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Note Valuation Multiples

Discover revenue and EBITDA valuation multiples for Note and similar public comparables like GBS Software, Netbay, and Tanla Platforms.

Note Overview

About Note

Note Inc is engaged in the operation of C2C content platform.


Founded

2011

HQ

Japan
Employees

n/a

Website

note.jp

Financials

LTM Revenue $25.9M

Last FY EBITDA $0.6M

EV

$132M

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Note Financials

Note has a last 12-month revenue (LTM) of $25.9M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Note achieved revenue of $22.3M and an EBITDA of $0.6M.

Note expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Note P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $25.9M XXX $22.3M XXX XXX XXX
Gross Profit n/a XXX $21.0M XXX XXX XXX
Gross Margin n/a XXX 94% XXX XXX XXX
EBITDA n/a XXX $0.6M XXX XXX XXX
EBITDA Margin n/a XXX 3% XXX XXX XXX
EBIT $0.4M XXX $0.4M XXX XXX XXX
EBIT Margin 2% XXX 2% XXX XXX XXX
Net Profit $0.7M XXX $0.7M XXX XXX XXX
Net Margin 3% XXX 3% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Note Stock Performance

As of September 3, 2025, Note's stock price is JPY 1300 (or $9).

Note has current market cap of JPY 21.6B (or $146M), and EV of JPY 19.7B (or $132M).

See Note trading valuation data

Note Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$132M $146M XXX XXX XXX XXX $0.04

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Note Valuation Multiples

As of September 3, 2025, Note has market cap of $146M and EV of $132M.

Note's trades at 5.8x EV/Revenue multiple, and -54.8x EV/EBITDA.

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

Note has a P/E ratio of 206.1x.

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Note Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $146M XXX $146M XXX XXX XXX
EV (current) $132M XXX $132M XXX XXX XXX
EV/Revenue 5.1x XXX 5.8x XXX XXX XXX
EV/EBITDA n/a XXX -54.8x XXX XXX XXX
EV/EBIT 299.3x XXX 362.1x XXX XXX XXX
EV/Gross Profit n/a XXX n/a XXX XXX XXX
P/E 206.1x XXX 216.9x XXX XXX XXX
EV/FCF n/a XXX -63.3x XXX XXX XXX

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

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Note Margins & Growth Rates

Note's last 12 month revenue growth is 22%

Note's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Note's rule of 40 is 9% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Note's rule of X is unknown (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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Note Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 22% XXX 22% XXX XXX XXX
EBITDA Margin n/a XXX n/a XXX XXX XXX
EBITDA Growth n/a XXX n/a XXX XXX XXX
Rule of 40 9% XXX n/a XXX XXX XXX
Bessemer Rule of X XXX XXX n/a XXX XXX XXX
Revenue per Employee XXX XXX n/a XXX XXX XXX
Opex per Employee XXX XXX n/a XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a 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 92% XXX XXX XXX

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Note Public Comps

See public comps and valuation multiples for Communication & Collaboration Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
CM.com XXX XXX XXX XXX XXX XXX
Dubber XXX XXX XXX XXX XXX XXX
Netbay XXX XXX XXX XXX XXX XXX
Tanla Platforms XXX XXX XXX XXX XXX XXX
GBS Software 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.

Note M&A and Investment Activity

Note acquired  XXX companies to date.

Last acquisition by Note was  XXXXXXXX, XXXXX XXXXX XXXXXX . Note acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Note

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Note

When was Note founded? Note was founded in 2011.
Where is Note headquartered? Note is headquartered in Japan.
Is Note publicy listed? Yes, Note is a public company listed on TKS.
What is the stock symbol of Note? Note trades under 5243 ticker.
When did Note go public? Note went public in 2022.
Who are competitors of Note? Similar companies to Note include e.g. CM.com, Dubber, Netbay, Tanla Platforms.
What is the current market cap of Note? Note's current market cap is $146M
What is the current revenue of Note? Note's last 12 months revenue is $25.9M.
What is the current revenue growth of Note? Note revenue growth (NTM/LTM) is 22%.
What is the current EV/Revenue multiple of Note? Current revenue multiple of Note is 5.1x.
Is Note profitable? Yes, Note is EBITDA-positive (as of the last 12 months).

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