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Change Financial Valuation Multiples

Discover revenue and EBITDA valuation multiples for Change Financial and similar public comparables like FINEOS, IRESS, and Bravura Solutions.

Change Financial Overview

About Change Financial

Change Financial Ltd is a fintech company. It develops payment processors and provides mobile banking services through its mobile application. The company operates in a single segment that is the development and provision of card payments software and services. The company serves business and financial institutions.


Founded

2011

HQ

Australia
Employees

80

Financials

LTM Revenue $21.5M

LTM EBITDA $0.7M

EV

$19.8M

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Change Financial Financials

Change Financial has a last 12-month revenue of $21.5M and a last 12-month EBITDA of $0.7M.

In the most recent fiscal year, Change Financial achieved revenue of $6.6M and an EBITDA of -$0.4M.

Change Financial expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Change Financial P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $5.5M $6.6M XXX XXX XXX
Gross Profit $5.2M $5.5M XXX XXX XXX
Gross Margin 94% 82% XXX XXX XXX
EBITDA -$0.8M -$0.4M XXX XXX XXX
EBITDA Margin -15% -6% XXX XXX XXX
Net Profit -$2.4M -$1.8M XXX XXX XXX
Net Margin -44% -28% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Change Financial Stock Performance

As of March 14, 2025, Change Financial's stock price is AUD 0 (or $0).

Change Financial has current market cap of AUD 36.4M (or $23.0M), and EV of AUD 31.4M (or $19.8M).

See Change Financial trading valuation data

Change Financial Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$19.8M $23.0M XXX XXX XXX XXX $-0.00

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Change Financial Valuation Multiples

As of March 14, 2025, Change Financial has market cap of $23.0M and EV of $19.8M.

Change Financial's trades at 1.5x LTM EV/Revenue multiple, and 47.8x LTM EBITDA.

Analysts estimate Change Financial's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Change Financial Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $19.8M XXX XXX XXX
EV/Revenue 1.8x XXX XXX XXX
EV/EBITDA 86.6x XXX XXX XXX
P/E -17.2x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 31.9x XXX XXX XXX

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

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Change Financial Valuation Multiples

Change Financial's NTM/LTM revenue growth is 43%

Change Financial's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Change Financial'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 Change Financial's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Change Financial Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 22% XXX XXX XXX XXX
EBITDA Margin 2% XXX XXX XXX XXX
EBITDA Growth -51% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 45% XXX XXX XXX XXX
Revenue per Employee $0.1M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue 2% XXX XXX XXX XXX
G&A Expenses to Revenue 59% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 122% XXX XXX XXX XXX

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Change Financial Public Comps

See public comps and valuation multiples for Financial Services Software and Neobanking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Allfunds Group XXX XXX XXX XXX XXX XXX
Bravura Solutions XXX XXX XXX XXX XXX XXX
Computershare XXX XXX XXX XXX XXX XXX
FINEOS XXX XXX XXX XXX XXX XXX
IRESS 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.

Change Financial M&A and Investment Activity

Change Financial acquired  XXX companies to date.

Last acquisition by Change Financial was  XXXXXXXX, XXXXX XXXXX XXXXXX . Change Financial acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Change Financial

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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About Change Financial

When was Change Financial founded? Change Financial was founded in 2011.
Where is Change Financial headquartered? Change Financial is headquartered in Australia.
How many employees does Change Financial have? As of today, Change Financial has 80 employees.
Is Change Financial publicy listed? Yes, Change Financial is a public company listed on ASX.
What is the stock symbol of Change Financial? Change Financial trades under CCA ticker.
When did Change Financial go public? Change Financial went public in 2016.
Who are competitors of Change Financial? Similar companies to Change Financial include e.g. Allfunds Group, Bravura Solutions, Computershare, FINEOS.
What is the current market cap of Change Financial? Change Financial's current market cap is $23.0M
What is the current revenue of Change Financial? Change Financial's last 12-month revenue is $21.5M.
What is the current EBITDA of Change Financial? Change Financial's last 12-month EBITDA is $0.7M.
What is the current EV/Revenue multiple of Change Financial? Current revenue multiple of Change Financial is 1.5x.
What is the current EV/EBITDA multiple of Change Financial? Current EBITDA multiple of Change Financial is 47.8x.
What is the current revenue growth of Change Financial? Change Financial revenue growth between 2023 and 2024 was 22%.
Is Change Financial profitable? Yes, Change Financial is EBITDA-positive (as of the last 12 months).

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