Circle Italy Valuation Multiples

Circle Italy is valued at $100M as of October 2026, a 3.3x revenue multiple. In the last 12 months, Circle Italy revenue was $30M and Circle Italy EBITDA was $8M.

Circle Italy Overview

About Circle Italy

Circle is an Italian software group headquartered in Genoa that builds digital platforms for ports, intermodal terminals and logistics chains. Its products include terminal operating systems, port community systems, cargo and e-document tracking tools and customs digitalisation software, sold to terminal operators, shipping agencies, freight forwarders and port authorities. The group also advises public and private bodies on European funding and international communication. Its shares are listed on Euronext Growth Milan, having first traded on the AIM Italia market in 2018. Through its subsidiary eXyond it supplies telematics and infomobility services, and it has grown by buying small software and technology companies such as Progetto Adele, Cargo Start and QMAP. The group is led by chairman and chief executive Luca Abatello.


Founded

2012

HQ

Italy

Employees

83

Financials (LTM)

Revenue: $30M
EBITDA: $8M

EV

$98M

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Circle Italy Financials

Circle Italy reported last 12-month revenue of $30M and EBITDA of $8M.

In the same LTM period, Circle Italy generated $29M in gross profit, $8M in EBITDA, and $4M in net income.

Revenue (LTM)


Circle Italy P&L

In the most recent fiscal year, Circle Italy reported revenue of $23M and EBITDA of $7M.

Circle Italy is profitable as of last fiscal year, with gross margin of 75%, EBITDA margin of 29%, and net margin of 11%.

See analyst estimates for Circle Italy
LTMLast FY202320242025202620272028
Revenue$30M$23M$12M$12M$23M
Gross Profit$29M$17M$9M$8M$17M
Gross Margin98%75%72%70%75%
EBITDA$8M$7M$4M$3M$7M
EBITDA Margin27%29%29%27%29%
EBIT Margin15%17%20%20%17%
Net Profit$4M$2M$2M$2M$2M
Net Margin12%11%13%13%11%
Net Debt-($1M)---

Financial data powered by Morningstar, Inc.

Circle Italy Stock Performance

Circle Italy has current market cap of $100M, and enterprise value of $98M.

Market Cap Evolution


Circle Italy's stock price is $20.98.

Circle Italy share price increased by 15.7% in the last 30 days, and by 103.9% in the last year.

Circle Italy has an EPS (earnings per share) of $0.52.

See more trading valuation data for Circle Italy
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$98M$100M2.5%15.7%34.1%103.9%$0.52

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Circle Italy Valuation Multiples

Circle Italy trades at 3.3x EV/Revenue multiple, and 12.1x EV/EBITDA.

See NTM and 2027E valuation multiples for Circle Italy

EV / Revenue (LTM)


Circle Italy Financial Valuation Multiples

As of October 30, 2026, Circle Italy has market cap of $100M and EV of $98M.

Circle Italy has a P/E ratio of 28.3x.

LTMLast FY202320242025202620272028
EV/Revenue3.3x4.3x8.1x8.1x4.3x
EV/EBITDA12.1x14.7x27.9x30.5x14.7x
EV/EBIT22.3x25.5x39.4x41.8x25.5x
EV/Gross Profit3.3x5.7x11.3x11.6x5.7x
P/E28.3x40.7x61.7x63.8x40.7x
EV/FCF31.3xn/mn/m(66.8x)n/m

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Circle Italy Valuation Multiples

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Circle Italy Margins & Growth Rates

Circle Italy grew revenue by 36% and EBITDA by 24% in the last fiscal year.

In the most recent fiscal year, Circle Italy reported gross margin of 75%, EBITDA margin of 29%, and net margin of 11%.

See estimated margins and future growth rates for Circle Italy

Circle Italy Margins

Last FY202420252026202720282029
Gross Margin75%70%75%98%
EBITDA Margin29%27%29%26%
EBIT Margin17%20%17%15%
Net Margin11%13%11%12%
FCF Margin(0%)(12%)(0%)12%

Circle Italy Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth36%(1%)90%36%
Gross Profit Growth78%(3%)103%78%
EBITDA Growth24%(8%)107%24%
EBIT Growth20%(6%)64%20%
Net Profit Growth50%(3%)57%50%
FCF Growth(4583%)2125%(94%)(4583%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Circle Italy Operational KPIs

Circle Italy's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Circle Italy's Rule of 40 is 63% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Circle Italy's Rule of X is 118% (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).

