Black Box - Public Comps and Valuation Multiples

Black Box Overview

About Black Box

Black Box Ltd along with its subsidiaries provides information, communications technology solutions provider, and an integrator that delivers technology-based solutions across world markets and verticals with a spectrum of applications and services. The company's operating segments are Global System Integration (GSI); Technology Product Solution (TPS) and Others comprising of training and consulting services. It generates maximum revenue from the System Integration (SI) segment. The company exports its product to the Middle East/Africa, North America, Australia, New Zealand, Singapore, and Europe. Its solution line consists of unified communications, network infrastructure, data center, cyber security (CYBER-i), and digital transformation and applications.

Founded

1986

HQ

Employees

314

Website

blackbox.com

Sectors

IT Consulting
Service Providers

Financials

LTM Revenue $730M

LTM EBITDA $64.9M

EV

$951M

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Black Box Financials

As of August 2025, Black Box reported last 12-month revenue of $730M and EBITDA of $64.9M.

In the same period, Black Box generated $374M in LTM gross profit and $27.7M in net income.

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Black Box P&L

In the most recent fiscal year, Black Box reported revenue of $677M and EBITDA of $43.8M.

Black Box 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	$730M	XXX	$677M	XXX	XXX	XXX
Gross Profit	$374M	XXX	$109M	XXX	XXX	XXX
Gross Margin	51%	XXX	16%	XXX	XXX	XXX
EBITDA	$64.9M	XXX	$43.8M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	6%	XXX	XXX	XXX
EBIT	$50.7M	XXX	$48.1M	XXX	XXX	XXX
EBIT Margin	7%	XXX	7%	XXX	XXX	XXX
Net Profit	$27.7M	XXX	$23.2M	XXX	XXX	XXX
Net Margin	4%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$51.7M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Black Box including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $730M. EBITDA for the last twelve months was $64.9M. In the most recent fiscal year, Black Box achieved $677M in revenue and $43.8M 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	$730M	Analyst estimates available to subscribers	$677M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$374M	Analyst estimates available to subscribers	$109M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	51.3% gross margin	Analyst estimates available to subscribers	16.1% 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)	$64.9M	Analyst estimates available to subscribers	$43.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	8.9% EBITDA margin	Analyst estimates available to subscribers	6.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$50.7M	Analyst estimates available to subscribers	$48.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	6.9% EBIT margin	Analyst estimates available to subscribers	7.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$27.7M	Analyst estimates available to subscribers	$23.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.8% net profit margin	Analyst estimates available to subscribers	3.4% 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	$51.7M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Black Box

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

Recent Performance Highlights

Black Box generated $730M in revenue over the last twelve months.
The company achieved $64.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $374M.
Net income over the last twelve months reached $27.7M.

Fiscal Year Performance

In the most recent fiscal year, Black Box reported $677M in total revenue.
Fiscal year EBITDA was $43.8M.
The company maintained a gross profit margin of 16.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 6.5%.
Net profit margin reached 3.4% in the most recent fiscal year.

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

Black Box Stock Performance

Black Box has current market cap of INR 76.4B (or $867M), and EV of INR 83.9B (or $951M).

Market Cap Evolution

Black Box Stock Data

As of September 12, 2025, Black Box's stock price is INR 450 (or $5).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$951M	$867M	XXX	XXX	XXX	XXX	$0.15

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Black Box Valuation Multiples

Black Box's trades at 1.4x EV/Revenue multiple, and 22.7x EV/EBITDA.

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Black Box Financial Valuation Multiples

As of September 12, 2025, Black Box has market cap of $867M and EV of $951M.

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

Black Box has a P/E ratio of 31.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$867M	XXX	$867M	XXX	XXX	XXX
EV (current)	$951M	XXX	$951M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.4x	XXX	XXX	XXX
EV/EBITDA	14.7x	XXX	22.7x	XXX	XXX	XXX
EV/EBIT	18.8x	XXX	21.1x	XXX	XXX	XXX
EV/Gross Profit	2.5x	XXX	n/a	XXX	XXX	XXX
P/E	31.3x	XXX	40.7x	XXX	XXX	XXX
EV/FCF	126.1x	XXX	-107.4x	XXX	XXX	XXX

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

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Black Box Margins & Growth Rates

Black Box's last 12 month revenue growth is 13%

Black Box's revenue per employee in the last FY averaged $2.2M, while opex per employee averaged $0.2M for the same period.

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

Black Box's rule of X is 42% (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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Black Box Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	13%	XXX	12%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	16%	XXX	38%	XXX	XXX	XXX
Rule of 40	19%	XXX	19%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	42%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	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	9%	XXX	XXX	XXX

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

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