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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 $604M
LTM EBITDA $412M
-$7.1B
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 of $604M and a last 12-month EBITDA of $412M.
In the most recent fiscal year, Challenger achieved revenue of $400M and an EBITDA of $609M.
Challenger expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Challenger valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $410M | $400M | XXX | XXX | XXX |
| Gross Profit | $855M | $410M | XXX | XXX | XXX |
| Gross Margin | 209% | 103% | XXX | XXX | XXX |
| EBITDA | $610M | $609M | XXX | XXX | XXX |
| EBITDA Margin | 149% | 152% | XXX | XXX | XXX |
| Net Profit | $159M | $181M | XXX | XXX | XXX |
| Net Margin | 39% | 45% | XXX | XXX | XXX |
| Net Debt | $3.2B | $3.3B | XXX | XXX | XXX |
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As of April 18, 2025, Challenger's stock price is AUD 7 (or $4).
Challenger has current market cap of AUD 4.7B (or $3.0B), and EV of -AUD 11.3B (or -$7.1B).
See Challenger trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| -$7.1B | $3.0B | XXX | XXX | XXX | XXX | $0.37 |
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Sign UpAs of April 18, 2025, Challenger has market cap of $3.0B and EV of -$7.1B.
Challenger's trades at -11.8x LTM EV/Revenue multiple, and -17.3x LTM EBITDA.
Analysts estimate Challenger's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Challenger and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | -$7.1B | XXX | XXX | XXX |
| EV/Revenue | -14.1x | XXX | XXX | XXX |
| EV/EBITDA | -13.9x | XXX | XXX | XXX |
| P/E | 16.2x | XXX | XXX | XXX |
| P/E/Growth | 0.5x | XXX | XXX | XXX |
| EV/FCF | -18.9x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpChallenger's NTM/LTM revenue growth is 4%
Challenger's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged $1.9M for the same period.
Over next 12 months, Challenger'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 Challenger's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Challenger and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -2% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 102% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 0% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 106% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.6M | XXX | XXX | XXX | XXX |
| Opex per Employee | $1.9M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 36% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 322% | XXX | 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 |
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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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Sign Up| 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 $3.0B |
| What is the current revenue of Challenger? | Challenger's last 12-month revenue is $604M. |
| What is the current EBITDA of Challenger? | Challenger's last 12-month EBITDA is $412M. |
| What is the current EV/Revenue multiple of Challenger? | Current revenue multiple of Challenger is -11.8x. |
| What is the current EV/EBITDA multiple of Challenger? | Current EBITDA multiple of Challenger is -17.3x. |
| What is the current revenue growth of Challenger? | Challenger revenue growth between 2023 and 2024 was -2%. |
| Is Challenger profitable? | Yes, Challenger is EBITDA-positive (as of the last 12 months). |
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