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Incuvo Valuation Multiples

Discover revenue and EBITDA valuation multiples for Incuvo and similar public comparables like Trophy Games, Nazara Technologies, and OnMobile.

Incuvo Overview

About Incuvo

Incuvo SA is engaged in the game development business. It ports and produces VR games on a work for hire basis. Some of the games offered by the company include Blair Witch, Layers of Fear, Super Hero Fight Club, Createrria 2, and Crowdy Farm Puzzle.


Founded

2011

HQ

Poland
Employees

n/a

Website

incuvo.com

Financials

Last FY Revenue $4.0M

Last FY EBITDA $0.8M

EV

-$0.9M

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Incuvo Financials

In the most recent fiscal year, Incuvo achieved revenue of $4.0M and an EBITDA of $0.8M.

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

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Incuvo P&L

NTM Last FY FY 2025 FY 2026 FY 2027
Revenue XXX $4.0M XXX XXX XXX
Gross Profit XXX $4.5M XXX XXX XXX
Gross Margin XXX 113% XXX XXX XXX
EBITDA XXX $0.8M XXX XXX XXX
EBITDA Margin XXX 22% XXX XXX XXX
EBIT XXX -$0.7M XXX XXX XXX
EBIT Margin XXX -18% XXX XXX XXX
Net Profit XXX -$0.7M XXX XXX XXX
Net Margin XXX -17% XXX XXX XXX
Net Debt XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Incuvo Stock Performance

As of May 30, 2025, Incuvo's stock price is PLN 1 (or $0).

Incuvo has current market cap of PLN 9.0M (or $2.4M), and EV of -PLN 3.6M (or -$0.9M).

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Incuvo Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
-$0.9M $2.4M XXX XXX XXX XXX n/a

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Incuvo Valuation Multiples

As of May 30, 2025, Incuvo has market cap of $2.4M and EV of -$0.9M.

Incuvo's trades at -0.2x EV/Revenue multiple, and -1.1x EV/EBITDA.

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

Incuvo's P/E ratio is not available.

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Incuvo Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $2.4M XXX $2.4M XXX XXX XXX
EV (current) -$0.9M XXX -$0.9M XXX XXX XXX
EV/Revenue n/a XXX -0.2x XXX XXX XXX
EV/EBITDA n/a XXX -1.1x XXX XXX XXX
EV/EBIT n/a XXX 1.3x XXX XXX XXX
EV/Gross Profit n/a XXX n/a XXX XXX XXX
P/E n/a XXX -3.5x XXX XXX XXX
EV/FCF n/a XXX 0.6x XXX XXX XXX

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Incuvo Margins & Growth Rates

Incuvo's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

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

Incuvo's rule of X is unknown (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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Incuvo Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth n/a XXX n/a XXX XXX XXX
EBITDA Margin n/a XXX 22% XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 n/a XXX n/a XXX XXX XXX
Bessemer Rule of X XXX XXX n/a XXX XXX XXX
Revenue per Employee XXX XXX n/a XXX XXX XXX
Opex per Employee XXX XXX n/a 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 131% XXX XXX XXX

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Incuvo Public Comps

See public comps and valuation multiples for Gaming - Mobile and Gaming - Console & PC comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Azerion Group XXX XXX XXX XXX XXX XXX
PlaySide Studios XXX XXX XXX XXX XXX XXX
OnMobile XXX XXX XXX XXX XXX XXX
Nazara Technologies XXX XXX XXX XXX XXX XXX
Trophy Games XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Incuvo M&A and Investment Activity

Incuvo acquired  XXX companies to date.

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

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Latest Acquisitions by Incuvo

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 Incuvo

When was Incuvo founded? Incuvo was founded in 2011.
Where is Incuvo headquartered? Incuvo is headquartered in Poland.
Is Incuvo publicy listed? Yes, Incuvo is a public company listed on WAR.
What is the stock symbol of Incuvo? Incuvo trades under IVO ticker.
When did Incuvo go public? Incuvo went public in 2021.
Who are competitors of Incuvo? Similar companies to Incuvo include e.g. Azerion Group, PlaySide Studios, OnMobile, Nazara Technologies.
What is the current market cap of Incuvo? Incuvo's current market cap is $2.4M
Is Incuvo profitable? Yes, Incuvo is EBITDA-positive (as of the last 12 months).

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