Merida Bikes - Public Comps and Valuation Multiples

Merida Bikes Overview

About Merida Bikes

Merida Industry Co Ltd is a manufacturer and distributor of bicycles and bicycle-related components, domiciled in Taiwan. The company produces bicycles for both recreational and professional use. Products include mountain bicycles, road and racing bicycles, bicycle motocross, or BMX, folding bicycles, children and youth bicycles, electric bicycles, helmets, components, and related parts and accessories. It distributes bicycles and components both domestically and internationally, and products are largely sold under the Merida brand name.

Founded

1972

HQ

Employees

1.3K+

Website

merida-bikes.com

Sectors

Sports & Leisure

Financials

LTM Revenue $934M

LTM EBITDA $92.5M

EV

$1.1B

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Merida Bikes Financials

As of September 2025, Merida Bikes reported last 12-month revenue of $934M and EBITDA of $92.5M.

In the same period, Merida Bikes generated $157M in LTM gross profit and $41.7M in net income.

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Merida Bikes P&L

In the most recent fiscal year, Merida Bikes reported revenue of $965M and EBITDA of -$5.8M.

Merida Bikes 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	$934M	XXX	$965M	XXX	XXX	XXX
Gross Profit	$157M	XXX	$175M	XXX	XXX	XXX
Gross Margin	17%	XXX	18%	XXX	XXX	XXX
EBITDA	$92.5M	XXX	-$5.8M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-1%	XXX	XXX	XXX
EBIT	$82.9M	XXX	$99.8M	XXX	XXX	XXX
EBIT Margin	9%	XXX	10%	XXX	XXX	XXX
Net Profit	$41.7M	XXX	-$22.8M	XXX	XXX	XXX
Net Margin	4%	XXX	-2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$141M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Merida Bikes including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $934M. EBITDA for the last twelve months was $92.5M. In the most recent fiscal year, Merida Bikes achieved $965M in revenue and -$5.8M 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	$934M	Analyst estimates available to subscribers	$965M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$157M	Analyst estimates available to subscribers	$175M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	16.8% gross margin	Analyst estimates available to subscribers	18.2% 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)	$92.5M	Analyst estimates available to subscribers	-$5.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.9% EBITDA margin	Analyst estimates available to subscribers	-0.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$82.9M	Analyst estimates available to subscribers	$99.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	8.9% EBIT margin	Analyst estimates available to subscribers	10.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$41.7M	Analyst estimates available to subscribers	-$22.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.5% net profit margin	Analyst estimates available to subscribers	-2.4% 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	$141M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Merida Bikes

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

Recent Performance Highlights

Merida Bikes generated $934M in revenue over the last twelve months.
The company achieved $92.5M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $157M.
Net income over the last twelve months reached $41.7M.

Fiscal Year Performance

In the most recent fiscal year, Merida Bikes reported $965M in total revenue.
Fiscal year EBITDA was -$5.8M.
The company maintained a gross profit margin of 18.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -0.6%.
Net profit margin reached -2.4% in the most recent fiscal year.

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

Merida Bikes Stock Performance

Merida Bikes has current market cap of TWD 30.6B (or $998M), and EV of TWD 33.3B (or $1.1B).

Market Cap Evolution

Merida Bikes Stock Data

As of October 17, 2025, Merida Bikes's stock price is TWD 103 (or $3).

See Merida Bikes trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.1B	$998M	XXX	XXX	XXX	XXX	$0.14

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Merida Bikes Valuation Multiples

Merida Bikes's trades at 1.1x EV/Revenue multiple, and -187.6x EV/EBITDA.

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Merida Bikes Financial Valuation Multiples

As of October 17, 2025, Merida Bikes has market cap of $998M and EV of $1.1B.

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

Merida Bikes has a P/E ratio of 23.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$998M	XXX	$998M	XXX	XXX	XXX
EV (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	11.7x	XXX	-187.6x	XXX	XXX	XXX
EV/EBIT	13.1x	XXX	10.9x	XXX	XXX	XXX
EV/Gross Profit	6.9x	XXX	n/a	XXX	XXX	XXX
P/E	23.9x	XXX	-43.8x	XXX	XXX	XXX
EV/FCF	13.6x	XXX	15.6x	XXX	XXX	XXX

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

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Merida Bikes Margins & Growth Rates

Merida Bikes's last 12 month revenue growth is 3%

Merida Bikes's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.1M for the same period.

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

Merida Bikes's rule of X is 17% (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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Merida Bikes Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	0%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	-1%	XXX	XXX	XXX
EBITDA Growth	5%	XXX	-8%	XXX	XXX	XXX
Rule of 40	15%	XXX	2%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	17%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	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	8%	XXX	XXX	XXX

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

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