Reply Valuation Multiples

Reply is valued at $5.3B as of October 2026, a 1.6x revenue multiple. In the last 12 months, Reply revenue was $3B and Reply EBITDA was $546M.

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Reply Overview

About Reply

Reply is an Italian consulting, systems integration and digital services group headquartered in Turin. It is listed on Borsa Italiana, in the FTSE Italia Mid Cap and STAR indices, and is chaired by co-founder Mario Rizzante. The group operates as a network of specialised companies that design and implement solutions in artificial intelligence, big data, cloud computing, Internet of Things and cybersecurity. Founders of acquired companies join the group with the role of Partner Reply and keep developing their businesses inside it. Reply reported revenue of EUR 2.295 billion and net profit of EUR 211 million for 2024 and employed 15,660 people. It has grown through acquisitions in Germany, France, the United States and other markets, and has also invested in early-stage technology start-ups.


Founded

1996

HQ

Italy

Employees

17.1K

Website

reply.com

Financials (LTM)

Revenue: $3B
EBITDA: $546M

EV

$4.8B

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Reply Financials

Reply reported last 12-month revenue of $3B and EBITDA of $546M.

In the same LTM period, Reply generated $2.2B in gross profit, $546M in EBITDA, and $310M in net income.

Revenue (LTM)


Reply P&L

In the most recent fiscal year, Reply reported revenue of $2.8B and EBITDA of $513M.

Reply is profitable as of last fiscal year, with gross margin of 45%, EBITDA margin of 19%, and net margin of 10%.

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LTMLast FY202320242025202620272028
Revenue$3B$2.8B$2.5B$2.7B$2.8B
Gross Profit$2.2B$1.2B$1.2B$1.2B$1.2B
Gross Margin73%45%48%46%45%
EBITDA$546M$513M$405M$458M$513M
EBITDA Margin18%19%16%17%19%
EBIT Margin15%14%13%13%14%
Net Profit$310M$282M$217M$245M$282M
Net Margin10%10%9%9%10%
Net Debt-($552M)---

Financial data powered by Morningstar, Inc.

Reply Stock Performance

Reply has current market cap of $5.3B, and enterprise value of $4.8B.

Market Cap Evolution


Reply's stock price is $145.08.

Reply share price increased by 10.3% in the last 30 days, and by 3.0% in the last year.

Reply has an EPS (earnings per share) of $7.76.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4.8B$5.3B0.0%10.3%13.8%3.0%$7.76

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Reply Valuation Multiples

Reply trades at 1.6x EV/Revenue multiple, and 8.8x EV/EBITDA.

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EV / Revenue (LTM)


Reply Financial Valuation Multiples

As of October 20, 2026, Reply has market cap of $5.3B and EV of $4.8B.

Reply has a P/E ratio of 17.0x.

LTMLast FY202320242025202620272028
EV/Revenue1.6x1.8x2.0x1.8x1.8x
EV/EBITDA8.8x9.4x11.9x10.5x9.4x
EV/EBIT10.5x12.6x14.9x14.1x12.6x
EV/Gross Profit2.2x3.9x4.1x3.9x3.9x
P/E17.0x18.7x24.3x21.5x18.7x
EV/FCF17.8x15.3x18.8x14.0x15.3x

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

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Reply Margins & Growth Rates

Reply grew revenue by 10% and EBITDA by 7% in the last fiscal year.

In the most recent fiscal year, Reply reported gross margin of 45%, EBITDA margin of 19%, and net margin of 10%.

See estimated margins and future growth rates for Reply

Reply Margins

Last FY202420252026202720282029
Gross Margin45%46%45%73%
EBITDA Margin19%17%19%18%
EBIT Margin14%13%14%15%
Net Margin10%9%10%10%
FCF Margin11%13%11%9%

Reply Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth10%8%3%10%
Gross Profit Growth79%4%1%79%
EBITDA Growth7%13%12%7%
EBIT Growth20%6%12%20%
Net Profit Growth12%13%15%12%
FCF Growth(15%)34%(9%)(15%)

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

Reply Operational KPIs

Reply's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Reply's Rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Reply's Rule of X is 44% (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).

