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FiscalNote Holdings Inc is a provider of global policy and market intelligence solutions. Leveraging AI and analytics, it delivers actionable legal and policy insights for businesses, government institutions, and nonprofits. Its suite of products includes FiscalNote Core, CQ Federal, and EU Issue Tracker, facilitating effective policy management and risk mitigation. With expert analysis from FrontierView, Oxford Analytica, and Dragonfly Eye, it offers geopolitical and market intelligence services. Operating as one segment, it generates revenue by integrating policy intelligence into daily operations. Geographically the company generates the majority of its revenue from North America, Europe, Australia, and Asia, with the majority generated from North America.
2022
573
LTM Revenue $113M
LTM EBITDA $10.0M
$239M
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FiscalNote has a last 12-month revenue of $113M and a last 12-month EBITDA of $10.0M.
In the most recent fiscal year, FiscalNote achieved revenue of $120M and an EBITDA of $53.5M.
FiscalNote expects next 12-month revenue of XXX and NTM EBITDA of XXX
See FiscalNote valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $133M | $120M | XXX | XXX | XXX |
| Gross Profit | $65.9M | $74.5M | XXX | XXX | XXX |
| Gross Margin | 50% | 62% | XXX | XXX | XXX |
| EBITDA | -$56.6M | $53.5M | XXX | XXX | XXX |
| EBITDA Margin | -43% | 44% | XXX | XXX | XXX |
| Net Profit | -$218M | -$115M | XXX | XXX | XXX |
| Net Margin | -165% | -96% | XXX | XXX | XXX |
| Net Debt | $102M | $206M | XXX | XXX | XXX |
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As of April 15, 2025, FiscalNote's stock price is $1.
FiscalNote has current market cap of $100M, and EV of $239M.
See FiscalNote trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $239M | $100M | XXX | XXX | XXX | XXX | $-0.02 |
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Sign UpAs of April 15, 2025, FiscalNote has market cap of $100M and EV of $239M.
FiscalNote's trades at 2.1x LTM EV/Revenue multiple, and 23.9x LTM EBITDA.
Analysts estimate FiscalNote's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for FiscalNote and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $239M | XXX | XXX | XXX |
| EV/Revenue | 2.0x | XXX | XXX | XXX |
| EV/EBITDA | 4.5x | XXX | XXX | XXX |
| P/E | 10.5x | XXX | XXX | XXX |
| P/E/Growth | n/a | XXX | XXX | XXX |
| EV/FCF | -16.8x | 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.
Sign UpFiscalNote's NTM/LTM revenue growth is -13%
FiscalNote's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.2M for the same period.
Over next 12 months, FiscalNote's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate FiscalNote's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for FiscalNote and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | -9% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 44% | XXX | XXX | XXX | XXX |
| EBITDA Growth | -195% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 31% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.2M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 29% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 42% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 11% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 90% | XXX | XXX | XXX | XXX |
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| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Almunda Professionals | XXX | XXX | XXX | XXX | XXX | XXX |
| Appen | XXX | XXX | XXX | XXX | XXX | XXX |
| RPMGlobal | XXX | XXX | XXX | XXX | XXX | XXX |
| Bluebik Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Business Online | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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FiscalNote acquired XXX companies to date.
Last acquisition by FiscalNote was XXXXXXXX, XXXXX XXXXX XXXXXX . FiscalNote 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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Sign Up| When was FiscalNote founded? | FiscalNote was founded in 2022. |
| Where is FiscalNote headquartered? | FiscalNote is headquartered in United States of America. |
| How many employees does FiscalNote have? | As of today, FiscalNote has 573 employees. |
| Who is the CEO of FiscalNote? | FiscalNote's CEO is Mr. Josh Resnik. |
| Is FiscalNote publicy listed? | Yes, FiscalNote is a public company listed on NYS. |
| What is the stock symbol of FiscalNote? | FiscalNote trades under NOTE ticker. |
| When did FiscalNote go public? | FiscalNote went public in 2022. |
| Who are competitors of FiscalNote? | Similar companies to FiscalNote include e.g. Almunda Professionals, Appen, RPMGlobal, Bluebik Group. |
| What is the current market cap of FiscalNote? | FiscalNote's current market cap is $100M |
| What is the current revenue of FiscalNote? | FiscalNote's last 12-month revenue is $113M. |
| What is the current EBITDA of FiscalNote? | FiscalNote's last 12-month EBITDA is $10.0M. |
| What is the current EV/Revenue multiple of FiscalNote? | Current revenue multiple of FiscalNote is 2.1x. |
| What is the current EV/EBITDA multiple of FiscalNote? | Current EBITDA multiple of FiscalNote is 23.9x. |
| What is the current revenue growth of FiscalNote? | FiscalNote revenue growth between 2023 and 2024 was -9%. |
| Is FiscalNote profitable? | Yes, FiscalNote is EBITDA-positive (as of the last 12 months). |
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