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Enapter AG is engaged in research and development in the field of hydrogen systems with a focus on electrolysis, project management in Renewable Energy Systems and Smart-Grid Technology, software development for Smart Grid, Smart Energy and Industry 4.0 and Internet of Things (IoT), and manufacturing and production, design, planning, trading and resale of electrolysers and similar products and related software and control systems. Specifically, the Enapter Group develops and manufactures patented electrolysers based on Anion Exchange Membrane (AEM) technology. the Group had only one reportable segment which is the design and production of hydrogen generators based on patented anion exchange membrane electrolysis (AEM electrolysis) and pursues.
2004
151
LTM Revenue $32.5M
LTM EBITDA -$5.5M
$126M
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Enapter has a last 12-month revenue (LTM) of $32.5M and a last 12-month EBITDA of -$5.5M.
In the most recent fiscal year, Enapter achieved revenue of $35.5M and an EBITDA of $2.0M.
Enapter expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Enapter valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $32.5M | XXX | $35.5M | XXX | XXX | XXX |
| Gross Profit | $12.8M | XXX | $27.9M | XXX | XXX | XXX |
| Gross Margin | 39% | XXX | 78% | XXX | XXX | XXX |
| EBITDA | -$5.5M | XXX | $2.0M | XXX | XXX | XXX |
| EBITDA Margin | -17% | XXX | 6% | XXX | XXX | XXX |
| EBIT | -$11.7M | XXX | -$1.2M | XXX | XXX | XXX |
| EBIT Margin | -36% | XXX | -3% | XXX | XXX | XXX |
| Net Profit | -$19.5M | XXX | -$8.0M | XXX | XXX | XXX |
| Net Margin | -60% | XXX | -23% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $26.2M | XXX | XXX | XXX |
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As of May 30, 2025, Enapter's stock price is EUR 3 (or $3).
Enapter has current market cap of EUR 77.0M (or $86.5M), and EV of EUR 112M (or $126M).
See Enapter trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $126M | $86.5M | XXX | XXX | XXX | XXX | $-0.70 |
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Start Free TrialAs of May 30, 2025, Enapter has market cap of $86.5M and EV of $126M.
Enapter's trades at 3.6x EV/Revenue multiple, and 62.6x EV/EBITDA.
Equity research analysts estimate Enapter's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Enapter has a P/E ratio of -4.4x.
See valuation multiples for Enapter and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $86.5M | XXX | $86.5M | XXX | XXX | XXX |
| EV (current) | $126M | XXX | $126M | XXX | XXX | XXX |
| EV/Revenue | 3.9x | XXX | 3.6x | XXX | XXX | XXX |
| EV/EBITDA | -23.0x | XXX | 62.6x | XXX | XXX | XXX |
| EV/EBIT | -10.8x | XXX | -108.2x | XXX | XXX | XXX |
| EV/Gross Profit | 9.9x | XXX | n/a | XXX | XXX | XXX |
| P/E | -4.4x | XXX | -10.8x | XXX | XXX | XXX |
| EV/FCF | -8.9x | XXX | -4.6x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialEnapter's last 12 month revenue growth is 72%
Enapter's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.
Enapter's rule of 40 is 0% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Enapter's rule of X is 163% (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).
See operational valuation multiples for Enapter and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 72% | XXX | 42% | XXX | XXX | XXX |
| EBITDA Margin | -17% | XXX | 6% | XXX | XXX | XXX |
| EBITDA Growth | -130% | XXX | n/a | XXX | XXX | XXX |
| Rule of 40 | 0% | XXX | 78% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 163% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 5% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 82% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| XXX | XXX | XXX | XXX | XXX | XXX | |
| Aalberts | XXX | XXX | XXX | XXX | XXX | XXX |
| Doppler | XXX | XXX | XXX | XXX | XXX | XXX |
| Frigoglass | XXX | XXX | XXX | XXX | XXX | XXX |
| Petros Petropoulos | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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Enapter acquired XXX companies to date.
Last acquisition by Enapter was XXXXXXXX, XXXXX XXXXX XXXXXX . Enapter acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Enapter founded? | Enapter was founded in 2004. |
| Where is Enapter headquartered? | Enapter is headquartered in Germany. |
| How many employees does Enapter have? | As of today, Enapter has 151 employees. |
| Is Enapter publicy listed? | Yes, Enapter is a public company listed on FRA. |
| What is the stock symbol of Enapter? | Enapter trades under H2O ticker. |
| Who are competitors of Enapter? | Similar companies to Enapter include e.g. , Aalberts, Doppler, Frigoglass. |
| What is the current market cap of Enapter? | Enapter's current market cap is $86.5M |
| What is the current revenue of Enapter? | Enapter's last 12 months revenue is $32.5M. |
| What is the current revenue growth of Enapter? | Enapter revenue growth (NTM/LTM) is 72%. |
| What is the current EV/Revenue multiple of Enapter? | Current revenue multiple of Enapter is 3.9x. |
| Is Enapter profitable? | Yes, Enapter is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Enapter? | Enapter's last 12 months EBITDA is -$5.5M. |
| What is Enapter's EBITDA margin? | Enapter's last 12 months EBITDA margin is -17%. |
| What is the current EV/EBITDA multiple of Enapter? | Current EBITDA multiple of Enapter is -23.0x. |
| What is the current FCF of Enapter? | Enapter's last 12 months FCF is -$14.2M. |
| What is Enapter's FCF margin? | Enapter's last 12 months FCF margin is -44%. |
| What is the current EV/FCF multiple of Enapter? | Current FCF multiple of Enapter is -8.9x. |
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