Borregaard - Public Comps and Valuation Multiples

Borregaard Overview

About Borregaard

Borregaard ASA makes and sells biochemicals and biomaterials designed to replace oil-based products, It has three operating segments; BioSolutions segment develops, produces and sells biopolymers and bio vanillin from lignin used in Industries such as agrochemicals, batteries, industrial binders and construction. Bio vanillin is supplied to flavour and fragrance companies, as well as to the food and beverage industry, Biomaterials segment develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. It also includes cellulose fibrils for industrial applications, and the Fine Chemicals segment consists of fine chemical intermediates for contrast agents and bioethanol.

Founded

2012

HQ

Employees

1.1K+

Website

borregaard.com

Sectors

Chemicals

Financials

LTM Revenue $752M

LTM EBITDA $188M

EV

$2.1B

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Borregaard Financials

As of November 2025, Borregaard reported last 12-month revenue of $752M and EBITDA of $188M.

In the same period, Borregaard generated $232M in LTM gross profit and $86.0M in net income.

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Borregaard P&L

In the most recent fiscal year, Borregaard reported revenue of $741M and EBITDA of $181M.

Borregaard 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	$752M	XXX	$741M	XXX	XXX	XXX
Gross Profit	$232M	XXX	$471M	XXX	XXX	XXX
Gross Margin	31%	XXX	64%	XXX	XXX	XXX
EBITDA	$188M	XXX	$181M	XXX	XXX	XXX
EBITDA Margin	25%	XXX	24%	XXX	XXX	XXX
EBIT	$133M	XXX	$130M	XXX	XXX	XXX
EBIT Margin	18%	XXX	18%	XXX	XXX	XXX
Net Profit	$86.0M	XXX	$81.3M	XXX	XXX	XXX
Net Margin	11%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$222M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Borregaard including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $752M. EBITDA for the last twelve months was $188M. In the most recent fiscal year, Borregaard achieved $741M in revenue and $181M 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	$752M	Analyst estimates available to subscribers	$741M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$232M	Analyst estimates available to subscribers	$471M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	30.9% gross margin	Analyst estimates available to subscribers	63.6% 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)	$188M	Analyst estimates available to subscribers	$181M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.0% EBITDA margin	Analyst estimates available to subscribers	24.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$133M	Analyst estimates available to subscribers	$130M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.7% EBIT margin	Analyst estimates available to subscribers	17.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$86.0M	Analyst estimates available to subscribers	$81.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.4% net profit margin	Analyst estimates available to subscribers	11.0% 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	$222M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Borregaard

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

Recent Performance Highlights

Borregaard generated $752M in revenue over the last twelve months.
The company achieved $188M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $232M.
Net income over the last twelve months reached $86.0M.

Fiscal Year Performance

In the most recent fiscal year, Borregaard reported $741M in total revenue.
Fiscal year EBITDA was $181M.
The company maintained a gross profit margin of 63.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 24.4%.
Net profit margin reached 11.0% in the most recent fiscal year.

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

Borregaard Stock Performance

Borregaard has current market cap of NOK 19.3B (or $1.9B), and EV of NOK 21.4B (or $2.1B).

Market Cap Evolution

Borregaard Stock Data

As of December 3, 2025, Borregaard's stock price is NOK 194 (or $19).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.1B	$1.9B	XXX	XXX	XXX	XXX	$0.88

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Borregaard Valuation Multiples

Borregaard's trades at 2.9x EV/Revenue multiple, and 11.7x EV/EBITDA.

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Borregaard Financial Valuation Multiples

As of December 3, 2025, Borregaard has market cap of $1.9B and EV of $2.1B.

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

Borregaard has a P/E ratio of 22.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.9B	XXX	$1.9B	XXX	XXX	XXX
EV (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV/Revenue	2.8x	XXX	2.9x	XXX	XXX	XXX
EV/EBITDA	11.3x	XXX	11.7x	XXX	XXX	XXX
EV/EBIT	15.9x	XXX	16.3x	XXX	XXX	XXX
EV/Gross Profit	9.1x	XXX	n/a	XXX	XXX	XXX
P/E	22.2x	XXX	23.5x	XXX	XXX	XXX
EV/FCF	43.6x	XXX	60.0x	XXX	XXX	XXX

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

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Borregaard Margins & Growth Rates

Borregaard's last 12 month revenue growth is 6%

Borregaard's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.3M for the same period.

Borregaard's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Borregaard's rule of X is 39% (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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Borregaard Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	24%	XXX	XXX	XXX
EBITDA Growth	14%	XXX	3%	XXX	XXX	XXX
Rule of 40	31%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	39%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	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	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	46%	XXX	XXX	XXX

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

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