Naspers - Public Comps and Valuation Multiples

Naspers Overview

About Naspers

Naspers Ltd is an Internet and entertainment group and technology investor in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds companies that empower people and enrich communities. It runs some of the platforms in the internet, video entertainment, and media. Naspers operates in various sectors including online classifieds, food delivery, payments, travel, education, health, and social and internet platforms. People use products and services of companies that Naspers has invested in, acquired, or built, including Azos, PharmEasy, ElasticRun, Alwans, and Vegrow among others. Geographically, the company derives maximum revenue from Europe and the rest from Asia, Africa, Latin America, North America, and other regions.

Founded

1915

HQ

Employees

26.9K+

Website

naspers.com

Sectors

Consumer Marketplaces
Vertical Marketplaces
Horizontal Marketplaces
Classifieds

Financials

LTM Revenue $138B

LTM EBITDA $12.4B

EV

$53.0B

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Naspers Financials

As of September 2025, Naspers reported last 12-month revenue of $138B and EBITDA of $12.4B.

In the same period, Naspers generated $56.2B in LTM gross profit and $86.5B in net income.

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Naspers P&L

In the most recent fiscal year, Naspers reported revenue of $412M and EBITDA of $766M.

Naspers 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	$138B	XXX	$412M	XXX	XXX	XXX
Gross Profit	$56.2B	XXX	$166M	XXX	XXX	XXX
Gross Margin	41%	XXX	40%	XXX	XXX	XXX
EBITDA	$12.4B	XXX	$766M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	186%	XXX	XXX	XXX
EBIT	$6.4B	XXX	$6.8M	XXX	XXX	XXX
EBIT Margin	5%	XXX	2%	XXX	XXX	XXX
Net Profit	$86.5B	XXX	$301M	XXX	XXX	XXX
Net Margin	63%	XXX	73%	XXX	XXX	XXX
Net Debt	XXX	XXX	$571M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Naspers including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $138B. EBITDA for the last twelve months was $12.4B. In the most recent fiscal year, Naspers achieved $412M in revenue and $766M 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	$138B	Analyst estimates available to subscribers	$412M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$56.2B	Analyst estimates available to subscribers	$166M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	40.8% gross margin	Analyst estimates available to subscribers	40.3% 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)	$12.4B	Analyst estimates available to subscribers	$766M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.0% EBITDA margin	Analyst estimates available to subscribers	185.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$6.4B	Analyst estimates available to subscribers	$6.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.6% EBIT margin	Analyst estimates available to subscribers	1.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$86.5B	Analyst estimates available to subscribers	$301M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	62.7% net profit margin	Analyst estimates available to subscribers	73.0% 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	$571M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Naspers

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

Recent Performance Highlights

Naspers generated $138B in revenue over the last twelve months.
The company achieved $12.4B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $56.2B.
Net income over the last twelve months reached $86.5B.

Fiscal Year Performance

In the most recent fiscal year, Naspers reported $412M in total revenue.
Fiscal year EBITDA was $766M.
The company maintained a gross profit margin of 40.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 185.8%.
Net profit margin reached 73.0% in the most recent fiscal year.

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

Naspers Stock Performance

Naspers has current market cap of ZAR 949B (or $54.5B), and EV of ZAR 923B (or $53.0B).

Market Cap Evolution

Naspers Stock Data

As of October 15, 2025, Naspers's stock price is ZAR 1211 (or $70).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$53.0B	$54.5B	XXX	XXX	XXX	XXX	$4.46

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Naspers Valuation Multiples

Naspers's trades at 132.0x EV/Revenue multiple, and 77.2x EV/EBITDA.

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Naspers Financial Valuation Multiples

As of October 15, 2025, Naspers has market cap of $54.5B and EV of $53.0B.

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

Naspers has a P/E ratio of 11.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$54.5B	XXX	$54.5B	XXX	XXX	XXX
EV (current)	$53.0B	XXX	$53.0B	XXX	XXX	XXX
EV/Revenue	6.7x	XXX	132.0x	XXX	XXX	XXX
EV/EBITDA	74.5x	XXX	77.2x	XXX	XXX	XXX
EV/EBIT	144.1x	XXX	21100.3x	XXX	XXX	XXX
EV/Gross Profit	16.4x	XXX	n/a	XXX	XXX	XXX
P/E	11.0x	XXX	204.4x	XXX	XXX	XXX
EV/FCF	35.7x	XXX	591.5x	XXX	XXX	XXX

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

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Naspers Margins & Growth Rates

Naspers's last 12 month revenue growth is 12%

Naspers's revenue per employee in the last FY averaged $15K, while opex per employee averaged $6K for the same period.

Naspers's rule of 40 is 183% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Naspers's rule of X is 40% (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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Naspers Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	377%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	171%	XXX	XXX	XXX
EBITDA Growth	63%	XXX	34%	XXX	XXX	XXX
Rule of 40	183%	XXX	183%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	40%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$15K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$6K	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	39%	XXX	XXX	XXX

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

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