Heartseed - Public Comps and Valuation Multiples

Heartseed Overview

About Heartseed

Heartseed Inc is a Japanese biotechnology company focused on developing and commercializing regenerative medicine treatments for severe heart failure. The company's product candidate, HS-001, involves transplanting clusters of purified heart muscle cells derived from iPSCs to the patient's heart to treat heart failure, especially Heart Failure with reduced Left Ventricular Ejection Fraction (HFrEF), including conditions such as Dilated Cardiomyopathy, Old Myocardial Infarction, and Dilated phase of Hypertrophic Cardiomyopathy.

Founded

2015

HQ

Employees

Website

heartseed.jp

Sectors

Regenerative Medicine
BioTech

Financials

LTM Revenue $19.3M

Last FY EBITDA -$5.0M

EV

$251M

Valuation Multiples

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Heartseed Financials

As of December 2025, Heartseed reported last 12-month revenue of $19.3M.

In the same period, Heartseed achieved $3.8M in LTM net income.

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Heartseed P&L

In the most recent fiscal year, Heartseed reported revenue of $5.6M and EBITDA of -$5.0M.

Heartseed 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	$19.3M	XXX	$5.6M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$5.6M	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	n/a	XXX	-$5.0M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-89%	XXX	XXX	XXX
EBIT	$4.6M	XXX	-$6.6M	XXX	XXX	XXX
EBIT Margin	24%	XXX	-119%	XXX	XXX	XXX
Net Profit	$3.8M	XXX	-$5.2M	XXX	XXX	XXX
Net Margin	20%	XXX	-93%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Heartseed including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $19.3M. In the most recent fiscal year, Heartseed achieved $5.6M in revenue and -$5.0M in EBITDA.
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	$19.3M	Analyst estimates available to subscribers	$5.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$5.6M	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	100.0% 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	-$5.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	-88.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$4.6M	Analyst estimates available to subscribers	-$6.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.0% EBIT margin	Analyst estimates available to subscribers	-118.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$3.8M	Analyst estimates available to subscribers	-$5.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	19.6% net profit margin	Analyst estimates available to subscribers	-93.0% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Heartseed

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

Recent Performance Highlights

Heartseed generated $19.3M in revenue over the last twelve months.
Net income over the last twelve months reached $3.8M.

Fiscal Year Performance

In the most recent fiscal year, Heartseed reported $5.6M in total revenue.
Fiscal year EBITDA was -$5.0M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -88.9%.
Net profit margin reached -93.0% in the most recent fiscal year.

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

Heartseed Stock Performance

Heartseed has current market cap of JPY 46.4B (or $296M), and EV of JPY 39.4B (or $251M).

Market Cap Evolution

Heartseed Stock Data

As of January 16, 2026, Heartseed's stock price is JPY 2055 (or $13).

See Heartseed trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$251M	$296M	XXX	XXX	XXX	XXX	$0.17

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Heartseed Valuation Multiples

Heartseed's trades at 45.1x EV/Revenue multiple, and -50.7x EV/EBITDA.

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Heartseed Financial Valuation Multiples

As of January 16, 2026, Heartseed has market cap of $296M and EV of $251M.

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

Heartseed has a P/E ratio of 78.3x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$296M	XXX	$296M	XXX	XXX	XXX
EV (current)	$251M	XXX	$251M	XXX	XXX	XXX
EV/Revenue	13.0x	XXX	45.1x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-50.7x	XXX	XXX	XXX
EV/EBIT	54.2x	XXX	-37.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	78.3x	XXX	-57.1x	XXX	XXX	XXX
EV/FCF	124.2x	XXX	-27.9x	XXX	XXX	XXX

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

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Heartseed Margins & Growth Rates

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

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

Heartseed'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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Heartseed Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	n/a	XXX	-92%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-89%	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	$0.3M	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	219%	XXX	XXX	XXX

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

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