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Fjord Defence Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for Fjord Defence Group

Fjord Defence Group Overview

About Fjord Defence Group

Fjord Defence Group ASA is a Norwegian defence compounder engaged in acquiring and growing small to mid-sized profitable defence tech companies. The company is building a portfolio of fast-growing, profitable companies to capitalise on a multi-decade upcycle in defense spending.


Founded

2016

HQ

Norway

Employees

3

Financials (LTM)

Revenue: $31M
EBITDA: $7M

EV

$157M

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Fjord Defence Group Financials

Fjord Defence Group reported last 12-month revenue of $31M and EBITDA of $7M.

In the same LTM period, Fjord Defence Group generated $7M in EBITDA and had net loss of ($6M).


Fjord Defence Group P&L

In the most recent fiscal year, Fjord Defence Group reported revenue of $28M and EBITDA of $6M.

Fjord Defence Group is unprofitable as of last fiscal year, with gross margin of (19%), EBITDA margin of 23%, and net margin of (29%).

See analyst estimates for Fjord Defence Group
LTMLast FY202320242025202620272028
Revenue$31M$28M$9M$5M$6M
Gross Profit-($5M)($4M)($8M)($5M)
Gross Margin-(19%)(48%)(164%)(82%)
EBITDA$7M$6M($2M)($4M)($4M)
EBITDA Margin23%23%(17%)(78%)(62%)
EBIT Margin(14%)(22%)(90%)(200%)(166%)
Net Profit($6M)($8M)($9M)($13M)($10M)
Net Margin(21%)(29%)(98%)(274%)(154%)

Financial data powered by Morningstar, Inc.

Fjord Defence Group Stock Performance

Fjord Defence Group has current market cap of $144M, and enterprise value of $157M.


Fjord Defence Group's stock price is $2.12.

Fjord Defence Group has an EPS (earnings per share) of $-0.12.

See more trading valuation data for Fjord Defence Group
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$157M$144M-3.1%---$-0.12

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Fjord Defence Group Valuation Multiples

Fjord Defence Group trades at 5.1x EV/Revenue multiple, and 21.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Fjord Defence Group

Fjord Defence Group Financial Valuation Multiples

As of May 30, 2026, Fjord Defence Group has market cap of $144M and EV of $157M.

Fjord Defence Group has a P/E ratio of (22.3x).

LTMLast FY202320242025202620272028
EV/Revenue5.1x5.7x17.4x32.8x24.7x
EV/EBITDA21.6x25.1x(102.3x)(42.2x)(39.7x)
EV/EBIT(36.4x)(25.5x)(19.2x)(16.4x)(14.8x)
EV/Gross Profit-(30.0x)(36.1x)(19.9x)(30.0x)
P/E(22.3x)(17.9x)(16.2x)(11.0x)(14.7x)
EV/FCF-(33.1x)109.9x(152.4x)(33.1x)

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

Verified Fjord Defence Group Valuation Multiples

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Fjord Defence Group Margins & Growth Rates

Fjord Defence Group grew revenue by 29% and EBITDA by 38% in the last fiscal year.

In the most recent fiscal year, Fjord Defence Group reported gross margin of (19%), EBITDA margin of 23%, and net margin of (29%).

See estimated margins and future growth rates for Fjord Defence Group

Fjord Defence Group Margins

Last FY202420252026202720282029
Gross Margin(19%)(164%)(82%)-
EBITDA Margin23%(78%)(62%)24%
EBIT Margin(22%)(200%)(166%)(5%)
Net Margin(29%)(274%)(154%)(12%)
FCF Margin(17%)(22%)(75%)-

Fjord Defence Group Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth29%(47%)33%461%
Gross Profit Growth-81%(34%)-
EBITDA Growth38%143%6%(319%)
EBIT Growth(73%)17%10%(84%)
Net Profit Growth(48%)48%(25%)(57%)
FCF Growth-(172%)360%-

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

Fjord Defence Group Operational KPIs

Fjord Defence Group's revenue per employee in the last FY averaged $9.3M, while opex per employee averaged $1.8M for the same period.

Fjord Defence Group's Rule of 40 is 486% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fjord Defence Group's Rule of X is 1178% (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 Fjord Defence Group
LTMLast FY202320242025202620272028
Rule of 4063%486%---
Bessemer Rule of X122%1178%---
Revenue per Employee-$9.3M---
Opex per Employee-$1.8M---
G&A Expenses to Revenue--30%51%-
Opex to Revenue-19%42%36%84%

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

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Fjord Defence Group Competitors

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E

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Fjord Defence Group M&A Activity

Fjord Defence Group has acquired 1 company to date.

Last acquisition by Fjord Defence Group was on May 19th 2026. Fjord Defence Group acquired Frydenbø Milpro for $18M (EV/Revenue multiple of ).

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Latest Acquisitions by Fjord Defence Group

Frydenbø Milpro
Description
Frydenbø Milpro is a provider of inflatable boats and RIBs for professional users in defence and law enforcement, along with related accessories and custom solutions.
HQ CountryNorway
HQ City
Bergen
Deal Date19 May 2026
Valuation$18M
EV/Revenue
EV/EBITDA

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About Fjord Defence Group

When was Fjord Defence Group founded?Fjord Defence Group was founded in 2016.
Where is Fjord Defence Group headquartered?Fjord Defence Group is headquartered in Norway.
How many employees does Fjord Defence Group have?As of today, Fjord Defence Group has over 3 employees.
Is Fjord Defence Group publicly listed?Yes, Fjord Defence Group is a public company listed on Oslo Børs.
What is the stock symbol of Fjord Defence Group?Fjord Defence Group trades under DFENS ticker.
When did Fjord Defence Group go public?Fjord Defence Group went public in 2016.
Who are competitors of Fjord Defence Group?Fjord Defence Group main competitors include
What is the current market cap of Fjord Defence Group?Fjord Defence Group's current market cap is $144M.
What is the current revenue of Fjord Defence Group?Fjord Defence Group's last 12 months revenue is $31M.
What is the current revenue growth of Fjord Defence Group?Fjord Defence Group revenue growth (NTM/LTM) is 39%.
What is the current EV/Revenue multiple of Fjord Defence Group?Current revenue multiple of Fjord Defence Group is 5.1x.
What is the current EBITDA of Fjord Defence Group?Fjord Defence Group's last 12 months EBITDA is $7M.
What is Fjord Defence Group's EBITDA margin?Fjord Defence Group's last 12 months EBITDA margin is 23%.
What is the current EV/EBITDA multiple of Fjord Defence Group?Current EBITDA multiple of Fjord Defence Group is 21.6x.
How many companies Fjord Defence Group has acquired to date?As of May 2026, Fjord Defence Group has acquired 1 company.
What was the largest acquisition by Fjord Defence Group?$18M acquisition of Frydenbø Milpro on 19th May 2026 was the largest M&A Fjord Defence Group has done to date.
What companies Fjord Defence Group acquired?Fjord Defence Group acquired Frydenbø Milpro.
In how many companies Fjord Defence Group has invested to date?Fjord Defence Group hasn't invested in any companies yet (or none have been disclosed publicly).

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