Challenger - Public Comps and Valuation Multiples

Challenger Overview

About Challenger

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.

Founded

2003

HQ

Employees

576

Website

challenger.com.au

Sectors

Insurance Carriers
Asset Management

Financials

LTM Revenue $644M

LTM EBITDA $440M

EV

-$11.6B

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Challenger Financials

As of September 2025, Challenger reported last 12-month revenue of $644M and EBITDA of $440M.

In the same period, Challenger generated $434M in LTM gross profit and $301M in net income.

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Challenger P&L

In the most recent fiscal year, Challenger reported revenue of $488M and EBITDA of $724M.

Challenger 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	$644M	XXX	$488M	XXX	XXX	XXX
Gross Profit	$434M	XXX	$488M	XXX	XXX	XXX
Gross Margin	67%	XXX	100%	XXX	XXX	XXX
EBITDA	$440M	XXX	$724M	XXX	XXX	XXX
EBITDA Margin	68%	XXX	148%	XXX	XXX	XXX
EBIT	$442M	XXX	-$802M	XXX	XXX	XXX
EBIT Margin	69%	XXX	-164%	XXX	XXX	XXX
Net Profit	$301M	XXX	$125M	XXX	XXX	XXX
Net Margin	47%	XXX	26%	XXX	XXX	XXX
Net Debt	XXX	XXX	$4.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Challenger including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $644M. EBITDA for the last twelve months was $440M. In the most recent fiscal year, Challenger achieved $488M in revenue and $724M 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	$644M	Analyst estimates available to subscribers	$488M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$434M	Analyst estimates available to subscribers	$488M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	67.4% gross margin	Analyst estimates available to subscribers	100.0% 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)	$440M	Analyst estimates available to subscribers	$724M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	68.3% EBITDA margin	Analyst estimates available to subscribers	148.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$442M	Analyst estimates available to subscribers	-$802M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	68.6% EBIT margin	Analyst estimates available to subscribers	-164.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$301M	Analyst estimates available to subscribers	$125M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	46.7% net profit margin	Analyst estimates available to subscribers	25.6% 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	$4.9B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Challenger

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

Recent Performance Highlights

Challenger generated $644M in revenue over the last twelve months.
The company achieved $440M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $434M.
Net income over the last twelve months reached $301M.

Fiscal Year Performance

In the most recent fiscal year, Challenger reported $488M in total revenue.
Fiscal year EBITDA was $724M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 148.5%.
Net profit margin reached 25.6% in the most recent fiscal year.

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

Challenger Stock Performance

Challenger has current market cap of AUD 6.3B (or $4.1B), and EV of -AUD 17.8B (or -$11.6B).

Market Cap Evolution

Challenger Stock Data

As of October 30, 2025, Challenger's stock price is AUD 9 (or $6).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
-$11.6B	$4.1B	XXX	XXX	XXX	XXX	$0.41

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Challenger Valuation Multiples

Challenger's trades at -25.7x EV/Revenue multiple, and -17.1x EV/EBITDA.

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Challenger Financial Valuation Multiples

As of October 30, 2025, Challenger has market cap of $4.1B and EV of -$11.6B.

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 13.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.1B	XXX	$4.1B	XXX	XXX	XXX
EV (current)	-$11.6B	XXX	-$11.6B	XXX	XXX	XXX
EV/Revenue	-18.0x	XXX	-25.7x	XXX	XXX	XXX
EV/EBITDA	-26.4x	XXX	-17.1x	XXX	XXX	XXX
EV/EBIT	-26.2x	XXX	13.5x	XXX	XXX	XXX
EV/Gross Profit	-26.7x	XXX	n/a	XXX	XXX	XXX
P/E	13.6x	XXX	39.1x	XXX	XXX	XXX
EV/FCF	-45.8x	XXX	-28.7x	XXX	XXX	XXX

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

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Challenger Margins & Growth Rates

Challenger's last 12 month revenue growth is 5%

Challenger's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $2.2M 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).

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Challenger Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	68%	XXX	150%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	n/a	XXX	XXX	XXX
Rule of 40	155%	XXX	155%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	80%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$2.2M	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	264%	XXX	XXX	XXX

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

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