Badger Infrastructure Valuation Multiples

Badger Infrastructure Overview

About Badger Infrastructure

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. The company manufactures and designs its truck-mounted hydrovac units into its existing and future design and manufacturing processes. Badger’s two reportable segments are Canada and the United States, which is the key revenue generating market.

Founded

2010

HQ

Employees

2.5K

Website

badgerinc.com

Sectors

Business Services

Financials (LTM)

Revenue: $855M

EBITDA: $205M

EV

$2B

Valuation Multiples

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Badger Infrastructure Financials

Badger Infrastructure reported last 12-month revenue of $855M and EBITDA of $205M.

In the same LTM period, Badger Infrastructure generated $252M in gross profit, $205M in EBITDA, and $63M in net income.

Badger Infrastructure P&L

In the most recent fiscal year, Badger Infrastructure reported revenue of $832M and EBITDA of $198M.

Badger Infrastructure expects next 12-month revenue of XXX and NTM EBITDA of XXX

Badger Infrastructure Stock Performance

Badger Infrastructure has current market cap of $2B, and enterprise value of $2B.

Badger Infrastructure's stock price is $54.41.

Badger Infrastructure Valuation Multiples

Badger Infrastructure trades at 2.4x EV/Revenue multiple, and 10.2x EV/EBITDA.

Badger Infrastructure Financial Valuation Multiples

As of March 29, 2026, Badger Infrastructure has market cap of $2B and EV of $2B.

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

Badger Infrastructure has a P/E ratio of 29.2x.

Badger Infrastructure Margins & Growth Rates

Badger Infrastructure's revenue in the last 12 month grew by 11%.

Badger Infrastructure's revenue per employee in the last FY averaged $0.3M.

Badger Infrastructure's rule of 40 is 35% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Badger Infrastructure's rule of X is 52% (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).

Badger Infrastructure Public Comps

See public comps and valuation multiples for other Business Services comps.

Badger Infrastructure M&A Activity

Badger Infrastructure acquired XXX companies to date.

Last acquisition by Badger Infrastructure was on XXXXXXXX, XXXXX. Badger Infrastructure acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Badger Infrastructure Investment Activity

Badger Infrastructure invested in XXX companies to date.

Badger Infrastructure made its latest investment on XXXXXXXX, XXXXX. Badger Infrastructure invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).