Intelligent Wave - Public Comps and Valuation Multiples

Intelligent Wave Overview

About Intelligent Wave

Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields.

Founded

1984

HQ

Employees

n/a

Website

iwi.co.jp

Sectors

Financial Services Software
Payments Infrastructure
B2B SaaS
Vertical SaaS
FinTech

Financials

LTM Revenue $102M

Last FY EBITDA $21.6M

EV

$133M

Valuation Multiples

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Intelligent Wave Financials

As of September 2025, Intelligent Wave reported last 12-month revenue of $102M.

In the same period, Intelligent Wave achieved $8.8M in LTM net income.

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Intelligent Wave P&L

In the most recent fiscal year, Intelligent Wave reported revenue of $102M and EBITDA of $21.6M.

Intelligent Wave expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$102M	XXX	$102M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$30.6M	XXX	XXX	XXX
Gross Margin	n/a	XXX	30%	XXX	XXX	XXX
EBITDA	n/a	XXX	$21.6M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	21%	XXX	XXX	XXX
EBIT	$12.1M	XXX	$12.1M	XXX	XXX	XXX
EBIT Margin	12%	XXX	12%	XXX	XXX	XXX
Net Profit	$8.8M	XXX	$8.9M	XXX	XXX	XXX
Net Margin	9%	XXX	9%	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 Intelligent Wave including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $102M. In the most recent fiscal year, Intelligent Wave achieved $102M in revenue and $21.6M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$102M	Analyst estimates available to subscribers	$102M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$30.6M	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	29.9% 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)	n/a	Analyst estimates available to subscribers	$21.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	21.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$12.1M	Analyst estimates available to subscribers	$12.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	11.8% EBIT margin	Analyst estimates available to subscribers	11.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$8.8M	Analyst estimates available to subscribers	$8.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	8.6% net profit margin	Analyst estimates available to subscribers	8.7% 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 Intelligent Wave

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

Recent Performance Highlights

Intelligent Wave generated $102M in revenue over the last twelve months.
Net income over the last twelve months reached $8.8M.

Fiscal Year Performance

In the most recent fiscal year, Intelligent Wave reported $102M in total revenue.
Fiscal year EBITDA was $21.6M.
The company maintained a gross profit margin of 29.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.1%.
Net profit margin reached 8.7% in the most recent fiscal year.

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

Intelligent Wave Stock Performance

Intelligent Wave has current market cap of JPY 26.7B (or $175M), and EV of JPY 20.3B (or $133M).

Market Cap Evolution

Intelligent Wave Stock Data

As of October 17, 2025, Intelligent Wave's stock price is JPY 1020 (or $7).

See Intelligent Wave trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$133M	$175M	XXX	XXX	XXX	XXX	$0.34

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Intelligent Wave Valuation Multiples

Intelligent Wave's trades at 1.3x EV/Revenue multiple, and 6.3x EV/EBITDA.

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Intelligent Wave Financial Valuation Multiples

As of October 17, 2025, Intelligent Wave has market cap of $175M and EV of $133M.

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

Intelligent Wave has a P/E ratio of 19.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$175M	XXX	$175M	XXX	XXX	XXX
EV (current)	$133M	XXX	$133M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	6.3x	XXX	XXX	XXX
EV/EBIT	11.0x	XXX	10.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	19.8x	XXX	19.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	10.7x	XXX	XXX	XXX

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

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Intelligent Wave Margins & Growth Rates

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

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

Intelligent Wave'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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Intelligent Wave 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	21%	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	18%	XXX	XXX	XXX

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

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