Kudelski - Public Comps and Valuation Multiples

Kudelski Overview

About Kudelski

Kudelski SA is a Switzerland-based company. It provides digital security and access control solutions. The company's service offering is split into three segments: Digital TV; Cybersecurity, Internet of Things (IoT). The Digital TV segment generates majority of the revenue and provides integrated solutions, which allows digital TV operators and content providers to operate TV services on a secure platform. The company provides its services world-wide and its income is in the form of recurring service revenues predominantly from the United States.

Founded

1951

HQ

Employees

1.9K+

Website

nagra.com

Sectors

Security Services
Electronic Equipment
Service Providers

Financials

LTM Revenue $345M

LTM EBITDA $30.3M

EV

$140M

Valuation Multiples

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Kudelski Financials

As of September 2025, Kudelski reported last 12-month revenue of $345M and EBITDA of $30.3M.

In the same period, Kudelski generated $275M in LTM gross profit and -$25.2M in net income.

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Kudelski P&L

In the most recent fiscal year, Kudelski reported revenue of $477M and EBITDA of -$14.7M.

Kudelski 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	$345M	XXX	$477M	XXX	XXX	XXX
Gross Profit	$275M	XXX	$118M	XXX	XXX	XXX
Gross Margin	80%	XXX	25%	XXX	XXX	XXX
EBITDA	$30.3M	XXX	-$14.7M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	-3%	XXX	XXX	XXX
EBIT	-$28.4M	XXX	-$156M	XXX	XXX	XXX
EBIT Margin	-8%	XXX	-33%	XXX	XXX	XXX
Net Profit	-$25.2M	XXX	$14.2M	XXX	XXX	XXX
Net Margin	-7%	XXX	3%	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 Kudelski including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $345M. EBITDA for the last twelve months was $30.3M. In the most recent fiscal year, Kudelski achieved $477M in revenue and -$14.7M 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	$345M	Analyst estimates available to subscribers	$477M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$275M	Analyst estimates available to subscribers	$118M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	79.6% gross margin	Analyst estimates available to subscribers	24.7% 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)	$30.3M	Analyst estimates available to subscribers	-$14.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	8.8% EBITDA margin	Analyst estimates available to subscribers	-3.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$28.4M	Analyst estimates available to subscribers	-$156M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-8.2% EBIT margin	Analyst estimates available to subscribers	-32.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$25.2M	Analyst estimates available to subscribers	$14.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-7.3% net profit margin	Analyst estimates available to subscribers	3.0% 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 Kudelski

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

Recent Performance Highlights

Kudelski generated $345M in revenue over the last twelve months.
The company achieved $30.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $275M.
Net income over the last twelve months reached -$25.2M.

Fiscal Year Performance

In the most recent fiscal year, Kudelski reported $477M in total revenue.
Fiscal year EBITDA was -$14.7M.
The company maintained a gross profit margin of 24.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3.1%.
Net profit margin reached 3.0% in the most recent fiscal year.

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

Kudelski Stock Performance

Kudelski has current market cap of CHF 131M (or $163M), and EV of CHF 112M (or $140M).

Market Cap Evolution

Kudelski Stock Data

As of October 17, 2025, Kudelski's stock price is CHF 1 (or $2).

See Kudelski trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$140M	$163M	XXX	XXX	XXX	XXX	$-0.46

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Kudelski Valuation Multiples

Kudelski's trades at 0.3x EV/Revenue multiple, and -9.5x EV/EBITDA.

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Kudelski Financial Valuation Multiples

As of October 17, 2025, Kudelski has market cap of $163M and EV of $140M.

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

Kudelski has a P/E ratio of -5.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$163M	XXX	$163M	XXX	XXX	XXX
EV (current)	$140M	XXX	$140M	XXX	XXX	XXX
EV/Revenue	0.3x	XXX	0.3x	XXX	XXX	XXX
EV/EBITDA	3.7x	XXX	-9.5x	XXX	XXX	XXX
EV/EBIT	-4.0x	XXX	-0.9x	XXX	XXX	XXX
EV/Gross Profit	0.4x	XXX	n/a	XXX	XXX	XXX
P/E	-5.2x	XXX	11.5x	XXX	XXX	XXX
EV/FCF	1.6x	XXX	-2.2x	XXX	XXX	XXX

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

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Kudelski Margins & Growth Rates

Kudelski's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

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

Kudelski'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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Kudelski 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	9%	XXX	-3%	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	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	57%	XXX	XXX	XXX

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

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