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Netbay Valuation Multiples

Discover revenue and EBITDA valuation multiples for Netbay and similar public comparables like QPR Software, Platform Group, and Intershop Communications.

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

Thailand
Employees

111

Website

netbay.co.th

Financials

LTM Revenue $18.9M

LTM EBITDA $9.6M

EV

$91.6M

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Netbay Financials

Netbay has a last 12-month revenue (LTM) of $18.9M and a last 12-month EBITDA of $9.6M.

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

Netbay expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Netbay P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $18.9M XXX $17.7M XXX XXX XXX
Gross Profit $14.8M XXX $14.1M XXX XXX XXX
Gross Margin 78% XXX 80% XXX XXX XXX
EBITDA $9.6M XXX $9.1M XXX XXX XXX
EBITDA Margin 51% XXX 51% XXX XXX XXX
EBIT $8.8M XXX $8.3M XXX XXX XXX
EBIT Margin 47% XXX 47% XXX XXX XXX
Net Profit $7.0M 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.

Netbay Stock Performance

As of May 30, 2025, Netbay's stock price is THB 18 (or $1).

Netbay has current market cap of THB 3.5B (or $107M), and EV of THB 3.0B (or $91.6M).

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Netbay Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$91.6M $107M XXX XXX XXX XXX $0.03

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Netbay Valuation Multiples

As of May 30, 2025, Netbay has market cap of $107M and EV of $91.6M.

Netbay's trades at 5.2x EV/Revenue multiple, and 10.1x EV/EBITDA.

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 15.3x.

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Netbay Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $107M XXX $107M XXX XXX XXX
EV (current) $91.6M XXX $91.6M XXX XXX XXX
EV/Revenue 4.8x XXX 5.2x XXX XXX XXX
EV/EBITDA 9.5x XXX 10.1x XXX XXX XXX
EV/EBIT 10.4x XXX 11.1x XXX XXX XXX
EV/Gross Profit 6.2x XXX n/a XXX XXX XXX
P/E 15.3x XXX 16.2x XXX XXX XXX
EV/FCF 16.7x XXX 24.9x XXX XXX XXX

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Netbay Margins & Growth Rates

Netbay's last 12 month revenue growth is 14%

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 64% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Netbay's rule of X is 86% (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 14% XXX 14% XXX XXX XXX
EBITDA Margin 51% XXX 51% XXX XXX XXX
EBITDA Growth 12% XXX 19% XXX XXX XXX
Rule of 40 64% XXX 65% XXX XXX XXX
Bessemer Rule of X XXX XXX 86% 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

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Netbay Public Comps

See public comps and valuation multiples for E-commerce Software and Communication & Collaboration Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Locaweb XXX XXX XXX XXX XXX XXX
Intershop Communications XXX XXX XXX XXX XXX XXX
Platform Group XXX XXX XXX XXX XXX XXX
QPR Software XXX XXX XXX XXX XXX XXX
Cafe24 XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Netbay M&A and Investment Activity

Netbay acquired  XXX companies to date.

Last acquisition by Netbay was  XXXXXXXX, XXXXX XXXXX XXXXXX . Netbay acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Netbay

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Netbay

When was Netbay founded? Netbay was founded in 2004.
Where is Netbay headquartered? Netbay is headquartered in Thailand.
How many employees does Netbay have? As of today, Netbay has 111 employees.
Is Netbay publicy listed? Yes, Netbay is a public company listed on BKK.
What is the stock symbol of Netbay? Netbay trades under NETBAY ticker.
When did Netbay go public? Netbay went public in 2016.
Who are competitors of Netbay? Similar companies to Netbay include e.g. Locaweb, Intershop Communications, Platform Group, QPR Software.
What is the current market cap of Netbay? Netbay's current market cap is $107M
What is the current revenue of Netbay? Netbay's last 12 months revenue is $18.9M.
What is the current revenue growth of Netbay? Netbay revenue growth (NTM/LTM) is 14%.
What is the current EV/Revenue multiple of Netbay? Current revenue multiple of Netbay is 4.8x.
Is Netbay profitable? Yes, Netbay is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Netbay? Netbay's last 12 months EBITDA is $9.6M.
What is Netbay's EBITDA margin? Netbay's last 12 months EBITDA margin is 51%.
What is the current EV/EBITDA multiple of Netbay? Current EBITDA multiple of Netbay is 9.5x.
What is the current FCF of Netbay? Netbay's last 12 months FCF is $5.5M.
What is Netbay's FCF margin? Netbay's last 12 months FCF margin is 29%.
What is the current EV/FCF multiple of Netbay? Current FCF multiple of Netbay is 16.7x.

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