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NZX Valuation Multiples

Discover revenue and EBITDA valuation multiples for NZX and similar public comparables like Cboe Global Markets, Athens Exchange Group, and Indian Energy Exchange.

NZX Overview

About NZX

NZX Ltd facilitates capital raising and securities trading. Its main function is to provide a market for the trading, clearing, and settlement of securities. It also provides market data relating to listed companies and indexes. It operates the New Zealand securities, derivatives, and energy markets, builds and maintains the infrastructure on which it operates, and provides a range of information and data to support market growth and development on a scale. NZX also provides wealth management services for New Zealand advisers via its Wealth Technologies business. Its segments include Markets which generates key revenue, Funds Management, and Wealth Technologies.


Founded

2002

HQ

New Zealand
Employees

343

Website

nzx.com

Financials

LTM Revenue $73.7M

LTM EBITDA $29.5M

EV

$321M

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NZX Financials

NZX has a last 12-month revenue (LTM) of $73.7M and a last 12-month EBITDA of $29.5M.

In the most recent fiscal year, NZX achieved revenue of $71.9M and an EBITDA of $33.5M.

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

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NZX P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $73.7M XXX $71.9M XXX XXX XXX
Gross Profit $73.7M XXX $71.9M XXX XXX XXX
Gross Margin 100% XXX 100% XXX XXX XXX
EBITDA $29.5M XXX $33.5M XXX XXX XXX
EBITDA Margin 40% XXX 47% XXX XXX XXX
EBIT $18.4M XXX $18.1M XXX XXX XXX
EBIT Margin 25% XXX 25% XXX XXX XXX
Net Profit $13.2M XXX $15.2M XXX XXX XXX
Net Margin 18% XXX 21% XXX XXX XXX
Net Debt XXX XXX $7.5M XXX XXX XXX

Financial data powered by Morningstar, Inc.

NZX Stock Performance

As of May 30, 2025, NZX's stock price is NZD 2 (or $1).

NZX has current market cap of NZD 506M (or $301M), and EV of NZD 538M (or $321M).

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NZX Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$321M $301M XXX XXX XXX XXX $0.04

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NZX Valuation Multiples

As of May 30, 2025, NZX has market cap of $301M and EV of $321M.

NZX's trades at 4.5x EV/Revenue multiple, and 9.6x EV/EBITDA.

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

NZX has a P/E ratio of 22.9x.

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NZX Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $301M XXX $301M XXX XXX XXX
EV (current) $321M XXX $321M XXX XXX XXX
EV/Revenue 4.4x XXX 4.5x XXX XXX XXX
EV/EBITDA 10.9x XXX 9.6x XXX XXX XXX
EV/EBIT 17.5x XXX 17.7x XXX XXX XXX
EV/Gross Profit 4.4x XXX n/a XXX XXX XXX
P/E 22.9x XXX 19.8x XXX XXX XXX
EV/FCF 24.1x XXX 24.0x XXX XXX XXX

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

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NZX Margins & Growth Rates

NZX's last 12 month revenue growth is 6%

NZX's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.

NZX's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

NZX's rule of X is 55% (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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NZX Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 6% XXX 6% XXX XXX XXX
EBITDA Margin 40% XXX 47% XXX XXX XXX
EBITDA Growth 9% XXX 12% XXX XXX XXX
Rule of 40 44% XXX 53% XXX XXX XXX
Bessemer Rule of X XXX XXX 55% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 1% 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 75% XXX XXX XXX

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NZX Public Comps

See public comps and valuation multiples for Stock Exchanges and Financial Data & Information comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ASX XXX XXX XXX XXX XXX XXX
Euroxx Securities XXX XXX XXX XXX XXX XXX
Athens Exchange Group XXX XXX XXX XXX XXX XXX
Cboe Global Markets XXX XXX XXX XXX XXX XXX
Indian Energy Exchange 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.

NZX M&A and Investment Activity

NZX acquired  XXX companies to date.

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

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Latest Acquisitions by NZX

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 NZX

When was NZX founded? NZX was founded in 2002.
Where is NZX headquartered? NZX is headquartered in New Zealand.
How many employees does NZX have? As of today, NZX has 343 employees.
Is NZX publicy listed? Yes, NZX is a public company listed on NZE.
What is the stock symbol of NZX? NZX trades under NZX ticker.
When did NZX go public? NZX went public in 2003.
Who are competitors of NZX? Similar companies to NZX include e.g. ASX, Euroxx Securities, Athens Exchange Group, Cboe Global Markets.
What is the current market cap of NZX? NZX's current market cap is $301M
What is the current revenue of NZX? NZX's last 12 months revenue is $73.7M.
What is the current revenue growth of NZX? NZX revenue growth (NTM/LTM) is 6%.
What is the current EV/Revenue multiple of NZX? Current revenue multiple of NZX is 4.4x.
Is NZX profitable? Yes, NZX is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of NZX? NZX's last 12 months EBITDA is $29.5M.
What is NZX's EBITDA margin? NZX's last 12 months EBITDA margin is 40%.
What is the current EV/EBITDA multiple of NZX? Current EBITDA multiple of NZX is 10.9x.
What is the current FCF of NZX? NZX's last 12 months FCF is $13.3M.
What is NZX's FCF margin? NZX's last 12 months FCF margin is 18%.
What is the current EV/FCF multiple of NZX? Current FCF multiple of NZX is 24.1x.

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