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Appear Valuation Multiples

Discover revenue and EBITDA valuation multiples for Appear and similar public comparables like Agora, National CineMedia, ON24, Cairo Communication and more.

Appear Overview

About Appear

Appear ASA, along with its subsidiaries, provides high-capacity, sustainable solutions for live-production and broadcast distribution technology to media, entertainment and sports clients. The company provides live video transport solutions that operate over satellite, dedicated fiber, and public internet infrastructure. Its offerings support a range of live event scenarios across media, entertainment, and sports industries, adapting to the varying requirements of these sectors. The company derives revenue from the following sources: Sales of media processing and delivery platforms, Additional sales of software and licenses, and Sales of support and consulting services, majority being generated from the sales of media processing and delivery platforms.


Founded

2006

HQ

Norway

Employees

194

Website

appear.net

Financials (LTM)

Revenue: $94M
EBITDA: $21M

EV

$280M

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Appear Financials

Appear reported last 12-month revenue of $94M and EBITDA of $21M.

In the same LTM period, Appear generated $67M in gross profit, $21M in EBITDA, and $15M in net income.

Revenue (LTM)


Appear P&L

In the most recent fiscal year, Appear reported revenue of $87M and EBITDA of $21M.

Appear is profitable as of last fiscal year, with gross margin of 72%, EBITDA margin of 24%, and net margin of 16%.

See analyst estimates for Appear
LTMLast FY202320242025202620272028
Revenue$94M$87M$44M$66M$87M
Gross Profit$67M$63M$32M$48M$63M
Gross Margin72%72%71%72%72%
EBITDA$21M$21M$6M$12M$21M
EBITDA Margin22%24%13%18%24%
EBIT Margin19%21%8%12%21%
Net Profit$15M$14M$4M$8M$14M
Net Margin16%16%8%11%16%

Financial data powered by Morningstar, Inc.

Appear Stock Performance

Appear has current market cap of $325M, and enterprise value of $280M.

Market Cap Evolution


Appear's stock price is $8.00.

Appear share price decreased by 5.9% in the last 30 days.

Appear has an EPS (earnings per share) of $0.35.

See more trading valuation data for Appear
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$280M$325M-1.8%-5.9%13.6%—$0.35

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Appear Valuation Multiples

Appear trades at 3.0x EV/Revenue multiple, and 13.5x EV/EBITDA.

See NTM and 2027E valuation multiples for Appear

EV / Revenue (LTM)


Appear Financial Valuation Multiples

As of May 13, 2026, Appear has market cap of $325M and EV of $280M.

Appear has a P/E ratio of 21.5x.

LTMLast FY202320242025202620272028
EV/Revenue3.0x3.2x6.3x4.2x3.2x
EV/EBITDA13.5x13.4x48.0x23.7x13.4x
EV/EBIT15.5x15.1x77.7x34.1x15.1x
EV/Gross Profit4.2x4.4x8.9x5.9x4.4x
P/E21.5x23.1x91.9x42.9x23.1x
EV/FCF34.0x35.2x32.9x38.6x35.2x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Appear Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Appear Margins & Growth Rates

Appear grew revenue by 25% and EBITDA by 17% in the last fiscal year.

In the most recent fiscal year, Appear reported gross margin of 72%, EBITDA margin of 24%, and net margin of 16%.

See estimated margins and future growth rates for Appear

Appear Margins

Last FY202420252026202720282029
Gross Margin72%72%72%71%
EBITDA Margin24%18%24%22%
EBIT Margin21%12%21%19%
Net Margin16%11%16%16%
FCF Margin9%11%9%9%

Appear Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth25%49%32%25%
Gross Profit Growth23%51%32%23%
EBITDA Growth17%102%77%17%
EBIT Growth13%128%126%13%
Net Profit Growth26%114%86%26%
FCF Growth18%(15%)10%18%

Data powered by FactSet, Inc. and Morningstar, Inc.

Appear Operational KPIs

Appear's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Appear's Rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Appear's Rule of X is 86% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Appear
LTMLast FY202320242025202620272028
Rule of 4049%48%———
Bessemer Rule of X89%86%———
Revenue per Employee—$0.5M———
Opex per Employee—$0.2M———
S&M Expenses to Revenue—2%3%3%2%
R&D Expenses to Revenue—0%1%0%0%
Opex to Revenue—51%63%60%51%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Appear Competitors

Appear competitors include Agora, National CineMedia, ON24, Cairo Communication, IVE Group, Safie, Next 15 Group, Streamwide, S4 Capital and Cmc.

Most Appear public comparables operate across Video & Streaming Software and Advertising & Marketing.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Agora1.4x1.3x10.6x20.9x
National CineMedia1.1x1.2x6.5x7.2x
ON24————
Cairo Communication0.4x0.4x2.4x2.4x
IVE Group0.7x0.8x5.5x5.1x
Safie1.8x1.7x121.5x—
Next 15 Group0.5x0.7x3.2x4.2x
Streamwide7.9x7.7x13.5x12.8x

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About Appear

When was Appear founded?Appear was founded in 2006.
Where is Appear headquartered?Appear is headquartered in Norway.
How many employees does Appear have?As of today, Appear has over 194 employees.
Is Appear publicly listed?Yes, Appear is a public company listed on Oslo Børs.
What is the stock symbol of Appear?Appear trades under APR ticker.
When did Appear go public?Appear went public in 2025.
Who are competitors of Appear?Appear main competitors include Agora, National CineMedia, ON24, Cairo Communication, IVE Group, Safie, Next 15 Group, Streamwide, S4 Capital, Cmc.
What is the current market cap of Appear?Appear's current market cap is $325M.
What is the current revenue of Appear?Appear's last 12 months revenue is $94M.
What is the current revenue growth of Appear?Appear revenue growth (NTM/LTM) is 27%.
What is the current EV/Revenue multiple of Appear?Current revenue multiple of Appear is 3.0x.
Is Appear profitable?Yes, Appear is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Appear?Appear's last 12 months EBITDA is $21M.
What is Appear's EBITDA margin?Appear's last 12 months EBITDA margin is 22%.
What is the current EV/EBITDA multiple of Appear?Current EBITDA multiple of Appear is 13.5x.
What is the current FCF of Appear?Appear's last 12 months FCF is $8M.
What is Appear's FCF margin?Appear's last 12 months FCF margin is 9%.
What is the current EV/FCF multiple of Appear?Current FCF multiple of Appear is 34.0x.
How many companies Appear has acquired to date?Appear hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Appear has invested to date?Appear hasn't invested in any companies yet (or none have been disclosed publicly).

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