Onward Medical Valuation Multiples

Onward Medical Overview

About Onward Medical

Onward Medical NV is developing and commercializing therapies to enable functional recovery for people with Spinal Cord Injury (SCI). The company’s technology platforms are based on ONWARD ARC Therapy (ARC Therapy), targeted, programmed electrical stimulation of the spinal cord designed to restore movement, independence, and health in people with SCI.

Founded

2015

HQ

Employees

103

Website

onwd.com

Sectors

Medical DevicesBioTechDeepTechHealthTech

Financials (LTM)

Revenue: $9M

EBITDA: ($52M)

EV

$167M

Valuation Multiples

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Onward Medical Financials

Onward Medical reported last 12-month revenue of $9M and negative EBITDA of ($52M).

In the same LTM period, Onward Medical generated $7M in gross profit, ($52M) in EBITDA losses, and had net loss of ($53M).

Onward Medical P&L

In the most recent fiscal year, Onward Medical reported revenue of $6M and EBITDA of ($45M).

Onward Medical expects next 12-month revenue of XXX and NTM EBITDA of XXX

Onward Medical Stock Performance

Onward Medical has current market cap of $231M, and enterprise value of $167M.

Onward Medical's stock price is $3.32.

Onward Medical Valuation Multiples

Onward Medical trades at 18.4x EV/Revenue multiple, and (3.2x) EV/EBITDA.

Onward Medical Financial Valuation Multiples

As of April 18, 2026, Onward Medical has market cap of $231M and EV of $167M.

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

Onward Medical has a P/E ratio of (4.4x).

Onward Medical Margins & Growth Rates

Onward Medical's revenue in the last 12 month grew by 176%.

Onward Medical's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.5M for the same period.

Onward Medical's rule of 40 is (77%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Onward Medical's rule of X is 323% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Onward Medical Public Comps

See public comps and valuation multiples for other Medical Devices comps.

Onward Medical M&A Activity

Onward Medical acquired XXX companies to date.

Last acquisition by Onward Medical was on XXXXXXXX, XXXXX. Onward Medical acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Onward Medical Investment Activity

Onward Medical invested in XXX companies to date.

Onward Medical made its latest investment on XXXXXXXX, XXXXX. Onward Medical invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).