Indorama Ventures Valuation Multiples

Discover Indorama Ventures' revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like SCG Packaging, Bluestar Adisseo, Mesaieed Petrochemical, Vidrala and more.

Indorama Ventures Overview

About Indorama Ventures

Indorama Ventures PCL is engaged in the manufacture and distribution of Polyethylene Terephthalate, Purified Terephthalic Acid, Paraxylene, recycling, Purified Isophthalic Acid, Naphthalene Dicarboxylate, PET preforms and packaging, Integrated EG, Integrated purified EO, PO/MTBE, Integrated Surfactants comprising EOA, LAB and others, Fibers including Polyester, Rayon, Nylon, Polypropylene, composites and worsted wool fibers products. The company operates in three reportable segments Combined PET, Integrated Oxides and Derivatives and Fibers. The maximum revenue is derived from the Combined PET segment.


Founded

1994

HQ

Thailand

Employees

28.2K

Financials (LTM)

Revenue: $15B
EBITDA: $1.3B

EV

$12B

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Indorama Ventures Financials

Indorama Ventures reported last 12-month revenue of $15B and EBITDA of $1.3B.

In the same LTM period, Indorama Ventures generated $2.9B in gross profit, $1.3B in EBITDA, and $58M in net income.


Indorama Ventures P&L

In the most recent fiscal year, Indorama Ventures reported revenue of $14B and EBITDA of $979M.

Indorama Ventures is unprofitable as of last fiscal year, with gross margin of 11%, EBITDA margin of 7%, and net margin of (2%).

See analyst estimates for Indorama Ventures
LTMLast FY2025202620272028
Revenue$15B$14B$14B
Gross Profit$2.9B$1.5B$1.5B
Gross Margin19%11%11%
EBITDA$1.3B$979M$979M
EBITDA Margin8%7%7%
EBIT Margin3%(0%)(0%)
Net Profit$58M($225M)($225M)
Net Margin0%(2%)(2%)
Net Debt-$7B-

Financial data powered by Morningstar, Inc.

Indorama Ventures Stock Performance

Indorama Ventures has current market cap of $3.8B, and enterprise value of $12B.

Market Cap Evolution


Indorama Ventures' stock price is $0.67.

Indorama Ventures has an EPS (earnings per share) of $-0.04.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$12B$3.8B0.2%---$-0.04

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Indorama Ventures Valuation Multiples

Indorama Ventures trades at 0.8x EV/Revenue multiple, and 9.1x EV/EBITDA.

See NTM and 2027E valuation multiples for Indorama Ventures

Indorama Ventures Financial Valuation Multiples

As of August 25, 2026, Indorama Ventures has market cap of $3.8B and EV of $12B.

Indorama Ventures has a P/E ratio of 64.9x.

LTMLast FY2025202620272028
EV/Revenue0.8x0.8x0.8x
EV/EBITDA9.1x11.8x11.8x
EV/EBIT23.6xn/mn/m
EV/Gross Profit4.0x7.6x7.6x
P/E64.9x(16.8x)(16.8x)
EV/FCF13.7x29.9x29.9x

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

Verified Indorama Ventures Valuation Multiples

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Indorama Ventures Margins & Growth Rates

Indorama Ventures grew revenue by 13% and EBITDA by 50% in the last fiscal year.

In the most recent fiscal year, Indorama Ventures reported gross margin of 11%, EBITDA margin of 7%, and net margin of (2%).

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Indorama Ventures Margins

Last FY20252026202720282029
Gross Margin11%11%22%
EBITDA Margin7%7%10%
EBIT Margin(0%)(0%)5%
Net Margin(2%)(2%)1%
FCF Margin3%3%7%

Indorama Ventures Growth Rates

FY+1/FY25/2626/2727/2828/29
Revenue Growth13%13%
Gross Profit Growth123%123%
EBITDA Growth50%50%
EBIT Growth(34039%)(34039%)
Net Profit Growth(196%)(196%)
FCF Growth170%170%

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

Indorama Ventures Operational KPIs

Indorama Ventures' revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

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

Indorama Ventures' Rule of X is 42% (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).

