Nongfu Spring - Public Comps and Valuation Multiples

Nongfu Spring Overview

About Nongfu Spring

Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm’s revenue and EBIT in 2024.

Founded

2001

HQ

Employees

20K+

Website

nongfuspring.com

Sectors

Food & Beverages

Financials

LTM Revenue $7.3B

LTM EBITDA $3.2B

EV

$73.4B

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Nongfu Spring Financials

As of August 2025, Nongfu Spring reported last 12-month revenue of $7.3B and EBITDA of $3.2B.

In the same period, Nongfu Spring generated $4.3B in LTM gross profit and $2.1B in net income.

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Nongfu Spring P&L

In the most recent fiscal year, Nongfu Spring reported revenue of $5.5B and EBITDA of $2.4B.

Nongfu Spring 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	$7.3B	XXX	$5.5B	XXX	XXX	XXX
Gross Profit	$4.3B	XXX	$3.2B	XXX	XXX	XXX
Gross Margin	59%	XXX	58%	XXX	XXX	XXX
EBITDA	$3.2B	XXX	$2.4B	XXX	XXX	XXX
EBITDA Margin	43%	XXX	44%	XXX	XXX	XXX
EBIT	$2.7B	XXX	$1.9B	XXX	XXX	XXX
EBIT Margin	36%	XXX	34%	XXX	XXX	XXX
Net Profit	$2.1B	XXX	$1.6B	XXX	XXX	XXX
Net Margin	29%	XXX	28%	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 Nongfu Spring including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $7.3B. EBITDA for the last twelve months was $3.2B. In the most recent fiscal year, Nongfu Spring achieved $5.5B in revenue and $2.4B 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	$7.3B	Analyst estimates available to subscribers	$5.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$4.3B	Analyst estimates available to subscribers	$3.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	59.1% gross margin	Analyst estimates available to subscribers	58.1% 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)	$3.2B	Analyst estimates available to subscribers	$2.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	43.2% EBITDA margin	Analyst estimates available to subscribers	43.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.7B	Analyst estimates available to subscribers	$1.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	36.5% EBIT margin	Analyst estimates available to subscribers	34.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.1B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	29.2% net profit margin	Analyst estimates available to subscribers	28.3% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Nongfu Spring

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

Recent Performance Highlights

Nongfu Spring generated $7.3B in revenue over the last twelve months.
The company achieved $3.2B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $4.3B.
Net income over the last twelve months reached $2.1B.

Fiscal Year Performance

In the most recent fiscal year, Nongfu Spring reported $5.5B in total revenue.
Fiscal year EBITDA was $2.4B.
The company maintained a gross profit margin of 58.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 43.7%.
Net profit margin reached 28.3% in the most recent fiscal year.

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

Nongfu Spring Stock Performance

Nongfu Spring has current market cap of HKD 588B (or $75.4B), and EV of HKD 572B (or $73.4B).

Market Cap Evolution

Nongfu Spring Stock Data

As of September 12, 2025, Nongfu Spring's stock price is HKD 52 (or $7).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$73.4B	$75.4B	XXX	XXX	XXX	XXX	$0.17

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Nongfu Spring Valuation Multiples

Nongfu Spring's trades at 13.3x EV/Revenue multiple, and 30.5x EV/EBITDA.

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Nongfu Spring Financial Valuation Multiples

As of September 12, 2025, Nongfu Spring has market cap of $75.4B and EV of $73.4B.

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

Nongfu Spring has a P/E ratio of 38.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$75.4B	XXX	$75.4B	XXX	XXX	XXX
EV (current)	$73.4B	XXX	$73.4B	XXX	XXX	XXX
EV/Revenue	11.0x	XXX	13.3x	XXX	XXX	XXX
EV/EBITDA	25.4x	XXX	30.5x	XXX	XXX	XXX
EV/EBIT	30.1x	XXX	38.9x	XXX	XXX	XXX
EV/Gross Profit	18.5x	XXX	n/a	XXX	XXX	XXX
P/E	38.6x	XXX	48.5x	XXX	XXX	XXX
EV/FCF	46.3x	XXX	125.5x	XXX	XXX	XXX

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

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Nongfu Spring Margins & Growth Rates

Nongfu Spring's last 12 month revenue growth is 15%

Nongfu Spring's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Nongfu Spring's rule of 40 is 58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nongfu Spring'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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Nongfu Spring Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	15%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	43%	XXX	44%	XXX	XXX	XXX
EBITDA Growth	17%	XXX	14%	XXX	XXX	XXX
Rule of 40	58%	XXX	59%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	81%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	21%	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	24%	XXX	XXX	XXX

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

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