Qrf - Public Comps and Valuation Multiples

Qrf Overview

About Qrf

Qrf is a Belgian public regulated real estate company (RREC or BE-REIT) that invests in inner city real estate in Belgium and the Netherlands. The company focuses on the acquisition, redevelopment and leasing of commercial real estate focused on retail, leisure and hospitality. Its segments include Belgium and the Netherlands, of which the majority of the revenue is derived from Belgium.

Founded

2013

HQ

Employees

Website

qrf.be

Sectors

Asset Management

Financials

LTM Revenue $15.4M

LTM EBITDA $11.3M

EV

$245M

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Qrf Financials

As of December 2025, Qrf reported last 12-month revenue of $15.4M and EBITDA of $11.3M.

In the same period, Qrf achieved $10.5M in LTM net income.

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Qrf P&L

In the most recent fiscal year, Qrf reported revenue of $16.2M and EBITDA of $18.0M.

Qrf expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$15.4M	XXX	$16.2M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$14.0M	XXX	XXX	XXX
Gross Margin	n/a	XXX	86%	XXX	XXX	XXX
EBITDA	$11.3M	XXX	$18.0M	XXX	XXX	XXX
EBITDA Margin	73%	XXX	111%	XXX	XXX	XXX
EBIT	$11.9M	XXX	$11.5M	XXX	XXX	XXX
EBIT Margin	77%	XXX	71%	XXX	XXX	XXX
Net Profit	$10.5M	XXX	$12.8M	XXX	XXX	XXX
Net Margin	68%	XXX	79%	XXX	XXX	XXX
Net Debt	XXX	XXX	$103M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Qrf including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $15.4M. EBITDA for the last twelve months was $11.3M. In the most recent fiscal year, Qrf achieved $16.2M in revenue and $18.0M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$15.4M	Analyst estimates available to subscribers	$16.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$14.0M	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	86.0% 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)	$11.3M	Analyst estimates available to subscribers	$18.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	73.3% EBITDA margin	Analyst estimates available to subscribers	110.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$11.9M	Analyst estimates available to subscribers	$11.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	77.1% EBIT margin	Analyst estimates available to subscribers	70.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$10.5M	Analyst estimates available to subscribers	$12.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	68.2% net profit margin	Analyst estimates available to subscribers	79.0% 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	$103M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Qrf

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

Recent Performance Highlights

Qrf generated $15.4M in revenue over the last twelve months.
The company achieved $11.3M in EBITDA over the last twelve months.
Net income over the last twelve months reached $10.5M.

Fiscal Year Performance

In the most recent fiscal year, Qrf reported $16.2M in total revenue.
Fiscal year EBITDA was $18.0M.
The company maintained a gross profit margin of 86.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 110.8%.
Net profit margin reached 79.0% in the most recent fiscal year.

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

Qrf Stock Performance

Qrf has current market cap of EUR 108M (or $127M), and EV of EUR 209M (or $245M).

Market Cap Evolution

Qrf Stock Data

As of January 2, 2026, Qrf's stock price is EUR 10 (or $12).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$245M	$127M	XXX	XXX	XXX	XXX	$1.00

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Qrf Valuation Multiples

Qrf's trades at 15.9x EV/Revenue multiple, and 21.7x EV/EBITDA.

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Qrf Financial Valuation Multiples

As of January 2, 2026, Qrf has market cap of $127M and EV of $245M.

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

Qrf has a P/E ratio of 12.1x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$127M	XXX	$127M	XXX	XXX	XXX
EV (current)	$245M	XXX	$245M	XXX	XXX	XXX
EV/Revenue	15.9x	XXX	15.9x	XXX	XXX	XXX
EV/EBITDA	21.7x	XXX	21.7x	XXX	XXX	XXX
EV/EBIT	20.6x	XXX	20.7x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	12.1x	XXX	12.1x	XXX	XXX	XXX
EV/FCF	-4.5x	XXX	-4.5x	XXX	XXX	XXX

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

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Qrf Margins & Growth Rates

Qrf's last 12 month revenue growth is 25%

Qrf's revenue per employee in the last FY averaged $2.3M, while opex per employee averaged $0.4M for the same period.