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LTMLast FY2025202620272028
Rule of 4011%22%-
Bessemer Rule of X14%42%-
Revenue per Employee-$0.5M-
Opex per Employee-$0.1M-
S&M Expenses to Revenue-5%5%
G&A Expenses to Revenue-6%6%
Opex to Revenue-11%11%

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

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Indorama Ventures Competitors

Indorama Ventures competitors include SCG Packaging, Bluestar Adisseo, Mesaieed Petrochemical, Vidrala, PI Indus, Huhtamaki, Air Water, Shanghai Petrochemical, Avient and Kuraray Co.

Most Indorama Ventures public comparables operate across Chemicals and Packaging & Containers.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
SCG Packaging1.5x1.4x10.9x9.8x
Bluestar Adisseo1.4x1.2x7.7x5.5x
Mesaieed Petrochemical23.8x---
Vidrala2.3x2.2x7.9x7.5x
PI Indus5.2x5.0x18.0x20.4x
Huhtamaki1.2x1.2x8.8x7.6x
Air Water1.0x0.9x8.1x-
Shanghai Petrochemical0.3x0.3x138.6x34.2x

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Acquisitions by Indorama Ventures

Indorama Ventures has acquired 10 companies to date.

Last acquisition by Indorama Ventures was on November 14th 2024. Indorama Ventures acquired FlowSolve for undisclosed valuation.

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Latest Acquisitions by Indorama Ventures

FlowSolve
Kemelix
Oxiteno
Ngoc Nghia
Description
-
-
Oxiteno is a multinational producer of surfactants and specialty chemicals under the Ultra Group, pioneering ethylene oxide manufacturing in Brazil since the 1970s. It operates 11 plants in Brazil, Mexico, the United States, and Uruguay, plus three R&D centers and eight sales offices worldwide. Products serve agrochemicals, personal care, home care, industrial, and oilfield applications with alkoxylates, sulfonates, and amines. Headquartered in São Paulo, Brazil, Oxiteno exports to over 60 countries focusing on sustainable chemistries.
Ngoc Nghia is a Ho Chi Minh City-based PET packaging manufacturer producing over seven billion preforms, bottles, and caps annually through blow-molding, injection-molding, and compression processes. The company serves beverage brands in Vietnam and exports to Southeast Asia, optimizing designs for consumer goods like soft drinks and edible oils.
HQ Country--BrazilVietnam
HQ City
-
-
São Paulo
Ho Chi Minh City
Deal Date14 Nov 202414 Nov 20244 Apr 202210 Jan 2022
Valuationundisclosedundisclosed$1.3B$93M
EV/Revenue
EV/EBITDA

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Investments by Indorama Ventures

Indorama Ventures has invested in 3 companies to date.

Latest investment by Indorama Ventures was on February 6th 2025. Indorama Ventures invested in MacroCycle Technologies in their $7M Seed round (EV/Revenue multiple available to Pro users).

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Latest Investments by Indorama Ventures

