Carmat - Public Comps and Valuation Multiples

Carmat Overview

About Carmat

Carmat is a France-based company dedicated to designing, manufacturing, and marketing Aeson, the artificial heart. The company's mission is to establish Aeson as the primary alternative to heart transplantation, offering a life-saving therapeutic option for patients with end-stage biventricular heart failure who face a severe shortage of donor hearts.

Founded

2008

HQ

Employees

153

Website

carmatsa.com

Sectors

Medical Devices
HealthTech
DeepTech

Financials

Last FY Revenue $8.1M

Last FY EBITDA -$57.5M

EV

$69.0M

Valuation Multiples

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Carmat Financials

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Carmat P&L

In the most recent fiscal year, Carmat reported revenue of $8.1M and EBITDA of -$57.5M.

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

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	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	XXX	$8.1M	XXX	XXX	XXX
Gross Profit	XXX	-$27.3M	XXX	XXX	XXX
Gross Margin	XXX	-337%	XXX	XXX	XXX
EBITDA	XXX	-$57.5M	XXX	XXX	XXX
EBITDA Margin	XXX	-707%	XXX	XXX	XXX
EBIT	XXX	-$46.5M	XXX	XXX	XXX
EBIT Margin	XXX	-573%	XXX	XXX	XXX
Net Profit	XXX	-$59.6M	XXX	XXX	XXX
Net Margin	XXX	-734%	XXX	XXX	XXX
Net Debt	XXX	$61.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Carmat including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, Carmat achieved $8.1M in revenue and -$57.5M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	Analyst estimates available to subscribers	$8.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	-$27.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	-336.6% 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)	Analyst estimates available to subscribers	-$57.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	-707.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	-$46.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	-573.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	-$59.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	-734.2% 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	$61.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Carmat

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

Fiscal Year Performance

In the most recent fiscal year, Carmat reported $8.1M in total revenue.
Fiscal year EBITDA was -$57.5M.
The company maintained a gross profit margin of -336.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -707.5%.
Net profit margin reached -734.2% in the most recent fiscal year.

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

Carmat Stock Performance

Carmat has current market cap of EUR 6.4M (or $7.4M), and EV of EUR 59.5M (or $69.0M).

Market Cap Evolution

Carmat Stock Data

As of January 19, 2026, Carmat's stock price is EUR 0 (or $0).

See Carmat trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$69.0M	$7.4M	XXX	XXX	XXX	XXX	n/a

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Carmat Valuation Multiples

Carmat's trades at 8.5x EV/Revenue multiple, and -1.2x EV/EBITDA.

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Carmat Financial Valuation Multiples

As of January 19, 2026, Carmat has market cap of $7.4M and EV of $69.0M.

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

Carmat's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$7.4M	XXX	$7.4M	XXX	XXX	XXX
EV (current)	$69.0M	XXX	$69.0M	XXX	XXX	XXX
EV/Revenue	n/a	XXX	8.5x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-1.2x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	-1.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-0.1x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-1.3x	XXX	XXX	XXX

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

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Carmat Margins & Growth Rates

Carmat's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

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

Carmat's rule of X is unknown (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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Carmat Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	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	236%	XXX	XXX	XXX

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

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