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CombinedX Valuation Multiples

Discover CombinedX's revenue and EBITDA valuation multiples and M&A history, alongside public comparables like CAG Group, ZG Group, Audius, Matica Fintec and more.

CombinedX Overview

About CombinedX

CombinedX AB is a family of knowledge companies that help companies and organizations to take advantage of the opportunities of digitalisation. It delivers services through eight wholly-owned specialist companies, each with market-leading technology and business expertise in its niche.


Founded

1993

HQ

Sweden

Employees

N/A

Financials (LTM)

Revenue: $98M
EBITDA: $13M

EV

$81M

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CombinedX Financials

CombinedX reported last 12-month revenue of $98M and EBITDA of $13M.

In the same LTM period, CombinedX generated $84M in gross profit, $13M in EBITDA, and $5M in net income.

Revenue (LTM)


CombinedX P&L

In the most recent fiscal year, CombinedX reported revenue of $105M and EBITDA of $13M.

CombinedX is profitable as of last fiscal year, with gross margin of 19%, EBITDA margin of 12%, and net margin of 4%.

See analyst estimates for CombinedX
LTMLast FY202320242025202620272028
Revenue$98M$105M$82M$99M$101M
Gross Profit$84M$20M$19M$19M$20M
Gross Margin86%19%24%20%20%
EBITDA$13M$13M$14M$12M$12M
EBITDA Margin13%12%17%13%12%
EBIT Margin7%6%10%7%6%
Net Profit$5M$4M$8M$5M$4M
Net Margin5%4%9%5%4%
Net Debt-$3M---

Financial data powered by Morningstar, Inc.

CombinedX Stock Performance

CombinedX has current market cap of $76M, and enterprise value of $81M.

Market Cap Evolution


CombinedX's stock price is $3.92.

CombinedX share price decreased by 5.3% in the last 30 days, and by 16.5% in the last year.

CombinedX has an EPS (earnings per share) of $0.21.

See more trading valuation data for CombinedX
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$81M$76M0.0%-5.3%21.5%-16.5%$0.21

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CombinedX Valuation Multiples

CombinedX trades at 0.8x EV/Revenue multiple, and 6.5x EV/EBITDA.

See NTM and 2027E valuation multiples for CombinedX

EV / Revenue (LTM)


CombinedX Financial Valuation Multiples

As of June 15, 2026, CombinedX has market cap of $76M and EV of $81M.

CombinedX has a P/E ratio of 16.5x.

LTMLast FY202320242025202620272028
EV/Revenue0.8x0.8x1.0x0.8x0.8x
EV/EBITDA6.5x6.3x5.9x6.5x6.8x
EV/EBIT12.3x12.6x9.5x12.6x13.1x
EV/Gross Profit1.0x4.0x4.2x4.2x4.0x
P/E16.5x18.3x10.1x14.1x19.0x
EV/FCF-8.5x9.8x6.4x8.5x

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

Verified CombinedX Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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CombinedX Margins & Growth Rates

CombinedX decreased revenue by 14% and EBITDA by 5% in the last fiscal year.

In the most recent fiscal year, CombinedX reported gross margin of 19%, EBITDA margin of 12%, and net margin of 4%.

See estimated margins and future growth rates for CombinedX

CombinedX Margins

Last FY202420252026202720282029
Gross Margin19%20%20%87%
EBITDA Margin12%13%12%13%
EBIT Margin6%7%6%7%
Net Margin4%5%4%6%
FCF Margin9%13%9%-

CombinedX Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(14%)21%2%(10%)
Gross Profit Growth291%0%4%291%
EBITDA Growth(5%)(10%)(4%)2%
EBIT Growth4%(24%)(4%)8%
Net Profit Growth23%(29%)(25%)28%
FCF Growth-52%(24%)-

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

CombinedX Operational KPIs

CombinedX's Rule of 40 is 3% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CombinedX's Rule of X is (12%) (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 CombinedX
LTMLast FY202320242025202620272028
Rule of 403%3%---
Bessemer Rule of X(13%)(12%)---
Opex to Revenue-13%13%13%14%

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

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CombinedX Competitors

CombinedX competitors include CAG Group, ZG Group, Audius, Matica Fintec, Circle Italy, Cenit, Boldt, Sahana System, Sure Global Technology and Ksolves.

