GEM - Public Comps and Valuation Multiples

GEM Overview

About GEM

GEM Co Ltd is engaged in Waste battery recycling and power battery material manufacturing business, cobalt, nickel, and tungsten recycling and cemented carbide manufacturing business, renewable resources business, and environmental management business.

Founded

2001

HQ

Employees

11.3K+

Website

gem.com.cn

Sectors

Environmental & Facilities Services
Service Providers
ClimateTech

Financials

LTM Revenue $5.2B

LTM EBITDA $683M

EV

$8.7B

Valuation Multiples

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GEM Financials

As of August 2025, GEM reported last 12-month revenue of $5.2B and EBITDA of $683M.

In the same period, GEM generated $620M in LTM gross profit and $200M in net income.

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GEM P&L

In the most recent fiscal year, GEM reported revenue of $4.7B and EBITDA of $585M.

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.2B	XXX	$4.7B	XXX	XXX	XXX
Gross Profit	$620M	XXX	$712M	XXX	XXX	XXX
Gross Margin	12%	XXX	15%	XXX	XXX	XXX
EBITDA	$683M	XXX	$585M	XXX	XXX	XXX
EBITDA Margin	13%	XXX	13%	XXX	XXX	XXX
EBIT	$368M	XXX	$450M	XXX	XXX	XXX
EBIT Margin	7%	XXX	10%	XXX	XXX	XXX
Net Profit	$200M	XXX	$143M	XXX	XXX	XXX
Net Margin	4%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for GEM including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.2B. EBITDA for the last twelve months was $683M. In the most recent fiscal year, GEM achieved $4.7B in revenue and $585M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.2B	Analyst estimates available to subscribers	$4.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$620M	Analyst estimates available to subscribers	$712M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	11.8% gross margin	Analyst estimates available to subscribers	15.3% 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)	$683M	Analyst estimates available to subscribers	$585M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	13.0% EBITDA margin	Analyst estimates available to subscribers	12.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$368M	Analyst estimates available to subscribers	$450M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.0% EBIT margin	Analyst estimates available to subscribers	9.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$200M	Analyst estimates available to subscribers	$143M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.8% net profit margin	Analyst estimates available to subscribers	3.1% 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	$2.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for GEM

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

Recent Performance Highlights

GEM generated $5.2B in revenue over the last twelve months.
The company achieved $683M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $620M.
Net income over the last twelve months reached $200M.

Fiscal Year Performance

In the most recent fiscal year, GEM reported $4.7B in total revenue.
Fiscal year EBITDA was $585M.
The company maintained a gross profit margin of 15.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 12.6%.
Net profit margin reached 3.1% in the most recent fiscal year.

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

GEM Stock Performance

GEM has current market cap of CNY 38.7B (or $5.4B), and EV of CNY 61.9B (or $8.7B).

Market Cap Evolution

GEM Stock Data

As of September 12, 2025, GEM's stock price is CNY 8 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.7B	$5.4B	XXX	XXX	XXX	XXX	$0.04

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GEM Valuation Multiples

GEM's trades at 1.9x EV/Revenue multiple, and 14.8x EV/EBITDA.

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GEM Financial Valuation Multiples

As of September 12, 2025, GEM has market cap of $5.4B and EV of $8.7B.

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

GEM has a P/E ratio of 27.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.4B	XXX	$5.4B	XXX	XXX	XXX
EV (current)	$8.7B	XXX	$8.7B	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	12.7x	XXX	14.8x	XXX	XXX	XXX
EV/EBIT	23.6x	XXX	19.3x	XXX	XXX	XXX
EV/Gross Profit	14.0x	XXX	n/a	XXX	XXX	XXX
P/E	27.2x	XXX	38.0x	XXX	XXX	XXX
EV/FCF	-17.8x	XXX	-7.0x	XXX	XXX	XXX

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

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GEM Margins & Growth Rates

GEM's last 12 month revenue growth is 18%

GEM's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $23K for the same period.

GEM's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

GEM's rule of X is 58% (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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GEM Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	18%	XXX	18%	XXX	XXX	XXX
EBITDA Margin	13%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	25%	XXX	22%	XXX	XXX	XXX
Rule of 40	29%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	58%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$23K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6%	XXX	XXX	XXX

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

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GEM Public Comps

See public comps and valuation multiples for Environmental & Facilities Services comps

	EV/Revenue			EV/EBITDA
	2025E	2026E	2027E	2025E	2026E	2027E
Arcadis	XXX	XXX	XXX	XXX	XXX	XXX
Envipco	XXX	XXX	XXX	XXX	XXX	XXX
Ambipar Emergency	XXX	XXX	XXX	XXX	XXX	XXX
Cleanaway	XXX	XXX	XXX	XXX	XXX	XXX
The Environmental Group	XXX	XXX	XXX	XXX	XXX	XXX
XXXXXXXX	XXX	XXX	XXX	XXX	XXX	XXX
XXXXXXXX	XXX	XXX	XXX	XXX	XXX	XXX

Valuation data powered by FactSet, Inc.

GEM M&A and Investment Activity

GEM acquired XXX companies to date.

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

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Latest Acquisitions by GEM

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 GEM

When was GEM founded?	GEM was founded in 2001.
Where is GEM headquartered?	GEM is headquartered in China.
How many employees does GEM have?	As of today, GEM has 11.3K+ employees.
Is GEM publicy listed?	Yes, GEM is a public company listed on SHE.
What is the stock symbol of GEM?	GEM trades under 002340 ticker.
When did GEM go public?	GEM went public in 2010.
Who are competitors of GEM?	Similar companies to GEM include e.g. Arcadis, Envipco, Ambipar Emergency, Cleanaway.
What is the current market cap of GEM?	GEM's current market cap is $5.4B
What is the current revenue of GEM?	GEM's last 12 months revenue is $5.2B.
What is the current revenue growth of GEM?	GEM revenue growth (NTM/LTM) is 18%.
What is the current EV/Revenue multiple of GEM?	Current revenue multiple of GEM is 1.7x.
Is GEM profitable?	Yes, GEM is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of GEM?	GEM's last 12 months EBITDA is $683M.
What is GEM's EBITDA margin?	GEM's last 12 months EBITDA margin is 13%.
What is the current EV/EBITDA multiple of GEM?	Current EBITDA multiple of GEM is 12.7x.
What is the current FCF of GEM?	GEM's last 12 months FCF is -$488M.
What is GEM's FCF margin?	GEM's last 12 months FCF margin is -9%.
What is the current EV/FCF multiple of GEM?	Current FCF multiple of GEM is -17.8x.

GEM Valuation Multiples

Discover revenue and EBITDA valuation multiples for GEM and similar public comparables like Ambipar Emergency, Cleanaway, and The Environmental Group.

GEM Overview

About GEM

Founded

HQ

Employees

Website

Sectors

Financials

EV

Valuation Multiples

Valuation Multiples for 15K+ Public Comps

GEM Financials

GEM P&L

Financial Performance Summary for GEM

Recent Performance Highlights

Fiscal Year Performance

GEM Stock Performance

Market Cap Evolution

GEM Stock Data

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GEM Valuation Multiples

EV/Revenue (LTM) Evolution

GEM Financial Valuation Multiples

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GEM Margins & Growth Rates

GEM Operational Valuation Multiples

Valuation Multiples Across 220+ Verticals

GEM Public Comps

GEM M&A and Investment Activity

Latest Acquisitions by GEM

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About GEM

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