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Netlist Valuation Multiples

Discover revenue and EBITDA valuation multiples for Netlist and similar public comparables like 4DS Memory, ASM International, and Besi.

Netlist Overview

About Netlist

Netlist Inc is involved in the business of designing and manufacturing modular memory subsystems and also cloud service providers. Its products include Storage class memory, nonvolatile memory, enterprise SSD and embedded flash. The company's products are based on its proprietary technologies such as Presight technology, Distributed buffer architecture, IC design, PCB designs, Thermal management designs. Company has consistently driven innovation in the field of cutting-edge enterprise memory and storage, empowering businesses and industries to thrive in the digital age.


Founded

2000

HQ

United States of America
Employees

66

Website

netlist.com

Financials

LTM Revenue $142M

Last FY EBITDA -$54.9M

EV

$189M

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Netlist Financials

Netlist has a last 12-month revenue (LTM) of $142M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Netlist achieved revenue of $147M and an EBITDA of -$54.9M.

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

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Netlist P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $142M XXX $147M XXX XXX XXX
Gross Profit $4.4M XXX $2.9M XXX XXX XXX
Gross Margin 3% XXX 2% XXX XXX XXX
EBITDA n/a XXX -$54.9M XXX XXX XXX
EBITDA Margin n/a XXX -37% XXX XXX XXX
EBIT -$39.0M XXX -$55.2M XXX XXX XXX
EBIT Margin -28% XXX -38% XXX XXX XXX
Net Profit -$40.2M XXX -$53.9M XXX XXX XXX
Net Margin -28% XXX -37% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Netlist Stock Performance

As of May 30, 2025, Netlist's stock price is $1.

Netlist has current market cap of $201M, and EV of $189M.

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Netlist Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$189M $201M XXX XXX XXX XXX $-0.15

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Netlist Valuation Multiples

As of May 30, 2025, Netlist has market cap of $201M and EV of $189M.

Netlist's trades at 1.3x EV/Revenue multiple, and -3.4x EV/EBITDA.

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

Netlist has a P/E ratio of -5.0x.

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Netlist Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $201M XXX $201M XXX XXX XXX
EV (current) $189M XXX $189M XXX XXX XXX
EV/Revenue 1.3x XXX 1.3x XXX XXX XXX
EV/EBITDA n/a XXX -3.4x XXX XXX XXX
EV/EBIT -4.8x XXX -3.4x XXX XXX XXX
EV/Gross Profit 42.8x XXX n/a XXX XXX XXX
P/E -5.0x XXX -3.7x XXX XXX XXX
EV/FCF n/a XXX -5.4x XXX XXX XXX

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

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Netlist Margins & Growth Rates

Netlist's last 12 month revenue growth is -1%

Netlist's revenue per employee in the last FY averaged $2.2M, while opex per employee averaged $0.9M for the same period.

Netlist's rule of 40 is -89% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Netlist's rule of X is unknown (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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Netlist Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth -1% XXX 1% XXX XXX XXX
EBITDA Margin n/a XXX -37% XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 -89% XXX -38% XXX XXX XXX
Bessemer Rule of X XXX XXX n/a XXX XXX XXX
Revenue per Employee XXX XXX $2.2M XXX XXX XXX
Opex per Employee XXX XXX $0.9M 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 5% XXX XXX XXX
Opex to Revenue XXX XXX 40% XXX XXX XXX

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Netlist Public Comps

See public comps and valuation multiples for Semiconductors and Electronic Components comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
XXX XXX XXX XXX XXX XXX
ASM International XXX XXX XXX XXX XXX XXX
ASML XXX XXX XXX XXX XXX XXX
Besi XXX XXX XXX XXX XXX XXX
4DS Memory XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Netlist M&A and Investment Activity

Netlist acquired  XXX companies to date.

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

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Latest Acquisitions by Netlist

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 Netlist

When was Netlist founded? Netlist was founded in 2000.
Where is Netlist headquartered? Netlist is headquartered in United States of America.
How many employees does Netlist have? As of today, Netlist has 66 employees.
Is Netlist publicy listed? Yes, Netlist is a public company listed on PINX.
What is the stock symbol of Netlist? Netlist trades under NLST ticker.
When did Netlist go public? Netlist went public in 2006.
Who are competitors of Netlist? Similar companies to Netlist include e.g. , ASM International, ASML, Besi.
What is the current market cap of Netlist? Netlist's current market cap is $201M
What is the current revenue of Netlist? Netlist's last 12 months revenue is $142M.
What is the current revenue growth of Netlist? Netlist revenue growth (NTM/LTM) is -1%.
What is the current EV/Revenue multiple of Netlist? Current revenue multiple of Netlist is 1.3x.
Is Netlist profitable? Yes, Netlist is EBITDA-positive (as of the last 12 months).

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