Athens Exchange Group - Public Comps and Valuation Multiples

Athens Exchange Group Overview

About Athens Exchange Group

Hellenic Exchanges - Athens Stock Exchange SA is the parent company of the Group that supports the operation of the Greek capital market. The parent company and its subsidiaries operate the organized cash and derivatives markets, carry out trade clearing, settlement and safekeeping of securities, provide comprehensive technology solutions to the Greek capital market, provide support services of other organized markets in Greece and abroad as well as other ancillary services, and promote the development of capital markets culture in Greece. The company generates revenue from Trading, Post trading, Listing, Data Services, IT and Digital Services, and Ancillary services.

Founded

1876

HQ

Employees

254

Website

athexgroup.gr

Sectors

Stock Exchanges
FinTech

Financials

LTM Revenue $70.9M

LTM EBITDA $35.0M

EV

$359M

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Athens Exchange Group Financials

As of September 2025, Athens Exchange Group reported last 12-month revenue of $70.9M and EBITDA of $35.0M.

In the same period, Athens Exchange Group achieved $25.5M in LTM net income.

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Athens Exchange Group P&L

In the most recent fiscal year, Athens Exchange Group reported revenue of $62.3M and EBITDA of $30.6M.

Athens Exchange Group 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	$70.9M	XXX	$62.3M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$43.0M	XXX	XXX	XXX
Gross Margin	n/a	XXX	69%	XXX	XXX	XXX
EBITDA	$35.0M	XXX	$30.6M	XXX	XXX	XXX
EBITDA Margin	49%	XXX	49%	XXX	XXX	XXX
EBIT	$27.2M	XXX	$23.0M	XXX	XXX	XXX
EBIT Margin	38%	XXX	37%	XXX	XXX	XXX
Net Profit	$25.5M	XXX	$20.1M	XXX	XXX	XXX
Net Margin	36%	XXX	32%	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 Athens Exchange Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $70.9M. EBITDA for the last twelve months was $35.0M. In the most recent fiscal year, Athens Exchange Group achieved $62.3M in revenue and $30.6M 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	$70.9M	Analyst estimates available to subscribers	$62.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$43.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	69.0% 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)	$35.0M	Analyst estimates available to subscribers	$30.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	49.3% EBITDA margin	Analyst estimates available to subscribers	49.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$27.2M	Analyst estimates available to subscribers	$23.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	38.4% EBIT margin	Analyst estimates available to subscribers	36.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$25.5M	Analyst estimates available to subscribers	$20.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	35.9% net profit margin	Analyst estimates available to subscribers	32.2% 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 Athens Exchange Group

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

Recent Performance Highlights

Athens Exchange Group generated $70.9M in revenue over the last twelve months.
The company achieved $35.0M in EBITDA over the last twelve months.
Net income over the last twelve months reached $25.5M.

Fiscal Year Performance

In the most recent fiscal year, Athens Exchange Group reported $62.3M in total revenue.
Fiscal year EBITDA was $30.6M.
The company maintained a gross profit margin of 69.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 49.1%.
Net profit margin reached 32.2% in the most recent fiscal year.

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

Athens Exchange Group Stock Performance

Athens Exchange Group has current market cap of EUR 385M (or $445M), and EV of EUR 310M (or $359M).

Market Cap Evolution

Athens Exchange Group Stock Data

As of October 14, 2025, Athens Exchange Group's stock price is EUR 7 (or $8).

See Athens Exchange Group trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$359M	$445M	XXX	XXX	XXX	XXX	$0.43

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Athens Exchange Group Valuation Multiples

Athens Exchange Group's trades at 5.8x EV/Revenue multiple, and 11.7x EV/EBITDA.

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Athens Exchange Group Financial Valuation Multiples

As of October 14, 2025, Athens Exchange Group has market cap of $445M and EV of $359M.

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

Athens Exchange Group has a P/E ratio of 17.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$445M	XXX	$445M	XXX	XXX	XXX
EV (current)	$359M	XXX	$359M	XXX	XXX	XXX
EV/Revenue	5.1x	XXX	5.8x	XXX	XXX	XXX
EV/EBITDA	10.3x	XXX	11.7x	XXX	XXX	XXX
EV/EBIT	13.2x	XXX	15.6x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	17.5x	XXX	22.2x	XXX	XXX	XXX
EV/FCF	13.6x	XXX	20.3x	XXX	XXX	XXX

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

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Athens Exchange Group Margins & Growth Rates

Athens Exchange Group's last 12 month revenue growth is 11%

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

Athens Exchange Group's rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Athens Exchange Group's rule of X is 78% (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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Athens Exchange Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	14%	XXX	XXX	XXX
EBITDA Margin	49%	XXX	49%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	24%	XXX	XXX	XXX
Rule of 40	56%	XXX	61%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	78%	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	1%	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	32%	XXX	XXX	XXX

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

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