Lenovo - Public Comps and Valuation Multiples

Lenovo Overview

About Lenovo

Lenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.

Founded

1993

HQ

Employees

72K+

Website

lenovo.com

Sectors

Consumer Electronics
Electronic Equipment

Financials

LTM Revenue $572B

LTM EBITDA $28.3B

EV

$18.0B

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Lenovo Financials

As of September 2025, Lenovo reported last 12-month revenue of $572B and EBITDA of $28.3B.

In the same period, Lenovo generated $93.2B in LTM gross profit and $12.0B in net income.

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Lenovo P&L

In the most recent fiscal year, Lenovo reported revenue of $8.9B and EBITDA of $472M.

Lenovo 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	$572B	XXX	$8.9B	XXX	XXX	XXX
Gross Profit	$93.2B	XXX	$1.4B	XXX	XXX	XXX
Gross Margin	16%	XXX	16%	XXX	XXX	XXX
EBITDA	$28.3B	XXX	$472M	XXX	XXX	XXX
EBITDA Margin	5%	XXX	5%	XXX	XXX	XXX
EBIT	$19.6B	XXX	$278M	XXX	XXX	XXX
EBIT Margin	3%	XXX	3%	XXX	XXX	XXX
Net Profit	$12.0B	XXX	$178M	XXX	XXX	XXX
Net Margin	2%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$82.3M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Lenovo including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $572B. EBITDA for the last twelve months was $28.3B. In the most recent fiscal year, Lenovo achieved $8.9B in revenue and $472M 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	$572B	Analyst estimates available to subscribers	$8.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$93.2B	Analyst estimates available to subscribers	$1.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	16.3% gross margin	Analyst estimates available to subscribers	16.1% 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)	$28.3B	Analyst estimates available to subscribers	$472M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.0% EBITDA margin	Analyst estimates available to subscribers	5.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$19.6B	Analyst estimates available to subscribers	$278M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.4% EBIT margin	Analyst estimates available to subscribers	3.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$12.0B	Analyst estimates available to subscribers	$178M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	2.1% net profit margin	Analyst estimates available to subscribers	2.0% 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	$82.3M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Lenovo

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

Recent Performance Highlights

Lenovo generated $572B in revenue over the last twelve months.
The company achieved $28.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $93.2B.
Net income over the last twelve months reached $12.0B.

Fiscal Year Performance

In the most recent fiscal year, Lenovo reported $8.9B in total revenue.
Fiscal year EBITDA was $472M.
The company maintained a gross profit margin of 16.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.3%.
Net profit margin reached 2.0% in the most recent fiscal year.

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

Lenovo Stock Performance

Lenovo has current market cap of HKD 138B (or $17.8B), and EV of HKD 140B (or $18.0B).

Market Cap Evolution

Lenovo Stock Data

As of October 17, 2025, Lenovo's stock price is HKD 11 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$18.0B	$17.8B	XXX	XXX	XXX	XXX	$0.12

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Lenovo Valuation Multiples

Lenovo's trades at 2.1x EV/Revenue multiple, and 38.6x EV/EBITDA.

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Lenovo Financial Valuation Multiples

As of October 17, 2025, Lenovo has market cap of $17.8B and EV of $18.0B.

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

Lenovo has a P/E ratio of 11.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$17.8B	XXX	$17.8B	XXX	XXX	XXX
EV (current)	$18.0B	XXX	$18.0B	XXX	XXX	XXX
EV/Revenue	0.2x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	5.0x	XXX	38.6x	XXX	XXX	XXX
EV/EBIT	7.2x	XXX	66.0x	XXX	XXX	XXX
EV/Gross Profit	1.5x	XXX	n/a	XXX	XXX	XXX
P/E	11.6x	XXX	107.2x	XXX	XXX	XXX
EV/FCF	14.8x	XXX	982.5x	XXX	XXX	XXX

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

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Lenovo Margins & Growth Rates

Lenovo's last 12 month revenue growth is 9%

Lenovo's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $16K for the same period.

Lenovo's rule of 40 is 15% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Lenovo's rule of X is 28% (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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Lenovo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	210%	XXX	XXX	XXX
EBITDA Margin	5%	XXX	6%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	199%	XXX	XXX	XXX
Rule of 40	15%	XXX	15%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	28%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$16K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	5%	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	13%	XXX	XXX	XXX

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

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