Airthings - Public Comps and Valuation Multiples

Airthings Overview

About Airthings

Airthings ASA is a hardware-enabled software company that develops products and systems for monitoring indoor air quality, radon, and energy efficiency. The company's solutions resolve issues related to air quality and air containment and enable a reduced CO2 footprint by optimizing energy consumption for buildings. It is engaged in three business segments, which include Airthings for Consumer (Consumer), Airthings for Business (AfB), and Airthings for Professionals (Pro). The majority of the revenue comes from the Airthings for Consumer segment, which offers air quality monitors and air purifiers with software solutions to enable consumers to create and maintain a healthy home environment.

Founded

2008

HQ

Employees

105

Website

airthings.com

Sectors

Electrical Parts & Equipment
Industrial Parts

Financials

LTM Revenue $438M

LTM EBITDA -$95.8M

EV

$13.6M

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Airthings Financials

As of September 2025, Airthings reported last 12-month revenue of $438M and EBITDA of -$95.8M.

In the same period, Airthings generated $248M in LTM gross profit and -$199M in net income.

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Airthings P&L

In the most recent fiscal year, Airthings reported revenue of $3.8M and EBITDA of -$0.7M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$438M	XXX	$3.8M	XXX	XXX	XXX
Gross Profit	$248M	XXX	$2.1M	XXX	XXX	XXX
Gross Margin	57%	XXX	56%	XXX	XXX	XXX
EBITDA	-$95.8M	XXX	-$0.7M	XXX	XXX	XXX
EBITDA Margin	-22%	XXX	-19%	XXX	XXX	XXX
EBIT	-$134M	XXX	-$1.1M	XXX	XXX	XXX
EBIT Margin	-31%	XXX	-29%	XXX	XXX	XXX
Net Profit	-$199M	XXX	-$1.8M	XXX	XXX	XXX
Net Margin	-45%	XXX	-46%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Airthings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $438M. EBITDA for the last twelve months was -$95.8M. In the most recent fiscal year, Airthings achieved $3.8M in revenue and -$0.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$438M	Analyst estimates available to subscribers	$3.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$248M	Analyst estimates available to subscribers	$2.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	56.6% gross margin	Analyst estimates available to subscribers	56.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$95.8M	Analyst estimates available to subscribers	-$0.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-21.9% EBITDA margin	Analyst estimates available to subscribers	-18.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$134M	Analyst estimates available to subscribers	-$1.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-30.6% EBIT margin	Analyst estimates available to subscribers	-28.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$199M	Analyst estimates available to subscribers	-$1.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-45.4% net profit margin	Analyst estimates available to subscribers	-46.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Airthings

This financial data table provides comprehensive performance metrics for Airthings, a company based in Norway. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Airthings generated $438M in revenue over the last twelve months.
The company achieved -$95.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $248M.
Net income over the last twelve months reached -$199M.

Fiscal Year Performance

In the most recent fiscal year, Airthings reported $3.8M in total revenue.
Fiscal year EBITDA was -$0.7M.
The company maintained a gross profit margin of 56.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -18.6%.
Net profit margin reached -46.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Airthings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Airthings Stock Performance

Airthings has current market cap of NOK 127M (or $12.6M), and EV of NOK 138M (or $13.6M).

Market Cap Evolution

Airthings Stock Data

As of October 17, 2025, Airthings's stock price is NOK 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$13.6M	$12.6M	XXX	XXX	XXX	XXX	$-0.05

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Airthings Valuation Multiples

Airthings's trades at 3.6x EV/Revenue multiple, and -19.2x EV/EBITDA.

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Airthings Financial Valuation Multiples

As of October 17, 2025, Airthings has market cap of $12.6M and EV of $13.6M.

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

Airthings has a P/E ratio of -0.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$12.6M	XXX	$12.6M	XXX	XXX	XXX
EV (current)	$13.6M	XXX	$13.6M	XXX	XXX	XXX
EV/Revenue	0.3x	XXX	3.6x	XXX	XXX	XXX
EV/EBITDA	-1.4x	XXX	-19.2x	XXX	XXX	XXX
EV/EBIT	-1.0x	XXX	-12.4x	XXX	XXX	XXX
EV/Gross Profit	0.6x	XXX	n/a	XXX	XXX	XXX
P/E	-0.6x	XXX	-7.2x	XXX	XXX	XXX
EV/FCF	-4.3x	XXX	-42.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Airthings Margins & Growth Rates

Airthings's revenue per employee in the last FY averaged $36K, while opex per employee averaged $31K for the same period.

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

Airthings's rule of X is unknown (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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Airthings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	-22%	XXX	-19%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$36K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$31K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	21%	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	85%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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