Northern Data - Public Comps and Valuation Multiples

Northern Data Overview

About Northern Data

Northern Data AG is a Business-to-Business technology company developing, using, and selling solutions on vertically integrated computing infrastructure. Its segment includes Peak Mining; Taiga Cloud and Ardent Data Centers. Geographically, it operates in Europe (excluding Germany), North America, and Germany. The company derives maximum revenue from Europe.

Founded

HQ

Employees

177

Website

northerndata.de

Sectors

IT Consulting
Service Providers

Financials

LTM Revenue $314M

LTM EBITDA $134M

EV

$2.1B

Valuation Multiples

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Northern Data Financials

As of August 2025, Northern Data reported last 12-month revenue of $314M and EBITDA of $134M.

In the same period, Northern Data generated $231M in LTM gross profit and -$162M in net income.

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Northern Data P&L

In the most recent fiscal year, Northern Data reported revenue of $235M and EBITDA of $88.8M.

Northern Data 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	$314M	XXX	$235M	XXX	XXX	XXX
Gross Profit	$231M	XXX	$135M	XXX	XXX	XXX
Gross Margin	74%	XXX	58%	XXX	XXX	XXX
EBITDA	$134M	XXX	$88.8M	XXX	XXX	XXX
EBITDA Margin	43%	XXX	38%	XXX	XXX	XXX
EBIT	-$132M	XXX	-$98.6M	XXX	XXX	XXX
EBIT Margin	-42%	XXX	-42%	XXX	XXX	XXX
Net Profit	-$162M	XXX	-$149M	XXX	XXX	XXX
Net Margin	-52%	XXX	-64%	XXX	XXX	XXX
Net Debt	XXX	XXX	$559M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Northern Data including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $314M. EBITDA for the last twelve months was $134M. In the most recent fiscal year, Northern Data achieved $235M in revenue and $88.8M 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	$314M	Analyst estimates available to subscribers	$235M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$231M	Analyst estimates available to subscribers	$135M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	73.7% gross margin	Analyst estimates available to subscribers	57.6% 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)	$134M	Analyst estimates available to subscribers	$88.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	42.7% EBITDA margin	Analyst estimates available to subscribers	37.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$132M	Analyst estimates available to subscribers	-$98.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-42.0% EBIT margin	Analyst estimates available to subscribers	-42.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$162M	Analyst estimates available to subscribers	-$149M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-51.6% net profit margin	Analyst estimates available to subscribers	-63.6% 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	$559M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Northern Data

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

Recent Performance Highlights

Northern Data generated $314M in revenue over the last twelve months.
The company achieved $134M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $231M.
Net income over the last twelve months reached -$162M.

Fiscal Year Performance

In the most recent fiscal year, Northern Data reported $235M in total revenue.
Fiscal year EBITDA was $88.8M.
The company maintained a gross profit margin of 57.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 37.8%.
Net profit margin reached -63.6% in the most recent fiscal year.

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

Northern Data Stock Performance

Northern Data has current market cap of EUR 1.2B (or $1.4B), and EV of EUR 1.8B (or $2.1B).

Market Cap Evolution

Northern Data Stock Data

As of September 12, 2025, Northern Data's stock price is EUR 19 (or $22).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.1B	$1.4B	XXX	XXX	XXX	XXX	$-2.45

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Northern Data Valuation Multiples

Northern Data's trades at 9.1x EV/Revenue multiple, and 23.9x EV/EBITDA.

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Northern Data Financial Valuation Multiples

As of September 12, 2025, Northern Data has market cap of $1.4B and EV of $2.1B.

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

Northern Data has a P/E ratio of -8.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.4B	XXX	$1.4B	XXX	XXX	XXX
EV (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV/Revenue	6.8x	XXX	9.1x	XXX	XXX	XXX
EV/EBITDA	15.9x	XXX	23.9x	XXX	XXX	XXX
EV/EBIT	-16.1x	XXX	-21.6x	XXX	XXX	XXX
EV/Gross Profit	9.2x	XXX	n/a	XXX	XXX	XXX
P/E	-8.8x	XXX	-9.6x	XXX	XXX	XXX
EV/FCF	-4.2x	XXX	-1.7x	XXX	XXX	XXX

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

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Northern Data Margins & Growth Rates

Northern Data's last 12 month revenue growth is 60%

Northern Data's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $1.3M for the same period.

Northern Data's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Northern Data's rule of X is 192% (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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Northern Data Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	60%	XXX	55%	XXX	XXX	XXX
EBITDA Margin	43%	XXX	38%	XXX	XXX	XXX
EBITDA Growth	97%	XXX	n/a	XXX	XXX	XXX
Rule of 40	25%	XXX	97%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	192%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	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	100%	XXX	XXX	XXX

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

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