Harvia Valuation Multiples

Harvia is valued at $926M as of October 2026, a 3.9x revenue multiple. In the last 12 months, Harvia revenue was $252M and Harvia EBITDA was $60M.

Harvia Overview

About Harvia

Harvia PLC is a sauna and spa company. The company's brands and product range are well known in the market and the company's comprehensive product range aims to meet the needs of the international sauna and spa market, both for professionals and consumers.The Group’s product range includes sauna heaters, sauna rooms, infrared and steam saunas, steam showers, spa components, control units, heater stones, sauna accessories and sauna interior solutions such as sauna benches, audio speakers and lighting solutions. The company's production plant for saunas and sauna components is also located in Muurame in connection with Harvia's head office.


Founded

1950

HQ

Finland

Employees

696

Financials (LTM)

Revenue: $252M
EBITDA: $60M

EV

$991M

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Harvia Financials

Harvia reported last 12-month revenue of $252M and EBITDA of $60M.

In the same LTM period, Harvia generated $111M in gross profit, $60M in EBITDA, and $36M in net income.

Revenue (LTM)


Harvia P&L

In the most recent fiscal year, Harvia reported revenue of $223M and EBITDA of $48M.

Harvia is profitable as of last fiscal year, with gross margin of 64%, EBITDA margin of 22%, and net margin of 13%.

See analyst estimates for Harvia
LTMLast FY202320242025202620272028
Revenue$252M$223M$175M$204M$223M
Gross Profit$111M$143M$110M$131M$143M
Gross Margin44%64%63%64%64%
EBITDA$60M$48M$44M$48M$48M
EBITDA Margin24%22%25%23%22%
EBIT Margin20%19%22%20%19%
Net Profit$36M$30M$27M$28M$30M
Net Margin14%13%15%14%13%
Net Debt-$58M---

Financial data powered by Morningstar, Inc.

Harvia Stock Performance

Harvia has current market cap of $926M, and enterprise value of $991M.

Market Cap Evolution


Harvia's stock price is $49.53.

Harvia share price increased by 0.8% in the last 30 days, and by 18.0% in the last year.

Harvia has an EPS (earnings per share) of $1.59.

See more trading valuation data for Harvia
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$991M$926M0.0%0.8%4.0%18.0%$1.59

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Harvia Valuation Multiples

Harvia trades at 3.9x EV/Revenue multiple, and 16.5x EV/EBITDA.

See NTM and 2027E valuation multiples for Harvia

EV / Revenue (LTM)


Harvia Financial Valuation Multiples

As of October 12, 2026, Harvia has market cap of $926M and EV of $991M.

Harvia has a P/E ratio of 25.6x.

LTMLast FY202320242025202620272028
EV/Revenue3.9x4.4x5.7x4.9x4.4x
EV/EBITDA16.5x20.5x22.5x20.7x20.5x
EV/EBIT19.4x23.1x25.8x24.0x23.1x
EV/Gross Profit8.9x6.9x9.0x7.6x6.9x
P/E25.6x31.2x34.2x32.9x31.2x
EV/FCF39.8x58.7x25.8x37.4x58.7x

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

Verified Harvia Valuation Multiples

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Harvia Margins & Growth Rates

Harvia grew revenue by 15% and EBITDA by 27% in the last fiscal year.

In the most recent fiscal year, Harvia reported gross margin of 64%, EBITDA margin of 22%, and net margin of 13%.

See estimated margins and future growth rates for Harvia

Harvia Margins

Last FY202420252026202720282029
Gross Margin64%64%64%44%
EBITDA Margin22%23%22%24%
EBIT Margin19%20%19%20%
Net Margin13%14%13%15%
FCF Margin8%13%8%10%

Harvia Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth15%16%10%15%
Gross Profit Growth(21%)19%9%(21%)
EBITDA Growth27%8%1%27%
EBIT Growth22%7%4%22%
Net Profit Growth26%4%5%26%
FCF Growth47%(31%)(36%)47%

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

Harvia Operational KPIs

Harvia's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Harvia's Rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Harvia's Rule of X is 62% (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 Harvia
LTMLast FY202320242025202620272028
Rule of 4035%39%---
Bessemer Rule of X52%62%---
Revenue per Employee-$0.3M---
Opex per Employee-$0.1M---
S&M Expenses to Revenue-11%10%11%11%
G&A Expenses to Revenue-1%1%1%1%
Opex to Revenue-45%41%44%45%

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

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Harvia Competitors

Harvia competitors include MIPS, Genda, Shua Fitness, Giant Manufacturing Co., Johnson Health Tech, Winnebago Industries, Phoenix Bicycle, Merida Bikes, Fusheng Precision and Helen Of Troy.

Most Harvia public comparables operate across Sports & Leisure.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MIPS$53M$17M20.4x13.9x63.0x33.1x
Genda$1.1B$131M1.1x0.9x9.3x6.9x
Shua Fitness$234M$26M3.2x2.8x28.5x21.1x
Giant Manufacturing Co.$1.9B$133M0.6x0.6x8.4x7.6x
Johnson Health Tech$1.7B$176M0.9x0.9x9.1x9.8x
Winnebago Industries$2.8B$117M0.4x0.4x9.3x8.4x
Phoenix Bicycle$322M$30M1.7x-18.2x-
Merida Bikes$839M$61M0.8x0.9x11.0x9.8x

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About Harvia

When was Harvia founded?Harvia was founded in 1950.
Where is Harvia headquartered?Harvia is headquartered in Finland.
How many employees does Harvia have?As of today, Harvia has over 696 employees.
Who is the CEO of Harvia?Harvia's CEO is Matias Jarnefelt.
Is Harvia publicly listed?Yes, Harvia is a public company listed on Nasdaq Helsinki.
What is the stock symbol of Harvia?Harvia trades under HARVIA ticker.
When did Harvia go public?Harvia went public in 2018.
Who are competitors of Harvia?Harvia main competitors include MIPS, Genda, Shua Fitness, Giant Manufacturing Co., Johnson Health Tech, Winnebago Industries, Phoenix Bicycle, Merida Bikes, Fusheng Precision, Helen Of Troy.
What is the current market cap of Harvia?Harvia's current market cap is $926M.
What is the current revenue of Harvia?Harvia's last 12 months revenue is $252M.
What is the current revenue growth of Harvia?Harvia revenue growth (NTM/LTM) is 11%.
What is the current EV/Revenue multiple of Harvia?Current revenue multiple of Harvia is 3.9x.
What is the current EBITDA of Harvia?Harvia's last 12 months EBITDA is $60M.
What is Harvia's EBITDA margin?Harvia's last 12 months EBITDA margin is 24%.
What is the current EV/EBITDA multiple of Harvia?Current EBITDA multiple of Harvia is 16.5x.
What is the current FCF of Harvia?Harvia's last 12 months FCF is $25M.
What is Harvia's FCF margin?Harvia's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Harvia?Current FCF multiple of Harvia is 39.8x.
How many companies Harvia has acquired to date?Harvia hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Harvia has invested to date?Harvia hasn't invested in any companies yet (or none have been disclosed publicly).

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