Fixstars Valuation Multiples

Fixstars is valued at $430M as of October 2026, a 5.5x revenue multiple. In the last 12 months, Fixstars revenue was $71M and Fixstars EBITDA was $20M.

Fixstars Overview

About Fixstars

Fixstars Corp is a Japan based software company. It offers multicore processors and application acceleration for the next generation of memory technology that delivers high speed IO as well as power savings. The solutions offered by the company are quantum computing, IoT, machine learning and FPGA. It operates in the business areas of Automotive, Flash storage, Industrial equipment, Finance, Healthcare and HPC. The company's products are M-cubed, Geometric Performance Primitives, FlashAir and Yellow Dog Appliance Server.


Founded

2002

HQ

Japan

Employees

176

Financials (LTM)

Revenue: $71M
EBITDA: $20M

EV

$390M

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Fixstars Financials

Fixstars reported last 12-month revenue of $71M and EBITDA of $20M.

In the same LTM period, Fixstars generated $39M in gross profit, $20M in EBITDA, and $13M in net income.

Revenue (LTM)


Fixstars P&L

In the most recent fiscal year, Fixstars reported revenue of $61M and EBITDA of $17M.

Fixstars is profitable as of last fiscal year, with gross margin of 52%, EBITDA margin of 29%, and net margin of 20%.

See analyst estimates for Fixstars
LTMLast FY202320242025202620272028
Revenue$71M$61M$46M$53M$63M
Gross Profit$39M$32M$23M$28M$33M
Gross Margin55%52%51%52%53%
EBITDA$20M$17M$14M$16M$18M
EBITDA Margin29%29%31%30%29%
EBIT Margin29%27%29%28%27%
Net Profit$13M$12M$9M$10M$12M
Net Margin18%20%20%19%20%
Net Debt-($32M)---

Financial data powered by Morningstar, Inc.

Fixstars Stock Performance

Fixstars has current market cap of $430M, and enterprise value of $390M.

Market Cap Evolution


Fixstars' stock price is $13.31.

Fixstars share price decreased by 6.5% in the last 30 days, and increased by 1.8% in the last year.

Fixstars has an EPS (earnings per share) of $0.38.

See more trading valuation data for Fixstars
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$390M$430M0.0%-6.5%0.8%1.8%$0.38

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Fixstars Valuation Multiples

Fixstars trades at 5.5x EV/Revenue multiple, and 19.1x EV/EBITDA.

See NTM and 2027E valuation multiples for Fixstars

EV / Revenue (LTM)


Fixstars Financial Valuation Multiples

As of October 19, 2026, Fixstars has market cap of $430M and EV of $390M.

Fixstars has a P/E ratio of 33.2x.

LTMLast FY202320242025202620272028
EV/Revenue5.5x6.4x8.5x7.4x6.2x
EV/EBITDA19.1x22.4x27.2x24.7x21.6x
EV/EBIT19.0x23.9x29.0x26.2x22.6x
EV/Gross Profit10.1x12.3x16.7x14.2x11.7x
P/E33.2x34.9x46.9x42.6x34.7x
EV/FCF-33.0x70.3x39.2x33.3x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Fixstars Margins & Growth Rates

Fixstars grew revenue by 15% and EBITDA by 15% in the last fiscal year.

In the most recent fiscal year, Fixstars reported gross margin of 52%, EBITDA margin of 29%, and net margin of 20%.

See estimated margins and future growth rates for Fixstars

Fixstars Margins

Last FY202420252026202720282029
Gross Margin52%52%53%55%
EBITDA Margin29%30%29%30%
EBIT Margin27%28%27%30%
Net Margin20%19%20%19%
FCF Margin19%19%19%-

Fixstars Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth15%15%20%16%
Gross Profit Growth21%18%21%20%
EBITDA Growth15%10%14%20%
EBIT Growth24%11%16%26%
Net Profit Growth3%10%23%13%
FCF Growth-79%18%-

Data powered by FactSet, Inc. and Morningstar, Inc.

