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Canaan Valuation Multiples

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Canaan Overview

About Canaan

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The revenues of the company are derived from the sales of Bitcoin mining machines and related parts.


Founded

2013

HQ

United States of America
Employees

445

Financials

LTM Revenue $301M

LTM EBITDA -$109M

EV

$500M

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Canaan Financials

Canaan has a last 12-month revenue of $301M and a last 12-month EBITDA of -$109M.

In the most recent fiscal year, Canaan achieved revenue of $211M and an EBITDA of -$325M.

Canaan expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Canaan P&L

FY 2022 FY 2023 FY 2024 LTM NTM
Revenue $635M $211M $261M $301M XXX
Gross Profit $447M $224M -$241M XXX XXX
Gross Margin 70% 106% -92% XXX XXX
EBITDA $121M -$325M -$127M -$109M XXX
EBITDA Margin 19% -154% -49% -36% XXX
Net Profit $314M $70.5M -$414M XXX XXX
Net Margin 49% 33% -159% XXX XXX
Net Debt n/a n/a n/a XXX XXX

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Canaan Stock Performance

As of February 10, 2025, Canaan's stock price is $2.

Canaan has current market cap of $545M, and EV of $500M.

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Canaan Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$500M $545M XXX XXX XXX XXX $-0.38

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Canaan Valuation Multiples

As of February 10, 2025, Canaan has market cap of $545M and EV of $500M.

Canaan's trades at 1.7x LTM EV/Revenue multiple, and -4.6x LTM EBITDA.

Analysts estimate Canaan's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Canaan Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $500M XXX XXX XXX
EV/Revenue 1.9x XXX XXX XXX
EV/EBITDA -3.9x XXX XXX XXX
P/E -2.8x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -3.9x XXX XXX XXX

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Canaan Valuation Multiples

Canaan's NTM/LTM revenue growth is 109%

Canaan's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, Canaan's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Canaan's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Canaan Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 23% XXX XXX XXX XXX
EBITDA Margin -49% XXX XXX XXX XXX
EBITDA Growth -61% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 60% XXX XXX XXX XXX
Revenue per Employee $0.5M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 4% XXX XXX XXX XXX
G&A Expenses to Revenue 34% XXX XXX XXX XXX
R&D Expenses to Revenue 31% XXX XXX XXX XXX
Opex to Revenue 68% XXX XXX XXX XXX

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Canaan Public Comps

See valuation multiples for Canaan public comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ASML XXX XXX XXX XXX XXX XXX
Besi XXX XXX XXX XXX XXX XXX
Signify XXX XXX XXX XXX XXX XXX
Nedap XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Canaan M&A and Investment Activity

Canaan acquired  XXX companies to date.

Last acquisition by Canaan was  XXXXXXXX, XXXXX XXXXX XXXXXX . Canaan acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Canaan

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Canaan

When was Canaan founded? Canaan was founded in 2013.
Where is Canaan headquartered? Canaan is headquartered in United States of America.
How many employees does Canaan have? As of today, Canaan has 445 employees.
Who is the CEO of Canaan? Canaan's CEO is Mr. Nangeng Zhang.
Is Canaan publicy listed? Yes, Canaan is a public company listed on NAS.
What is the stock symbol of Canaan? Canaan trades under CAN ticker.
When did Canaan go public? Canaan went public in 2019.
Who are competitors of Canaan? Similar companies to Canaan include e.g. ASML, Besi, Signify, Nedap.
What is the current market cap of Canaan? Canaan's current market cap is $545M
What is the current revenue of Canaan? Canaan's last 12-month revenue is $301M.
What is the current EBITDA of Canaan? Canaan's last 12-month EBITDA is -$109M.
What is the current EV/Revenue multiple of Canaan? Current revenue multiple of Canaan is 1.7x.
What is the current EV/EBITDA multiple of Canaan? Current EBITDA multiple of Canaan is -4.6x.
What is the current revenue growth of Canaan? Canaan revenue growth between 2023 and 2024 was 23%.
Is Canaan profitable? Yes, Canaan is EBITDA-positive (as of the last 12 months).

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