Forte Valuation Multiples

Forte is valued at $107M as of October 2026, a 3.0x revenue multiple. In the last fiscal year, Forte revenue was $49M and Forte EBITDA was $15M.

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Forte Overview

About Forte

Forte Bilgi Iletisim Teknolojileri Ve Savunma Sanayi AS operates in the fields of system integration and software development. It offers system infrastructure, system integration, software development, consultancy, and Technical Documentation Authoring, Material Coding, and Technical Services.


Founded

2006

HQ

Turkey

Employees

N/A

Financials (Last FY)

Revenue: $49M
EBITDA: $15M

EV

$147M

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Forte Financials

Forte reported last fiscal year revenue of $49M and EBITDA of $15M.

In the same fiscal year, Forte generated $20M in gross profit, $15M in EBITDA, and $47M in net income.


Forte P&L

In the most recent fiscal year, Forte reported revenue of $49M and EBITDA of $15M.

Forte is profitable as of last fiscal year, with gross margin of 41%, EBITDA margin of 31%, and net margin of 96%.

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Last FY202320242025202620272028
Revenue$49M$20M$48M$49M
Gross Profit$20M$7M$9M$20M
Gross Margin41%34%18%41%
EBITDA$15M$828K($1M)$15M
EBITDA Margin31%4%(3%)31%
EBIT Margin30%25%10%30%
Net Profit$47M$251K($2M)$47M
Net Margin96%1%(5%)96%
Net Debt$25M---

Financial data powered by Morningstar, Inc.

Forte Stock Performance

Forte has current market cap of $107M, and enterprise value of $147M.

Market Cap Evolution


Forte's stock price is $1.60.

Forte share price decreased by 14.4% in the last 30 days, and by 9.0% in the last year.

Forte has an EPS (earnings per share) of $0.70.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$147M$107M-2.3%-14.4%-29.9%-9.0%$0.70

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Forte Valuation Multiples

Forte trades at 3.0x EV/Revenue multiple, and 9.8x EV/EBITDA.

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Forte Financial Valuation Multiples

As of October 24, 2026, Forte has market cap of $107M and EV of $147M.

Forte has a P/E ratio of 2.3x.

Last FY202320242025202620272028
EV/Revenue3.0x7.5x3.1x3.0x
EV/EBITDA9.8x177.9x(111.0x)9.8x
EV/EBIT10.0x30.4x30.0x10.0x
EV/Gross Profit7.3x21.9x16.9x7.3x
P/E2.3xn/m(48.5x)2.3x
EV/FCF3.4x54.8x(31.4x)3.4x

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

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Forte Margins & Growth Rates

In the most recent fiscal year, Forte reported gross margin of 41%, EBITDA margin of 31%, and net margin of 96%.

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Forte Margins

Last FY20242025202720282029
Gross Margin41%18%41%
EBITDA Margin31%(3%)31%
EBIT Margin30%10%30%
Net Margin96%(5%)96%
FCF Margin89%(10%)89%

Forte Growth Rates

23/2424/2526/2727/2828/29
Revenue Growth143%2%
Gross Profit Growth30%130%
EBITDA Growth(260%)(1237%)
EBIT Growth1%199%
Net Profit Growth(980%)(2222%)
FCF Growth(275%)(1033%)

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

Forte Operational KPIs

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Last FY202320242025202620272028
S&M Expenses to Revenue0%0%1%0%
G&A Expenses to Revenue1%1%1%1%
R&D Expenses to Revenue1%1%1%1%
Opex to Revenue11%9%8%11%

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

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Forte Competitors

Forte competitors include Accel Solutions Group, Needs Well, Softronic, Boldt, Galaxy Software Services, Endava, Sngular, USU Software, Loihde and Sahana System.

Most Forte public comparables operate across IT Consulting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Accel Solutions Group$144M$10M1.2x-16.1x-
Needs Well$64M$9M1.4x1.3x9.4x-
Softronic$92M$11M1.1x-9.4x-
Boldt$94M$8M1.3x-14.8x-
Galaxy Software Services$62M$11M1.8x-10.4x-
Endava$1B$105M0.4x0.4x3.4x4.3x
Sngular$132M$15M1.0x-9.2x-
USU Software$57M$4M1.8x-23.8x-

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Acquisitions by Forte

Forte has acquired 1 company to date.

Last acquisition by Forte was on July 18th 2025. Forte acquired Milsoft Software Technologies for $10M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Forte

Milsoft Software Technologies
Description
Milsoft Software Technologies is an Ankara-based developer of enterprise resource planning software for manufacturing, distribution, and service industries in Turkey. Solutions include modules for inventory management, production planning, financial accounting, and customer relationship management integrated with local tax regulations. Deployments serve over 1,000 clients through on-premise and cloud options.
HQ CountryTurkey
HQ City
Ankara
Deal Date18 Jul 2025
Valuation$10M
EV/Revenue
EV/EBITDA

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About Forte

When was Forte founded?Forte was founded in 2006.
Where is Forte headquartered?Forte is headquartered in Turkey.
Is Forte publicly listed?Yes, Forte is a public company listed on Borsa Istanbul.
What is the stock symbol of Forte?Forte trades under FORTE ticker.
When did Forte go public?Forte went public in 2023.
Who are competitors of Forte?Forte main competitors include Accel Solutions Group, Needs Well, Softronic, Boldt, Galaxy Software Services, Endava, Sngular, USU Software, Loihde, Sahana System.
What is the current market cap of Forte?Forte's current market cap is $107M.
What is the current revenue of Forte?Forte's last fiscal year revenue is $49M.
What is the current EV/Revenue multiple of Forte?Current revenue multiple of Forte is 3.0x.
Is Forte profitable?No, Forte is not profitable.
How many companies Forte has acquired to date?As of October 2026, Forte has acquired 1 company.
What was the largest acquisition by Forte?$10M acquisition of Milsoft Software Technologies on 18th July 2025 was the largest M&A Forte has done to date.
What companies Forte acquired?Forte acquired Milsoft Software Technologies.
In how many companies Forte has invested to date?Forte hasn't invested in any companies yet (or none have been disclosed publicly).

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