Meridian Energy - Public Comps and Valuation Multiples

Meridian Energy Overview

About Meridian Energy

Meridian Energy is one of New Zealand’s leading utilities. It is the largest electricity producer in the nation, with a third of the market, and the fourth-largest energy retailer, with about 15% of the market by customer numbers. It generates 100% renewable electricity, mainly from large hydroelectric schemes in the South Island. It also owns a geographically diversified portfolio of wind farms.

Founded

1998

HQ

Employees

936

Website

meridianenergy.co.nz

Sectors

Utilities
Water
Energy Exploration & Generation

Financials

LTM Revenue $2.8B

LTM EBITDA $427M

EV

$9.5B

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Meridian Energy Financials

As of September 2025, Meridian Energy reported last 12-month revenue of $2.8B and EBITDA of $427M.

In the same period, Meridian Energy achieved -$114M in LTM net income.

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Meridian Energy P&L

In the most recent fiscal year, Meridian Energy reported revenue of $2.7B and EBITDA of -$50.9M.

Meridian Energy 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	$2.8B	XXX	$2.7B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$2.7B	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	$427M	XXX	-$50.9M	XXX	XXX	XXX
EBITDA Margin	15%	XXX	-2%	XXX	XXX	XXX
EBIT	$112M	XXX	$406M	XXX	XXX	XXX
EBIT Margin	4%	XXX	15%	XXX	XXX	XXX
Net Profit	-$114M	XXX	-$258M	XXX	XXX	XXX
Net Margin	-4%	XXX	-9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$827M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Meridian Energy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.8B. EBITDA for the last twelve months was $427M. In the most recent fiscal year, Meridian Energy achieved $2.7B in revenue and -$50.9M 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	$2.8B	Analyst estimates available to subscribers	$2.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$2.7B	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	100.0% 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)	$427M	Analyst estimates available to subscribers	-$50.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	15.2% EBITDA margin	Analyst estimates available to subscribers	-1.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$112M	Analyst estimates available to subscribers	$406M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.0% EBIT margin	Analyst estimates available to subscribers	14.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$114M	Analyst estimates available to subscribers	-$258M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-4.1% net profit margin	Analyst estimates available to subscribers	-9.4% 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	$827M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Meridian Energy

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

Recent Performance Highlights

Meridian Energy generated $2.8B in revenue over the last twelve months.
The company achieved $427M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$114M.

Fiscal Year Performance

In the most recent fiscal year, Meridian Energy reported $2.7B in total revenue.
Fiscal year EBITDA was -$50.9M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1.9%.
Net profit margin reached -9.4% in the most recent fiscal year.

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

Meridian Energy Stock Performance

Meridian Energy has current market cap of NZD 15.2B (or $8.7B), and EV of NZD 16.6B (or $9.5B).

Market Cap Evolution

Meridian Energy Stock Data

As of October 17, 2025, Meridian Energy's stock price is NZD 6 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$9.5B	$8.7B	XXX	XXX	XXX	XXX	$-0.04

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Meridian Energy Valuation Multiples

Meridian Energy's trades at 3.5x EV/Revenue multiple, and 36.7x EV/EBITDA.

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Meridian Energy Financial Valuation Multiples

As of October 17, 2025, Meridian Energy has market cap of $8.7B and EV of $9.5B.

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

Meridian Energy has a P/E ratio of -76.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$8.7B	XXX	$8.7B	XXX	XXX	XXX
EV (current)	$9.5B	XXX	$9.5B	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	3.5x	XXX	XXX	XXX
EV/EBITDA	22.3x	XXX	36.7x	XXX	XXX	XXX
EV/EBIT	84.9x	XXX	30.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-76.2x	XXX	-1319.1x	XXX	XXX	XXX
EV/FCF	48.6x	XXX	71.3x	XXX	XXX	XXX

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

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Meridian Energy Margins & Growth Rates

Meridian Energy's last 12 month revenue growth is 3%

Meridian Energy's revenue per employee in the last FY averaged $2.9M, while opex per employee averaged $2.5M for the same period.

Meridian Energy's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Meridian Energy's rule of X is 24% (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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Meridian Energy Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	15%	XXX	9%	XXX	XXX	XXX
EBITDA Growth	45%	XXX	55%	XXX	XXX	XXX
Rule of 40	13%	XXX	13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	24%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$2.5M	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	85%	XXX	XXX	XXX

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

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