Access forward-looking KPIs for Circle Italy
LTMLast FY202320242025202620272028
Rule of 4041%63%---
Bessemer Rule of X62%118%---
Revenue per Employee-$0.3M---
Opex per Employee-$0.2M---
Opex to Revenue-58%51%51%58%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Circle Italy Competitors

Circle Italy competitors include Softronic, Sahana System, USU Software, Woongjin, Boldt, Loihde, Forte, Needs Well, Cenit and Atturra.

Most Circle Italy public comparables operate across IT Consulting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Softronic$92M$11M1.0x-8.9x-
Sahana System$35M$10M2.9x-9.7x-
USU Software$57M$4M1.8x-23.9x-
Woongjin$861M$193M0.8x-3.5x-
Boldt$93M$8M1.2x-13.4x-
Loihde$161M$13M0.7x-8.5x-
Forte$49M$15M2.9x-9.5x-
Needs Well$63M$9M1.3x1.3x9.2x-

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Acquisitions by Circle Italy

Circle Italy has acquired 2 companies to date.

Last acquisition by Circle Italy was on March 31st 2026. Circle Italy acquired QMAP for $2M (EV/Revenue multiple available to Pro users).

See M&A valuation multiples

Latest Acquisitions by Circle Italy

QMAP
Progetto Adele
Description
QMAP is an Italian company that develops technology for geographic information systems and Intelligent Transport Systems. It builds infomobility and real-time traffic and transport analytics products, delivered as IoT solutions on premises and as a service. It reported revenue of about EUR 1.4 million in 2025, with EBITDA of about EUR 0.3 million. Since March 2026 it has been wholly owned by eXyond, a subsidiary of the Circle group. Its offer complements eXyond's telematics and infomobility services for ports, transport and logistics operators. Net profit for 2025 was about EUR 140 thousand, and revenue grew about 17% on the year before. The purchase was financed in cash, partly with Circle shares in the final tranche.
Progetto Adele is an Italian software house founded in Genoa in 2003 that develops vertical software for logistics and freight forwarding. Its two products are Master SPED, a web enterprise system for shipping and logistics, and Master TRADE, a web enterprise system for commerce and industry. They cover orders, warehouse management, invoicing, customs and document controls, including links to the single customs window and port community systems. In 2018 it had value of production of about EUR 2.2 million and EBITDA of about EUR 0.259 million. It has been wholly owned by Circle since July 2019. Its products complement the tracking, Internet of Things and intermodal transport solutions of the Circle group.
HQ CountryItalyItaly
HQ City
-
Genoa
Deal Date31 Mar 202631 Jul 2019
Valuation$2Mundisclosed
EV/Revenue
EV/EBITDA

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About Circle Italy

When was Circle Italy founded?Circle Italy was founded in 2012.
Where is Circle Italy headquartered?Circle Italy is headquartered in Italy.
How many employees does Circle Italy have?As of today, Circle Italy has over 83 employees.
Is Circle Italy publicly listed?Yes, Circle Italy is a public company listed on Borsa Italiana.
What is the stock symbol of Circle Italy?Circle Italy trades under CIRC ticker.
When did Circle Italy go public?Circle Italy went public in 2018.
Who are competitors of Circle Italy?Circle Italy main competitors include Softronic, Sahana System, USU Software, Woongjin, Boldt, Loihde, Forte, Needs Well, Cenit, Atturra.
What is the current market cap of Circle Italy?Circle Italy's current market cap is $100M.
What is the current revenue of Circle Italy?Circle Italy's last 12 months revenue is $30M.
What is the current revenue growth of Circle Italy?Circle Italy revenue growth (NTM/LTM) is 14%.
What is the current EV/Revenue multiple of Circle Italy?Current revenue multiple of Circle Italy is 3.3x.
What is the current EBITDA of Circle Italy?Circle Italy's last 12 months EBITDA is $8M.
What is Circle Italy's EBITDA margin?Circle Italy's last 12 months EBITDA margin is 27%.
What is the current EV/EBITDA multiple of Circle Italy?Current EBITDA multiple of Circle Italy is 12.1x.
What is the current FCF of Circle Italy?Circle Italy's last 12 months FCF is $3M.
What is Circle Italy's FCF margin?Circle Italy's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Circle Italy?Current FCF multiple of Circle Italy is 31.3x.
How many companies Circle Italy has acquired to date?As of October 2026, Circle Italy has acquired 2 companies.
What was the largest acquisition by Circle Italy?$2M acquisition of QMAP on 31st March 2026 was the largest M&A Circle Italy has done to date.
What companies Circle Italy acquired?Circle Italy acquired QMAP and Progetto Adele.
In how many companies Circle Italy has invested to date?Circle Italy hasn't invested in any companies yet (or none have been disclosed publicly).

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