Ratos - Public Comps and Valuation Multiples

Ratos Overview

About Ratos

Ratos AB is an investment company that owns and develops unlisted medium-and small-sized Nordic companies. It focuses on technological and infrastructure solutions and comprises three business segment; Industry, Construction & Services and Consumer. Majority of the revenue is generated from its Construction & Services segment which predominantly includes maintenance of infrastructure within railway, road, energy solutions, and construction of new critical buildings such as hospitals, schools, police stations and governmental buildings in the Nordics. Geographically, the company generates majority of its revenue from Norway and rest from Sweden and other regions.

Founded

1866

HQ

Employees

12.3K+

Website

ratos.com

Sectors

Construction & Engineering

Financials

LTM Revenue $2.7B

LTM EBITDA $352M

EV

$2.1B

Valuation Multiples

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Ratos Financials

As of August 2025, Ratos reported last 12-month revenue of $2.7B and EBITDA of $352M.

In the same period, Ratos generated $1.4B in LTM gross profit and $280M in net income.

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Ratos P&L

In the most recent fiscal year, Ratos reported revenue of $3.4B and EBITDA of $367M.

Ratos 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	$2.7B	XXX	$3.4B	XXX	XXX	XXX
Gross Profit	$1.4B	XXX	$1.5B	XXX	XXX	XXX
Gross Margin	52%	XXX	43%	XXX	XXX	XXX
EBITDA	$352M	XXX	$367M	XXX	XXX	XXX
EBITDA Margin	13%	XXX	11%	XXX	XXX	XXX
EBIT	$194M	XXX	$114M	XXX	XXX	XXX
EBIT Margin	7%	XXX	3%	XXX	XXX	XXX
Net Profit	$280M	XXX	$26.5M	XXX	XXX	XXX
Net Margin	10%	XXX	1%	XXX	XXX	XXX
Net Debt	XXX	XXX	$299M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ratos including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.7B. EBITDA for the last twelve months was $352M. In the most recent fiscal year, Ratos achieved $3.4B in revenue and $367M 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	$2.7B	Analyst estimates available to subscribers	$3.4B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.4B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	51.9% gross margin	Analyst estimates available to subscribers	43.5% 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)	$352M	Analyst estimates available to subscribers	$367M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	13.2% EBITDA margin	Analyst estimates available to subscribers	10.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$194M	Analyst estimates available to subscribers	$114M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	7.3% EBIT margin	Analyst estimates available to subscribers	3.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$280M	Analyst estimates available to subscribers	$26.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	10.5% net profit margin	Analyst estimates available to subscribers	0.8% 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	$299M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ratos

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

Recent Performance Highlights

Ratos generated $2.7B in revenue over the last twelve months.
The company achieved $352M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.4B.
Net income over the last twelve months reached $280M.

Fiscal Year Performance

In the most recent fiscal year, Ratos reported $3.4B in total revenue.
Fiscal year EBITDA was $367M.
The company maintained a gross profit margin of 43.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 10.7%.
Net profit margin reached 0.8% in the most recent fiscal year.

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

Ratos Stock Performance

Ratos has current market cap of SEK 11.7B (or $1.2B), and EV of SEK 19.5B (or $2.1B).

Market Cap Evolution

Ratos Stock Data

As of September 12, 2025, Ratos's stock price is SEK 36 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.1B	$1.2B	XXX	XXX	XXX	XXX	$0.26

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Ratos Valuation Multiples

Ratos's trades at 0.6x EV/Revenue multiple, and 5.7x EV/EBITDA.

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Ratos Financial Valuation Multiples

As of September 12, 2025, Ratos has market cap of $1.2B and EV of $2.1B.

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

Ratos has a P/E ratio of 4.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.2B	XXX	$1.2B	XXX	XXX	XXX
EV (current)	$2.1B	XXX	$2.1B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	0.6x	XXX	XXX	XXX
EV/EBITDA	5.9x	XXX	5.7x	XXX	XXX	XXX
EV/EBIT	10.7x	XXX	18.3x	XXX	XXX	XXX
EV/Gross Profit	1.5x	XXX	n/a	XXX	XXX	XXX
P/E	4.5x	XXX	47.1x	XXX	XXX	XXX
EV/FCF	7.7x	XXX	6.2x	XXX	XXX	XXX

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

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Ratos Margins & Growth Rates

Ratos's last 12 month revenue growth is -17%

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

Ratos's rule of 40 is -2% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ratos's rule of X is -30% (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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Ratos Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-17%	XXX	-21%	XXX	XXX	XXX
EBITDA Margin	13%	XXX	11%	XXX	XXX	XXX
EBITDA Growth	0%	XXX	-20%	XXX	XXX	XXX
Rule of 40	-2%	XXX	-7%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-30%	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	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	40%	XXX	XXX	XXX

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

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