ICOP - Public Comps and Valuation Multiples

ICOP Overview

About ICOP

ICOP SpA operates domestically and internationally in the construction and engineering works sector. It is engaged in (i) special foundations; (ii) microtunnelling technologies ; (iii) maritime works (specialist works) and carries out, secondarily, (iv) public-private partnership (PPP) works and other infrastructure works.

Founded

1973

HQ

Employees

369

Website

icop.it

Sectors

Construction & Engineering

Financials

LTM Revenue $520M

LTM EBITDA $91.2M

EV

$901M

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ICOP Financials

As of January 2026, ICOP reported last 12-month revenue of $520M and EBITDA of $91.2M.

In the same period, ICOP achieved $36.7M in LTM net income.

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ICOP P&L

In the most recent fiscal year, ICOP reported revenue of $126M and EBITDA of $44.3M.

ICOP 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	$520M	XXX	$126M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$67.9M	XXX	XXX	XXX
Gross Margin	n/a	XXX	54%	XXX	XXX	XXX
EBITDA	$91.2M	XXX	$44.3M	XXX	XXX	XXX
EBITDA Margin	18%	XXX	35%	XXX	XXX	XXX
EBIT	$63.4M	XXX	$35.4M	XXX	XXX	XXX
EBIT Margin	12%	XXX	28%	XXX	XXX	XXX
Net Profit	$36.7M	XXX	$21.3M	XXX	XXX	XXX
Net Margin	7%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for ICOP including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $520M. EBITDA for the last twelve months was $91.2M. In the most recent fiscal year, ICOP achieved $126M in revenue and $44.3M 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	$520M	Analyst estimates available to subscribers	$126M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$67.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	53.8% 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)	$91.2M	Analyst estimates available to subscribers	$44.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	17.5% EBITDA margin	Analyst estimates available to subscribers	35.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$63.4M	Analyst estimates available to subscribers	$35.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.2% EBIT margin	Analyst estimates available to subscribers	28.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$36.7M	Analyst estimates available to subscribers	$21.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.1% net profit margin	Analyst estimates available to subscribers	16.9% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for ICOP

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

Recent Performance Highlights

ICOP generated $520M in revenue over the last twelve months.
The company achieved $91.2M in EBITDA over the last twelve months.
Net income over the last twelve months reached $36.7M.

Fiscal Year Performance

In the most recent fiscal year, ICOP reported $126M in total revenue.
Fiscal year EBITDA was $44.3M.
The company maintained a gross profit margin of 53.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 35.1%.
Net profit margin reached 16.9% in the most recent fiscal year.

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

ICOP Stock Performance

ICOP has current market cap of EUR 624M (or $743M), and EV of EUR 757M (or $901M).

Market Cap Evolution

ICOP Stock Data

As of February 12, 2026, ICOP's stock price is EUR 18 (or $22).

See ICOP trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$901M	$743M	XXX	XXX	XXX	XXX	$1.27

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ICOP Valuation Multiples

ICOP's trades at 1.7x EV/Revenue multiple, and 9.9x EV/EBITDA.

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ICOP Financial Valuation Multiples

As of February 12, 2026, ICOP has market cap of $743M and EV of $901M.

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

ICOP has a P/E ratio of 20.3x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$743M	XXX	$743M	XXX	XXX	XXX
EV (current)	$901M	XXX	$901M	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.7x	XXX	XXX	XXX
EV/EBITDA	9.9x	XXX	9.9x	XXX	XXX	XXX
EV/EBIT	14.2x	XXX	14.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	20.3x	XXX	20.3x	XXX	XXX	XXX
EV/FCF	130.6x	XXX	130.6x	XXX	XXX	XXX

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

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ICOP Margins & Growth Rates

ICOP's last 12 month revenue growth is 33%

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

ICOP's rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ICOP's rule of X is 100% (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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ICOP Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	33%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	34%	XXX	93%	XXX	XXX	XXX
Rule of 40	51%	XXX	51%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	100%	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	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	26%	XXX	XXX	XXX

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

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