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Nel Valuation Multiples
Discover revenue and EBITDA valuation multiples for Nel and similar public comparables like Sea1 Offshore, Natural Gas Services Group, Girisim Elektrik, Akastor and more.
Nel Overview
About Nel
NEL ASA is a hydrogen company delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. It serves industries, energy, and gas companies with hydrogen technology. The company's hydrogen solutions cover the entire value chain from hydrogen production technologies to the manufacturing of hydrogen fueling stations, providing all fuel cell electric vehicles with the same fast fueling and long range as conventional vehicles. The company's segments include Nel Alkaline Electrolyser and Nel PEM Electrolyser. It generates maximum revenue from the Nel Alkaline Electrolyser. Nel Alkaline Electrolyser segment a supplier of hydrogen production equipment based on alkaline water electrolysis technology.
Founded
1998
HQ
Employees
409
Website
Sectors
Financials (LTM)
EV
$327M
Nel Financials
Nel reported last 12-month revenue of $106M and negative EBITDA of ($29M).
In the same LTM period, Nel generated $55M in gross profit, ($29M) in EBITDA losses, and had net loss of ($107M).
Revenue (LTM)
Nel P&L
In the most recent fiscal year, Nel reported revenue of $112M and EBITDA of ($20M).
Nel expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $106M | XXX | $112M | XXX | XXX | XXX |
| Gross Profit | $55M | XXX | $60M | XXX | XXX | XXX |
| Gross Margin | 52% | XXX | 54% | XXX | XXX | XXX |
| EBITDA | ($29M) | XXX | ($20M) | XXX | XXX | XXX |
| EBITDA Margin | (28%) | XXX | (18%) | XXX | XXX | XXX |
| EBIT Margin | (102%) | XXX | (66%) | XXX | XXX | XXX |
| Net Profit | ($107M) | XXX | ($132M) | XXX | XXX | XXX |
| Net Margin | (101%) | XXX | (118%) | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Nel Stock Performance
Nel has current market cap of $475M, and enterprise value of $327M.
Market Cap Evolution
Nel's stock price is $0.26.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $327M | $475M | -0.1% | XXX | XXX | XXX | $-0.07 |
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Start Free TrialNel Valuation Multiples
Nel trades at 3.1x EV/Revenue multiple, and (11.1x) EV/EBITDA.
EV / Revenue (LTM)
Nel Financial Valuation Multiples
As of April 20, 2026, Nel has market cap of $475M and EV of $327M.
Equity research analysts estimate Nel's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Nel has a P/E ratio of (4.4x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $475M | XXX | $475M | XXX | XXX | XXX |
| EV (current) | $327M | XXX | $327M | XXX | XXX | XXX |
| EV/Revenue | 3.1x | XXX | 2.9x | XXX | XXX | XXX |
| EV/EBITDA | (11.1x) | XXX | (16.1x) | XXX | XXX | XXX |
| EV/EBIT | (3.0x) | XXX | (4.5x) | XXX | XXX | XXX |
| EV/Gross Profit | 5.9x | XXX | 5.4x | XXX | XXX | XXX |
| P/E | (4.4x) | XXX | (3.6x) | XXX | XXX | XXX |
| EV/FCF | (5.2x) | XXX | (5.6x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Nel 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.
Nel Margins & Growth Rates
Nel's revenue in the last 12 month grew by 3%.
Nel's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.3M for the same period.
Nel's rule of 40 is (44%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Nel's rule of X is (60%) (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).
Nel Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 3% | XXX | (18%) | XXX | XXX | XXX |
| EBITDA Margin | (28%) | XXX | (18%) | XXX | XXX | XXX |
| EBITDA Growth | (11%) | XXX | 53% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | (44%) | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (60%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 9% | XXX | XXX | XXX |
| R&D Expenses to Revenue | — | XXX | 4% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 119% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Nel Public Comps
See public comps and valuation multiples for other Energy Equipment comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Nel | XXX | XXX | XXX | XXX | XXX | XXX |
| Sea1 Offshore | XXX | XXX | XXX | XXX | XXX | XXX |
| Natural Gas Services Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Girisim Elektrik | XXX | XXX | XXX | XXX | XXX | XXX |
| Akastor | XXX | XXX | XXX | XXX | XXX | XXX |
| XP Power | 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.
Nel M&A Activity
Nel acquired XXX companies to date.
Last acquisition by Nel was on XXXXXXXX, XXXXX. Nel acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Nel
| 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 TrialNel Investment Activity
Nel invested in XXX companies to date.
Nel made its latest investment on XXXXXXXX, XXXXX. Nel invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Nel
| 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 Nel
| When was Nel founded? | Nel was founded in 1998. |
| Where is Nel headquartered? | Nel is headquartered in Norway. |
| How many employees does Nel have? | As of today, Nel has over 409 employees. |
| Who is the CEO of Nel? | Nel's CEO is Hakon Volldal. |
| Is Nel publicly listed? | Yes, Nel is a public company listed on Oslo Børs. |
| What is the stock symbol of Nel? | Nel trades under NEL ticker. |
| When did Nel go public? | Nel went public in 2004. |
| Who are competitors of Nel? | Nel main competitors are Sea1 Offshore, Natural Gas Services Group, Girisim Elektrik, Akastor. |
| What is the current market cap of Nel? | Nel's current market cap is $475M. |
| What is the current revenue of Nel? | Nel's last 12 months revenue is $106M. |
| What is the current revenue growth of Nel? | Nel revenue growth (NTM/LTM) is 3%. |
| What is the current EV/Revenue multiple of Nel? | Current revenue multiple of Nel is 3.1x. |
| Is Nel profitable? | No, Nel is not profitable. |
| What is the current EBITDA of Nel? | Nel has negative EBITDA and is not profitable. |
| What is Nel's EBITDA margin? | Nel's last 12 months EBITDA margin is (28%). |
| What is the current EV/EBITDA multiple of Nel? | Current EBITDA multiple of Nel is (11.1x). |
| What is the current FCF of Nel? | Nel's last 12 months FCF is ($63M). |
| What is Nel's FCF margin? | Nel's last 12 months FCF margin is (59%). |
| What is the current EV/FCF multiple of Nel? | Current FCF multiple of Nel is (5.2x). |
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