Fixstars Operational KPIs

Fixstars' revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Fixstars' Rule of 40 is 46% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fixstars' Rule of X is 70% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Fixstars
LTMLast FY202320242025202620272028
Rule of 4048%46%---
Bessemer Rule of X76%70%---
Revenue per Employee-$0.3M---
Opex per Employee-$0.1M---
R&D Expenses to Revenue5%---6%
Opex to Revenue-25%22%24%24%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

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Altia Consultores$354M$36M1.2x-11.9x-
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SemiFive$80M($31M)5.5x3.2x(14.0x)(36.5x)
Computer Eng & Consulting$417M$52M0.7x0.7x5.6x-
Network People Services$21M$6M18.2x-66.8x-

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Fixstars VC Funding History

Before going public, Fixstars raised $1M in total equity funding, across 1 round.


Fixstars Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
Jun-13Strategic investmentToshiba Corporation$1M--

Acquisitions by Fixstars

Fixstars has acquired 1 company to date.

Last acquisition by Fixstars was on March 11th 2020. Fixstars acquired OSCAR TECHNOLOGY Japan for $800K (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Fixstars

OSCAR TECHNOLOGY Japan
Description
OSCAR TECHNOLOGY Japan is a Tokyo-based consultancy providing software parallelization using its proprietary OSCARTech compiler. The tool automatically converts serial C/C++ code to multi-core GPU-accelerated versions, achieving speedups on NVIDIA hardware. It serves automotive and simulation clients like Toyota for ADAS development. Founded in 2015 as a subsidiary of Barcelona Supercomputing Center, the firm delivers power-efficient solutions for embedded systems in Japan.
HQ CountryJapan
HQ City
Tokyo
Deal Date11 Mar 2020
Valuation$800K
EV/Revenue
EV/EBITDA

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About Fixstars

When was Fixstars founded?Fixstars was founded in 2002.
Where is Fixstars headquartered?Fixstars is headquartered in Japan.
How many employees does Fixstars have?As of today, Fixstars has over 176 employees.
Who is the CEO of Fixstars?Fixstars' CEO is Satoshi Miki.
Is Fixstars publicly listed?Yes, Fixstars is a public company listed on Tokyo Stock Exchange.
What is the stock symbol of Fixstars?Fixstars trades under 3687 ticker.
When did Fixstars go public?Fixstars went public in 2014.
Who are competitors of Fixstars?Fixstars main competitors include Altia Consultores, 63 Moons, Saudi AZM, Global Dominion Access, SRA Holdings, SemiFive, Computer Eng & Consulting, Network People Services, Whitefiber, Change Holdings.
What is the current market cap of Fixstars?Fixstars' current market cap is $430M.
What is the current revenue of Fixstars?Fixstars' last 12 months revenue is $71M.
What is the current revenue growth of Fixstars?Fixstars revenue growth (NTM/LTM) is 19%.
What is the current EV/Revenue multiple of Fixstars?Current revenue multiple of Fixstars is 5.5x.
What is the current EBITDA of Fixstars?Fixstars' last 12 months EBITDA is $20M.
What is Fixstars' EBITDA margin?Fixstars' last 12 months EBITDA margin is 29%.
What is the current EV/EBITDA multiple of Fixstars?Current EBITDA multiple of Fixstars is 19.1x.
How many companies Fixstars has acquired to date?As of October 2026, Fixstars has acquired 1 company.
What was the largest acquisition by Fixstars?$800K acquisition of OSCAR TECHNOLOGY Japan on 11th March 2020 was the largest M&A Fixstars has done to date.
What companies Fixstars acquired?Fixstars acquired OSCAR TECHNOLOGY Japan.
In how many companies Fixstars has invested to date?Fixstars hasn't invested in any companies yet (or none have been disclosed publicly).

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