Nordhealth - Public Comps and Valuation Multiples

Nordhealth Overview

About Nordhealth

Nordhealth AS is a cloud-based healthcare Software-as-a-Service business. Its flagship products are Provet Cloud and EasyPractice, both cloud-based Practice Management Software for veterinarians and therapists, respectively. It builds software that empowers healthcare professionals to improve patient care, increase efficiency and expand their business. The company has two operating segments namely: Veterinary and Therapy. It operates geographically in Norway, which derives maximum revenue, Finland, the United Kingdom, Sweden, Denmark, Germany and Other countries.

Founded

2021

HQ

Employees

411

Website

nordhealth.com

Sectors

Healthcare Software
B2B SaaS
Vertical SaaS
HealthTech

Financials

LTM Revenue $675M

LTM EBITDA $19.1M

EV

$239M

Valuation Multiples

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Nordhealth Financials

As of September 2025, Nordhealth reported last 12-month revenue of $675M and EBITDA of $19.1M.

In the same period, Nordhealth generated $569M in LTM gross profit and -$130M in net income.

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Nordhealth P&L

In the most recent fiscal year, Nordhealth reported revenue of $4.5M and EBITDA of $0.4M.

Nordhealth 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	$675M	XXX	$4.5M	XXX	XXX	XXX
Gross Profit	$569M	XXX	$3.9M	XXX	XXX	XXX
Gross Margin	84%	XXX	85%	XXX	XXX	XXX
EBITDA	$19.1M	XXX	$0.4M	XXX	XXX	XXX
EBITDA Margin	3%	XXX	9%	XXX	XXX	XXX
EBIT	-$128M	XXX	-$0.8M	XXX	XXX	XXX
EBIT Margin	-19%	XXX	-17%	XXX	XXX	XXX
Net Profit	-$130M	XXX	-$0.8M	XXX	XXX	XXX
Net Margin	-19%	XXX	-17%	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 Nordhealth including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $675M. EBITDA for the last twelve months was $19.1M. In the most recent fiscal year, Nordhealth achieved $4.5M in revenue and $0.4M 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	$675M	Analyst estimates available to subscribers	$4.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$569M	Analyst estimates available to subscribers	$3.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	84.3% gross margin	Analyst estimates available to subscribers	85.4% 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)	$19.1M	Analyst estimates available to subscribers	$0.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	2.8% EBITDA margin	Analyst estimates available to subscribers	9.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$128M	Analyst estimates available to subscribers	-$0.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-18.9% EBIT margin	Analyst estimates available to subscribers	-16.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$130M	Analyst estimates available to subscribers	-$0.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-19.2% net profit margin	Analyst estimates available to subscribers	-16.8% 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 Nordhealth

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

Recent Performance Highlights

Nordhealth generated $675M in revenue over the last twelve months.
The company achieved $19.1M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $569M.
Net income over the last twelve months reached -$130M.

Fiscal Year Performance

In the most recent fiscal year, Nordhealth reported $4.5M in total revenue.
Fiscal year EBITDA was $0.4M.
The company maintained a gross profit margin of 85.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.2%.
Net profit margin reached -16.8% in the most recent fiscal year.

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

Nordhealth Stock Performance

Nordhealth has current market cap of NOK 2.7B (or $266M), and EV of NOK 2.4B (or $239M).

Market Cap Evolution

Nordhealth Stock Data

As of October 17, 2025, Nordhealth's stock price is NOK 34 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$239M	$266M	XXX	XXX	XXX	XXX	$-0.04

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Nordhealth Valuation Multiples

Nordhealth's trades at 52.8x EV/Revenue multiple, and 572.1x EV/EBITDA.

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Nordhealth Financial Valuation Multiples

As of October 17, 2025, Nordhealth has market cap of $266M and EV of $239M.

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

Nordhealth has a P/E ratio of -23.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$266M	XXX	$266M	XXX	XXX	XXX
EV (current)	$239M	XXX	$239M	XXX	XXX	XXX
EV/Revenue	4.1x	XXX	52.8x	XXX	XXX	XXX
EV/EBITDA	146.3x	XXX	572.1x	XXX	XXX	XXX
EV/EBIT	-21.8x	XXX	-312.1x	XXX	XXX	XXX
EV/Gross Profit	4.9x	XXX	n/a	XXX	XXX	XXX
P/E	-23.9x	XXX	-349.2x	XXX	XXX	XXX
EV/FCF	-68.3x	XXX	-760.1x	XXX	XXX	XXX

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

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Nordhealth Margins & Growth Rates

Nordhealth's last 12 month revenue growth is 16%

Nordhealth's revenue per employee in the last FY averaged $11K, while opex per employee averaged $11K for the same period.

Nordhealth's rule of 40 is 14% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nordhealth's rule of X is 43% (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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Nordhealth Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	16%	XXX	290%	XXX	XXX	XXX
EBITDA Margin	3%	XXX	9%	XXX	XXX	XXX
EBITDA Growth	200%	XXX	n/a	XXX	XXX	XXX
Rule of 40	14%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	43%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$11K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$11K	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	102%	XXX	XXX	XXX

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

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