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Merlin Properties Valuation Multiples
Discover revenue and EBITDA valuation multiples for Merlin Properties and similar public comparables like Jefferies, Pershing Square Holdings, M&G, SEI Investments and more.
Merlin Properties Overview
About Merlin Properties
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of the real estate investment trust. The main activity of the company is the acquisition, active management, operation, and selective rotation of quality commercial real estate assets in the "Core" and "Core-Plus" investment segments, mainly in Spain and, to a lesser extent, in Portugal. Its segments are based on the type of assets namely Office buildings, Data Centers, Shopping centers, Logistics Warehouses, and others. The company generates the maximum revenue from the Office buildings segment.
Founded
2014
HQ
Employees
293
Website
Sectors
Financials (LTM)
EV
$14B
Merlin Properties Financials
Merlin Properties reported last 12-month revenue of $518M and EBITDA of $485M.
In the same LTM period, Merlin Properties generated $507M in gross profit, $485M in EBITDA, and $204M in net income.
Revenue (LTM)
Merlin Properties P&L
In the most recent fiscal year, Merlin Properties reported revenue of $626M and EBITDA of $1B.
Merlin Properties expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $518M | XXX | $626M | XXX | XXX | XXX |
| Gross Profit | $507M | XXX | — | XXX | XXX | XXX |
| Gross Margin | 98% | XXX | — | XXX | XXX | XXX |
| EBITDA | $485M | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 94% | XXX | 177% | XXX | XXX | XXX |
| EBIT Margin | 94% | XXX | 76% | XXX | XXX | XXX |
| Net Profit | $204M | XXX | $913M | XXX | XXX | XXX |
| Net Margin | 40% | XXX | 146% | XXX | XXX | XXX |
| Net Debt | — | — | $4B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Merlin Properties Stock Performance
Merlin Properties has current market cap of $10B, and enterprise value of $14B.
Market Cap Evolution
Merlin Properties' stock price is $17.01.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $14B | $10B | (0.2%) | XXX | XXX | XXX | $1.62 |
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Start Free TrialMerlin Properties Valuation Multiples
Merlin Properties trades at 27.0x EV/Revenue multiple, and 28.9x EV/EBITDA.
EV / Revenue (LTM)
Merlin Properties Financial Valuation Multiples
As of March 7, 2026, Merlin Properties has market cap of $10B and EV of $14B.
Equity research analysts estimate Merlin Properties' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Merlin Properties has a P/E ratio of 46.8x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $10B | XXX | $10B | XXX | XXX | XXX |
| EV (current) | $14B | XXX | $14B | XXX | XXX | XXX |
| EV/Revenue | 27.0x | XXX | 22.4x | XXX | XXX | XXX |
| EV/EBITDA | 28.9x | XXX | 12.6x | XXX | XXX | XXX |
| EV/EBIT | 28.9x | XXX | 29.4x | XXX | XXX | XXX |
| EV/Gross Profit | 27.6x | XXX | — | XXX | XXX | XXX |
| P/E | 46.8x | XXX | 10.5x | XXX | XXX | XXX |
| EV/FCF | (66.9x) | XXX | 29.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Merlin Properties Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Merlin Properties Margins & Growth Rates
Merlin Properties' revenue in the last 12 month grew by 38%.
Merlin Properties' revenue per employee in the last FY averaged $1.8M.
Merlin Properties' rule of 40 is 132% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Merlin Properties' rule of X is 189% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Merlin Properties Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 38% | XXX | 11% | XXX | XXX | XXX |
| EBITDA Margin | 94% | XXX | 177% | XXX | XXX | XXX |
| EBITDA Growth | 10% | XXX | (53%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 132% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 189% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.8M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 15% | XXX | 2% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 26% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Merlin Properties Public Comps
See public comps and valuation multiples for other Asset Management comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Jefferies | XXX | XXX | XXX | XXX | XXX | XXX |
| Pershing Square Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| M&G | XXX | XXX | XXX | XXX | XXX | XXX |
| SEI Investments | XXX | XXX | XXX | XXX | XXX | XXX |
| St James's Place | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Merlin Properties M&A Activity
Merlin Properties acquired XXX companies to date.
Last acquisition by Merlin Properties was on XXXXXXXX, XXXXX. Merlin Properties acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Merlin Properties
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialMerlin Properties Investment Activity
Merlin Properties invested in XXX companies to date.
Merlin Properties made its latest investment on XXXXXXXX, XXXXX. Merlin Properties invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Merlin Properties
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Merlin Properties
| When was Merlin Properties founded? | Merlin Properties was founded in 2014. |
| Where is Merlin Properties headquartered? | Merlin Properties is headquartered in Spain. |
| How many employees does Merlin Properties have? | As of today, Merlin Properties has over 293 employees. |
| Who is the CEO of Merlin Properties? | Merlin Properties' CEO is Ismael Clemente Orrego. |
| Is Merlin Properties publicly listed? | Yes, Merlin Properties is a public company listed on Bolsa de Madrid. |
| What is the stock symbol of Merlin Properties? | Merlin Properties trades under MRL ticker. |
| When did Merlin Properties go public? | Merlin Properties went public in 2014. |
| Who are competitors of Merlin Properties? | Merlin Properties main competitors are Jefferies, Pershing Square Holdings, M&G, SEI Investments. |
| What is the current market cap of Merlin Properties? | Merlin Properties' current market cap is $10B. |
| What is the current revenue of Merlin Properties? | Merlin Properties' last 12 months revenue is $518M. |
| What is the current revenue growth of Merlin Properties? | Merlin Properties revenue growth (NTM/LTM) is 38%. |
| What is the current EV/Revenue multiple of Merlin Properties? | Current revenue multiple of Merlin Properties is 27.0x. |
| Is Merlin Properties profitable? | Yes, Merlin Properties is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Merlin Properties? | Merlin Properties' last 12 months EBITDA is $485M. |
| What is Merlin Properties' EBITDA margin? | Merlin Properties' last 12 months EBITDA margin is 94%. |
| What is the current EV/EBITDA multiple of Merlin Properties? | Current EBITDA multiple of Merlin Properties is 28.9x. |
| What is the current FCF of Merlin Properties? | Merlin Properties' last 12 months FCF is ($209M). |
| What is Merlin Properties' FCF margin? | Merlin Properties' last 12 months FCF margin is (40%). |
| What is the current EV/FCF multiple of Merlin Properties? | Current FCF multiple of Merlin Properties is (66.9x). |
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