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D2L Valuation Multiples

Discover revenue and EBITDA valuation multiples for D2L and similar public comparables like Docebo, NIIT Learning Systems, Shenzhen Fangzhi Science, Tribal Group and more.

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D2L Overview

About D2L

D2L Inc is a learning innovation company. It provides cloud-based learning software for higher education institutions, kindergarten to grade 12 (K-12) schools and districts, and private sector enterprises. The company serves K-12, higher education, associations, and the corporate sector. Its product includes D2L Brightspace and D2L Wave. Geographically, It operates in United States, Canada and Rest of the World, where it derives maximum revenue from United States.

Founded

2011

HQ

Canada

Employees

1.0K

Website

d2l.com

Financials (LTM)

Revenue: $221M
EBITDA: $33M

EV

$251M

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D2L Financials

D2L reported last 12-month revenue of $221M and EBITDA of $33M.

In the same LTM period, D2L generated $152M in gross profit, $33M in EBITDA, and $11M in net income.

Revenue (LTM)

D2L P&L

In the most recent fiscal year, D2L reported revenue of $205M and EBITDA of $15M.

D2L expects next 12-month revenue of XXX and NTM EBITDA of XXX

See D2L forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$221MXXX$205MXXXXXXXXX
Gross Profit$152MXXX$140MXXXXXXXXX
Gross Margin69%XXX68%XXXXXXXXX
EBITDA$33MXXX$15MXXXXXXXXX
EBITDA Margin15%XXX7%XXXXXXXXX
EBIT Margin6%XXX3%XXXXXXXXX
Net Profit$11MXXX$26MXXXXXXXXX
Net Margin5%XXX13%XXXXXXXXX

Financial data powered by Morningstar, Inc.

D2L Stock Performance

D2L has current market cap of $358M, and enterprise value of $251M.

Market Cap Evolution

D2L's stock price is $6.59.

See D2L trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$251M$358M-0.5%XXXXXXXXX$0.47

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D2L Valuation Multiples

D2L trades at 1.1x EV/Revenue multiple, and 7.6x EV/EBITDA.

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EV / Revenue (LTM)

D2L Financial Valuation Multiples

As of April 20, 2026, D2L has market cap of $358M and EV of $251M.

Equity research analysts estimate D2L's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

D2L has a P/E ratio of 31.6x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$358MXXX$358MXXXXXXXXX
EV (current)$251MXXX$251MXXXXXXXXX
EV/Revenue1.1xXXX1.2xXXXXXXXXX
EV/EBITDA7.6xXXX17.2xXXXXXXXXX
EV/EBIT18.4xXXX40.5xXXXXXXXXX
EV/Gross Profit1.6xXXX1.8xXXXXXXXXX
P/E31.6xXXX13.9xXXXXXXXXX
EV/FCF6.1xXXX9.3xXXXXXXXXX

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

Verified D2L Valuation Multiples

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D2L Margins & Growth Rates

D2L's revenue in the last 12 month grew by 8%.

D2L's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

D2L's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

D2L's rule of X is 32% (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).

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D2L Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth8%XXX6%XXXXXXXXX
EBITDA Margin15%XXX7%XXXXXXXXX
EBITDA Growth11%XXX125%XXXXXXXXX
Rule of 40—XXX22%XXXXXXXXX
Bessemer Rule of X—XXX32%XXXXXXXXX
Revenue per Employee—XXX$0.2MXXXXXXXXX
Opex per Employee—XXX$0.1MXXXXXXXXX
S&M Expenses to Revenue26%XXX26%XXXXXXXXX
G&A Expenses to Revenue12%XXX16%XXXXXXXXX
R&D Expenses to Revenue21%XXX23%XXXXXXXXX
Opex to Revenue—XXX65%XXXXXXXXX

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D2L Public Comps

See public comps and valuation multiples for other Education Software comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
D2LXXXXXXXXXXXXXXXXXX
DoceboXXXXXXXXXXXXXXXXXX
NIIT Learning SystemsXXXXXXXXXXXXXXXXXX
Shenzhen Fangzhi ScienceXXXXXXXXXXXXXXXXXX
Tribal GroupXXXXXXXXXXXXXXXXXX
51 TalkXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

D2L M&A Activity

D2L acquired XXX companies to date.

Last acquisition by D2L was on XXXXXXXX, XXXXX. D2L acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by D2L

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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D2L Investment Activity

D2L invested in XXX companies to date.

D2L made its latest investment on XXXXXXXX, XXXXX. D2L invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by D2L

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About D2L

When was D2L founded?D2L was founded in 2011.
Where is D2L headquartered?D2L is headquartered in Canada.
How many employees does D2L have?As of today, D2L has over 1K employees.
Who is the CEO of D2L?D2L's CEO is John Baker.
Is D2L publicly listed?Yes, D2L is a public company listed on Tokyo Stock Exchange.
What is the stock symbol of D2L?D2L trades under DTOL ticker.
When did D2L go public?D2L went public in 2021.
Who are competitors of D2L?D2L main competitors are Docebo, NIIT Learning Systems, Shenzhen Fangzhi Science, Tribal Group.
What is the current market cap of D2L?D2L's current market cap is $358M.
What is the current revenue of D2L?D2L's last 12 months revenue is $221M.
What is the current revenue growth of D2L?D2L revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of D2L?Current revenue multiple of D2L is 1.1x.
Is D2L profitable?Yes, D2L is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of D2L?D2L's last 12 months EBITDA is $33M.
What is D2L's EBITDA margin?D2L's last 12 months EBITDA margin is 15%.
What is the current EV/EBITDA multiple of D2L?Current EBITDA multiple of D2L is 7.6x.
What is the current FCF of D2L?D2L's last 12 months FCF is $41M.
What is D2L's FCF margin?D2L's last 12 months FCF margin is 19%.
What is the current EV/FCF multiple of D2L?Current FCF multiple of D2L is 6.1x.

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