Qrf's rule of 40 is 54% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Qrf's rule of X is 135% (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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Qrf Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	25%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	73%	XXX	73%	XXX	XXX	XXX
EBITDA Growth	34%	XXX	47%	XXX	XXX	XXX
Rule of 40	54%	XXX	98%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	135%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	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	15%	XXX	XXX	XXX

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

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Qrf Public Comps

See public comps and valuation multiples for Asset Management comps

	EV/Revenue			EV/EBITDA
	2025E	2026E	2027E	2025E	2026E	2027E
Investcorp Capital	XXX	XXX	XXX	XXX	XXX	XXX
Waha Capital	XXX	XXX	XXX	XXX	XXX	XXX
ASR Nederland	XXX	XXX	XXX	XXX	XXX	XXX
CVC Capital Partners	XXX	XXX	XXX	XXX	XXX	XXX
Eurocommercial Props	XXX	XXX	XXX	XXX	XXX	XXX
XXXXXXXX	XXX	XXX	XXX	XXX	XXX	XXX
XXXXXXXX	XXX	XXX	XXX	XXX	XXX	XXX

Valuation data powered by FactSet, Inc.

Qrf M&A and Investment Activity

Qrf acquired XXX companies to date.

Last acquisition by Qrf was XXXXXXXX, XXXXX XXXXX XXXXXX . Qrf acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).

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Latest Acquisitions by Qrf

Acquired Company	EV	EV/Revenue	EV/EBITDA
XXXXXXXXX	XXX	XXX	XXX
XXXXXXXXX	XXX	XXX	XXX
XXXXXXXXX	XXX	XXX	XXX
XXXXXXXXX	XXX	XXX	XXX
XXXXXXXXX	XXX	XXX	XXX

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About Qrf

When was Qrf founded?	Qrf was founded in 2013.
Where is Qrf headquartered?	Qrf is headquartered in Belgium.
How many employees does Qrf have?	As of today, Qrf has 7 employees.
Is Qrf publicy listed?	Yes, Qrf is a public company listed on BRU.
What is the stock symbol of Qrf?	Qrf trades under QRF ticker.
When did Qrf go public?	Qrf went public in 2013.
Who are competitors of Qrf?	Similar companies to Qrf include e.g. Investcorp Capital, Waha Capital, ASR Nederland, CVC Capital Partners.
What is the current market cap of Qrf?	Qrf's current market cap is $127M
What is the current revenue of Qrf?	Qrf's last 12 months revenue is $15.4M.
What is the current revenue growth of Qrf?	Qrf revenue growth (NTM/LTM) is 25%.
What is the current EV/Revenue multiple of Qrf?	Current revenue multiple of Qrf is 15.9x.
Is Qrf profitable?	Yes, Qrf is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Qrf?	Qrf's last 12 months EBITDA is $11.3M.
What is Qrf's EBITDA margin?	Qrf's last 12 months EBITDA margin is 73%.
What is the current EV/EBITDA multiple of Qrf?	Current EBITDA multiple of Qrf is 21.7x.
What is the current FCF of Qrf?	Qrf's last 12 months FCF is -$54.5M.
What is Qrf's FCF margin?	Qrf's last 12 months FCF margin is -354%.
What is the current EV/FCF multiple of Qrf?	Current FCF multiple of Qrf is -4.5x.

Qrf Valuation Multiples

Discover revenue and EBITDA valuation multiples for Qrf and similar public comparables like CVC Capital Partners, ASR Nederland, and Eurocommercial Props.

Qrf Overview

About Qrf

Founded

HQ

Employees

Website

Sectors

Financials

EV

Valuation Multiples

Valuation Multiples for 15K+ Public Comps

Qrf Financials

Qrf P&L

Financial Performance Summary for Qrf

Recent Performance Highlights

Fiscal Year Performance

Qrf Stock Performance

Market Cap Evolution

Qrf Stock Data

Benchmark Trading Valuation Multiples by Industry

Qrf Valuation Multiples

EV/Revenue (LTM) Evolution

Qrf Financial Valuation Multiples

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Qrf Margins & Growth Rates

Qrf Operational Valuation Multiples

Valuation Multiples Across 220+ Verticals

Qrf Public Comps

Qrf M&A and Investment Activity

Latest Acquisitions by Qrf

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About Qrf

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