Evolus - Public Comps and Valuation Multiples

Evolus Overview

About Evolus

Evolus Inc is a performance beauty company with a customer-centric approach to delivering breakthrough products in the self-pay aesthetic market. The company's first commercial product is Jeuveau, a proprietary 900 kilodalton, purified botulinum toxin type A formulation indicated for the temporary improvement in the appearance of moderate to severe glabellar lines, also known as frown lines, in adults. Its primary market is the cash-pay aesthetic market, which includes medical products purchased by physicians and other customers that are then sold to consumers or used in procedures for aesthetic indications. It generates product revenue from the sale of Jeuveau in the United States and Europe, and service revenue from distribution partners in Canada.

Founded

2012

HQ

Employees

332

Website

evolus.com

Sectors

Health & Beauty
Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $291M

LTM EBITDA -$17.4M

EV

$507M

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Evolus Financials

As of September 2025, Evolus reported last 12-month revenue of $291M and EBITDA of -$17.4M.

In the same period, Evolus generated $198M in LTM gross profit and -$52.3M in net income.

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Evolus P&L

In the most recent fiscal year, Evolus reported revenue of $266M and EBITDA of -$25.0M.

Evolus 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	$291M	XXX	$266M	XXX	XXX	XXX
Gross Profit	$198M	XXX	$182M	XXX	XXX	XXX
Gross Margin	68%	XXX	68%	XXX	XXX	XXX
EBITDA	-$17.4M	XXX	-$25.0M	XXX	XXX	XXX
EBITDA Margin	-6%	XXX	-9%	XXX	XXX	XXX
EBIT	-$6.8M	XXX	-$27.2M	XXX	XXX	XXX
EBIT Margin	-2%	XXX	-10%	XXX	XXX	XXX
Net Profit	-$52.3M	XXX	-$50.4M	XXX	XXX	XXX
Net Margin	-18%	XXX	-19%	XXX	XXX	XXX
Net Debt	XXX	XXX	$34.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Evolus including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $291M. EBITDA for the last twelve months was -$17.4M. In the most recent fiscal year, Evolus achieved $266M in revenue and -$25.0M 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	$291M	Analyst estimates available to subscribers	$266M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$198M	Analyst estimates available to subscribers	$182M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	68.1% gross margin	Analyst estimates available to subscribers	68.5% 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)	-$17.4M	Analyst estimates available to subscribers	-$25.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-6.0% EBITDA margin	Analyst estimates available to subscribers	-9.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$6.8M	Analyst estimates available to subscribers	-$27.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-2.3% EBIT margin	Analyst estimates available to subscribers	-10.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$52.3M	Analyst estimates available to subscribers	-$50.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-18.0% net profit margin	Analyst estimates available to subscribers	-18.9% 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	$34.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Evolus

This financial data table provides comprehensive performance metrics for Evolus, 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

Evolus generated $291M in revenue over the last twelve months.
The company achieved -$17.4M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $198M.
Net income over the last twelve months reached -$52.3M.

Fiscal Year Performance

In the most recent fiscal year, Evolus reported $266M in total revenue.
Fiscal year EBITDA was -$25.0M.
The company maintained a gross profit margin of 68.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was -9.4%.
Net profit margin reached -18.9% in the most recent fiscal year.

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

Evolus Stock Performance

Evolus has current market cap of $414M, and EV of $507M.

Market Cap Evolution

Evolus Stock Data

As of October 17, 2025, Evolus's stock price is $6.

See Evolus trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$507M	$414M	XXX	XXX	XXX	XXX	$-0.43

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Evolus Valuation Multiples

Evolus's trades at 1.9x EV/Revenue multiple, and -20.3x EV/EBITDA.

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Evolus Financial Valuation Multiples

As of October 17, 2025, Evolus has market cap of $414M and EV of $507M.

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

Evolus has a P/E ratio of -7.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$414M	XXX	$414M	XXX	XXX	XXX
EV (current)	$507M	XXX	$507M	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	-29.2x	XXX	-20.3x	XXX	XXX	XXX
EV/EBIT	-74.8x	XXX	-18.6x	XXX	XXX	XXX
EV/Gross Profit	2.6x	XXX	n/a	XXX	XXX	XXX
P/E	-7.9x	XXX	-8.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-22.2x	XXX	XXX	XXX

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

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Evolus Margins & Growth Rates

Evolus's last 12 month revenue growth is 23%

Evolus's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.6M for the same period.

Evolus's rule of 40 is 2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Evolus's rule of X is 52% (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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Evolus Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	23%	XXX	18%	XXX	XXX	XXX
EBITDA Margin	-6%	XXX	-9%	XXX	XXX	XXX
EBITDA Growth	-210%	XXX	n/a	XXX	XXX	XXX
Rule of 40	2%	XXX	14%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	52%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	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	3%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	79%	XXX	XXX	XXX

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

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