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Cover Corp operates as a platformer for two-dimensional entertainment. It is engaged in developing multifaceted businesses to accelerate 2D entertainment such as distribution system development, VTuber office management, and content development.
2016
154
LTM Revenue $295M
LTM EBITDA $63.6M
$902M
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Cover has a last 12-month revenue of $295M and a last 12-month EBITDA of $63.6M.
In the most recent fiscal year, Cover achieved revenue of $200M and an EBITDA of $40.0M.
Cover expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Cover valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $136M | $200M | XXX | XXX | XXX |
| Gross Profit | $35.1M | $62.4M | XXX | XXX | XXX |
| Gross Margin | 26% | 31% | XXX | XXX | XXX |
| EBITDA | $23.5M | $40.0M | XXX | XXX | XXX |
| EBITDA Margin | 17% | 20% | XXX | XXX | XXX |
| Net Profit | $8.3M | $16.7M | XXX | XXX | XXX |
| Net Margin | 6% | 8% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, Cover's stock price is JPY 2352 (or $16).
Cover has current market cap of JPY 146B (or $973M), and EV of JPY 136B (or $902M).
See Cover trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $902M | $973M | XXX | XXX | XXX | XXX | $0.63 |
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Sign UpAs of April 15, 2025, Cover has market cap of $973M and EV of $902M.
Cover's trades at 3.1x LTM EV/Revenue multiple, and 14.2x LTM EBITDA.
Analysts estimate Cover's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Cover and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $902M | XXX | XXX | XXX |
| EV/Revenue | 3.4x | XXX | XXX | XXX |
| EV/EBITDA | 15.8x | XXX | XXX | XXX |
| P/E | 26.8x | XXX | XXX | XXX |
| P/E/Growth | 0.8x | XXX | XXX | XXX |
| EV/FCF | 38.0x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpCover's NTM/LTM revenue growth is 24%
Cover's revenue per employee for the last fiscal year averaged $1.3M, while opex per employee averaged $0.4M for the same period.
Over next 12 months, Cover's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Cover's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Cover and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 48% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 70% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 45% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $1.3M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.4M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | n/a | XXX | XXX | XXX | XXX |
| Opex to Revenue | 28% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Kartoon Studios | XXX | XXX | XXX | XXX | XXX | XXX |
| Nine Entertainment | XXX | XXX | XXX | XXX | XXX | XXX |
| Seven West Media | XXX | XXX | XXX | XXX | XXX | XXX |
| DouYu | XXX | XXX | XXX | XXX | XXX | XXX |
| Meb Corporation | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Cover acquired XXX companies to date.
Last acquisition by Cover was XXXXXXXX, XXXXX XXXXX XXXXXX . Cover acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was Cover founded? | Cover was founded in 2016. |
| Where is Cover headquartered? | Cover is headquartered in Japan. |
| How many employees does Cover have? | As of today, Cover has 154 employees. |
| Who is the CEO of Cover? | Cover's CEO is Mr. Motoaki Tanigo. |
| Is Cover publicy listed? | Yes, Cover is a public company listed on TKS. |
| What is the stock symbol of Cover? | Cover trades under 5253 ticker. |
| When did Cover go public? | Cover went public in 2023. |
| Who are competitors of Cover? | Similar companies to Cover include e.g. Kartoon Studios, Nine Entertainment, Seven West Media, DouYu. |
| What is the current market cap of Cover? | Cover's current market cap is $973M |
| What is the current revenue of Cover? | Cover's last 12-month revenue is $295M. |
| What is the current EBITDA of Cover? | Cover's last 12-month EBITDA is $63.6M. |
| What is the current EV/Revenue multiple of Cover? | Current revenue multiple of Cover is 3.1x. |
| What is the current EV/EBITDA multiple of Cover? | Current EBITDA multiple of Cover is 14.2x. |
| What is the current revenue growth of Cover? | Cover revenue growth between 2023 and 2024 was 48%. |
| Is Cover profitable? | Yes, Cover is EBITDA-positive (as of the last 12 months). |
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