Ocado Group - Public Comps and Valuation Multiples

Ocado Group Overview

About Ocado Group

Founded in 2000, Ocado provides warehouse automation and logistics solutions to grocers. Ocado operates in two segments: logistics and solutions. Logistics provides fulfillment and delivery services in the United Kingdom. Solutions is based on the Ocado Smart Platform, a modular, automated online retail fulfillment and delivery solution that provides software, fulfillment hardware, and support services to corporate customers in return for upfront and recurring fees. Partners include leading grocers around the world, like Sobeys, Morrisons, ICA, Groupe Casino, Bon Preu, Kroger, and Coles. Ocado also has a 50% stake in Ocado Retail, a pure-play e-grocery business. The other 50% is owned by Marks & Spencer.

Founded

2009

HQ

Employees

20.3K+

Website

ocadogroup.com

Sectors

Food Delivery
Vertical E-commerce
FoodTech

Financials

LTM Revenue $2.1B

LTM EBITDA $231M

EV

$4.0B

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Ocado Group Financials

As of September 2025, Ocado Group reported last 12-month revenue of $2.1B and EBITDA of $231M.

In the same period, Ocado Group generated -$276M in LTM gross profit and -$379M in net income.

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Ocado Group P&L

In the most recent fiscal year, Ocado Group reported revenue of $1.6B and EBITDA of $292M.

Ocado Group 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	$2.1B	XXX	$1.6B	XXX	XXX	XXX
Gross Profit	-$276M	XXX	n/a	XXX	XXX	XXX
Gross Margin	-13%	XXX	n/a	XXX	XXX	XXX
EBITDA	$231M	XXX	$292M	XXX	XXX	XXX
EBITDA Margin	11%	XXX	18%	XXX	XXX	XXX
EBIT	-$300M	XXX	-$449M	XXX	XXX	XXX
EBIT Margin	-15%	XXX	-28%	XXX	XXX	XXX
Net Profit	-$379M	XXX	-$448M	XXX	XXX	XXX
Net Margin	-18%	XXX	-28%	XXX	XXX	XXX
Net Debt	XXX	XXX	$875M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ocado Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.1B. EBITDA for the last twelve months was $231M. In the most recent fiscal year, Ocado Group achieved $1.6B in revenue and $292M 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	$2.1B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	-$276M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	-13.4% gross margin	Analyst estimates available to subscribers	NaN% 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)	$231M	Analyst estimates available to subscribers	$292M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	11.2% EBITDA margin	Analyst estimates available to subscribers	18.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$300M	Analyst estimates available to subscribers	-$449M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-14.5% EBIT margin	Analyst estimates available to subscribers	-27.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$379M	Analyst estimates available to subscribers	-$448M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-18.4% net profit margin	Analyst estimates available to subscribers	-27.7% 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	$875M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ocado Group

This financial data table provides comprehensive performance metrics for Ocado Group, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Ocado Group generated $2.1B in revenue over the last twelve months.
The company achieved $231M in EBITDA over the last twelve months.
Gross profit for the last twelve months was -$276M.
Net income over the last twelve months reached -$379M.

Fiscal Year Performance

In the most recent fiscal year, Ocado Group reported $1.6B in total revenue.
Fiscal year EBITDA was $292M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was 18.1%.
Net profit margin reached -27.7% in the most recent fiscal year.

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

Ocado Group Stock Performance

Ocado Group has current market cap of GBP 2.0B (or $2.6B), and EV of GBP 3.0B (or $4.0B).

Market Cap Evolution

Ocado Group Stock Data

As of October 17, 2025, Ocado Group's stock price is GBP 2 (or $3).

See Ocado Group trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.0B	$2.6B	XXX	XXX	XXX	XXX	$-0.49

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Ocado Group Valuation Multiples

Ocado Group's trades at 2.5x EV/Revenue multiple, and 14.0x EV/EBITDA.

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Ocado Group Financial Valuation Multiples

As of October 17, 2025, Ocado Group has market cap of $2.6B and EV of $4.0B.

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

Ocado Group has a P/E ratio of -7.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.6B	XXX	$2.6B	XXX	XXX	XXX
EV (current)	$4.0B	XXX	$4.0B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.5x	XXX	XXX	XXX
EV/EBITDA	17.5x	XXX	14.0x	XXX	XXX	XXX
EV/EBIT	-13.4x	XXX	-9.3x	XXX	XXX	XXX
EV/Gross Profit	-14.6x	XXX	n/a	XXX	XXX	XXX
P/E	-7.0x	XXX	-6.0x	XXX	XXX	XXX
EV/FCF	-15.7x	XXX	-22.2x	XXX	XXX	XXX

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

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Ocado Group Margins & Growth Rates

Ocado Group's last 12 month revenue growth is -9%

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

Ocado Group's rule of 40 is -3% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ocado Group's rule of X is -11% (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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Ocado Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-9%	XXX	8%	XXX	XXX	XXX
EBITDA Margin	11%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	33%	XXX	9%	XXX	XXX	XXX
Rule of 40	-3%	XXX	9%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-11%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	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	128%	XXX	XXX	XXX

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

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