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Bavarian Nordic Valuation Multiples
Discover revenue and EBITDA valuation multiples for Bavarian Nordic and similar public comparables like Bausch Health, Maze Therapeutics, Galapagos, Celltrion Pharm and more.
Bavarian Nordic Overview
About Bavarian Nordic
Bavarian Nordic AS is a biotechnology company focused on the research, development, manufacturing, and commercialization of life-saving vaccines. The group is a supplier of mpox and smallpox vaccines to governments to enhance public health preparedness and has a portfolio of travel vaccines. The vast majority of the company's revenue is generated in the United States, Germany, and other geographic markets. Its products include Encepur, Jynneos, Rabipur, Vaxchora and Vivotif.
Founded
1994
HQ
Employees
1.7K
Website
Sectors
Financials (LTM)
EV
$2B
Bavarian Nordic Financials
Bavarian Nordic reported last 12-month revenue of $913M and EBITDA of $316M.
In the same LTM period, Bavarian Nordic generated $422M in gross profit, $316M in EBITDA, and $186M in net income.
Revenue (LTM)
Bavarian Nordic P&L
In the most recent fiscal year, Bavarian Nordic reported revenue of $880M and EBITDA of $258M.
Bavarian Nordic expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $913M | XXX | $880M | XXX | XXX | XXX |
| Gross Profit | $422M | XXX | $434M | XXX | XXX | XXX |
| Gross Margin | 46% | XXX | 49% | XXX | XXX | XXX |
| EBITDA | $316M | XXX | $258M | XXX | XXX | XXX |
| EBITDA Margin | 35% | XXX | 29% | XXX | XXX | XXX |
| EBIT Margin | 26% | XXX | 16% | XXX | XXX | XXX |
| Net Profit | $186M | XXX | $152M | XXX | XXX | XXX |
| Net Margin | 20% | XXX | 17% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Bavarian Nordic Stock Performance
Bavarian Nordic has current market cap of $2B, and enterprise value of $2B.
Market Cap Evolution
Bavarian Nordic's stock price is $28.47.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2B | $2B | 0.5% | XXX | XXX | XXX | $1.96 |
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Start Free TrialBavarian Nordic Valuation Multiples
Bavarian Nordic trades at 1.9x EV/Revenue multiple, and 5.6x EV/EBITDA.
EV / Revenue (LTM)
Bavarian Nordic Financial Valuation Multiples
As of March 18, 2026, Bavarian Nordic has market cap of $2B and EV of $2B.
Equity research analysts estimate Bavarian Nordic's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Bavarian Nordic has a P/E ratio of 11.9x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV/Revenue | 1.9x | XXX | 2.0x | XXX | XXX | XXX |
| EV/EBITDA | 5.6x | XXX | 6.9x | XXX | XXX | XXX |
| EV/EBIT | 7.3x | XXX | 12.2x | XXX | XXX | XXX |
| EV/Gross Profit | 4.2x | XXX | 4.1x | XXX | XXX | XXX |
| P/E | 11.9x | XXX | 14.5x | XXX | XXX | XXX |
| EV/FCF | 6.2x | XXX | 43.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Bavarian Nordic 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.
Bavarian Nordic Margins & Growth Rates
Bavarian Nordic's revenue in the last 12 month declined by (12%).
Bavarian Nordic's revenue per employee in the last FY averaged $0.6M.
Bavarian Nordic's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Bavarian Nordic's rule of X is 5% (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).
Bavarian Nordic Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | (12%) | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 35% | XXX | 29% | XXX | XXX | XXX |
| EBITDA Growth | (34%) | XXX | 34% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 23% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 5% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.6M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 12% | XXX | 9% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 9% | XXX | 9% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 13% | XXX | 15% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 33% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Bavarian Nordic Public Comps
See public comps and valuation multiples for other Biopharmaceuticals comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Bausch Health | XXX | XXX | XXX | XXX | XXX | XXX |
| Maze Therapeutics | XXX | XXX | XXX | XXX | XXX | XXX |
| Galapagos | XXX | XXX | XXX | XXX | XXX | XXX |
| Celltrion Pharm | XXX | XXX | XXX | XXX | XXX | XXX |
| Jafron Biomedical | 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.
Bavarian Nordic M&A Activity
Bavarian Nordic acquired XXX companies to date.
Last acquisition by Bavarian Nordic was on XXXXXXXX, XXXXX. Bavarian Nordic acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Bavarian Nordic
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialBavarian Nordic Investment Activity
Bavarian Nordic invested in XXX companies to date.
Bavarian Nordic made its latest investment on XXXXXXXX, XXXXX. Bavarian Nordic invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Bavarian Nordic
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Bavarian Nordic
| When was Bavarian Nordic founded? | Bavarian Nordic was founded in 1994. |
| Where is Bavarian Nordic headquartered? | Bavarian Nordic is headquartered in Denmark. |
| How many employees does Bavarian Nordic have? | As of today, Bavarian Nordic has over 1K employees. |
| Who is the CEO of Bavarian Nordic? | Bavarian Nordic's CEO is Paul Chaplin. |
| Is Bavarian Nordic publicly listed? | Yes, Bavarian Nordic is a public company listed on Nasdaq Copenhagen. |
| What is the stock symbol of Bavarian Nordic? | Bavarian Nordic trades under BAVA ticker. |
| When did Bavarian Nordic go public? | Bavarian Nordic went public in 1998. |
| Who are competitors of Bavarian Nordic? | Bavarian Nordic main competitors are Bausch Health, Maze Therapeutics, Galapagos, Celltrion Pharm. |
| What is the current market cap of Bavarian Nordic? | Bavarian Nordic's current market cap is $2B. |
| What is the current revenue of Bavarian Nordic? | Bavarian Nordic's last 12 months revenue is $913M. |
| What is the current revenue growth of Bavarian Nordic? | Bavarian Nordic revenue growth (NTM/LTM) is (12%). |
| What is the current EV/Revenue multiple of Bavarian Nordic? | Current revenue multiple of Bavarian Nordic is 1.9x. |
| Is Bavarian Nordic profitable? | Yes, Bavarian Nordic is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Bavarian Nordic? | Bavarian Nordic's last 12 months EBITDA is $316M. |
| What is Bavarian Nordic's EBITDA margin? | Bavarian Nordic's last 12 months EBITDA margin is 35%. |
| What is the current EV/EBITDA multiple of Bavarian Nordic? | Current EBITDA multiple of Bavarian Nordic is 5.6x. |
| What is the current FCF of Bavarian Nordic? | Bavarian Nordic's last 12 months FCF is $284M. |
| What is Bavarian Nordic's FCF margin? | Bavarian Nordic's last 12 months FCF margin is 31%. |
| What is the current EV/FCF multiple of Bavarian Nordic? | Current FCF multiple of Bavarian Nordic is 6.2x. |
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