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LTMLast FY202320242025202620272028
Rule of 4026%28%---
Bessemer Rule of X38%44%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.1M---
G&A Expenses to Revenue-18%19%17%18%
Opex to Revenue-31%35%34%31%

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

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Reply Competitors

Reply competitors include iSoftstone, Aditya Infotech, LG CNS, GDS Holdings, Mphasis, SAIC, Bechtle, Softcat, Nextdc and TIS.

Most Reply public comparables operate across IT Consulting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
iSoftstone$5.3B$103M1.1x1.0x54.5x34.9x
Aditya Infotech$444M$60M11.7x8.9x86.9x61.9x
LG CNS$4.6B$532M0.9x0.9x8.1x8.1x
GDS Holdings$1.7B$886M6.1x5.6x11.8x12.1x
Mphasis$1.7B$323M3.0x2.7x15.4x14.6x
SAIC$7.3B$664M1.1x1.1x12.3x10.9x
Bechtle$7.2B$556M0.7x0.7x9.6x8.9x
Softcat$1.9B$245M2.4x1.7x19.1x15.2x

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Acquisitions by Reply

Reply has acquired 8 companies to date.

Last acquisition by Reply was on August 11th 2026. Reply acquired FedTec for undisclosed valuation.

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Latest Acquisitions by Reply

FedTec
Wemanity
FINCON Unternehmensberatung
The Spur Group
Description
FedTec is a United States federal technology contractor based in Reston, Virginia. It provides digital transformation, cybersecurity, artificial intelligence, cloud and infrastructure services to federal agencies. The company has about 400 employees across the country and is described in the trade press as a government technology provider with roughly 100 million dollars of revenue. Its chief executive Ramanjit Singh and the current leadership team stay on after the sale to Reply. FedTec was advised by Kroll on the transaction. Reply, the Turin-based group that bought it in August 2026, builds its American presence through acquisitions of consulting and technology firms. The sale adds a federal customer base to the Reply network in the United States.
Wemanity is a provider of agile services with emphasis on corporate agile transformations. Based in Europe, it delivers training, coaching, and implementation support to integrate startup-like agility into established businesses. Services span agile methodology adoption, team restructuring, and process optimization, drawing from expertise in bridging entrepreneurial innovation with sustained corporate operations. Accessible via wemanity.com, the firm targets large organizations seeking scalable change management.
FINCON Unternehmensberatung is a consulting firm delivering technical advisory, software implementation, testing, and development for banks, insurers, and financial services. Munich-based, it handles migrations, test automation, product evaluations, and replacement strategies across core banking and insurance systems in Germany and Europe.
The Spur Group is a United States strategy consultancy based in Bellevue, near Seattle, that advises on go-to-market and positioning strategy. It supports major technology companies and global brands, including Cisco, Microsoft, Rockwell Automation, Qlik and VMware, and combines skills in strategy, marketing, data analysis and operating models. It was acquired by Reply in January 2022 together with Enowa LLC, and the two companies employ over 400 people between them. Its chief executive at the time was Randy Karr, and its founders took the role of Partner Reply within the group. Reply described the business as a leader in strategy consulting for marketing and sales. Together with Enowa LLC it brought more than 400 people into the Reply Group in North America.
HQ CountryUnited StatesFranceGermanyUnited States
HQ City
Reston
Paris
Hamburg
Bellevue
Deal Date11 Aug 20263 Oct 202224 May 202210 Jan 2022
Valuationundisclosed$55M$129M$34M
EV/Revenue
EV/EBITDA

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Investments by Reply

Reply has invested in 14 companies to date.

Latest investment by Reply was on January 18th 2022. Reply invested in Bluegrove in their $13M Series B round (EV/Revenue multiple available to Pro users).

