China Merchants - Public Comps and Valuation Multiples

China Merchants Overview

About China Merchants

China Merchants Expressway Network & Technology Holdings Co Ltd is engaged in Highway-related operations, including toll road business and transportation technology business. Its operating segments include Intelligent transportation, Investment operation, Traffic ecology, and Transportation technology. It generates the majority of its revenue from the Investment operation segment, which provides highway investment and operation services.

Founded

1993

HQ

Employees

6.4K+

Website

cmexpressway.com

Sectors

Road Infrastructure

Financials

LTM Revenue $1.8B

LTM EBITDA $1.6B

EV

$16.2B

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China Merchants Financials

As of September 2025, China Merchants reported last 12-month revenue of $1.8B and EBITDA of $1.6B.

In the same period, China Merchants generated $590M in LTM gross profit and $768M in net income.

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China Merchants P&L

In the most recent fiscal year, China Merchants reported revenue of $1.8B and EBITDA of $1.7B.

China Merchants 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	$1.8B	XXX	$1.8B	XXX	XXX	XXX
Gross Profit	$590M	XXX	$608M	XXX	XXX	XXX
Gross Margin	33%	XXX	34%	XXX	XXX	XXX
EBITDA	$1.6B	XXX	$1.7B	XXX	XXX	XXX
EBITDA Margin	89%	XXX	97%	XXX	XXX	XXX
EBIT	$931M	XXX	$477M	XXX	XXX	XXX
EBIT Margin	52%	XXX	27%	XXX	XXX	XXX
Net Profit	$768M	XXX	$747M	XXX	XXX	XXX
Net Margin	43%	XXX	42%	XXX	XXX	XXX
Net Debt	XXX	XXX	$5.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for China Merchants including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.8B. EBITDA for the last twelve months was $1.6B. In the most recent fiscal year, China Merchants achieved $1.8B in revenue and $1.7B 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	$1.8B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$590M	Analyst estimates available to subscribers	$608M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	33.2% gross margin	Analyst estimates available to subscribers	34.1% 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)	$1.6B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	88.5% EBITDA margin	Analyst estimates available to subscribers	96.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$931M	Analyst estimates available to subscribers	$477M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	52.4% EBIT margin	Analyst estimates available to subscribers	26.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$768M	Analyst estimates available to subscribers	$747M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	43.3% net profit margin	Analyst estimates available to subscribers	41.9% 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	$5.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for China Merchants

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

Recent Performance Highlights

China Merchants generated $1.8B in revenue over the last twelve months.
The company achieved $1.6B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $590M.
Net income over the last twelve months reached $768M.

Fiscal Year Performance

In the most recent fiscal year, China Merchants reported $1.8B in total revenue.
Fiscal year EBITDA was $1.7B.
The company maintained a gross profit margin of 34.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 96.5%.
Net profit margin reached 41.9% in the most recent fiscal year.

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

China Merchants Stock Performance

China Merchants has current market cap of CNY 70.5B (or $9.9B), and EV of CNY 116B (or $16.2B).

Market Cap Evolution

China Merchants Stock Data

As of October 17, 2025, China Merchants's stock price is CNY 10 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$16.2B	$9.9B	XXX	XXX	XXX	XXX	$0.11

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China Merchants Valuation Multiples

China Merchants's trades at 9.1x EV/Revenue multiple, and 9.4x EV/EBITDA.

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China Merchants Financial Valuation Multiples

As of October 17, 2025, China Merchants has market cap of $9.9B and EV of $16.2B.

Equity research analysts estimate China Merchants's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

China Merchants has a P/E ratio of 12.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$9.9B	XXX	$9.9B	XXX	XXX	XXX
EV (current)	$16.2B	XXX	$16.2B	XXX	XXX	XXX
EV/Revenue	9.1x	XXX	9.1x	XXX	XXX	XXX
EV/EBITDA	10.3x	XXX	9.4x	XXX	XXX	XXX
EV/EBIT	17.4x	XXX	34.0x	XXX	XXX	XXX
EV/Gross Profit	27.5x	XXX	n/a	XXX	XXX	XXX
P/E	12.9x	XXX	13.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	19.7x	XXX	XXX	XXX

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

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China Merchants Margins & Growth Rates

China Merchants's last 12 month revenue growth is 2%

China Merchants's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $20K for the same period.

China Merchants's rule of 40 is 118% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

China Merchants's rule of X is 93% (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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China Merchants Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	89%	XXX	97%	XXX	XXX	XXX
EBITDA Growth	2%	XXX	-1%	XXX	XXX	XXX
Rule of 40	118%	XXX	98%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	93%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$20K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	7%	XXX	XXX	XXX

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

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