Citycon - Public Comps and Valuation Multiples

Citycon Overview

About Citycon

Citycon Oyj owns, develops, and manages shopping centers and other retail properties in Finland, Norway, Sweden, Estonia, and Denmark. The company owns 33 centers and 1 other retail property. Among those centers, 9 are located in Finland, 2 in Estonia, 14 in Norway, 6 in Sweden and 2 in Denmark. Citycon’s business operations units: 1) Finland, Estonia and Denmark 2)Sweden 3)Norway. The business units are further subdivided into clusters. The Finnish, Estonian and Danish unit is composed of two clusters, the Swedish unit of one cluster and the Norwegian unit of two.

Founded

1988

HQ

Employees

164

Website

citycon.com

Sectors

Real Estate Development

Financials

LTM Revenue $322M

LTM EBITDA $215M

EV

$2.8B

Valuation Multiples

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Citycon Financials

As of September 2025, Citycon reported last 12-month revenue of $322M and EBITDA of $215M.

In the same period, Citycon generated $129M in LTM gross profit and $107M in net income.

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Citycon P&L

In the most recent fiscal year, Citycon reported revenue of $375M and EBITDA of $37.9M.

Citycon 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	$322M	XXX	$375M	XXX	XXX	XXX
Gross Profit	$129M	XXX	$250M	XXX	XXX	XXX
Gross Margin	40%	XXX	67%	XXX	XXX	XXX
EBITDA	$215M	XXX	$37.9M	XXX	XXX	XXX
EBITDA Margin	67%	XXX	10%	XXX	XXX	XXX
EBIT	$220M	XXX	$223M	XXX	XXX	XXX
EBIT Margin	68%	XXX	59%	XXX	XXX	XXX
Net Profit	$107M	XXX	-$44.2M	XXX	XXX	XXX
Net Margin	33%	XXX	-12%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Citycon including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $322M. EBITDA for the last twelve months was $215M. In the most recent fiscal year, Citycon achieved $375M in revenue and $37.9M 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	$322M	Analyst estimates available to subscribers	$375M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$129M	Analyst estimates available to subscribers	$250M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	40.1% gross margin	Analyst estimates available to subscribers	66.8% 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)	$215M	Analyst estimates available to subscribers	$37.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	66.6% EBITDA margin	Analyst estimates available to subscribers	10.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$220M	Analyst estimates available to subscribers	$223M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	68.3% EBIT margin	Analyst estimates available to subscribers	59.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$107M	Analyst estimates available to subscribers	-$44.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	33.1% net profit margin	Analyst estimates available to subscribers	-11.8% 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	$2.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Citycon

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

Recent Performance Highlights

Citycon generated $322M in revenue over the last twelve months.
The company achieved $215M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $129M.
Net income over the last twelve months reached $107M.

Fiscal Year Performance

In the most recent fiscal year, Citycon reported $375M in total revenue.
Fiscal year EBITDA was $37.9M.
The company maintained a gross profit margin of 66.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 10.1%.
Net profit margin reached -11.8% in the most recent fiscal year.

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

Citycon Stock Performance

Citycon has current market cap of EUR 597M (or $696M), and EV of EUR 2.4B (or $2.8B).

Market Cap Evolution

Citycon Stock Data

As of October 2, 2025, Citycon's stock price is EUR 3 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.8B	$696M	XXX	XXX	XXX	XXX	$0.54

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Citycon Valuation Multiples

Citycon's trades at 7.4x EV/Revenue multiple, and 73.1x EV/EBITDA.

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Citycon Financial Valuation Multiples

As of October 2, 2025, Citycon has market cap of $696M and EV of $2.8B.

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

Citycon has a P/E ratio of 6.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$696M	XXX	$696M	XXX	XXX	XXX
EV (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV/Revenue	8.6x	XXX	7.4x	XXX	XXX	XXX
EV/EBITDA	12.9x	XXX	73.1x	XXX	XXX	XXX
EV/EBIT	12.6x	XXX	12.4x	XXX	XXX	XXX
EV/Gross Profit	21.5x	XXX	n/a	XXX	XXX	XXX
P/E	6.5x	XXX	-15.7x	XXX	XXX	XXX
EV/FCF	23.2x	XXX	29.5x	XXX	XXX	XXX

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

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Citycon Margins & Growth Rates

Citycon's last 12 month revenue growth is 6%

Citycon's revenue per employee in the last FY averaged $2.3M, while opex per employee averaged $0.2M for the same period.

Citycon's rule of 40 is -17% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Citycon's rule of X is 82% (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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Citycon Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	-4%	XXX	XXX	XXX
EBITDA Margin	67%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	0%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-17%	XXX	16%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	82%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.3M	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	7%	XXX	XXX	XXX

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

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