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H&R Block Valuation Multiples

Discover H&R Block's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like Andersen Group, Frontdoor, Bright Horizons Family, CVS Group and more.

H&R Block Overview

About H&R Block

H&R Block Inc provides income tax return preparation services, digital do-it-yourself tax solutions, and other services related to income tax preparation to the general publicĀ in the United States, Canada, and Australia. The company mainly prepares tax returns for customers within the United States through its company-owned offices, franchise locations, and online tax software. The vast majority of H&R Block's offices are located in the U.S. The company derives the majority of its total revenue from the U.S. assisted tax preparation fees. Revenue from franchise and product royalties and digital do-it-yourself tax solutions is also relatively.


Founded

2013

HQ

United States

Employees

4.3K

Financials (LTM)

Revenue: $4B
EBITDA: $1B

EV

$6B

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H&R Block Financials

H&R Block reported last 12-month revenue of $4B and EBITDA of $1B.

In the same LTM period, H&R Block generated $1B in EBITDA and $690M in net income.

Revenue (LTM)


H&R Block P&L

In the most recent fiscal year, H&R Block reported revenue of $4B and EBITDA of $976M.

H&R Block is profitable as of last fiscal year, with gross margin of 45%, EBITDA margin of 26%, and net margin of 16%.

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LTMLast FY202320242025202620272028
Revenue$4B$4B$4B$4B$4B
Gross Profit-$2B$2B$2B$2B
Gross Margin-45%45%45%44%
EBITDA$1B$976M$939M$970M$1B
EBITDA Margin26%26%27%26%26%
EBIT Margin24%23%22%22%23%
Net Profit$690M$606M$575M$601M$651M
Net Margin18%16%16%16%17%
Net Debt-$510M---

Financial data powered by Morningstar, Inc.

H&R Block Stock Performance

H&R Block has current market cap of $5B, and enterprise value of $6B.

Market Cap Evolution


H&R Block's stock price is $37.47.

H&R Block share price decreased by 2.6% in the last 30 days, and by 31.7% in the last year.

H&R Block has an EPS (earnings per share) of $4.78.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$6B$5B-1.3%-2.6%18.1%-31.7%$4.78

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H&R Block Valuation Multiples

H&R Block trades at 1.5x EV/Revenue multiple, and 5.8x EV/EBITDA.

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EV / Revenue (LTM)


H&R Block Financial Valuation Multiples

As of June 5, 2026, H&R Block has market cap of $5B and EV of $6B.

H&R Block has a P/E ratio of 6.9x.

LTMLast FY202320242025202620272028
EV/Revenue1.5x1.6x1.7x1.6x1.5x
EV/EBITDA5.8x6.1x6.3x6.1x5.9x
EV/EBIT6.4x6.9x7.6x7.2x6.7x
EV/Gross Profit-3.5x3.7x3.6x3.5x
P/E6.9x7.8x8.3x7.9x7.3x
EV/FCF9.9x9.9x8.4x9.4x9.9x

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

Verified H&R Block Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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H&R Block Margins & Growth Rates

H&R Block grew revenue by 4% and EBITDA by 6% in the last fiscal year.

In the most recent fiscal year, H&R Block reported gross margin of 45%, EBITDA margin of 26%, and net margin of 16%.

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H&R Block Margins

Last FY202420252026202720282029
Gross Margin45%45%44%-
EBITDA Margin26%26%26%26%
EBIT Margin23%22%23%24%
Net Margin16%16%17%17%
FCF Margin16%17%16%-

H&R Block Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth4%4%4%4%
Gross Profit Growth-4%2%-
EBITDA Growth6%3%3%5%
EBIT Growth9%5%8%9%
Net Profit Growth15%5%8%5%
FCF Growth-(11%)(5%)-

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

H&R Block Operational KPIs

H&R Block's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

H&R Block's Rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

H&R Block's Rule of X is 36% (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 H&R Block
LTMLast FY202320242025202620272028
Rule of 4030%30%---
Bessemer Rule of X35%36%---
Revenue per Employee-$0.9M---
Opex per Employee-$0.2M---
Opex to Revenue-23%23%23%22%

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

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H&R Block Competitors

H&R Block competitors include Andersen Group, Frontdoor, Bright Horizons Family, CVS Group, LegalZoom, XPS Pensions Group, CEWE Group, Karnov Group, Service Corporation International and UL Solutions.