MacroCycle Technologies
Polymateria
Trevira
Description
MacroCycle Technologies is a U.S.-based cleantech startup pioneering chemical recycling of PET plastics into cyclic monomers for virgin-quality resin production. Headquartered in California, the proprietary upcycling process reduces energy consumption by 70% compared to mechanical recycling, targeting waste from bottles and packaging. The company raised seed funding in 2023 to scale pilot plants for consumer goods brands.
Polymateria is a London-based developer of biodegradable plastics using Biotransformation technology. Its Cycle+ additives enable polyethylene and polypropylene to degrade in soil or marine environments within three years, leaving no microplastics. Founded in 2016, the company partners with Nestlé and Mars for packaging films, with DegrAid for non-recyclable sealants compliant with EN 13432 standards.
Trevira is a Bobingen-based manufacturer of specialty polyester fibers, filaments, and yarns. The company produces flame-retardant textiles and nonwovens for automotive interiors, protective clothing, and medical applications. Trevira supplies customized functional products to customers in apparel, furnishing, and industrial sectors. As part of Indorama Ventures, it offers the full spectrum of polyester textile products from a single production source in Germany. The firm collaborates with partners to develop high-performance materials meeting stringent safety standards across Europe and beyond.
HQ CountryUnited StatesUnited KingdomGermany
HQ City
-
London
Frankfurt
Deal Date6 Feb 202528 Apr 202310 May 2018
RoundSeedSeries BSeries A
Raised$7M$25M$9M
InvestorsVolta Circle; Indorama Ventures; KdT Ventures; Clean Energy Ventures; Neotribe VenturesIndorama Ventures; ABC Impact; Peak Venture PartnersIndorama Ventures
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Indorama Ventures

When was Indorama Ventures founded?Indorama Ventures was founded in 1994.
Where is Indorama Ventures headquartered?Indorama Ventures is headquartered in Thailand.
How many employees does Indorama Ventures have?As of today, Indorama Ventures has over 28K employees.
Is Indorama Ventures publicly listed?Yes, Indorama Ventures is a public company listed on Stock Exchange of Thailand.
What is the stock symbol of Indorama Ventures?Indorama Ventures trades under IVL ticker.
When did Indorama Ventures go public?Indorama Ventures went public in 2010.
Who are competitors of Indorama Ventures?Indorama Ventures main competitors include SCG Packaging, Bluestar Adisseo, Mesaieed Petrochemical, Vidrala, PI Indus, Huhtamaki, Air Water, Shanghai Petrochemical, Avient, Kuraray Co.
What is the current market cap of Indorama Ventures?Indorama Ventures' current market cap is $3.8B.
What is the current revenue of Indorama Ventures?Indorama Ventures' last 12 months revenue is $15B.
What is the current revenue growth of Indorama Ventures?Indorama Ventures revenue growth (NTM/LTM) is 2%.
What is the current EV/Revenue multiple of Indorama Ventures?Current revenue multiple of Indorama Ventures is 0.8x.
What is the current EBITDA of Indorama Ventures?Indorama Ventures' last 12 months EBITDA is $1.3B.
What is Indorama Ventures' EBITDA margin?Indorama Ventures' last 12 months EBITDA margin is 8%.
What is the current EV/EBITDA multiple of Indorama Ventures?Current EBITDA multiple of Indorama Ventures is 9.1x.
What is the current FCF of Indorama Ventures?Indorama Ventures' last 12 months FCF is $844M.
What is Indorama Ventures' FCF margin?Indorama Ventures' last 12 months FCF margin is 6%.
What is the current EV/FCF multiple of Indorama Ventures?Current FCF multiple of Indorama Ventures is 13.7x.
How many companies Indorama Ventures has acquired to date?As of August 2026, Indorama Ventures has acquired 10 companies.
What was the largest acquisition by Indorama Ventures?$1.3B acquisition of Oxiteno on 4th April 2022 was the largest M&A Indorama Ventures has done to date.
What companies Indorama Ventures acquired?Indorama Ventures acquired Oxiteno, Avgol Industries 1953, Ngoc Nghia, Medco Plast, FlowSolve, Kemelix, M&G Fibras Brasil, PHP Fibers, UTT Technische Textilien, and Kordárna Plus.
In how many companies Indorama Ventures has invested to date?As of August 2026, Indorama Ventures has invested in 3 companies.
What was the last Indorama Ventures investment?On 6th February 2025 Indorama Ventures invested in MacroCycle Technologies, participating in a $7M Seed round, alongside Volta Circle, KdT Ventures, Clean Energy Ventures, and Neotribe Ventures.
In what companies Indorama Ventures invested in?Indorama Ventures invested in Polymateria, Trevira, and MacroCycle Technologies.

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