Netbay - Public Comps and Valuation Multiples

Netbay Overview

About Netbay

Netbay PCL is a Thailand-based company engaged in the provision and development of computer software used in the transmission of information electronically. The company creates, designs, and develops a digital business technology platform and omnichannel connectivity gateway. It operates in two segments: The e-Business segment, which develops an e-Business product in the form of services (SaaS: Software As A Service), and the e-Service segment, which rendered an e-Business service for the Business segment to Government (B2G) transaction, and Business segment to Business segment (B2B) transaction. The company operates only in Thailand and generates the majority of its revenue from the e-Business segment.

Founded

2004

HQ

Employees

111

Website

netbay.co.th

Sectors

E-commerce Software
Communication & Collaboration Software
RetailTech
B2B SaaS
Horizontal SaaS
MarTech
RetailTech

Financials

LTM Revenue $20.0M

LTM EBITDA $10.1M

EV

$122M

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Netbay Financials

As of September 2025, Netbay reported last 12-month revenue of $20.0M and EBITDA of $10.1M.

In the same period, Netbay generated $15.5M in LTM gross profit and $7.3M in net income.

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Netbay P&L

In the most recent fiscal year, Netbay reported revenue of $17.7M and EBITDA of $9.1M.

Netbay 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	$20.0M	XXX	$17.7M	XXX	XXX	XXX
Gross Profit	$15.5M	XXX	$14.1M	XXX	XXX	XXX
Gross Margin	77%	XXX	80%	XXX	XXX	XXX
EBITDA	$10.1M	XXX	$9.1M	XXX	XXX	XXX
EBITDA Margin	50%	XXX	51%	XXX	XXX	XXX
EBIT	$9.2M	XXX	$8.3M	XXX	XXX	XXX
EBIT Margin	46%	XXX	47%	XXX	XXX	XXX
Net Profit	$7.3M	XXX	$6.6M	XXX	XXX	XXX
Net Margin	37%	XXX	37%	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 Netbay including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $20.0M. EBITDA for the last twelve months was $10.1M. In the most recent fiscal year, Netbay achieved $17.7M in revenue and $9.1M 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	$20.0M	Analyst estimates available to subscribers	$17.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$15.5M	Analyst estimates available to subscribers	$14.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	77.2% gross margin	Analyst estimates available to subscribers	79.7% 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)	$10.1M	Analyst estimates available to subscribers	$9.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	50.4% EBITDA margin	Analyst estimates available to subscribers	51.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$9.2M	Analyst estimates available to subscribers	$8.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	46.1% EBIT margin	Analyst estimates available to subscribers	46.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$7.3M	Analyst estimates available to subscribers	$6.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	36.6% net profit margin	Analyst estimates available to subscribers	37.1% 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 Netbay

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

Recent Performance Highlights

Netbay generated $20.0M in revenue over the last twelve months.
The company achieved $10.1M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $15.5M.
Net income over the last twelve months reached $7.3M.

Fiscal Year Performance

In the most recent fiscal year, Netbay reported $17.7M in total revenue.
Fiscal year EBITDA was $9.1M.
The company maintained a gross profit margin of 79.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 51.4%.
Net profit margin reached 37.1% in the most recent fiscal year.

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

Netbay Stock Performance

Netbay has current market cap of THB 4.3B (or $132M), and EV of THB 4.0B (or $122M).

Market Cap Evolution

Netbay Stock Data

As of October 14, 2025, Netbay's stock price is THB 22 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$122M	$132M	XXX	XXX	XXX	XXX	$0.04

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Netbay Valuation Multiples

Netbay's trades at 6.9x EV/Revenue multiple, and 13.4x EV/EBITDA.

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Netbay Financial Valuation Multiples

As of October 14, 2025, Netbay has market cap of $132M and EV of $122M.

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

Netbay has a P/E ratio of 18.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$132M	XXX	$132M	XXX	XXX	XXX
EV (current)	$122M	XXX	$122M	XXX	XXX	XXX
EV/Revenue	6.1x	XXX	6.9x	XXX	XXX	XXX
EV/EBITDA	12.1x	XXX	13.4x	XXX	XXX	XXX
EV/EBIT	13.2x	XXX	14.7x	XXX	XXX	XXX
EV/Gross Profit	7.9x	XXX	n/a	XXX	XXX	XXX
P/E	18.0x	XXX	20.0x	XXX	XXX	XXX
EV/FCF	22.2x	XXX	33.1x	XXX	XXX	XXX

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

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Netbay Margins & Growth Rates

Netbay's last 12 month revenue growth is 12%

Netbay's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Netbay's rule of 40 is 62% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Netbay's rule of X is 81% (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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Netbay Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	14%	XXX	XXX	XXX
EBITDA Margin	50%	XXX	51%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	19%	XXX	XXX	XXX
Rule of 40	62%	XXX	64%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	81%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	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	33%	XXX	XXX	XXX

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

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