HMS Networks - Public Comps and Valuation Multiples

HMS Networks Overview

About HMS Networks

HMS Networks AB supplies proprietary, patented technology for intelligent industrial communication. It develops and manufactures solutions for connecting industrial products to networks and gateways, thus enabling interconnection between various networks. The group sells products in various countries, including Germany. It generates the majority of its revenue from the USA, Japan, France, China, Sweden, Italy, and other countries. The brands of the company are Anybus, Red Lion, N-Tron, Ewon, Intesis, Ixxat, Owasys, and PEAK-System.

Founded

1988

HQ

Employees

1.1K+

Website

hms-networks.com

Sectors

IoT
Electronic Equipment
Networking Hardware
DeepTech

Financials

LTM Revenue $384M

LTM EBITDA $108M

EV

$2.5B

Valuation Multiples

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HMS Networks Financials

As of December 2025, HMS Networks reported last 12-month revenue of $384M and EBITDA of $108M.

In the same period, HMS Networks generated $242M in LTM gross profit and $53.5M in net income.

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HMS Networks P&L

In the most recent fiscal year, HMS Networks reported revenue of $333M and EBITDA of $76.6M.

HMS Networks 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	$384M	XXX	$333M	XXX	XXX	XXX
Gross Profit	$242M	XXX	$209M	XXX	XXX	XXX
Gross Margin	63%	XXX	63%	XXX	XXX	XXX
EBITDA	$108M	XXX	$76.6M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	23%	XXX	XXX	XXX
EBIT	$86.6M	XXX	$63.1M	XXX	XXX	XXX
EBIT Margin	23%	XXX	19%	XXX	XXX	XXX
Net Profit	$53.5M	XXX	$33.7M	XXX	XXX	XXX
Net Margin	14%	XXX	10%	XXX	XXX	XXX
Net Debt	XXX	XXX	$305M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for HMS Networks including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $384M. EBITDA for the last twelve months was $108M. In the most recent fiscal year, HMS Networks achieved $333M in revenue and $76.6M 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	$384M	Analyst estimates available to subscribers	$333M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$242M	Analyst estimates available to subscribers	$209M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	63.2% gross margin	Analyst estimates available to subscribers	62.6% 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)	$108M	Analyst estimates available to subscribers	$76.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.2% EBITDA margin	Analyst estimates available to subscribers	23.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$86.6M	Analyst estimates available to subscribers	$63.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	22.6% EBIT margin	Analyst estimates available to subscribers	18.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$53.5M	Analyst estimates available to subscribers	$33.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.9% net profit margin	Analyst estimates available to subscribers	10.1% 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	$305M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for HMS Networks

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

Recent Performance Highlights

HMS Networks generated $384M in revenue over the last twelve months.
The company achieved $108M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $242M.
Net income over the last twelve months reached $53.5M.

Fiscal Year Performance

In the most recent fiscal year, HMS Networks reported $333M in total revenue.
Fiscal year EBITDA was $76.6M.
The company maintained a gross profit margin of 62.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 23.0%.
Net profit margin reached 10.1% in the most recent fiscal year.

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

HMS Networks Stock Performance

HMS Networks has current market cap of SEK 20.3B (or $2.2B), and EV of SEK 22.6B (or $2.5B).

Market Cap Evolution

HMS Networks Stock Data

As of January 16, 2026, HMS Networks's stock price is SEK 404 (or $44).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.5B	$2.2B	XXX	XXX	XXX	XXX	$1.21

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HMS Networks Valuation Multiples

HMS Networks's trades at 6.4x EV/Revenue multiple, and 22.8x EV/EBITDA.

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HMS Networks Financial Valuation Multiples

As of January 16, 2026, HMS Networks has market cap of $2.2B and EV of $2.5B.

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

HMS Networks has a P/E ratio of 41.2x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$2.2B	XXX	$2.2B	XXX	XXX	XXX
EV (current)	$2.5B	XXX	$2.5B	XXX	XXX	XXX
EV/Revenue	6.4x	XXX	6.4x	XXX	XXX	XXX
EV/EBITDA	22.8x	XXX	22.8x	XXX	XXX	XXX
EV/EBIT	28.5x	XXX	28.5x	XXX	XXX	XXX
EV/Gross Profit	10.2x	XXX	n/a	XXX	XXX	XXX
P/E	41.2x	XXX	41.2x	XXX	XXX	XXX
EV/FCF	29.9x	XXX	29.9x	XXX	XXX	XXX

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

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HMS Networks Margins & Growth Rates

HMS Networks's last 12 month revenue growth is 13%

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

HMS Networks's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

HMS Networks's rule of X is 61% (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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HMS Networks Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	13%	XXX	12%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	15%	XXX	8%	XXX	XXX	XXX
Rule of 40	41%	XXX	41%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	61%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	22%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	9%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	44%	XXX	XXX	XXX

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

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