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Appen Valuation Multiples

Discover revenue and EBITDA valuation multiples for Appen and similar public comparables like Business Online, Mphasis, and RPMGlobal.

Appen Overview

About Appen

Appen Ltd is engaged in the provision of quality data solutions and services for machine learning and artificial intelligence applications for technology companies, auto manufacturers,  government agencies among others. The company's business segments are Global services and New markets. It generates maximum revenue from the Global services segment which represents the services that it provides to technology customers using the customers’ data annotation platforms and tools. The majority of projects comprise large, at-scale deep learning (model evaluation) programs. Geographically, it derives a majority of its revenue from the United States of America.


Founded

2009

HQ

Australia
Employees

1.2K+

Website

appen.com

Financials

LTM Revenue $376M

LTM EBITDA $12.3M

EV

$165M

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Appen Financials

Appen has a last 12-month revenue of $376M and a last 12-month EBITDA of $12.3M.

In the most recent fiscal year, Appen achieved revenue of $148M and an EBITDA of $2.1M.

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

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Appen P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $173M $148M XXX XXX XXX
Gross Profit $245M $173M XXX XXX XXX
Gross Margin 142% 117% XXX XXX XXX
EBITDA -$56.5M $2.1M XXX XXX XXX
EBITDA Margin -33% 1% XXX XXX XXX
Net Profit -$151M -$74.7M XXX XXX XXX
Net Margin -88% -50% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Appen Stock Performance

As of March 14, 2025, Appen's stock price is AUD 1 (or $1).

Appen has current market cap of AUD 330M (or $209M), and EV of AUD 261M (or $165M).

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Appen Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$165M $209M XXX XXX XXX XXX $-0.04

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Appen Valuation Multiples

As of March 14, 2025, Appen has market cap of $209M and EV of $165M.

Appen's trades at 0.7x LTM EV/Revenue multiple, and 21.1x LTM EBITDA.

Analysts estimate Appen's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Appen Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $165M XXX XXX XXX
EV/Revenue 1.1x XXX XXX XXX
EV/EBITDA 78.0x XXX XXX XXX
P/E -16.5x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -19.3x XXX XXX XXX

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Appen Valuation Multiples

Appen's NTM/LTM revenue growth is 8%

Appen's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Appen's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Appen's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Appen Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -14% XXX XXX XXX XXX
EBITDA Margin 1% XXX XXX XXX XXX
EBITDA Growth -104% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 9% XXX XXX XXX XXX
Revenue per Employee $0.1M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 33% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 109% XXX XXX XXX XXX

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Appen Public Comps

See public comps and valuation multiples for Business Consulting and BI & Analytics Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
RPMGlobal XXX XXX XXX XXX XXX XXX
Bluebik Group XXX XXX XXX XXX XXX XXX
Business Online XXX XXX XXX XXX XXX XXX
Mphasis XXX XXX XXX XXX XXX XXX
LTIMindtree XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Appen M&A and Investment Activity

Appen acquired  XXX companies to date.

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

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Latest Acquisitions by Appen

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 Appen

When was Appen founded? Appen was founded in 2009.
Where is Appen headquartered? Appen is headquartered in Australia.
How many employees does Appen have? As of today, Appen has 1.2K+ employees.
Is Appen publicy listed? Yes, Appen is a public company listed on ASX.
What is the stock symbol of Appen? Appen trades under APX ticker.
When did Appen go public? Appen went public in 2015.
Who are competitors of Appen? Similar companies to Appen include e.g. RPMGlobal, Bluebik Group, Business Online, Mphasis.
What is the current market cap of Appen? Appen's current market cap is $209M
What is the current revenue of Appen? Appen's last 12-month revenue is $376M.
What is the current EBITDA of Appen? Appen's last 12-month EBITDA is $12.3M.
What is the current EV/Revenue multiple of Appen? Current revenue multiple of Appen is 0.7x.
What is the current EV/EBITDA multiple of Appen? Current EBITDA multiple of Appen is 21.1x.
What is the current revenue growth of Appen? Appen revenue growth between 2023 and 2024 was -14%.
Is Appen profitable? Yes, Appen is EBITDA-positive (as of the last 12 months).

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