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Cover Valuation Multiples
Discover revenue and EBITDA valuation multiples for Cover and similar public comparables like Cable One, Acast, Viaplay, iHeartMedia and more.
Cover Overview
About Cover
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.
Founded
2016
HQ
Employees
826
Website
Financials (LTM)
EV
$510M
Cover Financials
Cover reported last 12-month revenue of $327M and EBITDA of $58M.
In the same LTM period, Cover generated $165M in gross profit, $58M in EBITDA, and $38M in net income.
Revenue (LTM)
Cover P&L
In the most recent fiscal year, Cover reported revenue of $297M and EBITDA of $61M.
Cover expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $327M | XXX | $297M | XXX | XXX | XXX |
| Gross Profit | $165M | XXX | $137M | XXX | XXX | XXX |
| Gross Margin | 51% | XXX | 46% | XXX | XXX | XXX |
| EBITDA | $58M | XXX | $61M | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 21% | XXX | XXX | XXX |
| EBIT Margin | 16% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $38M | XXX | $38M | XXX | XXX | XXX |
| Net Margin | 12% | XXX | 13% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Cover Stock Performance
Cover has current market cap of $604M, and enterprise value of $510M.
Market Cap Evolution
Cover's stock price is $9.20.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $510M | $604M | 1.4% | XXX | XXX | XXX | $0.58 |
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Start Free TrialCover Valuation Multiples
Cover trades at 1.6x EV/Revenue multiple, and 8.7x EV/EBITDA.
EV / Revenue (LTM)
Cover Financial Valuation Multiples
As of April 18, 2026, Cover has market cap of $604M and EV of $510M.
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 16.0x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $604M | XXX | $604M | XXX | XXX | XXX |
| EV (current) | $510M | XXX | $510M | XXX | XXX | XXX |
| EV/Revenue | 1.6x | XXX | 1.7x | XXX | XXX | XXX |
| EV/EBITDA | 8.7x | XXX | 8.3x | XXX | XXX | XXX |
| EV/EBIT | 9.7x | XXX | 9.3x | XXX | XXX | XXX |
| EV/Gross Profit | 3.1x | XXX | 3.7x | XXX | XXX | XXX |
| P/E | 16.0x | XXX | 15.9x | XXX | XXX | XXX |
| EV/FCF | 18.8x | XXX | 28.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Cover 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.
Cover Margins & Growth Rates
Cover's revenue in the last 12 month grew by 16%.
Cover's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.
Cover's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Cover's rule of X is 61% (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).
Cover Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 16% | XXX | 9% | XXX | XXX | XXX |
| EBITDA Margin | 18% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 29% | XXX | (6%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 36% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 61% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.4M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 29% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Cover Public Comps
See public comps and valuation multiples for other Streaming and Content Production comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Cover | XXX | XXX | XXX | XXX | XXX | XXX |
| Cable One | XXX | XXX | XXX | XXX | XXX | XXX |
| Acast | XXX | XXX | XXX | XXX | XXX | XXX |
| Viaplay | XXX | XXX | XXX | XXX | XXX | XXX |
| iHeartMedia | XXX | XXX | XXX | XXX | XXX | XXX |
| NRJ Group | 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 M&A Activity
Cover acquired XXX companies to date.
Last acquisition by Cover was on XXXXXXXX, XXXXX. Cover acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Cover
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialCover Investment Activity
Cover invested in XXX companies to date.
Cover made its latest investment on XXXXXXXX, XXXXX. Cover invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Cover
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Cover
| 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 over 826 employees. |
| Who is the CEO of Cover? | Cover's CEO is Motoaki Tanigo. |
| Is Cover publicly listed? | Yes, Cover is a public company listed on Tokyo Stock Exchange. |
| 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? | Cover main competitors are Cable One, Acast, Viaplay, iHeartMedia. |
| What is the current market cap of Cover? | Cover's current market cap is $604M. |
| What is the current revenue of Cover? | Cover's last 12 months revenue is $327M. |
| What is the current revenue growth of Cover? | Cover revenue growth (NTM/LTM) is 16%. |
| What is the current EV/Revenue multiple of Cover? | Current revenue multiple of Cover is 1.6x. |
| 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 $58M. |
| What is Cover's EBITDA margin? | Cover's last 12 months EBITDA margin is 18%. |
| What is the current EV/EBITDA multiple of Cover? | Current EBITDA multiple of Cover is 8.7x. |
| What is the current FCF of Cover? | Cover's last 12 months FCF is $27M. |
| What is Cover's FCF margin? | Cover's last 12 months FCF margin is 8%. |
| What is the current EV/FCF multiple of Cover? | Current FCF multiple of Cover is 18.8x. |
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