Deye - Public Comps and Valuation Multiples

Deye Overview

About Deye

Ningbo Deye Technology Co Ltd is engaged in the production and sales of components such as evaporators, condensers, and frequency conversion control chips, as well as environmental electrical products such as dehumidifiers and air source heat pump heaters.

Founded

2000

HQ

Employees

5.6K+

Website

deye.com.cn

Sectors

Financials

LTM Revenue $1.9B

LTM EBITDA $539M

EV

$10.0B

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Deye Financials

As of October 2025, Deye reported last 12-month revenue of $1.9B and EBITDA of $539M.

In the same period, Deye generated $698M in LTM gross profit and $470M in net income.

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Deye P&L

In the most recent fiscal year, Deye reported revenue of $1.6B and EBITDA of $507M.

Deye 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	$1.9B	XXX	$1.6B	XXX	XXX	XXX
Gross Profit	$698M	XXX	$610M	XXX	XXX	XXX
Gross Margin	38%	XXX	39%	XXX	XXX	XXX
EBITDA	$539M	XXX	$507M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	32%	XXX	XXX	XXX
EBIT	$537M	XXX	$454M	XXX	XXX	XXX
EBIT Margin	29%	XXX	29%	XXX	XXX	XXX
Net Profit	$470M	XXX	$416M	XXX	XXX	XXX
Net Margin	25%	XXX	26%	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 Deye including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.9B. EBITDA for the last twelve months was $539M. In the most recent fiscal year, Deye achieved $1.6B in revenue and $507M 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	$1.9B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$698M	Analyst estimates available to subscribers	$610M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	37.7% gross margin	Analyst estimates available to subscribers	38.8% 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)	$539M	Analyst estimates available to subscribers	$507M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.1% EBITDA margin	Analyst estimates available to subscribers	32.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$537M	Analyst estimates available to subscribers	$454M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	29.0% EBIT margin	Analyst estimates available to subscribers	28.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$470M	Analyst estimates available to subscribers	$416M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	25.4% net profit margin	Analyst estimates available to subscribers	26.4% 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 Deye

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

Recent Performance Highlights

Deye generated $1.9B in revenue over the last twelve months.
The company achieved $539M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $698M.
Net income over the last twelve months reached $470M.

Fiscal Year Performance

In the most recent fiscal year, Deye reported $1.6B in total revenue.
Fiscal year EBITDA was $507M.
The company maintained a gross profit margin of 38.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 32.2%.
Net profit margin reached 26.4% in the most recent fiscal year.

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

Deye Stock Performance

Deye has current market cap of CNY 76.0B (or $10.7B), and EV of CNY 71.4B (or $10.0B).

Market Cap Evolution

Deye Stock Data

As of November 18, 2025, Deye's stock price is CNY 84 (or $12).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$10.0B	$10.7B	XXX	XXX	XXX	XXX	$0.52

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Deye Valuation Multiples

Deye's trades at 6.4x EV/Revenue multiple, and 19.8x EV/EBITDA.

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Deye Financial Valuation Multiples

As of November 18, 2025, Deye has market cap of $10.7B and EV of $10.0B.

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

Deye has a P/E ratio of 22.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$10.7B	XXX	$10.7B	XXX	XXX	XXX
EV (current)	$10.0B	XXX	$10.0B	XXX	XXX	XXX
EV/Revenue	5.4x	XXX	6.4x	XXX	XXX	XXX
EV/EBITDA	18.6x	XXX	19.8x	XXX	XXX	XXX
EV/EBIT	18.7x	XXX	22.1x	XXX	XXX	XXX
EV/Gross Profit	14.4x	XXX	n/a	XXX	XXX	XXX
P/E	22.7x	XXX	25.7x	XXX	XXX	XXX
EV/FCF	78.5x	XXX	24.6x	XXX	XXX	XXX

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

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Deye Margins & Growth Rates

Deye's last 12 month revenue growth is 22%

Deye's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $28K for the same period.

Deye's rule of 40 is 53% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Deye's rule of X is 85% (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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Deye Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	22%	XXX	21%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	32%	XXX	XXX	XXX
EBITDA Growth	24%	XXX	31%	XXX	XXX	XXX
Rule of 40	53%	XXX	54%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	85%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$28K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	5%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	10%	XXX	XXX	XXX

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

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