Perpetual - Public Comps and Valuation Multiples

Perpetual Overview

About Perpetual

Perpetual is one of Australia's oldest financial-services firms, founded in 1886. It has three operating segments, with the investments business being the main earnings generator. It is an active manager of listed assets. Perpetual also provides financial planning services to high-net-worth clients via its private segment. In its trust segment, it provides outsourced responsible entity services to funds, as well as custodial and trustee services in the debt capital markets, particularly in securitization issuances.

Founded

1963

HQ

Employees

1.8K+

Website

perpetual.com.au

Sectors

Asset Management

Financials

LTM Revenue $898M

LTM EBITDA $270M

EV

$2.1B

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Perpetual Financials

As of September 2025, Perpetual reported last 12-month revenue of $898M and EBITDA of $270M.

In the same period, Perpetual achieved $132M in LTM net income.

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Perpetual P&L

In the most recent fiscal year, Perpetual reported revenue of $878M and EBITDA of $91.4M.

Perpetual 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	$898M	XXX	$878M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$878M	XXX	XXX	XXX
Gross Margin	n/a	XXX	100%	XXX	XXX	XXX
EBITDA	$270M	XXX	$91.4M	XXX	XXX	XXX
EBITDA Margin	30%	XXX	10%	XXX	XXX	XXX
EBIT	$221M	XXX	$67.8M	XXX	XXX	XXX
EBIT Margin	25%	XXX	8%	XXX	XXX	XXX
Net Profit	$132M	XXX	-$37.9M	XXX	XXX	XXX
Net Margin	15%	XXX	-4%	XXX	XXX	XXX
Net Debt	XXX	XXX	$411M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Perpetual including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $898M. EBITDA for the last twelve months was $270M. In the most recent fiscal year, Perpetual achieved $878M in revenue and $91.4M 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	$898M	Analyst estimates available to subscribers	$878M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$878M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	100.0% 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)	$270M	Analyst estimates available to subscribers	$91.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.1% EBITDA margin	Analyst estimates available to subscribers	10.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$221M	Analyst estimates available to subscribers	$67.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.6% EBIT margin	Analyst estimates available to subscribers	7.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$132M	Analyst estimates available to subscribers	-$37.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.7% net profit margin	Analyst estimates available to subscribers	-4.3% 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	$411M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Perpetual

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

Recent Performance Highlights

Perpetual generated $898M in revenue over the last twelve months.
The company achieved $270M in EBITDA over the last twelve months.
Net income over the last twelve months reached $132M.

Fiscal Year Performance

In the most recent fiscal year, Perpetual reported $878M in total revenue.
Fiscal year EBITDA was $91.4M.
The company maintained a gross profit margin of 100.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 10.4%.
Net profit margin reached -4.3% in the most recent fiscal year.

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

Perpetual Stock Performance

Perpetual has current market cap of AUD 2.4B (or $1.5B), and EV of AUD 3.2B (or $2.1B).

Market Cap Evolution

Perpetual Stock Data

As of October 17, 2025, Perpetual's stock price is AUD 21 (or $13).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.1B	$1.5B	XXX	XXX	XXX	XXX	$1.17

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Perpetual Valuation Multiples

Perpetual's trades at 2.4x EV/Revenue multiple, and -48.6x EV/EBITDA.

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Perpetual Financial Valuation Multiples

As of October 17, 2025, Perpetual has market cap of $1.5B and EV of $2.1B.

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

Perpetual has a P/E ratio of 11.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.5B	XXX	$1.5B	XXX	XXX	XXX
EV (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	2.4x	XXX	XXX	XXX
EV/EBITDA	7.6x	XXX	-48.6x	XXX	XXX	XXX
EV/EBIT	9.3x	XXX	30.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	11.7x	XXX	-8.9x	XXX	XXX	XXX
EV/FCF	14.1x	XXX	13.7x	XXX	XXX	XXX

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

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Perpetual Margins & Growth Rates

Perpetual's last 12 month revenue growth is 2%

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

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

Perpetual's rule of X is 34% (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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Perpetual Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	30%	XXX	-5%	XXX	XXX	XXX
EBITDA Growth	-5%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-3%	XXX	-3%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	34%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	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	92%	XXX	XXX	XXX

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

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