Challenger 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

Asset ManagementInsurance Carriers

Financials (LTM)

Revenue: $674M

EBITDA: $465M

Market Cap

$4B

Valuation Multiples

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Challenger Financials

Challenger reported last 12-month revenue of $674M and EBITDA of $465M.

In the same LTM period, Challenger generated $457M in gross profit, $465M in EBITDA, and $316M in net income.

Challenger P&L

In the most recent fiscal year, Challenger reported revenue of $632M and EBITDA of $767M.

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

Challenger Stock Performance

Challenger has current market cap of $4B.

Challenger's stock price is $5.96.

Challenger Valuation Multiples

Challenger trades at (2.7x) EV/Revenue multiple, and (3.9x) EV/EBITDA.

Challenger Financial Valuation Multiples

As of March 29, 2026, Challenger has market cap of $4B.

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 13.0x.

Challenger Margins & Growth Rates

Challenger's revenue in the last 12 month grew by 7%.

Challenger's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $2.4M for the same period.

Challenger's rule of 40 is 87% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Challenger's rule of X is 114% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Challenger Public Comps

See public comps and valuation multiples for other Asset Management and Insurance Carriers comps.

Challenger M&A Activity

Challenger acquired XXX companies to date.

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

Challenger Investment Activity

Challenger invested in XXX companies to date.

Challenger made its latest investment on XXXXXXXX, XXXXX. Challenger invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).