Develop Global - Public Comps and Valuation Multiples

Develop Global Overview

About Develop Global

Develop Global Ltd is an Australian company focused on the exploration and development of its advanced zinc-copper projects located near Port Hedland in the premier Pilbara mining province of Western Australia. The company owns two advanced Zinc / Copper projects which include Woodlawn Copper and Sulphur Springs.

Founded

2006

HQ

Employees

n/a

Website

venturexresources.com

Sectors

Metals & Mining

Financials

LTM Revenue $190M

LTM EBITDA $43.3M

EV

$837M

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Develop Global Financials

As of August 2025, Develop Global reported last 12-month revenue of $190M and EBITDA of $43.3M.

In the same period, Develop Global achieved $15.7M in LTM net income.

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Develop Global P&L

In the most recent fiscal year, Develop Global reported revenue of $96.5M and EBITDA of $7.7M.

Develop Global 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	$190M	XXX	$96.5M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$65.6M	XXX	XXX	XXX
Gross Margin	n/a	XXX	68%	XXX	XXX	XXX
EBITDA	$43.3M	XXX	$7.7M	XXX	XXX	XXX
EBITDA Margin	23%	XXX	8%	XXX	XXX	XXX
EBIT	$24.4M	XXX	-$6.2M	XXX	XXX	XXX
EBIT Margin	13%	XXX	-6%	XXX	XXX	XXX
Net Profit	$15.7M	XXX	-$7.9M	XXX	XXX	XXX
Net Margin	8%	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Develop Global including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $190M. EBITDA for the last twelve months was $43.3M. In the most recent fiscal year, Develop Global achieved $96.5M in revenue and $7.7M 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	$190M	Analyst estimates available to subscribers	$96.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$65.6M	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	68.0% 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)	$43.3M	Analyst estimates available to subscribers	$7.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	22.8% EBITDA margin	Analyst estimates available to subscribers	8.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$24.4M	Analyst estimates available to subscribers	-$6.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.8% EBIT margin	Analyst estimates available to subscribers	-6.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$15.7M	Analyst estimates available to subscribers	-$7.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.3% net profit margin	Analyst estimates available to subscribers	-8.2% 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 Develop Global

This financial data table provides comprehensive performance metrics for Develop Global, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Develop Global generated $190M in revenue over the last twelve months.
The company achieved $43.3M in EBITDA over the last twelve months.
Net income over the last twelve months reached $15.7M.

Fiscal Year Performance

In the most recent fiscal year, Develop Global reported $96.5M in total revenue.
Fiscal year EBITDA was $7.7M.
The company maintained a gross profit margin of 68.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.0%.
Net profit margin reached -8.2% in the most recent fiscal year.

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

Develop Global Stock Performance

Develop Global has current market cap of AUD 1.2B (or $807M), and EV of AUD 1.3B (or $837M).

Market Cap Evolution

Develop Global Stock Data

As of September 17, 2025, Develop Global's stock price is AUD 4 (or $2).

See Develop Global trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$837M	$807M	XXX	XXX	XXX	XXX	$0.06

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Develop Global Valuation Multiples

Develop Global's trades at 6.8x EV/Revenue multiple, and 60.3x EV/EBITDA.

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Develop Global Financial Valuation Multiples

As of September 17, 2025, Develop Global has market cap of $807M and EV of $837M.

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

Develop Global has a P/E ratio of 51.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$807M	XXX	$807M	XXX	XXX	XXX
EV (current)	$837M	XXX	$837M	XXX	XXX	XXX
EV/Revenue	4.4x	XXX	6.8x	XXX	XXX	XXX
EV/EBITDA	19.3x	XXX	60.3x	XXX	XXX	XXX
EV/EBIT	34.3x	XXX	-1032.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	51.4x	XXX	-141.6x	XXX	XXX	XXX
EV/FCF	-29.3x	XXX	-28.1x	XXX	XXX	XXX

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

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Develop Global Margins & Growth Rates

Develop Global's last 12 month revenue growth is 82%

Develop Global's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Develop Global's rule of 40 is 86% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Develop Global's rule of X is 227% (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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Develop Global Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	82%	XXX	70%	XXX	XXX	XXX
EBITDA Margin	23%	XXX	11%	XXX	XXX	XXX
EBITDA Growth	203%	XXX	368%	XXX	XXX	XXX
Rule of 40	86%	XXX	93%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	227%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	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	74%	XXX	XXX	XXX

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

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