Bavarian Nordic - Public Comps and Valuation Multiples

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

bavarian-nordic.com

Sectors

Vaccines & Immunotherapies
BioTech

Financials

LTM Revenue $936M

LTM EBITDA $349M

EV

$1.9B

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Bavarian Nordic Financials

As of November 2025, Bavarian Nordic reported last 12-month revenue of $936M and EBITDA of $349M.

In the same period, Bavarian Nordic generated $460M in LTM gross profit and $239M in net income.

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Bavarian Nordic P&L

In the most recent fiscal year, Bavarian Nordic reported revenue of $890M and EBITDA of $261M.

Bavarian Nordic 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	$936M	XXX	$890M	XXX	XXX	XXX
Gross Profit	$460M	XXX	$439M	XXX	XXX	XXX
Gross Margin	49%	XXX	49%	XXX	XXX	XXX
EBITDA	$349M	XXX	$261M	XXX	XXX	XXX
EBITDA Margin	37%	XXX	29%	XXX	XXX	XXX
EBIT	$253M	XXX	$146M	XXX	XXX	XXX
EBIT Margin	27%	XXX	16%	XXX	XXX	XXX
Net Profit	$239M	XXX	$154M	XXX	XXX	XXX
Net Margin	26%	XXX	17%	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 Bavarian Nordic including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $936M. EBITDA for the last twelve months was $349M. In the most recent fiscal year, Bavarian Nordic achieved $890M in revenue and $261M 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	$936M	Analyst estimates available to subscribers	$890M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$460M	Analyst estimates available to subscribers	$439M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	49.1% gross margin	Analyst estimates available to subscribers	49.3% 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)	$349M	Analyst estimates available to subscribers	$261M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	37.2% EBITDA margin	Analyst estimates available to subscribers	29.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$253M	Analyst estimates available to subscribers	$146M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	27.0% EBIT margin	Analyst estimates available to subscribers	16.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$239M	Analyst estimates available to subscribers	$154M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	25.6% net profit margin	Analyst estimates available to subscribers	17.3% 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 Bavarian Nordic

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

Recent Performance Highlights

Bavarian Nordic generated $936M in revenue over the last twelve months.
The company achieved $349M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $460M.
Net income over the last twelve months reached $239M.

Fiscal Year Performance

In the most recent fiscal year, Bavarian Nordic reported $890M in total revenue.
Fiscal year EBITDA was $261M.
The company maintained a gross profit margin of 49.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 29.3%.
Net profit margin reached 17.3% in the most recent fiscal year.

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

Bavarian Nordic Stock Performance

Bavarian Nordic has current market cap of DKK 15.0B (or $2.3B), and EV of DKK 12.2B (or $1.9B).

Market Cap Evolution

Bavarian Nordic Stock Data

As of December 4, 2025, Bavarian Nordic's stock price is DKK 192 (or $30).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.9B	$2.3B	XXX	XXX	XXX	XXX	$3.04

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Bavarian Nordic Valuation Multiples

Bavarian Nordic's trades at 2.1x EV/Revenue multiple, and 7.3x EV/EBITDA.

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Bavarian Nordic Financial Valuation Multiples

As of December 4, 2025, Bavarian Nordic has market cap of $2.3B and EV of $1.9B.

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 9.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.3B	XXX	$2.3B	XXX	XXX	XXX
EV (current)	$1.9B	XXX	$1.9B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	5.4x	XXX	7.3x	XXX	XXX	XXX
EV/EBIT	7.5x	XXX	13.0x	XXX	XXX	XXX
EV/Gross Profit	4.1x	XXX	n/a	XXX	XXX	XXX
P/E	9.8x	XXX	15.2x	XXX	XXX	XXX
EV/FCF	7.8x	XXX	46.5x	XXX	XXX	XXX

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

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Bavarian Nordic Margins & Growth Rates

Bavarian Nordic's last 12 month revenue growth is -11%

Bavarian Nordic's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Bavarian Nordic's rule of 40 is 19% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Bavarian Nordic's rule of X is 10% (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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Bavarian Nordic Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-11%	XXX	-4%	XXX	XXX	XXX
EBITDA Margin	37%	XXX	29%	XXX	XXX	XXX
EBITDA Growth	-32%	XXX	4%	XXX	XXX	XXX
Rule of 40	19%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	10%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	9%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	15%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	33%	XXX	XXX	XXX

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

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