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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 $326M
LTM EBITDA $65.6M
$860M
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Cover has a last 12-month revenue (LTM) of $326M and a last 12-month EBITDA of $65.6M.
In the most recent fiscal year, Cover achieved revenue of $292M and an EBITDA of $60.4M.
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 | $326M | XXX | $292M | XXX | XXX | XXX |
| Gross Profit | $167M | XXX | $147M | XXX | XXX | XXX |
| Gross Margin | 51% | XXX | 50% | XXX | XXX | XXX |
| EBITDA | $65.6M | XXX | $60.4M | XXX | XXX | XXX |
| EBITDA Margin | 20% | XXX | 21% | XXX | XXX | XXX |
| EBIT | $58.4M | XXX | $53.9M | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 18% | XXX | XXX | XXX |
| Net Profit | $40.9M | XXX | $37.5M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 13% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of August 29, 2025, Cover's stock price is JPY 2124 (or $14).
Cover has current market cap of JPY 139B (or $940M), and EV of JPY 128B (or $860M).
See Cover trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $860M | $940M | XXX | XXX | XXX | XXX | $0.64 |
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Start Free TrialAs of August 29, 2025, Cover has market cap of $940M and EV of $860M.
Cover's trades at 3.2x EV/Revenue multiple, and 15.5x 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 23.0x.
See valuation multiples for Cover and 15K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $940M | XXX | $940M | XXX | XXX | XXX |
| EV (current) | $860M | XXX | $860M | XXX | XXX | XXX |
| EV/Revenue | 2.6x | XXX | 3.2x | XXX | XXX | XXX |
| EV/EBITDA | 13.1x | XXX | 15.5x | XXX | XXX | XXX |
| EV/EBIT | 14.7x | XXX | 17.3x | XXX | XXX | XXX |
| EV/Gross Profit | 5.1x | XXX | n/a | XXX | XXX | XXX |
| P/E | 23.0x | XXX | 26.8x | XXX | XXX | XXX |
| EV/FCF | 32.6x | XXX | 53.8x | 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.
Start Free TrialCover's last 12 month revenue growth is 25%
Cover's revenue per employee in the last FY averaged $1.9M, while opex per employee averaged $0.6M for the same period.
Cover's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Cover's rule of X is 81% (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| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 25% | XXX | 27% | XXX | XXX | XXX |
| EBITDA Margin | 20% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 28% | XXX | 29% | XXX | XXX | XXX |
| Rule of 40 | 45% | XXX | 45% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 81% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $1.9M | 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 |
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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 |
Sign up to see revenue and EBITDA valuation multiples for 65K+ 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 $940M |
| What is the current revenue of Cover? | Cover's last 12 months revenue is $326M. |
| What is the current revenue growth of Cover? | Cover revenue growth (NTM/LTM) is 25%. |
| What is the current EV/Revenue multiple of Cover? | Current revenue multiple of Cover is 2.6x. |
| 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 $65.6M. |
| What is Cover's EBITDA margin? | Cover's last 12 months EBITDA margin is 20%. |
| What is the current EV/EBITDA multiple of Cover? | Current EBITDA multiple of Cover is 13.1x. |
| What is the current FCF of Cover? | Cover's last 12 months FCF is $26.4M. |
| 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 32.6x. |
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