Hexagon Composites - Public Comps and Valuation Multiples

Hexagon Composites Overview

About Hexagon Composites

Hexagon Composites ASA is a supplier of clean energy technology for gas storage, distribution, fuel systems, and drivetrains. Its operating segments are Hexagon Agility & CNG LDV, Hexagon Purus, Hexagon Digital Wave, and Hexagon Ragasco LPG. Hexagon Agility & CNG LDV segment offers natural gas fuel systems and delivery solutions for the mobility market. Hexagon Purus is a provider of technology needed for zero-emission mobility. The Hexagon Digital Wave segment offers cylinder testing and monitoring technology. Hexagon Ragasco LPG segment is a manufacturer of composite LPG cylinders. It operates through Europe, North America, Southeast Asia, the Middle East, and Norway geographic regions.

Founded

2000

HQ

Employees

1.0K+

Website

hexagongroup.com

Sectors

Energy Storage

Financials

LTM Revenue $336M

LTM EBITDA $21.1M

EV

$435M

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Hexagon Composites Financials

As of September 2025, Hexagon Composites reported last 12-month revenue of $336M and EBITDA of $21.1M.

In the same period, Hexagon Composites generated $83.6M in LTM gross profit and -$85.4M in net income.

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Hexagon Composites P&L

In the most recent fiscal year, Hexagon Composites reported revenue of $482M and EBITDA of -$43.4M.

Hexagon Composites 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	$336M	XXX	$482M	XXX	XXX	XXX
Gross Profit	$83.6M	XXX	$235M	XXX	XXX	XXX
Gross Margin	25%	XXX	49%	XXX	XXX	XXX
EBITDA	$21.1M	XXX	-$43.4M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	-9%	XXX	XXX	XXX
EBIT	-$11.3M	XXX	$37.1M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	8%	XXX	XXX	XXX
Net Profit	-$85.4M	XXX	-$27.7M	XXX	XXX	XXX
Net Margin	-25%	XXX	-6%	XXX	XXX	XXX
Net Debt	XXX	XXX	$98.4M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Hexagon Composites including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $336M. EBITDA for the last twelve months was $21.1M. In the most recent fiscal year, Hexagon Composites achieved $482M in revenue and -$43.4M 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	$336M	Analyst estimates available to subscribers	$482M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$83.6M	Analyst estimates available to subscribers	$235M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	24.9% gross margin	Analyst estimates available to subscribers	48.6% 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)	$21.1M	Analyst estimates available to subscribers	-$43.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.3% EBITDA margin	Analyst estimates available to subscribers	-9.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$11.3M	Analyst estimates available to subscribers	$37.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.4% EBIT margin	Analyst estimates available to subscribers	7.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$85.4M	Analyst estimates available to subscribers	-$27.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-25.5% net profit margin	Analyst estimates available to subscribers	-5.7% 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	$98.4M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Hexagon Composites

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

Recent Performance Highlights

Hexagon Composites generated $336M in revenue over the last twelve months.
The company achieved $21.1M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $83.6M.
Net income over the last twelve months reached -$85.4M.

Fiscal Year Performance

In the most recent fiscal year, Hexagon Composites reported $482M in total revenue.
Fiscal year EBITDA was -$43.4M.
The company maintained a gross profit margin of 48.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was -9.0%.
Net profit margin reached -5.7% in the most recent fiscal year.

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

Hexagon Composites Stock Performance

Hexagon Composites has current market cap of NOK 2.4B (or $240M), and EV of NOK 4.4B (or $435M).

Market Cap Evolution

Hexagon Composites Stock Data

As of October 30, 2025, Hexagon Composites's stock price is NOK 10 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$435M	$240M	XXX	XXX	XXX	XXX	$-0.47

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Hexagon Composites Valuation Multiples

Hexagon Composites's trades at 0.9x EV/Revenue multiple, and -10.0x EV/EBITDA.

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Hexagon Composites Financial Valuation Multiples

As of October 30, 2025, Hexagon Composites has market cap of $240M and EV of $435M.

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

Hexagon Composites has a P/E ratio of -2.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$240M	XXX	$240M	XXX	XXX	XXX
EV (current)	$435M	XXX	$435M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	0.9x	XXX	XXX	XXX
EV/EBITDA	20.6x	XXX	-10.0x	XXX	XXX	XXX
EV/EBIT	-38.4x	XXX	11.7x	XXX	XXX	XXX
EV/Gross Profit	5.2x	XXX	n/a	XXX	XXX	XXX
P/E	-2.8x	XXX	-8.7x	XXX	XXX	XXX
EV/FCF	36.3x	XXX	-30.5x	XXX	XXX	XXX

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

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Hexagon Composites Margins & Growth Rates

Hexagon Composites's last 12 month revenue growth is 27%

Hexagon Composites's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Hexagon Composites's rule of 40 is 18% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Hexagon Composites's rule of X is 73% (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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Hexagon Composites Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	27%	XXX	-3%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	-9%	XXX	XXX	XXX
EBITDA Growth	118%	XXX	n/a	XXX	XXX	XXX
Rule of 40	18%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	73%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	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	41%	XXX	XXX	XXX

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

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