Photon Energy - Public Comps and Valuation Multiples

Photon Energy Overview

About Photon Energy

Photon Energy NV is an investment holding company. It engages in the provision of solar power solutions and services. The company covers the entire life cycle of solar power systems. It operates through the following business segments: Engineering, Technology, Investment, Operations and Maintenance, New Energy, and Others. It generates the majority of its revenue from the New Energy segment. It has operations in the Czech Republic, Hungary, Poland, Australia, Romania, the Slovak Republic, and Germany. The firm generates the majority of revenue from the Czech Republic.

Founded

2010

HQ

Employees

335

Website

photonenergy.com

Sectors

Environmental & Facilities Services
Energy Exploration & Generation
Solar
EnergyTech
ClimateTech

Financials

LTM Revenue $117M

LTM EBITDA $10.3M

EV

$236M

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Photon Energy Financials

As of September 2025, Photon Energy reported last 12-month revenue of $117M and EBITDA of $10.3M.

In the same period, Photon Energy achieved -$11.2M in LTM net income.

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Photon Energy P&L

In the most recent fiscal year, Photon Energy reported revenue of $24.4M and EBITDA of $2.3M.

Photon Energy 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	$117M	XXX	$24.4M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$13.6M	XXX	XXX	XXX
Gross Margin	n/a	XXX	56%	XXX	XXX	XXX
EBITDA	$10.3M	XXX	$2.3M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	10%	XXX	XXX	XXX
EBIT	-$3.9M	XXX	-$1.0M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-4%	XXX	XXX	XXX
Net Profit	-$11.2M	XXX	-$3.6M	XXX	XXX	XXX
Net Margin	-10%	XXX	-15%	XXX	XXX	XXX
Net Debt	XXX	XXX	$43.7M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Photon Energy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $117M. EBITDA for the last twelve months was $10.3M. In the most recent fiscal year, Photon Energy achieved $24.4M in revenue and $2.3M 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	$117M	Analyst estimates available to subscribers	$24.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$13.6M	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	55.5% 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)	$10.3M	Analyst estimates available to subscribers	$2.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	8.8% EBITDA margin	Analyst estimates available to subscribers	9.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$3.9M	Analyst estimates available to subscribers	-$1.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.4% EBIT margin	Analyst estimates available to subscribers	-4.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$11.2M	Analyst estimates available to subscribers	-$3.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-9.6% net profit margin	Analyst estimates available to subscribers	-14.6% 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	$43.7M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Photon Energy

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

Recent Performance Highlights

Photon Energy generated $117M in revenue over the last twelve months.
The company achieved $10.3M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$11.2M.

Fiscal Year Performance

In the most recent fiscal year, Photon Energy reported $24.4M in total revenue.
Fiscal year EBITDA was $2.3M.
The company maintained a gross profit margin of 55.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 9.6%.
Net profit margin reached -14.6% in the most recent fiscal year.

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

Photon Energy Stock Performance

Photon Energy has current market cap of PLN 153M (or $41.6M), and EV of PLN 869M (or $236M).

Market Cap Evolution

Photon Energy Stock Data

As of October 17, 2025, Photon Energy's stock price is PLN 3 (or $1).

See Photon Energy trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$236M	$41.6M	XXX	XXX	XXX	XXX	$-0.18

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Photon Energy Valuation Multiples

Photon Energy's trades at 9.7x EV/Revenue multiple, and 100.8x EV/EBITDA.

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Photon Energy Financial Valuation Multiples

As of October 17, 2025, Photon Energy has market cap of $41.6M and EV of $236M.

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

Photon Energy has a P/E ratio of -3.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$41.6M	XXX	$41.6M	XXX	XXX	XXX
EV (current)	$236M	XXX	$236M	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	9.7x	XXX	XXX	XXX
EV/EBITDA	23.0x	XXX	100.8x	XXX	XXX	XXX
EV/EBIT	-60.3x	XXX	-235.4x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-3.7x	XXX	-11.7x	XXX	XXX	XXX
EV/FCF	-13.1x	XXX	118.4x	XXX	XXX	XXX

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

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Photon Energy Margins & Growth Rates

Photon Energy's last 12 month revenue growth is 9%

Photon Energy's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $43K for the same period.

Photon Energy's rule of 40 is 18% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Photon Energy's rule of X is 31% (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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Photon Energy Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	130%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	55%	XXX	149%	XXX	XXX	XXX
Rule of 40	18%	XXX	19%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	31%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$43K	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	60%	XXX	XXX	XXX

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

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