Biote - Public Comps and Valuation Multiples

Biote Overview

About Biote

Biote Corp operates a growth practice-building business within the hormone optimization space. It provides the necessary components to enable Biote-certified practitioners to establish, build, and successfully implement a program designed to optimize hormone levels using personalized solutions for their patient populations. The company derives revenue from United States and also has its presence in other countries.

Founded

2012

HQ

Employees

217

Website

biote.com

Sectors

Long-Term Care

Financials

LTM Revenue $194M

LTM EBITDA $53.9M

EV

$183M

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Biote Financials

As of September 2025, Biote reported last 12-month revenue of $194M and EBITDA of $53.9M.

In the same period, Biote generated $139M in LTM gross profit and $17.7M in net income.

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Biote P&L

In the most recent fiscal year, Biote reported revenue of $197M and EBITDA of $15.6M.

Biote 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	$194M	XXX	$197M	XXX	XXX	XXX
Gross Profit	$139M	XXX	$139M	XXX	XXX	XXX
Gross Margin	72%	XXX	71%	XXX	XXX	XXX
EBITDA	$53.9M	XXX	$15.6M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	8%	XXX	XXX	XXX
EBIT	$36.1M	XXX	$31.6M	XXX	XXX	XXX
EBIT Margin	19%	XXX	16%	XXX	XXX	XXX
Net Profit	$17.7M	XXX	$3.2M	XXX	XXX	XXX
Net Margin	9%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$68.1M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Biote including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $194M. EBITDA for the last twelve months was $53.9M. In the most recent fiscal year, Biote achieved $197M in revenue and $15.6M 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	$194M	Analyst estimates available to subscribers	$197M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$139M	Analyst estimates available to subscribers	$139M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	71.9% gross margin	Analyst estimates available to subscribers	70.5% 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)	$53.9M	Analyst estimates available to subscribers	$15.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	27.8% EBITDA margin	Analyst estimates available to subscribers	7.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$36.1M	Analyst estimates available to subscribers	$31.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.6% EBIT margin	Analyst estimates available to subscribers	16.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$17.7M	Analyst estimates available to subscribers	$3.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.1% net profit margin	Analyst estimates available to subscribers	1.6% 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	$68.1M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Biote

This financial data table provides comprehensive performance metrics for Biote, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Biote generated $194M in revenue over the last twelve months.
The company achieved $53.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $139M.
Net income over the last twelve months reached $17.7M.

Fiscal Year Performance

In the most recent fiscal year, Biote reported $197M in total revenue.
Fiscal year EBITDA was $15.6M.
The company maintained a gross profit margin of 70.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 7.9%.
Net profit margin reached 1.6% in the most recent fiscal year.

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

Biote Stock Performance

Biote has current market cap of $94.4M, and EV of $183M.

Market Cap Evolution

Biote Stock Data

As of October 2, 2025, Biote's stock price is $3.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$183M	$94.4M	XXX	XXX	XXX	XXX	$0.46

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Biote Valuation Multiples

Biote's trades at 0.9x EV/Revenue multiple, and 11.7x EV/EBITDA.

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Biote Financial Valuation Multiples

As of October 2, 2025, Biote has market cap of $94.4M and EV of $183M.

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

Biote has a P/E ratio of 5.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$94.4M	XXX	$94.4M	XXX	XXX	XXX
EV (current)	$183M	XXX	$183M	XXX	XXX	XXX
EV/Revenue	0.9x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	3.4x	XXX	11.7x	XXX	XXX	XXX
EV/EBIT	5.1x	XXX	5.8x	XXX	XXX	XXX
EV/Gross Profit	1.3x	XXX	n/a	XXX	XXX	XXX
P/E	5.3x	XXX	29.9x	XXX	XXX	XXX
EV/FCF	7.4x	XXX	4.8x	XXX	XXX	XXX

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

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Biote Margins & Growth Rates

Biote's last 12 month revenue growth is 3%

Biote's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.5M for the same period.

Biote's rule of 40 is 8% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Biote's rule of X is 35% (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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Biote Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	8%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	138%	XXX	XXX	XXX
Rule of 40	8%	XXX	11%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	35%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	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	54%	XXX	XXX	XXX

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

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