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Latest Investments by Reply

Bluegrove
CageEye
ubirch
Amiko
Description
Bluegrove is a Norwegian aquaculture technology group formed as the holding company for CageEye, the hydroacoustic fish-monitoring business. It sells sensing and analytics tools that let salmon farmers observe fish behaviour in real time and make data-driven feeding decisions, with the stated aim of raising output while cutting feed waste and environmental impact. The group positions its technology as an open platform that integrates equipment from other suppliers rather than locking farmers into a single vendor. Bluegrove is based in Oslo and is backed by investors including Breed Reply and Aqua-Spark.
CageEye is a Norwegian aquaculture technology provider offering underwater monitoring systems and hydroacoustic analysis tools. Based in Tromsø, the company develops sensor-equipped cameras and AI-driven software for real-time fish welfare assessment, biomass estimation, and sea lice detection in salmon farms across Norway and Chile.
ubirch is a German cyber-security company that secures Internet of Things data using cryptography and blockchain anchoring. Its extremely lightweight client runs on battery-powered sensors and signs every measurement with a private key, so the identity and integrity of the data can be verified by any recipient, with critical records anchored in a two-layer blockchain architecture. The hardware-agnostic product is sold to insurers, telecoms operators, utilities, logistics firms and industrial manufacturers. Founded in 2014 by Stephan Noller, ubirch operates from Cologne, Berlin and Munich and was named a Gartner Cool Vendor for Insurance in 2017.
Amiko is a digital health company that builds medication sensors and connected software for respiratory disease management. Its Respiro platform attaches sensing modules to inhalers, automatically capturing when a dose is taken and how the patient inhaled, and feeds the data to clinicians, pharmaceutical companies and clinical researchers to track adherence and treatment effectiveness. The company was founded in 2014, is headquartered in London and runs ISO 13485-certified research and development facilities in Milan. It sells primarily to pharmaceutical partners and healthcare providers across Italy, Germany, France, Spain, the United Kingdom and the Netherlands.
HQ CountryNorwayNorwayGermanyUnited Kingdom
HQ City
Oslo
Oslo
Cologne
London
Deal Date18 Jan 202226 Jun 201826 Jun 20181 Dec 2017
RoundSeries BSeedSeedStrategic investment
Raised$13Mundisclosedundisclosedundisclosed
InvestorsReplyReplyReplySanner Group; Reply
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Reply

When was Reply founded?Reply was founded in 1996.
Where is Reply headquartered?Reply is headquartered in Italy.
How many employees does Reply have?As of today, Reply has over 17K employees.
Who is the CEO of Reply?Reply's CEO is Mario Rizzante.
Is Reply publicly listed?Yes, Reply is a public company listed on Borsa Italiana.
What is the stock symbol of Reply?Reply trades under REY ticker.
When did Reply go public?Reply went public in 2000.
Who are competitors of Reply?Reply main competitors include iSoftstone, Aditya Infotech, LG CNS, GDS Holdings, Mphasis, SAIC, Bechtle, Softcat, Nextdc, TIS.
What is the current market cap of Reply?Reply's current market cap is $5.3B.
What is the current revenue of Reply?Reply's last 12 months revenue is $3B.
What is the current revenue growth of Reply?Reply revenue growth (NTM/LTM) is 8%.
What is the current EV/Revenue multiple of Reply?Current revenue multiple of Reply is 1.6x.
What is the current EBITDA of Reply?Reply's last 12 months EBITDA is $546M.
What is Reply's EBITDA margin?Reply's last 12 months EBITDA margin is 18%.
What is the current EV/EBITDA multiple of Reply?Current EBITDA multiple of Reply is 8.8x.
What is the current FCF of Reply?Reply's last 12 months FCF is $271M.
What is Reply's FCF margin?Reply's last 12 months FCF margin is 9%.
What is the current EV/FCF multiple of Reply?Current FCF multiple of Reply is 17.8x.
How many companies Reply has acquired to date?As of October 2026, Reply has acquired 8 companies.
What was the largest acquisition by Reply?$129M acquisition of FINCON Unternehmensberatung on 24th May 2022 was the largest M&A Reply has done to date.
What companies Reply acquired?Reply acquired FINCON Unternehmensberatung, Wemanity, Sagepath Inc, Enowa, The Spur Group, FedTec, Threepipe, and elbkind.
In how many companies Reply has invested to date?As of October 2026, Reply has invested in 14 companies.
What was the last Reply investment?On 18th January 2022 Reply invested in Bluegrove, participating in a $13M Series B round.
In what companies Reply invested in?Reply invested in Bluegrove, Sensoria, GymCraft, IOTICS, Inova Design Solutions, Greeniant, Amiko, Callsign, Cocoon, BRAINCONTROL, enModus, CageEye, Canard Drones, and ubirch.

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