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 $485M

LTM EBITDA $169M

EV

$3.0B

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Dave Financials

As of October 2025, Dave reported last 12-month revenue of $485M and EBITDA of $169M.

In the same period, Dave achieved $95.2M in LTM net income.

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Dave P&L

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

Dave 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	$485M	XXX	$347M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$317M	XXX	XXX	XXX
Gross Margin	n/a	XXX	91%	XXX	XXX	XXX
EBITDA	$169M	XXX	$76.0M	XXX	XXX	XXX
EBITDA Margin	35%	XXX	22%	XXX	XXX	XXX
EBIT	$124M	XXX	$34.6M	XXX	XXX	XXX
EBIT Margin	26%	XXX	10%	XXX	XXX	XXX
Net Profit	$95.2M	XXX	$57.9M	XXX	XXX	XXX
Net Margin	20%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	$25.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Dave including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $485M. EBITDA for the last twelve months was $169M. In the most recent fiscal year, Dave achieved $347M in revenue and $76.0M 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	$485M	Analyst estimates available to subscribers	$347M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$317M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	91.2% 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)	$169M	Analyst estimates available to subscribers	$76.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	34.9% EBITDA margin	Analyst estimates available to subscribers	21.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$124M	Analyst estimates available to subscribers	$34.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	25.6% EBIT margin	Analyst estimates available to subscribers	10.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$95.2M	Analyst estimates available to subscribers	$57.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	19.6% net profit margin	Analyst estimates available to subscribers	16.7% 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	$25.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Dave

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

Recent Performance Highlights

Dave generated $485M in revenue over the last twelve months.
The company achieved $169M in EBITDA over the last twelve months.
Net income over the last twelve months reached $95.2M.

Fiscal Year Performance

In the most recent fiscal year, Dave reported $347M in total revenue.
Fiscal year EBITDA was $76.0M.
The company maintained a gross profit margin of 91.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.9%.
Net profit margin reached 16.7% in the most recent fiscal year.

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

Dave Stock Performance

Dave has current market cap of $3.0B, and EV of $3.0B.

Market Cap Evolution

Dave Stock Data

As of November 3, 2025, Dave's stock price is $224.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.0B	$3.0B	XXX	XXX	XXX	XXX	$6.02

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Dave Valuation Multiples

Dave's trades at 8.6x EV/Revenue multiple, and 39.4x EV/EBITDA.

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Dave Financial Valuation Multiples

As of November 3, 2025, Dave has market cap of $3.0B and EV of $3.0B.

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

Dave has a P/E ratio of 31.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.0B	XXX	$3.0B	XXX	XXX	XXX
EV (current)	$3.0B	XXX	$3.0B	XXX	XXX	XXX
EV/Revenue	6.2x	XXX	8.6x	XXX	XXX	XXX
EV/EBITDA	17.7x	XXX	39.4x	XXX	XXX	XXX
EV/EBIT	24.1x	XXX	86.6x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	31.7x	XXX	52.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	25.5x	XXX	XXX	XXX

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

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Dave Margins & Growth Rates

Dave's last 12 month revenue growth is 20%

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

Dave's rule of 40 is 8% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Dave's rule of X is 86% (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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Dave Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	20%	XXX	31%	XXX	XXX	XXX
EBITDA Margin	35%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	28%	XXX	n/a	XXX	XXX	XXX
Rule of 40	8%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	86%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	13%	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	81%	XXX	XXX	XXX

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

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