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Freee Valuation Multiples

Discover revenue and EBITDA valuation multiples for Freee and similar public comparables like IODM, Credit Clear, and Reckon.

Freee Overview

About Freee

Freee KK is a developer of cloud-based software. Its software products include Cloud Accounting software, Cloud HR Labor software, Cloud ERP for Midsize companies, among others.


Founded

2012

HQ

Japan
Employees

506

Website

freee.co.jp

Financials

LTM Revenue $207M

LTM EBITDA $2.1M

EV

$1.3B

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Freee Financials

Freee has a last 12-month revenue of $207M and a last 12-month EBITDA of $2.1M.

In the most recent fiscal year, Freee achieved revenue of $169M and an EBITDA of -$66.8M.

Freee expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Freee P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $128M $169M XXX XXX XXX
Gross Profit $76.7M $107M XXX XXX XXX
Gross Margin 60% 63% XXX XXX XXX
EBITDA -$81.8M -$66.8M XXX XXX XXX
EBITDA Margin -64% -40% XXX XXX XXX
Net Profit -$77.2M -$82.0M XXX XXX XXX
Net Margin -60% -49% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Freee Stock Performance

As of April 15, 2025, Freee's stock price is JPY 3580 (or $24).

Freee has current market cap of JPY 211B (or $1.4B), and EV of JPY 188B (or $1.3B).

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Freee Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.3B $1.4B XXX XXX XXX XXX $-0.14

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Freee Valuation Multiples

As of April 15, 2025, Freee has market cap of $1.4B and EV of $1.3B.

Freee's trades at 6.0x LTM EV/Revenue multiple, and 594.7x LTM EBITDA.

Analysts estimate Freee's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Freee Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.3B XXX XXX XXX
EV/Revenue 6.5x XXX XXX XXX
EV/EBITDA -50.3x XXX XXX XXX
P/E -47.8x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF -52.9x XXX XXX XXX

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Freee Valuation Multiples

Freee's NTM/LTM revenue growth is 27%

Freee's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.4M for the same period.

Over next 12 months, Freee'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 Freee's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Freee Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 32% XXX XXX XXX XXX
EBITDA Margin -13% XXX XXX XXX XXX
EBITDA Growth -18% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 14% XXX XXX XXX XXX
Revenue per Employee $0.3M XXX XXX XXX XXX
Opex per Employee $0.4M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 116% XXX XXX XXX XXX

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Freee Public Comps

See public comps and valuation multiples for Financial Management Software and Human Capital Management Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Cape Range XXX XXX XXX XXX XXX XXX
Credit Clear XXX XXX XXX XXX XXX XXX
IODM XXX XXX XXX XXX XXX XXX
Reckon XXX XXX XXX XXX XXX XXX
Xero XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Freee M&A and Investment Activity

Freee acquired  XXX companies to date.

Last acquisition by Freee was  XXXXXXXX, XXXXX XXXXX XXXXXX . Freee acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Freee

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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About Freee

When was Freee founded? Freee was founded in 2012.
Where is Freee headquartered? Freee is headquartered in Japan.
How many employees does Freee have? As of today, Freee has 506 employees.
Who is the CEO of Freee? Freee's CEO is Mr. Daisuke Sasaki.
Is Freee publicy listed? Yes, Freee is a public company listed on TKS.
What is the stock symbol of Freee? Freee trades under 4478 ticker.
When did Freee go public? Freee went public in 2019.
Who are competitors of Freee? Similar companies to Freee include e.g. Cape Range, Credit Clear, IODM, Reckon.
What is the current market cap of Freee? Freee's current market cap is $1.4B
What is the current revenue of Freee? Freee's last 12-month revenue is $207M.
What is the current EBITDA of Freee? Freee's last 12-month EBITDA is $2.1M.
What is the current EV/Revenue multiple of Freee? Current revenue multiple of Freee is 6.0x.
What is the current EV/EBITDA multiple of Freee? Current EBITDA multiple of Freee is 594.7x.
What is the current revenue growth of Freee? Freee revenue growth between 2023 and 2024 was 32%.
Is Freee profitable? Yes, Freee is EBITDA-positive (as of the last 12 months).

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