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f-code Valuation Multiples

Discover revenue and EBITDA valuation multiples for f-code and similar public comparables like IVE Group, Global Traffic Network, and Enero Group.

f-code Overview

About f-code

f-code Inc is engaged in providing comprehensive consulting services in digital marketing.


Founded

2006

HQ

Japan
Employees

n/a

Website

f-code.co.jp

Financials

LTM Revenue $51.6M

Last FY EBITDA $10.5M

EV

$181M

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f-code Financials

f-code has a last 12-month revenue (LTM) of $51.6M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, f-code achieved revenue of $35.2M and an EBITDA of $10.5M.

f-code expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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f-code P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $51.6M XXX $35.2M XXX XXX XXX
Gross Profit $29.5M XXX $19.5M XXX XXX XXX
Gross Margin 57% XXX 55% XXX XXX XXX
EBITDA n/a XXX $10.5M XXX XXX XXX
EBITDA Margin n/a XXX 30% XXX XXX XXX
EBIT $12.3M XXX $9.8M XXX XXX XXX
EBIT Margin 24% XXX 28% XXX XXX XXX
Net Profit $7.3M XXX $6.2M XXX XXX XXX
Net Margin 14% XXX 18% XXX XXX XXX
Net Debt XXX XXX $7.2M XXX XXX XXX

Financial data powered by Morningstar, Inc.

f-code Stock Performance

As of May 30, 2025, f-code's stock price is JPY 2050 (or $14).

f-code has current market cap of JPY 25.1B (or $172M), and EV of JPY 26.4B (or $181M).

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f-code Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$181M $172M XXX XXX XXX XXX $0.61

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f-code Valuation Multiples

As of May 30, 2025, f-code has market cap of $172M and EV of $181M.

f-code's trades at 5.1x EV/Revenue multiple, and 17.3x EV/EBITDA.

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

f-code has a P/E ratio of 23.5x.

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f-code Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $172M XXX $172M XXX XXX XXX
EV (current) $181M XXX $181M XXX XXX XXX
EV/Revenue 3.5x XXX 5.1x XXX XXX XXX
EV/EBITDA n/a XXX 17.3x XXX XXX XXX
EV/EBIT 14.7x XXX 18.4x XXX XXX XXX
EV/Gross Profit 6.1x XXX n/a XXX XXX XXX
P/E 23.5x XXX 27.7x XXX XXX XXX
EV/FCF n/a XXX 32.3x XXX XXX XXX

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

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f-code Margins & Growth Rates

f-code's last 12 month revenue growth is 57%

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

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

f-code's rule of X is unknown (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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f-code Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 57% XXX 60% XXX XXX XXX
EBITDA Margin n/a XXX 30% XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 86% XXX 87% XXX XXX XXX
Bessemer Rule of X XXX XXX n/a 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 27% XXX XXX XXX

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f-code Public Comps

See public comps and valuation multiples for Advertising & Marketing comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Havas XXX XXX XXX XXX XXX XXX
ACCESS Newswire XXX XXX XXX XXX XXX XXX
Enero Group XXX XXX XXX XXX XXX XXX
Global Traffic Network XXX XXX XXX XXX XXX XXX
IVE Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

f-code M&A and Investment Activity

f-code acquired  XXX companies to date.

Last acquisition by f-code was  XXXXXXXX, XXXXX XXXXX XXXXXX . f-code acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by f-code

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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About f-code

When was f-code founded? f-code was founded in 2006.
Where is f-code headquartered? f-code is headquartered in Japan.
Is f-code publicy listed? Yes, f-code is a public company listed on TKS.
What is the stock symbol of f-code? f-code trades under 9211 ticker.
When did f-code go public? f-code went public in 2021.
Who are competitors of f-code? Similar companies to f-code include e.g. Havas, ACCESS Newswire, Enero Group, Global Traffic Network.
What is the current market cap of f-code? f-code's current market cap is $172M
What is the current revenue of f-code? f-code's last 12 months revenue is $51.6M.
What is the current revenue growth of f-code? f-code revenue growth (NTM/LTM) is 57%.
What is the current EV/Revenue multiple of f-code? Current revenue multiple of f-code is 3.5x.
Is f-code profitable? Yes, f-code is EBITDA-positive (as of the last 12 months).

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