% XXX XXX XXX
Bessemer Rule of X XXX XXX 16% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 72% XXX XXX XXX

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Afry Public Comps

See public comps and valuation multiples for Construction & Engineering comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
NMDC Energy XXX XXX XXX XXX XXX XXX
Arcadis XXX XXX XXX XXX XXX XXX
Koninklijke Bam Groep XXX XXX XXX XXX XXX XXX
Ferrovial XXX XXX XXX XXX XXX XXX
Royal Heijmans XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Afry M&A and Investment Activity

Afry acquired  XXX companies to date.

Last acquisition by Afry was  XXXXXXXX, XXXXX XXXXX XXXXXX . Afry acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Afry

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Afry

When was Afry founded? Afry was founded in 1895.
Where is Afry headquartered? Afry is headquartered in Sweden.
How many employees does Afry have? As of today, Afry has 18.2K+ employees.
Who is the CEO of Afry? Afry's CEO is Ms. Linda Palsson.
Is Afry publicy listed? Yes, Afry is a public company listed on STO.
What is the stock symbol of Afry? Afry trades under AFRY ticker.
When did Afry go public? Afry went public in 1986.
Who are competitors of Afry? Similar companies to Afry include e.g. NMDC Energy, Arcadis, Koninklijke Bam Groep, Ferrovial.
What is the current market cap of Afry? Afry's current market cap is $2.0B
What is the current revenue of Afry? Afry's last 12 months revenue is $2.8B.
What is the current revenue growth of Afry? Afry revenue growth (NTM/LTM) is 2%.
What is the current EV/Revenue multiple of Afry? Current revenue multiple of Afry is 0.9x.
Is Afry profitable? Yes, Afry is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Afry? Afry's last 12 months EBITDA is $290M.
What is Afry's EBITDA margin? Afry's last 12 months EBITDA margin is 10%.
What is the current EV/EBITDA multiple of Afry? Current EBITDA multiple of Afry is 9.0x.
What is the current FCF of Afry? Afry's last 12 months FCF is $167M.
What is Afry's FCF margin? Afry's last 12 months FCF margin is 6%.
What is the current EV/FCF multiple of Afry? Current FCF multiple of Afry is 15.6x.

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