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BASE Valuation Multiples

Discover revenue and EBITDA valuation multiples for BASE and similar public comparables like Platform Group, Intershop Communications, and Cafe24.

BASE Overview

About BASE

BASE Inc is engaged in the operation and development of web service planning. The company offers online shop opening service, shopping app, Fundraising Service, Online Payment Service, and ID Payment Service / Payment App.


Founded

2012

HQ

Japan
Employees

126

Website

binc.jp

Financials

LTM Revenue $115M

LTM EBITDA $6.0M

EV

$136M

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BASE Financials

BASE has a last 12-month revenue of $115M and a last 12-month EBITDA of $6.0M.

In the most recent fiscal year, BASE achieved revenue of $106M and an EBITDA of -$0.3M.

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

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BASE P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $77.6M $106M XXX XXX XXX
Gross Profit $31.5M $33.4M XXX XXX XXX
Gross Margin 41% 31% XXX XXX XXX
EBITDA -$4.0M -$0.3M XXX XXX XXX
EBITDA Margin -5% 0% XXX XXX XXX
Net Profit -$11.5M -$4.0M XXX XXX XXX
Net Margin -15% -4% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

BASE Stock Performance

As of April 15, 2025, BASE's stock price is JPY 399 (or $3).

BASE has current market cap of JPY 45.5B (or $302M), and EV of JPY 20.5B (or $136M).

See BASE trading valuation data

BASE Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$136M $302M XXX XXX XXX XXX $0.03

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BASE Valuation Multiples

As of April 15, 2025, BASE has market cap of $302M and EV of $136M.

BASE's trades at 1.2x LTM EV/Revenue multiple, and 22.7x LTM EBITDA.

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

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BASE Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $136M XXX XXX XXX
EV/Revenue 1.3x XXX XXX XXX
EV/EBITDA -538.4x XXX XXX XXX
P/E 133.7x XXX XXX XXX
P/E/Growth 1.4x XXX XXX XXX
EV/FCF 5.6x XXX XXX XXX

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BASE Valuation Multiples

BASE's NTM/LTM revenue growth is 25%

BASE's revenue per employee for the last fiscal year averaged $0.8M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, BASE'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 BASE's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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BASE Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 37% XXX XXX XXX XXX
EBITDA Margin 0% XXX XXX XXX XXX
EBITDA Growth -94% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 24% XXX XXX XXX XXX
Revenue per Employee $0.8M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 40% XXX XXX XXX XXX

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BASE Public Comps

See public comps and valuation multiples for E-commerce Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Netbay XXX XXX XXX XXX XXX XXX
Locaweb XXX XXX XXX XXX XXX XXX
Intershop Communications XXX XXX XXX XXX XXX XXX
Platform Group XXX XXX XXX XXX XXX XXX
Cafe24 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.

BASE M&A and Investment Activity

BASE acquired  XXX companies to date.

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

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Latest Acquisitions by BASE

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 BASE

When was BASE founded? BASE was founded in 2012.
Where is BASE headquartered? BASE is headquartered in Japan.
How many employees does BASE have? As of today, BASE has 126 employees.
Is BASE publicy listed? Yes, BASE is a public company listed on TKS.
What is the stock symbol of BASE? BASE trades under 4477 ticker.
When did BASE go public? BASE went public in 2019.
Who are competitors of BASE? Similar companies to BASE include e.g. Netbay, Locaweb, Intershop Communications, Platform Group.
What is the current market cap of BASE? BASE's current market cap is $302M
What is the current revenue of BASE? BASE's last 12-month revenue is $115M.
What is the current EBITDA of BASE? BASE's last 12-month EBITDA is $6.0M.
What is the current EV/Revenue multiple of BASE? Current revenue multiple of BASE is 1.2x.
What is the current EV/EBITDA multiple of BASE? Current EBITDA multiple of BASE is 22.7x.
What is the current revenue growth of BASE? BASE revenue growth between 2023 and 2024 was 37%.
Is BASE profitable? Yes, BASE is EBITDA-positive (as of the last 12 months).

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