First Milling - Public Comps and Valuation Multiples

First Milling Overview

About First Milling

First Milling Co operates as a producer of flour-based products and byproducts. It is mainly engaged in producing flour, bran, wheat derivatives, and animal feed. The Company operates in four regions in the Kingdom of Saudi Arabia, which are its reportable segments.

Founded

2016

HQ

Employees

601

Website

firstmills.com

Sectors

Food & Beverages

Financials

LTM Revenue $289M

LTM EBITDA $101M

EV

$1.1B

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First Milling Financials

As of September 2025, First Milling reported last 12-month revenue of $289M and EBITDA of $101M.

In the same period, First Milling generated $123M in LTM gross profit and $68.7M in net income.

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First Milling P&L

In the most recent fiscal year, First Milling reported revenue of $280M and EBITDA of $107M.

First Milling 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	$289M	XXX	$280M	XXX	XXX	XXX
Gross Profit	$123M	XXX	$122M	XXX	XXX	XXX
Gross Margin	43%	XXX	44%	XXX	XXX	XXX
EBITDA	$101M	XXX	$107M	XXX	XXX	XXX
EBITDA Margin	35%	XXX	38%	XXX	XXX	XXX
EBIT	$86.4M	XXX	$85.2M	XXX	XXX	XXX
EBIT Margin	30%	XXX	30%	XXX	XXX	XXX
Net Profit	$68.7M	XXX	$67.0M	XXX	XXX	XXX
Net Margin	24%	XXX	24%	XXX	XXX	XXX
Net Debt	XXX	XXX	$252M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for First Milling including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $289M. EBITDA for the last twelve months was $101M. In the most recent fiscal year, First Milling achieved $280M in revenue and $107M 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	$289M	Analyst estimates available to subscribers	$280M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$123M	Analyst estimates available to subscribers	$122M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	42.7% gross margin	Analyst estimates available to subscribers	43.6% 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)	$101M	Analyst estimates available to subscribers	$107M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	34.9% EBITDA margin	Analyst estimates available to subscribers	38.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$86.4M	Analyst estimates available to subscribers	$85.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	29.9% EBIT margin	Analyst estimates available to subscribers	30.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$68.7M	Analyst estimates available to subscribers	$67.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	23.8% net profit margin	Analyst estimates available to subscribers	23.9% 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	$252M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for First Milling

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

Recent Performance Highlights

First Milling generated $289M in revenue over the last twelve months.
The company achieved $101M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $123M.
Net income over the last twelve months reached $68.7M.

Fiscal Year Performance

In the most recent fiscal year, First Milling reported $280M in total revenue.
Fiscal year EBITDA was $107M.
The company maintained a gross profit margin of 43.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 38.4%.
Net profit margin reached 23.9% in the most recent fiscal year.

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

First Milling Stock Performance

First Milling has current market cap of SAR 2.9B (or $774M), and EV of SAR 4.1B (or $1.1B).

Market Cap Evolution

First Milling Stock Data

As of October 20, 2025, First Milling's stock price is SAR 52 (or $14).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.1B	$774M	XXX	XXX	XXX	XXX	$1.26

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First Milling Valuation Multiples

First Milling's trades at 3.9x EV/Revenue multiple, and 10.2x EV/EBITDA.

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First Milling Financial Valuation Multiples

As of October 20, 2025, First Milling has market cap of $774M and EV of $1.1B.

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

First Milling has a P/E ratio of 11.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$774M	XXX	$774M	XXX	XXX	XXX
EV (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV/Revenue	3.8x	XXX	3.9x	XXX	XXX	XXX
EV/EBITDA	10.9x	XXX	10.2x	XXX	XXX	XXX
EV/EBIT	12.7x	XXX	12.8x	XXX	XXX	XXX
EV/Gross Profit	8.9x	XXX	n/a	XXX	XXX	XXX
P/E	11.3x	XXX	11.6x	XXX	XXX	XXX
EV/FCF	14.3x	XXX	16.5x	XXX	XXX	XXX

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

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First Milling Margins & Growth Rates

First Milling's last 12 month revenue growth is 6%

First Milling's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

First Milling's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Milling's rule of X is 50% (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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First Milling Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	35%	XXX	38%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	2%	XXX	XXX	XXX
Rule of 40	44%	XXX	44%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	50%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	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	13%	XXX	XXX	XXX

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

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