Icade Valuation Multiples

Icade Overview

About Icade

Icade is a French real estate investment trust involved in the ownership and management of commercial property around Paris. The vast majority of Icade's real estate portfolio is split between office and business park properties. Nearly all of these are located in Greater Paris with roughly half residing in the inner and outer rings of the metro area. Icade derives majority of its revenue from its Property Development division through the sale of real estate. Rental income from short- to mid-term leases out of its Property Investment division also represents a substantial revenue stream. Institutional investors, private investors, and buyers represent fairly equal parts of the company's customer orders. Icade also has holdings in healthcare properties outside of the Paris region.

Founded

1954

HQ

Employees

1.0K

Website

icade.fr

Sectors

Asset Management

Financials (LTM)

Revenue: $399M

EBITDA: $362M

EV

$6B

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Icade Financials

Icade reported last 12-month revenue of $399M and EBITDA of $362M.

In the same LTM period, Icade generated $377M in gross profit, $362M in EBITDA, and $296M in net income.

Icade P&L

In the most recent fiscal year, Icade reported revenue of $2B and EBITDA of $368M.

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

Icade Stock Performance

Icade has current market cap of $2B, and enterprise value of $6B.

Icade's stock price is $24.68.

Icade Valuation Multiples

Icade trades at 15.0x EV/Revenue multiple, and 16.5x EV/EBITDA.

Icade Financial Valuation Multiples

As of April 19, 2026, Icade has market cap of $2B and EV of $6B.

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

Icade has a P/E ratio of 6.3x.

Icade Margins & Growth Rates

Icade's revenue in the last 12 month declined by (7%).

Icade's revenue per employee in the last FY averaged $1.5M, while opex per employee averaged $0.2M for the same period.

Icade's rule of 40 is 17% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Icade's rule of X is (98%) (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).

Icade Public Comps

See public comps and valuation multiples for other Asset Management comps.

Icade M&A Activity

Icade acquired XXX companies to date.

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

Icade Investment Activity

Icade invested in XXX companies to date.

Icade made its latest investment on XXXXXXXX, XXXXX. Icade invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).