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

826

Website

cover-corp.com

Sectors

Streaming
Content Production
VR & AR
DeepTech
Consumer SaaS
Service Providers

Financials

LTM Revenue $322M

LTM EBITDA $61.6M

EV

$550M

Valuation Multiples

Multiples.vc

Valuation Multiples for 15K+ Public Comps

Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.

Browse Valuation Multiples

Cover Financials

As of November 2025, Cover reported last 12-month revenue of $322M and EBITDA of $61.6M.

In the same period, Cover generated $159M in LTM gross profit and $39.2M in net income.

See Cover valuation multiples based on analyst estimates

Cover P&L

In the most recent fiscal year, Cover reported revenue of $279M and EBITDA of $57.5M.

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	$322M	XXX	$279M	XXX	XXX	XXX
Gross Profit	$159M	XXX	$140M	XXX	XXX	XXX
Gross Margin	49%	XXX	50%	XXX	XXX	XXX
EBITDA	$61.6M	XXX	$57.5M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	21%	XXX	XXX	XXX
EBIT	$54.8M	XXX	$51.4M	XXX	XXX	XXX
EBIT Margin	17%	XXX	18%	XXX	XXX	XXX
Net Profit	$39.2M	XXX	$35.7M	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.

.seo-only-financials-wrapper { position: static; left: auto; width: auto; height: auto; overflow: visible; }

Financial performance metrics for Cover including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $322M. EBITDA for the last twelve months was $61.6M. In the most recent fiscal year, Cover achieved $279M in revenue and $57.5M 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	$322M	Analyst estimates available to subscribers	$279M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$159M	Analyst estimates available to subscribers	$140M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	49.2% 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)	$61.6M	Analyst estimates available to subscribers	$57.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	19.1% 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)	$54.8M	Analyst estimates available to subscribers	$51.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.0% 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)	$39.2M	Analyst estimates available to subscribers	$35.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	12.2% 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 $322M in revenue over the last twelve months.
The company achieved $61.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $159M.
Net income over the last twelve months reached $39.2M.

Fiscal Year Performance

In the most recent fiscal year, Cover reported $279M in total revenue.
Fiscal year EBITDA was $57.5M.
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 98.7B (or $634M), and EV of JPY 85.7B (or $550M).

Market Cap Evolution

Cover Stock Data

As of December 4, 2025, Cover's stock price is JPY 1504 (or $10).

See Cover trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$550M	$634M	XXX	XXX	XXX	XXX	$0.61

Benchmark Trading Valuation Multiples by Industry

Sign up to access valuation multiples like growth-adjusted P/E, next 12-month EV/Revenue, EBITDA multiples by industry and many more

Start Free Trial

Cover Valuation Multiples

Cover's trades at 2.1x EV/Revenue multiple, and 10.4x EV/EBITDA.

See valuation multiples for Cover and 15K+ public comps

Cover Financial Valuation Multiples

As of December 4, 2025, Cover has market cap of $634M and EV of $550M.

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 16.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$634M	XXX	$634M	XXX	XXX	XXX
EV (current)	$550M	XXX	$550M	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	8.9x	XXX	10.4x	XXX	XXX	XXX
EV/EBIT	10.0x	XXX	11.6x	XXX	XXX	XXX
EV/Gross Profit	3.5x	XXX	n/a	XXX	XXX	XXX
P/E	16.2x	XXX	19.0x	XXX	XXX	XXX
EV/FCF	21.1x	XXX	36.1x	XXX	XXX	XXX

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

Get Cover Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

Start Free Trial

Cover Margins & Growth Rates

Cover's last 12 month revenue growth is 21%

Cover's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Cover's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cover's rule of X is 71% (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 15K+ public comps

Cover Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	21%	XXX	24%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	27%	XXX	23%	XXX	XXX	XXX
Rule of 40	41%	XXX	41%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	71%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	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.

Valuation Multiples Across 220+ Verticals

Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!

Digital Therapeutics

Pharma Analytics

Private Equity

ERP Software

Developer Tools

Consumer SaaS

Streaming Platforms

Explore Valuation Multiples by Industry

Start Free Trial