IPH - Public Comps and Valuation Multiples

IPH Overview

About IPH

IPH provides intellectual property services through its subsidiaries: Spruson and Ferguson, Smart & Biggar, Robic, Pizzeys, Griffith Hack, Applied Marks, and AJ Park. These services include patent filing, prosecution, enforcement, management, design, trademarks, and more. The company’s diverse client base consists of multinationals, public sector research organizations, and local businesses across various industries like healthcare, finance, engineering, and technology. Revenue streams mainly consist of professional fees (fixed) and volume-based fees (linked to the quantity of work performed). About 70% of revenue is derived from pre-existing work in the system, while 30% comes from new patent applications.

Founded

2014

HQ

Employees

1.8K+

Website

iphltd.com.au

Sectors

Legal Services

Financials

LTM Revenue $467M

LTM EBITDA $137M

EV

$940M

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IPH Financials

As of August 2025, IPH reported last 12-month revenue of $467M and EBITDA of $137M.

In the same period, IPH achieved $79.9M in LTM net income.

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IPH P&L

In the most recent fiscal year, IPH reported revenue of $463M and EBITDA of $123M.

IPH 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	$467M	XXX	$463M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$463M	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	$137M	XXX	$123M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	26%	XXX	XXX	XXX
EBIT	$119M	XXX	$87.2M	XXX	XXX	XXX
EBIT Margin	25%	XXX	19%	XXX	XXX	XXX
Net Profit	$79.9M	XXX	$45.1M	XXX	XXX	XXX
Net Margin	17%	XXX	10%	XXX	XXX	XXX
Net Debt	XXX	XXX	$232M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for IPH including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $467M. EBITDA for the last twelve months was $137M. In the most recent fiscal year, IPH achieved $463M in revenue and $123M 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	$467M	Analyst estimates available to subscribers	$463M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$463M	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	100.0% 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)	$137M	Analyst estimates available to subscribers	$123M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.4% EBITDA margin	Analyst estimates available to subscribers	26.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$119M	Analyst estimates available to subscribers	$87.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	25.5% EBIT margin	Analyst estimates available to subscribers	18.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$79.9M	Analyst estimates available to subscribers	$45.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	17.1% net profit margin	Analyst estimates available to subscribers	9.7% 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	$232M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for IPH

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

Recent Performance Highlights

IPH generated $467M in revenue over the last twelve months.
The company achieved $137M in EBITDA over the last twelve months.
Net income over the last twelve months reached $79.9M.

Fiscal Year Performance

In the most recent fiscal year, IPH reported $463M in total revenue.
Fiscal year EBITDA was $123M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 26.5%.
Net profit margin reached 9.7% in the most recent fiscal year.

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

IPH Stock Performance

IPH has current market cap of AUD 1.0B (or $671M), and EV of AUD 1.4B (or $940M).

Market Cap Evolution

IPH Stock Data

As of September 17, 2025, IPH's stock price is AUD 4 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$940M	$671M	XXX	XXX	XXX	XXX	$0.30

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IPH Valuation Multiples

IPH's trades at 2.2x EV/Revenue multiple, and 7.8x EV/EBITDA.

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IPH Financial Valuation Multiples

As of September 17, 2025, IPH has market cap of $671M and EV of $940M.

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

IPH has a P/E ratio of 8.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$671M	XXX	$671M	XXX	XXX	XXX
EV (current)	$940M	XXX	$940M	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.2x	XXX	XXX	XXX
EV/EBITDA	6.8x	XXX	7.8x	XXX	XXX	XXX
EV/EBIT	7.9x	XXX	11.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	8.4x	XXX	15.8x	XXX	XXX	XXX
EV/FCF	11.9x	XXX	11.6x	XXX	XXX	XXX

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

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IPH Margins & Growth Rates

IPH's last 12 month revenue growth is 3%

IPH's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

IPH's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

IPH's rule of X is 38% (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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IPH Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	29%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	10%	XXX	XXX	XXX
Rule of 40	31%	XXX	31%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	38%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	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	81%	XXX	XXX	XXX

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

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IPH Public Comps

See public comps and valuation multiples for Legal Services comps

	EV/Revenue			EV/EBITDA
	2025E	2026E	2027E	2025E	2026E	2027E
Shine Justice	XXX	XXX	XXX	XXX	XXX	XXX
Fondia	XXX	XXX	XXX	XXX	XXX	XXX
Talenom	XXX	XXX	XXX	XXX	XXX	XXX
Anexo Group	XXX	XXX	XXX	XXX	XXX	XXX
Gateley	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.

IPH M&A and Investment Activity

IPH acquired XXX companies to date.

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

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Latest Acquisitions by IPH

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 IPH

When was IPH founded?	IPH was founded in 2014.
Where is IPH headquartered?	IPH is headquartered in Australia.
How many employees does IPH have?	As of today, IPH has 1.8K+ employees.
Who is the CEO of IPH?	IPH's CEO is Dr. Andrew Blattman, PhD.
Is IPH publicy listed?	Yes, IPH is a public company listed on ASX.
What is the stock symbol of IPH?	IPH trades under IPH ticker.
When did IPH go public?	IPH went public in 2014.
Who are competitors of IPH?	Similar companies to IPH include e.g. Shine Justice, Fondia, Talenom, Anexo Group.
What is the current market cap of IPH?	IPH's current market cap is $671M
What is the current revenue of IPH?	IPH's last 12 months revenue is $467M.
What is the current revenue growth of IPH?	IPH revenue growth (NTM/LTM) is 3%.
What is the current EV/Revenue multiple of IPH?	Current revenue multiple of IPH is 2.0x.
Is IPH profitable?	Yes, IPH is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of IPH?	IPH's last 12 months EBITDA is $137M.
What is IPH's EBITDA margin?	IPH's last 12 months EBITDA margin is 29%.
What is the current EV/EBITDA multiple of IPH?	Current EBITDA multiple of IPH is 6.8x.
What is the current FCF of IPH?	IPH's last 12 months FCF is $78.8M.
What is IPH's FCF margin?	IPH's last 12 months FCF margin is 17%.
What is the current EV/FCF multiple of IPH?	Current FCF multiple of IPH is 11.9x.

IPH Valuation Multiples

Discover revenue and EBITDA valuation multiples for IPH and similar public comparables like Anexo Group, Talenom, and Gateley.

IPH Overview

About IPH

Founded

HQ

Employees

Website

Sectors

Financials

EV

Valuation Multiples

Valuation Multiples for 15K+ Public Comps

IPH Financials

IPH P&L

Financial Performance Summary for IPH

Recent Performance Highlights

Fiscal Year Performance

IPH Stock Performance

Market Cap Evolution

IPH Stock Data

Benchmark Trading Valuation Multiples by Industry

IPH Valuation Multiples

EV/Revenue (LTM) Evolution

IPH Financial Valuation Multiples

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IPH Margins & Growth Rates

IPH Operational Valuation Multiples

Valuation Multiples Across 220+ Verticals

IPH Public Comps

IPH M&A and Investment Activity

Latest Acquisitions by IPH

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About IPH

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