Multitude - Public Comps and Valuation Multiples

Multitude Overview

About Multitude

Multitude AG, formerly Multitude SE is a European FinTech company that offers digital financial and banking services to both individuals and small and medium-sized businesses. The company's operations are divided into three business units: consumer banking (Ferratum), SME banking (CapitalBox) and wholesale banking (Multitude Bank). These units are supported by an internal Banking-as-a-Service platform. The company operates in nearly 16 different countries.

Founded

2005

HQ

Employees

714

Website

multitude.com

Sectors

Online Lending
Lending Solutions
Lead Generation
Price Comparison
Vertical Marketplaces
FinTech

Financials

LTM Revenue $280M

LTM EBITDA $81.4M

EV

-$70.7M

Valuation Multiples

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Multitude Financials

As of September 2025, Multitude reported last 12-month revenue of $280M and EBITDA of $81.4M.

In the same period, Multitude generated $175M in LTM gross profit and $25.4M in net income.

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Multitude P&L

In the most recent fiscal year, Multitude reported revenue of $286M and EBITDA of $42.0M.

Multitude 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	$280M	XXX	$286M	XXX	XXX	XXX
Gross Profit	$175M	XXX	$203M	XXX	XXX	XXX
Gross Margin	62%	XXX	71%	XXX	XXX	XXX
EBITDA	$81.4M	XXX	$42.0M	XXX	XXX	XXX
EBITDA Margin	29%	XXX	15%	XXX	XXX	XXX
EBIT	$69.1M	XXX	$126M	XXX	XXX	XXX
EBIT Margin	25%	XXX	44%	XXX	XXX	XXX
Net Profit	$25.4M	XXX	$23.4M	XXX	XXX	XXX
Net Margin	9%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Multitude including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $280M. EBITDA for the last twelve months was $81.4M. In the most recent fiscal year, Multitude achieved $286M in revenue and $42.0M 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	$280M	Analyst estimates available to subscribers	$286M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$175M	Analyst estimates available to subscribers	$203M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	62.4% gross margin	Analyst estimates available to subscribers	71.1% 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)	$81.4M	Analyst estimates available to subscribers	$42.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	29.1% EBITDA margin	Analyst estimates available to subscribers	14.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$69.1M	Analyst estimates available to subscribers	$126M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.7% EBIT margin	Analyst estimates available to subscribers	44.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$25.4M	Analyst estimates available to subscribers	$23.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.1% net profit margin	Analyst estimates available to subscribers	8.2% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Multitude

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

Recent Performance Highlights

Multitude generated $280M in revenue over the last twelve months.
The company achieved $81.4M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $175M.
Net income over the last twelve months reached $25.4M.

Fiscal Year Performance

In the most recent fiscal year, Multitude reported $286M in total revenue.
Fiscal year EBITDA was $42.0M.
The company maintained a gross profit margin of 71.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 14.7%.
Net profit margin reached 8.2% in the most recent fiscal year.

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

Multitude Stock Performance

Multitude has current market cap of EUR 150M (or $174M), and EV of -EUR 61.1M (or -$70.7M).

Market Cap Evolution

Multitude Stock Data

As of October 17, 2025, Multitude's stock price is EUR 7 (or $8).

See Multitude trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
-$70.7M	$174M	XXX	XXX	XXX	XXX	$1.18

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Multitude Valuation Multiples

Multitude's trades at -0.2x EV/Revenue multiple, and -1.7x EV/EBITDA.

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Multitude Financial Valuation Multiples

As of October 17, 2025, Multitude has market cap of $174M and EV of -$70.7M.

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

Multitude has a P/E ratio of 6.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$174M	XXX	$174M	XXX	XXX	XXX
EV (current)	-$70.7M	XXX	-$70.7M	XXX	XXX	XXX
EV/Revenue	-0.3x	XXX	-0.2x	XXX	XXX	XXX
EV/EBITDA	-0.9x	XXX	-1.7x	XXX	XXX	XXX
EV/EBIT	-1.0x	XXX	-0.6x	XXX	XXX	XXX
EV/Gross Profit	-0.4x	XXX	n/a	XXX	XXX	XXX
P/E	6.8x	XXX	7.4x	XXX	XXX	XXX
EV/FCF	11.0x	XXX	1.6x	XXX	XXX	XXX

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

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Multitude Margins & Growth Rates

Multitude's last 12 month revenue growth is 4%

Multitude's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Multitude's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Multitude's rule of X is 39% (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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Multitude Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	29%	XXX	15%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	n/a	XXX	XXX	XXX
Rule of 40	25%	XXX	19%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	39%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	5%	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	27%	XXX	XXX	XXX

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

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