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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 $314M
LTM EBITDA $65.6M
$853M
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 (LTM) of $314M and a last 12-month EBITDA of $65.6M.
In the most recent fiscal year, Cover achieved revenue of $207M and an EBITDA of $41.3M.
Cover expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Cover valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $314M | XXX | $207M | XXX | XXX | XXX |
| Gross Profit | $159M | XXX | $96.0M | XXX | XXX | XXX |
| Gross Margin | 51% | XXX | 46% | XXX | XXX | XXX |
| EBITDA | $65.6M | XXX | $41.3M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 20% | XXX | XXX | XXX |
| EBIT | $58.2M | XXX | $38.0M | XXX | XXX | XXX |
| EBIT Margin | 19% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $40.7M | XXX | $28.4M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 14% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
As of May 30, 2025, Cover's stock price is JPY 2069 (or $14).
Cover has current market cap of JPY 136B (or $932M), and EV of JPY 124B (or $853M).
See Cover trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $853M | $932M | XXX | XXX | XXX | XXX | $0.64 |
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Start Free TrialAs of May 30, 2025, Cover has market cap of $932M and EV of $853M.
Cover's trades at 4.5x EV/Revenue multiple, and 23.1x EV/EBITDA.
Equity research analysts estimate Cover's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Cover has a P/E ratio of 22.9x.
See valuation multiples for Cover and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $932M | XXX | $932M | XXX | XXX | XXX |
| EV (current) | $853M | XXX | $853M | XXX | XXX | XXX |
| EV/Revenue | 2.7x | XXX | 4.5x | XXX | XXX | XXX |
| EV/EBITDA | 13.0x | XXX | 23.1x | XXX | XXX | XXX |
| EV/EBIT | 14.7x | XXX | 24.8x | XXX | XXX | XXX |
| EV/Gross Profit | 5.4x | XXX | n/a | XXX | XXX | XXX |
| P/E | 22.9x | XXX | 36.4x | XXX | XXX | XXX |
| EV/FCF | 38.8x | XXX | 87.1x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialCover's last 12 month revenue growth is 29%
Cover's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.4M for the same period.
Cover's rule of 40 is 49% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Cover's rule of X is 94% (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).
See operational valuation multiples for Cover and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 29% | XXX | 53% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 19% | XXX | XXX | XXX |
| EBITDA Growth | 36% | XXX | 64% | XXX | XXX | XXX |
| Rule of 40 | 49% | XXX | 49% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 94% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $1.3M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.4M | 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 | 28% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
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 |
Sign up to see revenue and EBITDA valuation multiples for 60K+ M&A deals.
Start Free Trial| 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 $932M |
| What is the current revenue of Cover? | Cover's last 12 months revenue is $314M. |
| What is the current revenue growth of Cover? | Cover revenue growth (NTM/LTM) is 29%. |
| What is the current EV/Revenue multiple of Cover? | Current revenue multiple of Cover is 2.7x. |
| Is Cover profitable? | Yes, Cover is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Cover? | Cover's last 12 months EBITDA is $65.6M. |
| What is Cover's EBITDA margin? | Cover's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Cover? | Current EBITDA multiple of Cover is 13.0x. |
| What is the current FCF of Cover? | Cover's last 12 months FCF is $22.0M. |
| What is Cover's FCF margin? | Cover's last 12 months FCF margin is 7%. |
| What is the current EV/FCF multiple of Cover? | Current FCF multiple of Cover is 38.8x. |
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