Nine Dragons Paper - Public Comps and Valuation Multiples

Nine Dragons Paper Overview

About Nine Dragons Paper

Nine Dragons Paper (Holdings) Ltd operates as a paper products manufacturer. The company predominantly produces liner boards, corrugating medium, and coated duplex boards. In addition to packaging paperboard, the group is also engaged in the production of printing and writing paper in Dongguan and Taicang, as well as the development of packaging paperboard and specialty paper production in Leshan, Sichuan Province. A substantial part of the company's revenues are generated from the sale of packaging paper and the rest from sales of printing and writing paper, high-value specialty paper products, and Pulp.

Founded

2005

HQ

Employees

25.4K+

Website

ndpaper.com

Sectors

Paper & Forest Products

Financials

LTM Revenue $10.0B

LTM EBITDA $1.3B

EV

$12.4B

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Nine Dragons Paper Financials

As of September 2025, Nine Dragons Paper reported last 12-month revenue of $10.0B and EBITDA of $1.3B.

In the same period, Nine Dragons Paper generated $1.2B in LTM gross profit and $316M in net income.

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Nine Dragons Paper P&L

In the most recent fiscal year, Nine Dragons Paper reported revenue of $7.6B and EBITDA of $794M.

Nine Dragons Paper 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	$10.0B	XXX	$7.6B	XXX	XXX	XXX
Gross Profit	$1.2B	XXX	$734M	XXX	XXX	XXX
Gross Margin	12%	XXX	10%	XXX	XXX	XXX
EBITDA	$1.3B	XXX	$794M	XXX	XXX	XXX
EBITDA Margin	13%	XXX	10%	XXX	XXX	XXX
EBIT	$669M	XXX	$343M	XXX	XXX	XXX
EBIT Margin	7%	XXX	4%	XXX	XXX	XXX
Net Profit	$316M	XXX	$96.5M	XXX	XXX	XXX
Net Margin	3%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$7.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Nine Dragons Paper including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $10.0B. EBITDA for the last twelve months was $1.3B. In the most recent fiscal year, Nine Dragons Paper achieved $7.6B in revenue and $794M 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	$10.0B	Analyst estimates available to subscribers	$7.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.2B	Analyst estimates available to subscribers	$734M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	11.7% gross margin	Analyst estimates available to subscribers	9.6% 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)	$1.3B	Analyst estimates available to subscribers	$794M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	12.6% EBITDA margin	Analyst estimates available to subscribers	10.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$669M	Analyst estimates available to subscribers	$343M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	6.7% EBIT margin	Analyst estimates available to subscribers	4.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$316M	Analyst estimates available to subscribers	$96.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.2% net profit margin	Analyst estimates available to subscribers	1.3% 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	$7.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Nine Dragons Paper

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

Recent Performance Highlights

Nine Dragons Paper generated $10.0B in revenue over the last twelve months.
The company achieved $1.3B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.2B.
Net income over the last twelve months reached $316M.

Fiscal Year Performance

In the most recent fiscal year, Nine Dragons Paper reported $7.6B in total revenue.
Fiscal year EBITDA was $794M.
The company maintained a gross profit margin of 9.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 10.4%.
Net profit margin reached 1.3% in the most recent fiscal year.

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

Nine Dragons Paper Stock Performance

Nine Dragons Paper has current market cap of HKD 24.3B (or $3.1B), and EV of HKD 96.2B (or $12.4B).

Market Cap Evolution

Nine Dragons Paper Stock Data

As of October 17, 2025, Nine Dragons Paper's stock price is HKD 5 (or $1).

See Nine Dragons Paper trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$12.4B	$3.1B	XXX	XXX	XXX	XXX	$0.06

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Nine Dragons Paper Valuation Multiples

Nine Dragons Paper's trades at 1.7x EV/Revenue multiple, and 23.0x EV/EBITDA.

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Nine Dragons Paper Financial Valuation Multiples

As of October 17, 2025, Nine Dragons Paper has market cap of $3.1B and EV of $12.4B.

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

Nine Dragons Paper has a P/E ratio of 10.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.1B	XXX	$3.1B	XXX	XXX	XXX
EV (current)	$12.4B	XXX	$12.4B	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	1.7x	XXX	XXX	XXX
EV/EBITDA	10.8x	XXX	23.0x	XXX	XXX	XXX
EV/EBIT	20.1x	XXX	229.4x	XXX	XXX	XXX
EV/Gross Profit	11.5x	XXX	n/a	XXX	XXX	XXX
P/E	10.8x	XXX	-29.7x	XXX	XXX	XXX
EV/FCF	-13.2x	XXX	-7.9x	XXX	XXX	XXX

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

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Nine Dragons Paper Margins & Growth Rates

Nine Dragons Paper's last 12 month revenue growth is 8%

Nine Dragons Paper's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $15K for the same period.

Nine Dragons Paper's rule of 40 is 15% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nine Dragons Paper's rule of X is 32% (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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Nine Dragons Paper Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	13%	XXX	7%	XXX	XXX	XXX
EBITDA Growth	18%	XXX	60%	XXX	XXX	XXX
Rule of 40	15%	XXX	15%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$15K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	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	5%	XXX	XXX	XXX

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

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