POP MART - Public Comps and Valuation Multiples

POP MART Overview

About POP MART

Pop Mart was founded in 2010 by entrepreneur Wang Ning and his partners to design, create, and sell pop-culture figure toys based on intellectual properties, or IPs. The company develops toy products by acquiring and self-incubating IPs, as well as collaborating with IP owners thorough exclusive and nonexclusive licensing agreements. Its products have gained widespread popularity in China and have rapidly expanded into overseas markets, such as Southeast Asia and North America, in recent years. To diversify its revenue streams, Pop Mart has also tapped into accessories, building blocks, and theme park operations.

Founded

2019

HQ

Employees

6.7K+

Website

popmart.com

Sectors

Toys & Games

Financials

LTM Revenue $4.4B

LTM EBITDA $2.1B

EV

$45.3B

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POP MART Financials

As of September 2025, POP MART reported last 12-month revenue of $4.4B and EBITDA of $2.1B.

In the same period, POP MART generated $3.2B in LTM gross profit and $1.4B in net income.

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POP MART P&L

In the most recent fiscal year, POP MART reported revenue of $1.7B and EBITDA of $678M.

POP MART 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	$4.4B	XXX	$1.7B	XXX	XXX	XXX
Gross Profit	$3.2B	XXX	$1.1B	XXX	XXX	XXX
Gross Margin	72%	XXX	67%	XXX	XXX	XXX
EBITDA	$2.1B	XXX	$678M	XXX	XXX	XXX
EBITDA Margin	48%	XXX	40%	XXX	XXX	XXX
EBIT	$1.9B	XXX	$539M	XXX	XXX	XXX
EBIT Margin	44%	XXX	32%	XXX	XXX	XXX
Net Profit	$1.4B	XXX	$402M	XXX	XXX	XXX
Net Margin	33%	XXX	24%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for POP MART including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.4B. EBITDA for the last twelve months was $2.1B. In the most recent fiscal year, POP MART achieved $1.7B in revenue and $678M 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	$4.4B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.2B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	71.7% gross margin	Analyst estimates available to subscribers	66.8% 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)	$2.1B	Analyst estimates available to subscribers	$678M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	47.9% EBITDA margin	Analyst estimates available to subscribers	40.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.9B	Analyst estimates available to subscribers	$539M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	44.1% EBIT margin	Analyst estimates available to subscribers	32.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.4B	Analyst estimates available to subscribers	$402M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	32.9% net profit margin	Analyst estimates available to subscribers	24.0% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for POP MART

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

Recent Performance Highlights

POP MART generated $4.4B in revenue over the last twelve months.
The company achieved $2.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.2B.
Net income over the last twelve months reached $1.4B.

Fiscal Year Performance

In the most recent fiscal year, POP MART reported $1.7B in total revenue.
Fiscal year EBITDA was $678M.
The company maintained a gross profit margin of 66.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 40.4%.
Net profit margin reached 24.0% in the most recent fiscal year.

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

POP MART Stock Performance

POP MART has current market cap of HKD 366B (or $47.1B), and EV of HKD 353B (or $45.3B).

Market Cap Evolution

POP MART Stock Data

As of October 17, 2025, POP MART's stock price is HKD 275 (or $35).

See POP MART trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$45.3B	$47.1B	XXX	XXX	XXX	XXX	$1.00

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POP MART Valuation Multiples

POP MART's trades at 27.1x EV/Revenue multiple, and 66.9x EV/EBITDA.

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POP MART Financial Valuation Multiples

As of October 17, 2025, POP MART has market cap of $47.1B and EV of $45.3B.

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

POP MART has a P/E ratio of 35.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$47.1B	XXX	$47.1B	XXX	XXX	XXX
EV (current)	$45.3B	XXX	$45.3B	XXX	XXX	XXX
EV/Revenue	11.2x	XXX	27.1x	XXX	XXX	XXX
EV/EBITDA	23.5x	XXX	66.9x	XXX	XXX	XXX
EV/EBIT	25.5x	XXX	84.1x	XXX	XXX	XXX
EV/Gross Profit	15.7x	XXX	n/a	XXX	XXX	XXX
P/E	35.5x	XXX	117.2x	XXX	XXX	XXX
EV/FCF	30.7x	XXX	79.5x	XXX	XXX	XXX

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

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POP MART Margins & Growth Rates

POP MART's last 12 month revenue growth is 49%

POP MART's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.1M for the same period.

POP MART's rule of 40 is 83% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

POP MART's rule of X is 171% (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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POP MART Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	49%	XXX	95%	XXX	XXX	XXX
EBITDA Margin	48%	XXX	40%	XXX	XXX	XXX
EBITDA Growth	52%	XXX	188%	XXX	XXX	XXX
Rule of 40	83%	XXX	90%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	171%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	28%	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	35%	XXX	XXX	XXX

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

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