Circus - Public Comps and Valuation Multiples

Circus Overview

About Circus

Circus SE is a technology company based in Germany that develops autonomous solutions for the food service industry, using robotics and artificial intelligence. The Circus group's core products consist of three components: CA-1 Food-Robots, which includes the CA-1 Series 4, a patented autonomous kitchen robot system with AI integration, designed for autonomous use in commercial environments, from retail to cafeteria replacement; CA-M Food Robots, an autonomous field kitchen specifically designed for military operations, disaster relief, and remote, high-risk environments; and the Circus Operating System, the group's central, Al-native operating system for managing, monitoring, and maintaining CA-1 and CA-M robots.

Founded

2021

HQ

Employees

Website

circus-group.com

Sectors

Robotics
Autonomous Tech

Financials

LTM Revenue $2.9M

LTM EBITDA -$18.9M

EV

$474M

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Circus Financials

As of September 2025, Circus reported last 12-month revenue of $2.9M and EBITDA of -$18.9M.

In the same period, Circus generated $0.7M in LTM gross profit and -$21.2M in net income.

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Circus P&L

In the most recent fiscal year, Circus reported revenue of $0.3M and EBITDA of -$13.6M.

Circus 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	$2.9M	XXX	$0.3M	XXX	XXX	XXX
Gross Profit	$0.7M	XXX	$0.8M	XXX	XXX	XXX
Gross Margin	24%	XXX	289%	XXX	XXX	XXX
EBITDA	-$18.9M	XXX	-$13.6M	XXX	XXX	XXX
EBITDA Margin	-661%	XXX	-4665%	XXX	XXX	XXX
EBIT	-$21.4M	XXX	-$17.3M	XXX	XXX	XXX
EBIT Margin	-746%	XXX	-5951%	XXX	XXX	XXX
Net Profit	-$21.2M	XXX	-$17.7M	XXX	XXX	XXX
Net Margin	-741%	XXX	-6067%	XXX	XXX	XXX
Net Debt	XXX	XXX	$10.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Circus including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.9M. EBITDA for the last twelve months was -$18.9M. In the most recent fiscal year, Circus achieved $0.3M in revenue and -$13.6M 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	$2.9M	Analyst estimates available to subscribers	$0.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$0.7M	Analyst estimates available to subscribers	$0.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	23.5% gross margin	Analyst estimates available to subscribers	289.2% 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)	-$18.9M	Analyst estimates available to subscribers	-$13.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-661.2% EBITDA margin	Analyst estimates available to subscribers	-4664.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$21.4M	Analyst estimates available to subscribers	-$17.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-746.1% EBIT margin	Analyst estimates available to subscribers	-5950.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$21.2M	Analyst estimates available to subscribers	-$17.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-741.1% net profit margin	Analyst estimates available to subscribers	-6067.3% 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	$10.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Circus

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

Recent Performance Highlights

Circus generated $2.9M in revenue over the last twelve months.
The company achieved -$18.9M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $0.7M.
Net income over the last twelve months reached -$21.2M.

Fiscal Year Performance

In the most recent fiscal year, Circus reported $0.3M in total revenue.
Fiscal year EBITDA was -$13.6M.
The company maintained a gross profit margin of 289.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -4664.5%.
Net profit margin reached -6067.3% in the most recent fiscal year.

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

Circus Stock Performance

Circus has current market cap of EUR 400M (or $464M), and EV of EUR 409M (or $474M).

Market Cap Evolution

Circus Stock Data

As of October 15, 2025, Circus's stock price is EUR 17 (or $19).

See Circus trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$474M	$464M	XXX	XXX	XXX	XXX	$-0.91

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Circus Valuation Multiples

Circus's trades at 1627.6x EV/Revenue multiple, and -34.9x EV/EBITDA.

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Circus Financial Valuation Multiples

As of October 15, 2025, Circus has market cap of $464M and EV of $474M.

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

Circus has a P/E ratio of -21.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$464M	XXX	$464M	XXX	XXX	XXX
EV (current)	$474M	XXX	$474M	XXX	XXX	XXX
EV/Revenue	165.4x	XXX	1627.6x	XXX	XXX	XXX
EV/EBITDA	-25.0x	XXX	-34.9x	XXX	XXX	XXX
EV/EBIT	-22.2x	XXX	-27.4x	XXX	XXX	XXX
EV/Gross Profit	703.4x	XXX	n/a	XXX	XXX	XXX
P/E	-21.8x	XXX	-26.2x	XXX	XXX	XXX
EV/FCF	-18.7x	XXX	-44.8x	XXX	XXX	XXX

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

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Circus Margins & Growth Rates

Circus's last 12 month revenue growth is 1958%

Circus's revenue per employee in the last FY averaged $3K, while opex per employee averaged $0.2M for the same period.

Circus's rule of 40 is 1324% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Circus's rule of X is 4233% (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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Circus Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	1958%	XXX	1492%	XXX	XXX	XXX
EBITDA Margin	-661%	XXX	-4665%	XXX	XXX	XXX
EBITDA Growth	-28%	XXX	n/a	XXX	XXX	XXX
Rule of 40	1324%	XXX	-2707%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	4233%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$3K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6240%	XXX	XXX	XXX

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

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