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Challenger’s core business is selling annuity products in the Australian retirement market and, since November 2016, selling Australian dollar-denominated annuities into Japan's large retirement market. The firm’s annuity products provide investors guaranteed regular payments over an agreed term for an upfront lump sum investment and is designed primarily to protect investors from the longevity risk of outliving their savings. Challenger also operates a funds management business, Fidante Partners, which has minority stakes in several boutique global investment managers, and Challenger Investment Management, which primarily manages investments supporting its annuities business.
2003
676
LTM Revenue $625M
LTM EBITDA $429M
-$6.9B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Challenger has a last 12-month revenue (LTM) of $625M and a last 12-month EBITDA of $429M.
In the most recent fiscal year, Challenger achieved revenue of $408M and an EBITDA of $622M.
Challenger expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Challenger valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $625M | XXX | $408M | XXX | XXX | XXX |
| Gross Profit | $422M | XXX | $408M | XXX | XXX | XXX |
| Gross Margin | 68% | XXX | 100% | XXX | XXX | XXX |
| EBITDA | $429M | XXX | $622M | XXX | XXX | XXX |
| EBITDA Margin | 69% | XXX | 152% | XXX | XXX | XXX |
| EBIT | $427M | XXX | -$907M | XXX | XXX | XXX |
| EBIT Margin | 68% | XXX | -222% | XXX | XXX | XXX |
| Net Profit | $289M | XXX | $83.4M | XXX | XXX | XXX |
| Net Margin | 46% | XXX | 20% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $4.2B | XXX | XXX | XXX |
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As of May 30, 2025, Challenger's stock price is AUD 8 (or $5).
Challenger has current market cap of AUD 5.3B (or $3.4B), and EV of -AUD 10.8B (or -$6.9B).
See Challenger trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| -$6.9B | $3.4B | XXX | XXX | XXX | XXX | $0.38 |
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Start Free TrialAs of May 30, 2025, Challenger has market cap of $3.4B and EV of -$6.9B.
Challenger's trades at -13.4x EV/Revenue multiple, and -13.1x EV/EBITDA.
Equity research analysts estimate Challenger's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Challenger has a P/E ratio of 11.7x.
See valuation multiples for Challenger and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $3.4B | XXX | $3.4B | XXX | XXX | XXX |
| EV (current) | -$6.9B | XXX | -$6.9B | XXX | XXX | XXX |
| EV/Revenue | -11.1x | XXX | -13.4x | XXX | XXX | XXX |
| EV/EBITDA | -16.1x | XXX | -13.1x | XXX | XXX | XXX |
| EV/EBIT | -16.2x | XXX | 29.0x | XXX | XXX | XXX |
| EV/Gross Profit | -16.4x | XXX | n/a | XXX | XXX | XXX |
| P/E | 11.7x | XXX | 18.0x | XXX | XXX | XXX |
| EV/FCF | -30.2x | XXX | -17.8x | XXX | XXX | XXX |
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Start Free TrialChallenger's last 12 month revenue growth is 4%
Challenger's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $1.9M for the same period.
Challenger's rule of 40 is 155% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Challenger's rule of X is 80% (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).
See operational valuation multiples for Challenger and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 4% | XXX | n/a | XXX | XXX | XXX |
| EBITDA Margin | 69% | XXX | 102% | XXX | XXX | XXX |
| EBITDA Growth | 6% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | 155% | XXX | 106% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 80% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.6M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $1.9M | 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 | 322% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| ADNIC | XXX | XXX | XXX | XXX | XXX | XXX |
| Aegon | XXX | XXX | XXX | XXX | XXX | XXX |
| ASR Nederland | XXX | XXX | XXX | XXX | XXX | XXX |
| NN Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Helia Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Challenger acquired XXX companies to date.
Last acquisition by Challenger was XXXXXXXX, XXXXX XXXXX XXXXXX . Challenger acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| 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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Start Free Trial| When was Challenger founded? | Challenger was founded in 2003. |
| Where is Challenger headquartered? | Challenger is headquartered in Australia. |
| How many employees does Challenger have? | As of today, Challenger has 676 employees. |
| Who is the CEO of Challenger? | Challenger's CEO is Mr. Nicolas Hamilton. |
| Is Challenger publicy listed? | Yes, Challenger is a public company listed on ASX. |
| What is the stock symbol of Challenger? | Challenger trades under CGF ticker. |
| When did Challenger go public? | Challenger went public in 2003. |
| Who are competitors of Challenger? | Similar companies to Challenger include e.g. ADNIC, Aegon, ASR Nederland, NN Group. |
| What is the current market cap of Challenger? | Challenger's current market cap is $3.4B |
| What is the current revenue of Challenger? | Challenger's last 12 months revenue is $625M. |
| What is the current revenue growth of Challenger? | Challenger revenue growth (NTM/LTM) is 4%. |
| What is the current EV/Revenue multiple of Challenger? | Current revenue multiple of Challenger is -11.1x. |
| Is Challenger profitable? | Yes, Challenger is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Challenger? | Challenger's last 12 months EBITDA is $429M. |
| What is Challenger's EBITDA margin? | Challenger's last 12 months EBITDA margin is 69%. |
| What is the current EV/EBITDA multiple of Challenger? | Current EBITDA multiple of Challenger is -16.1x. |
| What is the current FCF of Challenger? | Challenger's last 12 months FCF is $229M. |
| What is Challenger's FCF margin? | Challenger's last 12 months FCF margin is 37%. |
| What is the current EV/FCF multiple of Challenger? | Current FCF multiple of Challenger is -30.2x. |
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