QleanAir Valuation Multiples

QleanAir is valued at $27M as of October 2026, a 0.8x revenue multiple. In the last 12 months, QleanAir revenue was $49M and QleanAir EBITDA was $7M.

QleanAir Overview

About QleanAir

QleanAir AB is a provider of clean indoor environment solutions. The company’s business model is based on rental contracts for modular solutions with a full-service offer. Its solutions are developed using filter technology that traps, filters and recycles indoor air. The product portfolio consists of stand-alone air cleaners (Air Cleaners), solutions for protection against passive smoking (Cabin Solutions) and flexible, modular cleanrooms (Cleanrooms). The company’s main markets are EMEA, APAC and the Americas.


Founded

2011

HQ

Sweden

Employees

118

Financials (LTM)

Revenue: $49M
EBITDA: $7M

EV

$40M

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QleanAir Financials

QleanAir reported last 12-month revenue of $49M and EBITDA of $7M.

In the same LTM period, QleanAir generated $33M in gross profit, $7M in EBITDA, and $2M in net income.

Revenue (LTM)


QleanAir P&L

In the most recent fiscal year, QleanAir reported revenue of $46M and EBITDA of $8M.

QleanAir is profitable as of last fiscal year, with gross margin of 69%, EBITDA margin of 17%, and net margin of 6%.

See analyst estimates for QleanAir
LTMLast FY202320242025202620272028
Revenue$49M$46M$53M$47M$46M
Gross Profit$33M$31M$36M$31M$31M
Gross Margin68%69%68%65%69%
EBITDA$7M$8M$11M$5M$8M
EBITDA Margin15%17%21%11%17%
EBIT Margin9%9%13%3%9%
Net Profit$2M$3M$5M($150K)$3M
Net Margin5%6%9%(0%)6%
Net Debt-$13M---

Financial data powered by Morningstar, Inc.

QleanAir Stock Performance

QleanAir has current market cap of $27M, and enterprise value of $40M.

Market Cap Evolution


QleanAir's stock price is $1.85.

QleanAir share price decreased by 1.3% in the last 30 days, and by 23.5% in the last year.

QleanAir has an EPS (earnings per share) of $0.19.

See more trading valuation data for QleanAir
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$40M$27M0.0%-1.3%-11.0%-23.5%$0.19

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QleanAir Valuation Multiples

QleanAir trades at 0.8x EV/Revenue multiple, and 5.5x EV/EBITDA.

See NTM and 2027E valuation multiples for QleanAir

EV / Revenue (LTM)


QleanAir Financial Valuation Multiples

As of October 19, 2026, QleanAir has market cap of $27M and EV of $40M.

QleanAir has a P/E ratio of 11.3x.

LTMLast FY202320242025202620272028
EV/Revenue0.8x0.9x0.8x0.8x0.9x
EV/EBITDA5.5x5.2x3.5x7.8x5.2x
EV/EBIT9.4x9.6x5.9x31.6x9.6x
EV/Gross Profit1.2x1.3x1.1x1.3x1.3x
P/E11.3x9.8x6.0x(182.4x)9.8x
EV/FCF-6.5x9.7x23.8x6.5x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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QleanAir Margins & Growth Rates

QleanAir grew revenue by 5% but EBITDA decreased by 8% in the last fiscal year.

In the most recent fiscal year, QleanAir reported gross margin of 69%, EBITDA margin of 17%, and net margin of 6%.

See estimated margins and future growth rates for QleanAir

QleanAir Margins

Last FY202420252026202720282029
Gross Margin69%65%69%68%
EBITDA Margin17%11%17%15%
EBIT Margin9%3%9%9%
Net Margin6%(0%)6%5%
FCF Margin13%4%13%-

QleanAir Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth5%(11%)(3%)5%
Gross Profit Growth4%(15%)2%4%
EBITDA Growth(8%)(55%)51%(8%)
EBIT Growth(0%)(81%)230%(0%)
Net Profit Growth(17%)(103%)(1966%)(17%)
FCF Growth-(59%)267%-

Data powered by FactSet, Inc. and Morningstar, Inc.

QleanAir Operational KPIs

QleanAir's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.2M for the same period.

QleanAir's Rule of 40 is 20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

QleanAir's Rule of X is 28% (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).

Access forward-looking KPIs for QleanAir
LTMLast FY202320242025202620272028
Rule of 4024%20%---
Bessemer Rule of X38%28%---
Revenue per Employee-$0.4M---
Opex per Employee-$0.2M---
Opex to Revenue-60%56%62%60%

Data powered by FactSet, Inc. and Morningstar, Inc.

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QleanAir Competitors

QleanAir competitors include De.mem, M Vest Water, Grupa RECYKL, SW Umwelttechnik, Quest Resource Holding, VERTIKAL Group, Calix, The Environmental Group, Wolftank Group and Sky Quarry.

Most QleanAir public comparables operate across Waste & Environmental Services.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
De.mem$21M$580K1.2x1.0x43.7x11.1x
M Vest Water$3M($2M)9.6x6.9x(17.1x)(28.8x)
Grupa RECYKL$38M$6M1.1x-6.8x-
SW Umwelttechnik$126M$17M0.8x-6.2x-
Quest Resource Holding$250M($106K)0.3x0.3x(803.8x)8.2x
VERTIKAL Group$73M$10M0.8x-6.1x-
Calix$25M($31M)1.1x1.0x(0.8x)(3.3x)
The Environmental Group$77M($1M)0.4x0.4x(20.5x)4.7x

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About QleanAir

When was QleanAir founded?QleanAir was founded in 2011.
Where is QleanAir headquartered?QleanAir is headquartered in Sweden.
How many employees does QleanAir have?As of today, QleanAir has over 118 employees.
Is QleanAir publicly listed?Yes, QleanAir is a public company listed on Nasdaq Stockholm.
What is the stock symbol of QleanAir?QleanAir trades under QAIR ticker.
When did QleanAir go public?QleanAir went public in 2019.
Who are competitors of QleanAir?QleanAir main competitors include De.mem, M Vest Water, Grupa RECYKL, SW Umwelttechnik, Quest Resource Holding, VERTIKAL Group, Calix, The Environmental Group, Wolftank Group, Sky Quarry.
What is the current market cap of QleanAir?QleanAir's current market cap is $27M.
What is the current revenue of QleanAir?QleanAir's last 12 months revenue is $49M.
What is the current revenue growth of QleanAir?QleanAir revenue growth (NTM/LTM) is 9%.
What is the current EV/Revenue multiple of QleanAir?Current revenue multiple of QleanAir is 0.8x.
What is the current EBITDA of QleanAir?QleanAir's last 12 months EBITDA is $7M.
What is QleanAir's EBITDA margin?QleanAir's last 12 months EBITDA margin is 15%.
What is the current EV/EBITDA multiple of QleanAir?Current EBITDA multiple of QleanAir is 5.5x.
How many companies QleanAir has acquired to date?QleanAir hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies QleanAir has invested to date?QleanAir hasn't invested in any companies yet (or none have been disclosed publicly).

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