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Heiwa Valuation Multiples

Discover revenue and EBITDA valuation multiples for Heiwa and similar public comparables like BetMakers, BlueBet Holdings, and Aristocrat Leisure.

Heiwa Overview

About Heiwa

Heiwa Corp is a gambling company involved in the manufacturing and sales of pachinko and pachislot machines. The company operates in two business segments: game machines and golf. The game machine business develops pachinko machines, a gambling device with pinball-like characteristics, which are sold to pachinko parlors throughout Japan. Pachinko parlors allow users to purchase small steel balls, which are utilized in pachinko machines under the objective of winning more balls, which can then be exchanged for prizes. Pachislot machines, which are a similar gambling device with characteristics of pachinko and slot machines, are developed in a similar manner. The company's golf segment operates a number of golf courses. Heiwa generates the vast majority of its revenue in Japan.


Founded

1969

HQ

Japan
Employees

10.3K+

Website

heiwanet.co.jp

Financials

LTM Revenue $1.1B

LTM EBITDA $306M

EV

$5.1B

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Heiwa Financials

Heiwa has a last 12-month revenue (LTM) of $1.1B and a last 12-month EBITDA of $306M.

In the most recent fiscal year, Heiwa achieved revenue of $936M and an EBITDA of $221M.

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

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Heiwa P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.1B XXX $936M XXX XXX XXX
Gross Profit $424M XXX $321M XXX XXX XXX
Gross Margin 37% XXX 34% XXX XXX XXX
EBITDA $306M XXX $221M XXX XXX XXX
EBITDA Margin 27% XXX 24% XXX XXX XXX
EBIT $219M XXX $161M XXX XXX XXX
EBIT Margin 19% XXX 17% XXX XXX XXX
Net Profit $99.3M XXX $114M XXX XXX XXX
Net Margin 9% XXX 12% XXX XXX XXX
Net Debt XXX XXX $486M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Heiwa Stock Performance

As of May 30, 2025, Heiwa's stock price is JPY 2095 (or $14).

Heiwa has current market cap of JPY 207B (or $1.4B), and EV of JPY 743B (or $5.1B).

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Heiwa Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$5.1B $1.4B XXX XXX XXX XXX $1.01

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Heiwa Valuation Multiples

As of May 30, 2025, Heiwa has market cap of $1.4B and EV of $5.1B.

Heiwa's trades at 5.4x EV/Revenue multiple, and 22.5x EV/EBITDA.

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

Heiwa has a P/E ratio of 14.3x.

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Heiwa Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $1.4B XXX $1.4B XXX XXX XXX
EV (current) $5.1B XXX $5.1B XXX XXX XXX
EV/Revenue 4.5x XXX 5.4x XXX XXX XXX
EV/EBITDA 16.6x XXX 22.5x XXX XXX XXX
EV/EBIT 23.3x XXX 30.6x XXX XXX XXX
EV/Gross Profit 12.0x XXX n/a XXX XXX XXX
P/E 14.3x XXX 11.7x XXX XXX XXX
EV/FCF n/a XXX 116.9x XXX XXX XXX

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Heiwa Margins & Growth Rates

Heiwa's last 12 month revenue growth is 62%

Heiwa's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $16K for the same period.

Heiwa's rule of 40 is 86% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heiwa's rule of X is 182% (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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Heiwa Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 62% XXX 41% XXX XXX XXX
EBITDA Margin 27% XXX 24% XXX XXX XXX
EBITDA Growth 90% XXX 63% XXX XXX XXX
Rule of 40 86% XXX 86% XXX XXX XXX
Bessemer Rule of X XXX XXX 182% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $16K 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 17% XXX XXX XXX

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Heiwa Public Comps

See public comps and valuation multiples for Casinos & Gambling comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
High Roller Technologies XXX XXX XXX XXX XXX XXX
Ainsworth Game Technology XXX XXX XXX XXX XXX XXX
Aristocrat Leisure XXX XXX XXX XXX XXX XXX
BlueBet Holdings XXX XXX XXX XXX XXX XXX
BetMakers 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.

Heiwa M&A and Investment Activity

Heiwa acquired  XXX companies to date.

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

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Latest Acquisitions by Heiwa

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 Heiwa

When was Heiwa founded? Heiwa was founded in 1969.
Where is Heiwa headquartered? Heiwa is headquartered in Japan.
How many employees does Heiwa have? As of today, Heiwa has 10.3K+ employees.
Is Heiwa publicy listed? Yes, Heiwa is a public company listed on TKS.
What is the stock symbol of Heiwa? Heiwa trades under 6412 ticker.
When did Heiwa go public? Heiwa went public in 1991.
Who are competitors of Heiwa? Similar companies to Heiwa include e.g. High Roller Technologies, Ainsworth Game Technology, Aristocrat Leisure, BlueBet Holdings.
What is the current market cap of Heiwa? Heiwa's current market cap is $1.4B
What is the current revenue of Heiwa? Heiwa's last 12 months revenue is $1.1B.
What is the current revenue growth of Heiwa? Heiwa revenue growth (NTM/LTM) is 62%.
What is the current EV/Revenue multiple of Heiwa? Current revenue multiple of Heiwa is 4.5x.
Is Heiwa profitable? Yes, Heiwa is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Heiwa? Heiwa's last 12 months EBITDA is $306M.
What is Heiwa's EBITDA margin? Heiwa's last 12 months EBITDA margin is 27%.
What is the current EV/EBITDA multiple of Heiwa? Current EBITDA multiple of Heiwa is 16.6x.

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