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Incap Valuation Multiples

Discover revenue and EBITDA valuation multiples for Incap and similar public comparables like Nedap, Besi, and TKH Group.

Incap Overview

About Incap

Incap Oyj is an electronics manufacturing services company with manufacturing operations in Estonia, India, Slovakia, and the United Kingdom and a sourcing office in Hong Kong. as a full-service provider in Electronics Manufacturing Services providing material procurement, prototyping, production ramp-up, serial production, final assembly, testing, designing, project management, and logistics. Also, it includes services such as printed circuit board (PCB) assembly, box-build final assembly, electromechanical assembly, and cable and wire harness assembly, among other things. The company's geographical divisions include Europe, North America, and Asia.


Founded

1992

HQ

Finland
Employees

2.6K+

Website

incapcorp.com

Financials

LTM Revenue $262M

LTM EBITDA $40.1M

EV

$323M

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Incap Financials

Incap has a last 12-month revenue (LTM) of $262M and a last 12-month EBITDA of $40.1M.

In the most recent fiscal year, Incap achieved revenue of $258M and an EBITDA of $42.5M.

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

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Incap P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $262M XXX $258M XXX XXX XXX
Gross Profit $262M XXX $86.9M XXX XXX XXX
Gross Margin 100% XXX 34% XXX XXX XXX
EBITDA $40.1M XXX $42.5M XXX XXX XXX
EBITDA Margin 15% XXX 16% XXX XXX XXX
EBIT $33.3M XXX $32.4M XXX XXX XXX
EBIT Margin 13% XXX 13% XXX XXX XXX
Net Profit $25.4M XXX $25.5M XXX XXX XXX
Net Margin 10% XXX 10% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Incap Stock Performance

As of May 30, 2025, Incap's stock price is EUR 11 (or $12).

Incap has current market cap of EUR 319M (or $358M), and EV of EUR 287M (or $323M).

See Incap trading valuation data

Incap Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$323M $358M XXX XXX XXX XXX $0.88

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Incap Valuation Multiples

As of May 30, 2025, Incap has market cap of $358M and EV of $323M.

Incap's trades at 1.2x EV/Revenue multiple, and 7.6x EV/EBITDA.

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

Incap has a P/E ratio of 14.1x.

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Incap Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $358M XXX $358M XXX XXX XXX
EV (current) $323M XXX $323M XXX XXX XXX
EV/Revenue 1.2x XXX 1.2x XXX XXX XXX
EV/EBITDA 8.0x XXX 7.6x XXX XXX XXX
EV/EBIT 9.7x XXX 9.9x XXX XXX XXX
EV/Gross Profit 1.2x XXX n/a XXX XXX XXX
P/E 14.1x XXX 14.0x XXX XXX XXX
EV/FCF 9.7x XXX 8.7x XXX XXX XXX

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Incap Margins & Growth Rates

Incap's last 12 month revenue growth is 7%

Incap's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $21K for the same period.

Incap's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Incap's rule of X is 33% (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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Incap Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 7% XXX 7% XXX XXX XXX
EBITDA Margin 15% XXX 16% XXX XXX XXX
EBITDA Growth 6% XXX 4% XXX XXX XXX
Rule of 40 22% XXX 23% XXX XXX XXX
Bessemer Rule of X XXX XXX 33% XXX XXX XXX
Revenue per Employee XXX XXX $0.1M XXX XXX XXX
Opex per Employee XXX XXX $21K 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 21% XXX XXX XXX

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Incap Public Comps

See public comps and valuation multiples for Electronic Equipment and Electronic Components comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ASML XXX XXX XXX XXX XXX XXX
Besi XXX XXX XXX XXX XXX XXX
Signify XXX XXX XXX XXX XXX XXX
Nedap XXX XXX XXX XXX XXX XXX
TKH Group XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Incap M&A and Investment Activity

Incap acquired  XXX companies to date.

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

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Latest Acquisitions by Incap

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Incap

When was Incap founded? Incap was founded in 1992.
Where is Incap headquartered? Incap is headquartered in Finland.
How many employees does Incap have? As of today, Incap has 2.6K+ employees.
Is Incap publicy listed? Yes, Incap is a public company listed on HEL.
What is the stock symbol of Incap? Incap trades under ICP1V ticker.
When did Incap go public? Incap went public in 1997.
Who are competitors of Incap? Similar companies to Incap include e.g. ASML, Besi, Signify, Nedap.
What is the current market cap of Incap? Incap's current market cap is $358M
What is the current revenue of Incap? Incap's last 12 months revenue is $262M.
What is the current revenue growth of Incap? Incap revenue growth (NTM/LTM) is 7%.
What is the current EV/Revenue multiple of Incap? Current revenue multiple of Incap is 1.2x.
Is Incap profitable? Yes, Incap is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Incap? Incap's last 12 months EBITDA is $40.1M.
What is Incap's EBITDA margin? Incap's last 12 months EBITDA margin is 15%.
What is the current EV/EBITDA multiple of Incap? Current EBITDA multiple of Incap is 8.0x.
What is the current FCF of Incap? Incap's last 12 months FCF is $33.4M.
What is Incap's FCF margin? Incap's last 12 months FCF margin is 13%.
What is the current EV/FCF multiple of Incap? Current FCF multiple of Incap is 9.7x.

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