Quectel - Public Comps and Valuation Multiples

Quectel Overview

About Quectel

Quectel Wireless Solutions Co Ltd is engaged in the design, development of cellular communication modules. It primarily supplies 5G, LTE, LTE-A, LPWA, Smart Module, C-V2X, GSM/GPRS and GNSS modules.

Founded

2010

HQ

Employees

n/a

Website

quectel.com

Sectors

Electronic Components
Networking Hardware
DeepTech

Financials

LTM Revenue $3.2B

LTM EBITDA $186M

EV

$3.7B

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Quectel Financials

As of September 2025, Quectel reported last 12-month revenue of $3.2B and EBITDA of $186M.

In the same period, Quectel generated $592M in LTM gross profit and $119M in net income.

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Quectel P&L

In the most recent fiscal year, Quectel reported revenue of $2.6B and EBITDA of $142M.

Quectel 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	$3.2B	XXX	$2.6B	XXX	XXX	XXX
Gross Profit	$592M	XXX	$459M	XXX	XXX	XXX
Gross Margin	18%	XXX	18%	XXX	XXX	XXX
EBITDA	$186M	XXX	$142M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	5%	XXX	XXX	XXX
EBIT	$121M	XXX	$101M	XXX	XXX	XXX
EBIT Margin	4%	XXX	4%	XXX	XXX	XXX
Net Profit	$119M	XXX	$82.5M	XXX	XXX	XXX
Net Margin	4%	XXX	3%	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 Quectel including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.2B. EBITDA for the last twelve months was $186M. In the most recent fiscal year, Quectel achieved $2.6B in revenue and $142M 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	$3.2B	Analyst estimates available to subscribers	$2.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$592M	Analyst estimates available to subscribers	$459M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	18.4% gross margin	Analyst estimates available to subscribers	17.6% 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)	$186M	Analyst estimates available to subscribers	$142M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.8% EBITDA margin	Analyst estimates available to subscribers	5.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$121M	Analyst estimates available to subscribers	$101M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.7% EBIT margin	Analyst estimates available to subscribers	3.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$119M	Analyst estimates available to subscribers	$82.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.7% net profit margin	Analyst estimates available to subscribers	3.2% 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 Quectel

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

Recent Performance Highlights

Quectel generated $3.2B in revenue over the last twelve months.
The company achieved $186M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $592M.
Net income over the last twelve months reached $119M.

Fiscal Year Performance

In the most recent fiscal year, Quectel reported $2.6B in total revenue.
Fiscal year EBITDA was $142M.
The company maintained a gross profit margin of 17.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 5.4%.
Net profit margin reached 3.2% in the most recent fiscal year.

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

Quectel Stock Performance

Quectel has current market cap of CNY 24.5B (or $3.4B), and EV of CNY 26.5B (or $3.7B).

Market Cap Evolution

Quectel Stock Data

As of October 17, 2025, Quectel's stock price is CNY 94 (or $13).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.7B	$3.4B	XXX	XXX	XXX	XXX	$0.46

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Quectel Valuation Multiples

Quectel's trades at 1.4x EV/Revenue multiple, and 26.2x EV/EBITDA.

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Quectel Financial Valuation Multiples

As of October 17, 2025, Quectel has market cap of $3.4B and EV of $3.7B.

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

Quectel has a P/E ratio of 29.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.4B	XXX	$3.4B	XXX	XXX	XXX
EV (current)	$3.7B	XXX	$3.7B	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.4x	XXX	XXX	XXX
EV/EBITDA	20.0x	XXX	26.2x	XXX	XXX	XXX
EV/EBIT	30.7x	XXX	36.7x	XXX	XXX	XXX
EV/Gross Profit	6.3x	XXX	n/a	XXX	XXX	XXX
P/E	29.0x	XXX	41.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	58.8x	XXX	XXX	XXX

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

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Quectel Margins & Growth Rates

Quectel's last 12 month revenue growth is 25%

Quectel's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

Quectel's rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Quectel's rule of X is 68% (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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Quectel Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	25%	XXX	27%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	20%	XXX	67%	XXX	XXX	XXX
Rule of 40	29%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	68%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	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	9%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

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

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