Lumen - Public Comps and Valuation Multiples

Lumen Overview

About Lumen

With 450,000 route miles of fiber, Lumen Technologies is one of the United States’ largest telecommunications carriers serving global enterprises. Its merger with Level 3 in 2017 and divestiture of much of its incumbent local exchange carrier, or ILEC, business in 2022 has shifted the company’s operations away from its legacy consumer business and toward enterprises (now about 75% of revenue). Lumen offers businesses a full menu of communications services, providing colocation and data center services, data transportation, and end-user phone and internet service. On the consumer side, Lumen provides broadband and phone service across 37 states, where it has 4.5 million broadband customers.

Founded

1968

HQ

Employees

25K+

Website

lumen.com

Sectors

Telecom Service Providers
Data Centers
Internet Service Providers

Financials

LTM Revenue $12.9B

LTM EBITDA $3.4B

EV

$21.2B

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Lumen Financials

Lumen has a last 12-month revenue of $12.9B and a last 12-month EBITDA of $3.4B.

In the most recent fiscal year, Lumen achieved revenue of $13.1B and an EBITDA of $4.1B.

Lumen expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Lumen P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$14.6B	$13.1B	XXX	XXX	XXX
Gross Profit	$9.6B	$7.4B	XXX	XXX	XXX
Gross Margin	66%	57%	XXX	XXX	XXX
EBITDA	-$6.1B	$4.1B	XXX	XXX	XXX
EBITDA Margin	-42%	31%	XXX	XXX	XXX
Net Profit	-$1.5B	-$10.3B	XXX	XXX	XXX
Net Margin	-11%	-79%	XXX	XXX	XXX
Net Debt	$19.3B	$17.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Lumen Stock Performance

As of March 17, 2025, Lumen's stock price is $5.

Lumen has current market cap of $4.9B, and EV of $21.2B.

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Lumen Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$21.2B	$4.9B	XXX	XXX	XXX	XXX	$-0.38

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Lumen Valuation Multiples

As of March 17, 2025, Lumen has market cap of $4.9B and EV of $21.2B.

Lumen's trades at 1.6x LTM EV/Revenue multiple, and 6.2x LTM EBITDA.

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

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Lumen Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$21.2B	XXX	XXX	XXX
EV/Revenue	1.6x	XXX	XXX	XXX
EV/EBITDA	5.2x	XXX	XXX	XXX
P/E	-89.8x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	19.2x	XXX	XXX	XXX

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

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Lumen Valuation Multiples

Lumen's NTM/LTM revenue growth is -5%

Lumen's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Lumen'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 Lumen's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Lumen Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-10%	XXX	XXX	XXX	XXX
EBITDA Margin	31%	XXX	XXX	XXX	XXX
EBITDA Growth	-167%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	26%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	24%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	46%	XXX	XXX	XXX	XXX

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