FWD Group Holdings - Public Comps and Valuation Multiples

FWD Group Holdings Overview

About FWD Group Holdings

FWD Group Holdings Ltd is a holding company. The Company and its subsidiaries are principally engaged in the provision of products and services focusing on life insurance, general insurance, and investment services (the Insurance Business). The operating segments of the company are each of the geographical markets in which the Operating Group operates, which are Hong Kong, Thailand, Japan, Emerging Markets & Corporate, and Others.

Founded

2013

HQ

Employees

6.9K+

Website

fwd.com

Sectors

Insurance Carriers

Financials

LTM Revenue $60.0B

Last FY EBITDA n/a

EV

$7.5B

Valuation Multiples

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FWD Group Holdings Financials

As of December 2025, FWD Group Holdings reported last 12-month revenue of $60.0B.

In the same period, FWD Group Holdings achieved $284M in LTM net income.

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FWD Group Holdings P&L

In the most recent fiscal year, FWD Group Holdings reported revenue of $511M.

FWD Group Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$60.0B	XXX	$511M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBIT	$5.2B	XXX	n/a	XXX	XXX	XXX
EBIT Margin	9%	XXX	n/a	XXX	XXX	XXX
Net Profit	$284M	XXX	$3.1M	XXX	XXX	XXX
Net Margin	0%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$142M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for FWD Group Holdings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $60.0B.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$60.0B	Analyst estimates available to subscribers	$511M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$5.2B	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.7% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$284M	Analyst estimates available to subscribers	$3.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	0.5% net profit margin	Analyst estimates available to subscribers	0.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$142M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for FWD Group Holdings

This financial data table provides comprehensive performance metrics for FWD Group Holdings, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

FWD Group Holdings generated $60.0B in revenue over the last twelve months.
Net income over the last twelve months reached $284M.

Fiscal Year Performance

In the most recent fiscal year, FWD Group Holdings reported $511M in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 0.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for FWD Group Holdings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

FWD Group Holdings Stock Performance

FWD Group Holdings has current market cap of HKD 48.7B (or $6.3B), and EV of HKD 58.5B (or $7.5B).

Market Cap Evolution

FWD Group Holdings Stock Data

As of January 2, 2026, FWD Group Holdings's stock price is HKD 38 (or $5).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.5B	$6.3B	XXX	XXX	XXX	XXX	$0.03

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FWD Group Holdings Valuation Multiples

FWD Group Holdings's trades at 1.0x EV/Revenue multiple, and n/a EV/EBITDA.

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FWD Group Holdings Financial Valuation Multiples

As of January 2, 2026, FWD Group Holdings has market cap of $6.3B and EV of $7.5B.

Equity research analysts estimate FWD Group Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

FWD Group Holdings has a P/E ratio of 171.9x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$6.3B	XXX	$6.3B	XXX	XXX	XXX
EV (current)	$7.5B	XXX	$7.5B	XXX	XXX	XXX
EV/Revenue	1.0x	XXX	1.0x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	11.3x	XXX	11.3x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	171.9x	XXX	173.9x	XXX	XXX	XXX
EV/FCF	n/a	XXX	158.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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FWD Group Holdings Margins & Growth Rates

FWD Group Holdings's last 12 month revenue growth is 7%

FWD Group Holdings's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged n/a for the same period.

FWD Group Holdings's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

FWD Group Holdings's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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FWD Group Holdings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	7%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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