Most H&R Block public comparables operate across Tax & Accounting and Personal Services.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Andersen Group5.7x5.3x21.0x20.7x
Frontdoor2.4x2.4x9.1x8.9x
Bright Horizons Family1.7x1.7x10.2x10.0x
CVS Group1.7x1.6x8.3x7.9x
LegalZoom1.1x1.1x4.8x4.5x
XPS Pensions Group3.0x2.6x10.0x9.2x
CEWE Group0.7x0.7x4.3x4.4x
Karnov Group3.1x3.2x5.6x8.7x

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Acquisitions by H&R Block

H&R Block has acquired 2 companies to date.

Last acquisition by H&R Block was on June 11th 2019. H&R Block acquired Wave for $405M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by H&R Block

Wave
New River Innovation
Description
Wave is a financial software platform providing free invoicing, accounting, and payroll tools alongside low-cost payment processing for small businesses. Toronto-headquartered and founded in 2009, it serves users across more than 200 countries with cloud-based features for expense tracking and financial reporting.
New River Innovation is a Greensboro, North Carolina-based tax technology firm developing Beyond415, a workflow automation platform for IRS practitioners handling audits, appeals, and collections. The software integrates IRS transcripts, forms, and notices with guided procedures compliant to Circular 230. It also delivers NASBA-approved CPE courses on tax controversy topics. Founded in 2017, the company publishes content for AICPA and serves over 1,000 tax professionals nationwide.
HQ CountryCanadaUnited States
HQ City
Toronto
Greensboro, NC
Deal Date11 Jun 201922 Apr 2014
Valuation$405Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by H&R Block

H&R Block has invested in 1 company to date.

Latest investment by H&R Block was on April 16th 2015. H&R Block invested in MoneyStream in their $3M Series A round (EV/Revenue multiple available to Pro users).

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Latest Investments by H&R Block

MoneyStream
Description
MoneyStream is a Los Gatos-headquartered service consolidating banking, bill payments, record-keeping, and cash flow management into a unified online dashboard. Launched in 2012, the platform links multiple accounts from banks like Chase and Wells Fargo, automates payment schedules, and generates spending reports. It targets US households seeking fragmented finance oversight, with features for transaction categorization and predictive budgeting based on historical data.
HQ CountryUnited States
HQ City
San Jose, CA
Deal Date16 Apr 2015
RoundSeries A
Raised$3M
InvestorsBruno Bowden; H&R Block
Valuationundisclosed
EV/Revenue
EV/EBITDA

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About H&R Block

When was H&R Block founded?H&R Block was founded in 2013.
Where is H&R Block headquartered?H&R Block is headquartered in United States.
How many employees does H&R Block have?As of today, H&R Block has over 4K employees.
Who is the CEO of H&R Block?H&R Block's CEO is Curtis A. Campbell.
Is H&R Block publicly listed?Yes, H&R Block is a public company listed on NYSE.
What is the stock symbol of H&R Block?H&R Block trades under HRB ticker.
When did H&R Block go public?H&R Block went public in 1969.
Who are competitors of H&R Block?H&R Block main competitors include Andersen Group, Frontdoor, Bright Horizons Family, CVS Group, LegalZoom, XPS Pensions Group, CEWE Group, Karnov Group, Service Corporation International, UL Solutions.
What is the current market cap of H&R Block?H&R Block's current market cap is $5B.
What is the current revenue of H&R Block?H&R Block's last 12 months revenue is $4B.
What is the current revenue growth of H&R Block?H&R Block revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of H&R Block?Current revenue multiple of H&R Block is 1.5x.
What is the current EBITDA of H&R Block?H&R Block's last 12 months EBITDA is $1B.
What is H&R Block's EBITDA margin?H&R Block's last 12 months EBITDA margin is 26%.
What is the current EV/EBITDA multiple of H&R Block?Current EBITDA multiple of H&R Block is 5.8x.
What is the current FCF of H&R Block?H&R Block's last 12 months FCF is $599M.
What is H&R Block's FCF margin?H&R Block's last 12 months FCF margin is 15%.
What is the current EV/FCF multiple of H&R Block?Current FCF multiple of H&R Block is 9.9x.
How many companies H&R Block has acquired to date?As of June 2026, H&R Block has acquired 2 companies.
What was the largest acquisition by H&R Block?$405M acquisition of Wave on 11th June 2019 was the largest M&A H&R Block has done to date.
What companies H&R Block acquired?H&R Block acquired Wave and New River Innovation.
In how many companies H&R Block has invested to date?As of June 2026, H&R Block has invested in 1 company.
What was the last H&R Block investment?On 16th April 2015 H&R Block invested in MoneyStream, participating in a $3M Series A round, alongside Bruno Bowden.
In what companies H&R Block invested in?H&R Block invested in MoneyStream.

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