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Li Ning Valuation Multiples

Discover revenue and EBITDA valuation multiples for Li Ning and similar public comparables like Step One Clothing, Brillia Inc, and Merino.

Li Ning Overview

About Li Ning

Established in 1989, Li Ning is one of the largest sportswear companies in China. Headquartered in Beijing, Li Ning mainly sells professional and leisure footwear and apparel under the Li Ning brand. Despite having a single-brand strategy, Li Ning launched multiple sub-brands (such as China Li Ning and Li Ning 1990) to appeal to different demographics. As of the end of 2021, the company had 7,137 stores in China, of which 1,232 were directly operated, and 5,905 were franchised.


Founded

2004

HQ

Hong Kong
Employees

4.8K+

Website

lining.com

Financials

LTM Revenue $4.2B

LTM EBITDA $753M

EV

$3.2B

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Li Ning Financials

Li Ning has a last 12-month revenue of $4.2B and a last 12-month EBITDA of $753M.

In the most recent fiscal year, Li Ning achieved revenue of $3.5B and an EBITDA of $812M.

Li Ning expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Li Ning P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $3.3B $3.5B XXX XXX XXX
Gross Profit $1.5B $1.6B XXX XXX XXX
Gross Margin 46% 45% XXX XXX XXX
EBITDA $897M $812M XXX XXX XXX
EBITDA Margin 27% 23% XXX XXX XXX
Net Profit $516M $523M XXX XXX XXX
Net Margin 16% 15% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Li Ning Stock Performance

As of April 15, 2025, Li Ning's stock price is HKD 15 (or $2).

Li Ning has current market cap of HKD 39.9B (or $5.1B), and EV of HKD 25.2B (or $3.2B).

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Li Ning Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$3.2B $5.1B XXX XXX XXX XXX $0.16

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Li Ning Valuation Multiples

As of April 15, 2025, Li Ning has market cap of $5.1B and EV of $3.2B.

Li Ning's trades at 0.8x LTM EV/Revenue multiple, and 4.6x LTM EBITDA.

Analysts estimate Li Ning's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Li Ning Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $3.2B XXX XXX XXX
EV/Revenue 0.9x XXX XXX XXX
EV/EBITDA 4.0x XXX XXX XXX
P/E 12.5x XXX XXX XXX
P/E/Growth 15.4x XXX XXX XXX
EV/FCF 8.8x XXX XXX XXX

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Li Ning Valuation Multiples

Li Ning's NTM/LTM revenue growth is 2%

Li Ning's revenue per employee for the last fiscal year averaged $0.7M, while opex per employee averaged $0.3M for the same period.

Over next 12 months, Li Ning's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Li Ning's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Li Ning Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 7% XXX XXX XXX XXX
EBITDA Margin 23% XXX XXX XXX XXX
EBITDA Growth -9% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 24% XXX XXX XXX XXX
Revenue per Employee $0.7M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 33% XXX XXX XXX XXX
G&A Expenses to Revenue 5% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 36% XXX XXX XXX XXX

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Li Ning Public Comps

See public comps and valuation multiples for Clothing & Accessories comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Brillia Inc XXX XXX XXX XXX XXX XXX
Cettire XXX XXX XXX XXX XXX XXX
Merino XXX XXX XXX XXX XXX XXX
Premier Investments XXX XXX XXX XXX XXX XXX
Step One Clothing XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Li Ning M&A and Investment Activity

Li Ning acquired  XXX companies to date.

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

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Latest Acquisitions by Li Ning

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 Li Ning

When was Li Ning founded? Li Ning was founded in 2004.
Where is Li Ning headquartered? Li Ning is headquartered in Hong Kong.
How many employees does Li Ning have? As of today, Li Ning has 4.8K+ employees.
Who is the CEO of Li Ning? Li Ning's CEO is Mr. Ning Li.
Is Li Ning publicy listed? Yes, Li Ning is a public company listed on HKG.
What is the stock symbol of Li Ning? Li Ning trades under 02331 ticker.
When did Li Ning go public? Li Ning went public in 2004.
Who are competitors of Li Ning? Similar companies to Li Ning include e.g. Brillia Inc, Cettire, Merino, Premier Investments.
What is the current market cap of Li Ning? Li Ning's current market cap is $5.1B
What is the current revenue of Li Ning? Li Ning's last 12-month revenue is $4.2B.
What is the current EBITDA of Li Ning? Li Ning's last 12-month EBITDA is $753M.
What is the current EV/Revenue multiple of Li Ning? Current revenue multiple of Li Ning is 0.8x.
What is the current EV/EBITDA multiple of Li Ning? Current EBITDA multiple of Li Ning is 4.6x.
What is the current revenue growth of Li Ning? Li Ning revenue growth between 2023 and 2024 was 7%.
Is Li Ning profitable? Yes, Li Ning is EBITDA-positive (as of the last 12 months).

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