Dave - Public Comps and Valuation Multiples

Dave Overview

About Dave

Dave Inc is a financial services company. It is engaged in offering banking app that offers its customers banking, financial insights, overdraft protection, building credit, and finding side gigs.

Founded

2015

HQ

Employees

274

Website

dave.com

Sectors

Neobanking
FinTech

Financials

LTM Revenue $363M

LTM EBITDA $91.6M

EV

$1.1B

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Dave Financials

Dave has a last 12-month revenue of $363M and a last 12-month EBITDA of $91.6M.

In the most recent fiscal year, Dave achieved revenue of $347M and an EBITDA of $76.0M.

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

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Dave P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$259M	$347M	XXX	XXX	XXX
Gross Profit	$173M	$230M	XXX	XXX	XXX
Gross Margin	67%	66%	XXX	XXX	XXX
EBITDA	-$31.1M	$76.0M	XXX	XXX	XXX
EBITDA Margin	-12%	22%	XXX	XXX	XXX
Net Profit	-$129M	-$48.5M	XXX	XXX	XXX
Net Margin	-50%	-14%	XXX	XXX	XXX
Net Debt	$154M	$139M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Dave Stock Performance

As of March 19, 2025, Dave's stock price is $83.

Dave has current market cap of $1.1B, and EV of $1.1B.

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Dave Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.1B	$1.1B	XXX	XXX	XXX	XXX	$3.99

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Dave Valuation Multiples

As of March 19, 2025, Dave has market cap of $1.1B and EV of $1.1B.

Dave's trades at 3.0x LTM EV/Revenue multiple, and 11.8x LTM EBITDA.

Analysts estimate Dave's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Dave Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$1.1B	XXX	XXX	XXX
EV/Revenue	3.1x	XXX	XXX	XXX
EV/EBITDA	14.2x	XXX	XXX	XXX
P/E	18.9x	XXX	XXX	XXX
P/E/Growth	1.4x	XXX	XXX	XXX
EV/FCF	9.2x	XXX	XXX	XXX

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

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Dave Valuation Multiples

Dave's NTM/LTM revenue growth is 21%

Dave's revenue per employee for the last fiscal year averaged $1.3M, while opex per employee averaged $1.0M for the same period.

Over next 12 months, Dave's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Dave's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Dave Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	34%	XXX	XXX	XXX	XXX
EBITDA Margin	22%	XXX	XXX	XXX	XXX
EBITDA Growth	-345%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	43%	XXX	XXX	XXX	XXX
Revenue per Employee	$1.3M	XXX	XXX	XXX	XXX
Opex per Employee	$1.0M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	13%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	31%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	81%	XXX	XXX	XXX	XXX

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