Most CombinedX public comparables operate across IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
CAG Group0.7x0.7x6.4x6.0x
ZG Group1.0x-(3.8x)-
Audius0.5x0.5x6.1x5.6x
Matica Fintec2.5x-29.2x-
Circle Italy5.6x-21.1x-
Cenit0.4x0.4x6.6x5.3x
Boldt0.9x-8.8x-
Sahana System4.0x-11.5x-

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CombinedX VC Funding History

Before going public, CombinedX raised $14M in total equity funding, across 1 round.


CombinedX Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
Oct-21Series AEdastra Venture Capital; Unionen$14M-Combined X is a Sweden-based consulting group holding company that provides specialized consulting services through eight wholly owned specialist companies. Founded in 2016 and led by CEO Jörgen Qwist, the group focuses on digitalization consulting and has maintained a sustainable EBIT margin of over 10%. In 2021, Combined X announced a pre-IPO investment round totaling SEK 124 million ($14.4 million) involving both primary newly issued shares and secondary existing shares. The investment was backed by qualified investors including Grenspecialisten, Edastra, Unionen, and Investment AB Spiltan, with all investors expressing ambitions to serve as anchor investors in a planned 2022 IPO. The capital was intended to broaden the company's ownership base, provide means for continued investment, and prepare the group for its planned public listing. During the first half of 2021, the group reported sales of SEK 297 million with an EBIT margin of 10.3%. The company's growth strategy since 2016 focused on developing existing businesses while expanding through acquisitions to add more companies to the Combined X Group, with the goal of establishing itself as the market's recognized best knowledge company in digitalization.

Acquisitions by CombinedX

CombinedX has acquired 1 company to date.

Last acquisition by CombinedX was on February 1st 2022. CombinedX acquired Attentec for $4M (EV/Revenue multiple available to Pro users).

See M&A valuation multiples

Latest Acquisitions by CombinedX

Attentec
Description
Attentec is a Stockholm-based consultancy firm delivering digital transformation services to Nordic retailers and manufacturers. It implements ERP systems like Microsoft Dynamics for 50 clients, automating supply chains handling 1 million orders monthly, and develops custom apps with AI for inventory prediction. Founded in 2005, Attentec employs 100 consultants across Sweden and Norway, partnering with IFS for industrial software.
HQ CountrySweden
HQ City
Stockholm
Deal Date1 Feb 2022
Valuation$4M
EV/Revenue
EV/EBITDA

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About CombinedX

When was CombinedX founded?CombinedX was founded in 1993.
Where is CombinedX headquartered?CombinedX is headquartered in Sweden.
Is CombinedX publicly listed?Yes, CombinedX is a public company listed on Nasdaq Stockholm.
What is the stock symbol of CombinedX?CombinedX trades under CX ticker.
When did CombinedX go public?CombinedX went public in 2022.
Who are competitors of CombinedX?CombinedX main competitors include CAG Group, ZG Group, Audius, Matica Fintec, Circle Italy, Cenit, Boldt, Sahana System, Sure Global Technology, Ksolves.
What is the current market cap of CombinedX?CombinedX's current market cap is $76M.
What is the current revenue of CombinedX?CombinedX's last 12 months revenue is $98M.
What is the current revenue growth of CombinedX?CombinedX revenue growth (NTM/LTM) is (10%).
What is the current EV/Revenue multiple of CombinedX?Current revenue multiple of CombinedX is 0.8x.
What is the current EBITDA of CombinedX?CombinedX's last 12 months EBITDA is $13M.
What is CombinedX's EBITDA margin?CombinedX's last 12 months EBITDA margin is 13%.
What is the current EV/EBITDA multiple of CombinedX?Current EBITDA multiple of CombinedX is 6.5x.
How many companies CombinedX has acquired to date?As of June 2026, CombinedX has acquired 1 company.
What was the largest acquisition by CombinedX?$4M acquisition of Attentec on 1st February 2022 was the largest M&A CombinedX has done to date.
What companies CombinedX acquired?CombinedX acquired Attentec.
In how many companies CombinedX has invested to date?CombinedX hasn't invested in any companies yet (or none have been disclosed publicly).

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