Cover - Public Comps and Valuation Multiples

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

154

Website

cover-corp.com

Sectors

Streaming
Content Production
VR & AR
DeepTech
Consumer SaaS
Service Providers

Financials

LTM Revenue $328M

LTM EBITDA $64.8M

EV

$744M

Valuation Multiples

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Cover Financials

As of September 2025, Cover reported last 12-month revenue of $328M and EBITDA of $64.8M.

In the same period, Cover generated $166M in LTM gross profit and $40.4M in net income.

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Cover P&L

In the most recent fiscal year, Cover reported revenue of $285M and EBITDA of $58.8M.

Cover 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	$328M	XXX	$285M	XXX	XXX	XXX
Gross Profit	$166M	XXX	$143M	XXX	XXX	XXX
Gross Margin	51%	XXX	50%	XXX	XXX	XXX
EBITDA	$64.8M	XXX	$58.8M	XXX	XXX	XXX
EBITDA Margin	20%	XXX	21%	XXX	XXX	XXX
EBIT	$57.7M	XXX	$52.5M	XXX	XXX	XXX
EBIT Margin	18%	XXX	18%	XXX	XXX	XXX
Net Profit	$40.4M	XXX	$36.5M	XXX	XXX	XXX
Net Margin	12%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cover including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $328M. EBITDA for the last twelve months was $64.8M. In the most recent fiscal year, Cover achieved $285M in revenue and $58.8M 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	$328M	Analyst estimates available to subscribers	$285M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$166M	Analyst estimates available to subscribers	$143M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	50.7% gross margin	Analyst estimates available to subscribers	50.2% 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)	$64.8M	Analyst estimates available to subscribers	$58.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	19.8% EBITDA margin	Analyst estimates available to subscribers	20.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$57.7M	Analyst estimates available to subscribers	$52.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.6% EBIT margin	Analyst estimates available to subscribers	18.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$40.4M	Analyst estimates available to subscribers	$36.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	12.3% net profit margin	Analyst estimates available to subscribers	12.8% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cover

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

Recent Performance Highlights

Cover generated $328M in revenue over the last twelve months.
The company achieved $64.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $166M.
Net income over the last twelve months reached $40.4M.

Fiscal Year Performance

In the most recent fiscal year, Cover reported $285M in total revenue.
Fiscal year EBITDA was $58.8M.
The company maintained a gross profit margin of 50.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 20.6%.
Net profit margin reached 12.8% in the most recent fiscal year.

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

Cover Stock Performance

Cover has current market cap of JPY 125B (or $821M), and EV of JPY 113B (or $744M).

Market Cap Evolution

Cover Stock Data

As of October 17, 2025, Cover's stock price is JPY 1906 (or $13).

See Cover trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$744M	$821M	XXX	XXX	XXX	XXX	$0.63

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Cover Valuation Multiples

Cover's trades at 2.8x EV/Revenue multiple, and 13.8x EV/EBITDA.

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Cover Financial Valuation Multiples

As of October 17, 2025, Cover has market cap of $821M and EV of $744M.

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 20.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$821M	XXX	$821M	XXX	XXX	XXX
EV (current)	$744M	XXX	$744M	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	2.8x	XXX	XXX	XXX
EV/EBITDA	11.5x	XXX	13.8x	XXX	XXX	XXX
EV/EBIT	12.9x	XXX	15.4x	XXX	XXX	XXX
EV/Gross Profit	4.5x	XXX	n/a	XXX	XXX	XXX
P/E	20.3x	XXX	24.0x	XXX	XXX	XXX
EV/FCF	27.7x	XXX	47.7x	XXX	XXX	XXX

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

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Cover Margins & Growth Rates

Cover's last 12 month revenue growth is 23%

Cover's revenue per employee in the last FY averaged $1.8M, while opex per employee averaged $0.6M for the same period.

Cover's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cover's rule of X is 78% (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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Cover Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	23%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	20%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	29%	XXX	28%	XXX	XXX	XXX
Rule of 40	44%	XXX	44%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	78%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	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	32%	XXX	XXX	XXX

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

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