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NEXT Valuation Multiples
Discover revenue and EBITDA valuation multiples for NEXT and similar public comparables like ASICS, Lululemon, Ralph Lauren, Moncler and more.
NEXT Overview
About NEXT
Next PLC operates as a retailer, specializing in the sale of clothing, footwear, accessories, and home products. A portion of the company's product offerings comprises items bearing the Next brand. Additionally, the majority of the company's remaining sales occur through retail stores located outside the United Kingdom, which it franchises. The company's segments encompass NEXT Online, NEXT Finance, NEXT Retail, and Other Business Activities. A substantial portion of the company's revenue is derived from customers within the United Kingdom; however, its presence extends to regions such as the Rest of Europe, the Middle East, Asia, and the Rest of the World.
Founded
2002
HQ
Employees
50.7K
Website
Sectors
Financials (LTM)
EV
$23B
NEXT Financials
NEXT reported last 12-month revenue of $9B and EBITDA of $2B.
In the same LTM period, NEXT generated $4B in gross profit, $2B in EBITDA, and $1B in net income.
Revenue (LTM)
NEXT P&L
In the most recent fiscal year, NEXT reported revenue of $9B and EBITDA of $2B.
NEXT expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $9B | XXX | $9B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | 44% | XXX | 44% | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 22% | XXX | 24% | XXX | XXX | XXX |
| EBIT Margin | 18% | XXX | 19% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 13% | XXX | XXX | XXX |
| Net Debt | — | — | $964M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
NEXT Stock Performance
NEXT has current market cap of $21B, and enterprise value of $23B.
Market Cap Evolution
NEXT's stock price is $181.72.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $23B | $21B | 0.0% | XXX | XXX | XXX | $10.41 |
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Start Free TrialNEXT Valuation Multiples
NEXT trades at 2.5x EV/Revenue multiple, and 11.2x EV/EBITDA.
EV / Revenue (LTM)
NEXT Financial Valuation Multiples
As of April 19, 2026, NEXT has market cap of $21B and EV of $23B.
Equity research analysts estimate NEXT's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
NEXT has a P/E ratio of 17.8x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $21B | XXX | $21B | XXX | XXX | XXX |
| EV (current) | $23B | XXX | $23B | XXX | XXX | XXX |
| EV/Revenue | 2.5x | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | 11.2x | XXX | 10.6x | XXX | XXX | XXX |
| EV/EBIT | 13.8x | XXX | 13.5x | XXX | XXX | XXX |
| EV/Gross Profit | 5.6x | XXX | 5.7x | XXX | XXX | XXX |
| P/E | 17.8x | XXX | 17.4x | XXX | XXX | XXX |
| EV/FCF | 20.9x | XXX | 16.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified NEXT 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.
NEXT Margins & Growth Rates
NEXT's revenue in the last 12 month grew by 6%.
NEXT's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.0M for the same period.
NEXT's rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
NEXT's rule of X is 36% (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).
NEXT Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 6% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 22% | XXX | 24% | XXX | XXX | XXX |
| EBITDA Growth | 5% | XXX | (2%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 28% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 36% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 15% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 11% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 26% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
NEXT Public Comps
See public comps and valuation multiples for other Clothing & Accessories comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| NEXT | XXX | XXX | XXX | XXX | XXX | XXX |
| ASICS | XXX | XXX | XXX | XXX | XXX | XXX |
| Lululemon | XXX | XXX | XXX | XXX | XXX | XXX |
| Ralph Lauren | XXX | XXX | XXX | XXX | XXX | XXX |
| Moncler | XXX | XXX | XXX | XXX | XXX | XXX |
| Associated British Foods | 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.
NEXT M&A Activity
NEXT acquired XXX companies to date.
Last acquisition by NEXT was on XXXXXXXX, XXXXX. NEXT acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by NEXT
| 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 TrialNEXT Investment Activity
NEXT invested in XXX companies to date.
NEXT made its latest investment on XXXXXXXX, XXXXX. NEXT invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by NEXT
| 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 NEXT
| When was NEXT founded? | NEXT was founded in 2002. |
| Where is NEXT headquartered? | NEXT is headquartered in United Kingdom. |
| How many employees does NEXT have? | As of today, NEXT has over 50K employees. |
| Who is the CEO of NEXT? | NEXT's CEO is Lord Simon Adam Wolfson of Aspley Guise. |
| Is NEXT publicly listed? | Yes, NEXT is a public company listed on London Stock Exchange. |
| What is the stock symbol of NEXT? | NEXT trades under NXT ticker. |
| When did NEXT go public? | NEXT went public in 1948. |
| Who are competitors of NEXT? | NEXT main competitors are ASICS, Lululemon, Ralph Lauren, Moncler. |
| What is the current market cap of NEXT? | NEXT's current market cap is $21B. |
| What is the current revenue of NEXT? | NEXT's last 12 months revenue is $9B. |
| What is the current revenue growth of NEXT? | NEXT revenue growth (NTM/LTM) is 6%. |
| What is the current EV/Revenue multiple of NEXT? | Current revenue multiple of NEXT is 2.5x. |
| Is NEXT profitable? | Yes, NEXT is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of NEXT? | NEXT's last 12 months EBITDA is $2B. |
| What is NEXT's EBITDA margin? | NEXT's last 12 months EBITDA margin is 22%. |
| What is the current EV/EBITDA multiple of NEXT? | Current EBITDA multiple of NEXT is 11.2x. |
| What is the current FCF of NEXT? | NEXT's last 12 months FCF is $1B. |
| What is NEXT's FCF margin? | NEXT's last 12 months FCF margin is 12%. |
| What is the current EV/FCF multiple of NEXT? | Current FCF multiple of NEXT is 20.9x. |
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