Mercury NZ - Public Comps and Valuation Multiples

Mercury NZ Overview

About Mercury NZ

Mercury NZ (formerly Mighty River Power) generates more than 15% of New Zealand's electricity and is one of the four major electricity generators and suppliers in the country. All electricity is generated from renewable sources, which makes it one of the lowest-cost providers of electricity. The company operates nine hydro stations and five geothermal power plants in the North Island and some wind farms. Mercury sells electricity to residential and commercial customers and has the largest share of the key Auckland market.

Founded

1998

HQ

Employees

1.4K+

Website

mercury.co.nz

Sectors

Utilities
Water
Energy Exploration & Generation

Financials

LTM Revenue $2.1B

LTM EBITDA $492M

EV

$6.8B

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Mercury NZ Financials

As of September 2025, Mercury NZ reported last 12-month revenue of $2.1B and EBITDA of $492M.

In the same period, Mercury NZ achieved $58.5M in LTM net income.

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Mercury NZ P&L

In the most recent fiscal year, Mercury NZ reported revenue of $2.0B and EBITDA of $275M.

Mercury NZ 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	$2.1B	XXX	$2.0B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$571M	XXX	XXX	XXX
Gross Margin	n/a	XXX	28%	XXX	XXX	XXX
EBITDA	$492M	XXX	$275M	XXX	XXX	XXX
EBITDA Margin	24%	XXX	13%	XXX	XXX	XXX
EBIT	$230M	XXX	$130M	XXX	XXX	XXX
EBIT Margin	11%	XXX	6%	XXX	XXX	XXX
Net Profit	$58.5M	XXX	$0.6M	XXX	XXX	XXX
Net Margin	3%	XXX	0%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Mercury NZ including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.1B. EBITDA for the last twelve months was $492M. In the most recent fiscal year, Mercury NZ achieved $2.0B in revenue and $275M 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	$2.1B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$571M	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	28.0% 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)	$492M	Analyst estimates available to subscribers	$275M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	24.0% EBITDA margin	Analyst estimates available to subscribers	13.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$230M	Analyst estimates available to subscribers	$130M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	11.2% EBIT margin	Analyst estimates available to subscribers	6.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$58.5M	Analyst estimates available to subscribers	$0.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	2.9% net profit margin	Analyst estimates available to subscribers	0.0% 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	$1.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Mercury NZ

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

Recent Performance Highlights

Mercury NZ generated $2.1B in revenue over the last twelve months.
The company achieved $492M in EBITDA over the last twelve months.
Net income over the last twelve months reached $58.5M.

Fiscal Year Performance

In the most recent fiscal year, Mercury NZ reported $2.0B in total revenue.
Fiscal year EBITDA was $275M.
The company maintained a gross profit margin of 28.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 13.5%.
Net profit margin reached 0.0% in the most recent fiscal year.

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

Mercury NZ Stock Performance

Mercury NZ has current market cap of NZD 9.5B (or $5.5B), and EV of NZD 11.7B (or $6.8B).

Market Cap Evolution

Mercury NZ Stock Data

As of October 7, 2025, Mercury NZ's stock price is NZD 7 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$6.8B	$5.5B	XXX	XXX	XXX	XXX	$0.04

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Mercury NZ Valuation Multiples

Mercury NZ's trades at 3.4x EV/Revenue multiple, and 17.0x EV/EBITDA.

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Mercury NZ Financial Valuation Multiples

As of October 7, 2025, Mercury NZ has market cap of $5.5B and EV of $6.8B.

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

Mercury NZ has a P/E ratio of 94.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.5B	XXX	$5.5B	XXX	XXX	XXX
EV (current)	$6.8B	XXX	$6.8B	XXX	XXX	XXX
EV/Revenue	3.3x	XXX	3.4x	XXX	XXX	XXX
EV/EBITDA	13.8x	XXX	17.0x	XXX	XXX	XXX
EV/EBIT	29.6x	XXX	39.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	94.6x	XXX	65.3x	XXX	XXX	XXX
EV/FCF	29.0x	XXX	79.5x	XXX	XXX	XXX

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

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Mercury NZ Margins & Growth Rates

Mercury NZ's last 12 month revenue growth is 3%

Mercury NZ's revenue per employee in the last FY averaged $1.5M, while opex per employee averaged $0.3M for the same period.

Mercury NZ's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Mercury NZ's rule of X is 31% (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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Mercury NZ Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	24%	XXX	20%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	22%	XXX	XXX	XXX
Rule of 40	23%	XXX	23%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	31%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	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	22%	XXX	XXX	XXX

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

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