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Reply Valuation Multiples

Discover Reply's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like Mphasis, TIS, SAIC, EXL Service and more.

Reply Overview

About Reply

Reply SpA specialises in consulting, digital services, and the integration of processes, applications, and devices. Reply serves clients in the telecommunication and media, banking, insurance, financial, industry and services, energy and utilities, and public administration industries. The company provides its services mainly through platforms such as X-Rais Reply, Discovery Reply, Brick Reply, TamTamy, and SideUp Reply. Reply researches, selects, and markets solutions through channels such as data analysis, digital communication, e-commerce, mobile, and social media. Its business segments are defined based on geographical areas of operation and include Region 1 (including Italy, USA, Brazil, Poland, Romania, and Nanjing), which derives key revenue, Region 2, Region 3, and IoT Incubator.


Founded

1995

HQ

Italy

Employees

16.0K

Website

reply.com

Financials (LTM)

Revenue: $3B
EBITDA: $547M

EV

$4B

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Reply Financials

Reply reported last 12-month revenue of $3B and EBITDA of $547M.

In the same LTM period, Reply generated $2B in gross profit, $547M in EBITDA, and $303M in net income.

Revenue (LTM)


Reply P&L

In the most recent fiscal year, Reply reported revenue of $3B and EBITDA of $545M.

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$3B$2B$3B$3B
Gross Profit$2B$1B$1B$1B$1B
Gross Margin73%45%49%48%45%
EBITDA$547M$545M$414M$474M$545M
EBITDA Margin18%19%17%18%19%
EBIT Margin15%16%14%16%14%
Net Profit$303M$292M$217M$246M$292M
Net Margin10%10%9%9%10%

Financial data powered by Morningstar, Inc.

Reply Stock Performance

Reply has current market cap of $5B, and enterprise value of $4B.

Market Cap Evolution


Reply's stock price is $126.01.

Reply share price increased by 5.0% in the last 30 days, and decreased by 25.5% in the last year.

Reply has an EPS (earnings per share) of $7.86.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4B$5B5.1%5.0%32.1%-25.5%$7.86

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Reply Valuation Multiples

Reply trades at 1.3x EV/Revenue multiple, and 7.2x EV/EBITDA.

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EV / Revenue (LTM)


Reply Financial Valuation Multiples

As of June 3, 2026, Reply has market cap of $5B and EV of $4B.

Reply has a P/E ratio of 15.5x.

LTMLast FY202320242025202620272028
EV/Revenue1.3x1.4x1.6x1.5x1.4x
EV/EBITDA7.2x7.2x9.5x8.3x7.2x
EV/EBIT8.6x8.7x11.7x9.1x9.9x
EV/Gross Profit1.8x3.0x3.2x3.1x3.0x
P/E15.5x16.0x21.5x19.0x16.0x
EV/FCF13.7x12.1x15.3x11.2x12.1x

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

Verified Reply Valuation Multiples

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Reply Margins & Growth Rates

Reply grew revenue by 8% and EBITDA by 2% 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%48%45%73%
EBITDA Margin19%18%19%18%
EBIT Margin16%16%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 Growth8%7%7%8%
Gross Profit Growth74%5%1%74%
EBITDA Growth2%14%15%2%
EBIT Growth3%29%(9%)18%
Net Profit Growth10%13%19%10%
FCF Growth(11%)37%(7%)(11%)

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 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Reply's Rule of X is 39% (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%26%---
Bessemer Rule of X37%39%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.1M---
G&A Expenses to Revenue-17%19%17%17%
Opex to Revenue-31%35%31%31%

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

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Reply Competitors

Reply competitors include Mphasis, TIS, SAIC, EXL Service, FPT Corp., Softcat, Bechtle, China National Software, Asseco Poland and NS Solutions.

Most Reply public comparables operate across IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Mphasis3.1x2.7x15.4x14.5x
TIS1.2x1.2x7.5x7.3x
SAIC1.0x1.0x10.4x10.3x
EXL Service2.3x2.2x10.6x10.2x
FPT Corp.1.7x1.7x7.0x8.3x
Softcat2.4x2.1x18.4x16.6x
Bechtle0.7x0.7x8.6x8.7x
China National Software6.4x-62.2x-

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Acquisitions by Reply

Reply has acquired 5 companies to date.

Last acquisition by Reply was on October 3rd 2022. Reply acquired Wemanity for $55M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Reply

Wemanity
FINCON Unternehmensberatung
Sagepath Inc
Threepipe
Description
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.
Sagepath Inc is a Denver-based digital marketing agency delivering SEO, PPC campaigns, content strategy, and email automation for e-commerce brands in consumer goods. The agency optimizes sites on Shopify and WordPress platforms, driving traffic growth through Google Ads and social media targeting.
Threepipe Reply is a Dublin-headquartered digital agency specializing in performance marketing and data-driven campaigns. It combines CRM, media buying, and creative services for brands in Europe and the U.S. Clients such as Ryanair and Three Mobile rely on its platforms for personalized customer journeys and ROI optimization. Founded in 2012, the agency operates from offices in Ireland, the Netherlands, and Germany.
HQ CountryFranceGermanyUnited StatesUnited Kingdom
HQ City
Paris
Hamburg
Atlanta, GA
London
Deal Date3 Oct 202224 May 202230 Sep 202015 Nov 2019
Valuation$55M$129M$48Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Reply

Reply has invested in 1 company to date.

Latest investment by Reply was on July 17th 2014. Reply invested in Sensoria in their $5M Series A round (EV/Revenue multiple available to Pro users).

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Latest Investments by Reply

Sensoria
Description
-
HQ CountryUnited States
HQ City
-
Deal Date17 Jul 2014
RoundSeries A
Raised$5M
InvestorsHealthTech Capital; Reply
Valuationundisclosed
EV/Revenue
EV/EBITDA

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About Reply

When was Reply founded?Reply was founded in 1995.
Where is Reply headquartered?Reply is headquartered in Italy.
How many employees does Reply have?As of today, Reply has over 16K employees.
Who is the CEO of Reply?Reply's CEO is Tatiana 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 Mphasis, TIS, SAIC, EXL Service, FPT Corp., Softcat, Bechtle, China National Software, Asseco Poland, NS Solutions.
What is the current market cap of Reply?Reply's current market cap is $5B.
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 1.3x.
What is the current EBITDA of Reply?Reply's last 12 months EBITDA is $547M.
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 7.2x.
What is the current FCF of Reply?Reply's last 12 months FCF is $287M.
What is Reply's FCF margin?Reply's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Reply?Current FCF multiple of Reply is 13.7x.
How many companies Reply has acquired to date?As of June 2026, Reply has acquired 5 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, elbkind, and Threepipe.
In how many companies Reply has invested to date?As of June 2026, Reply has invested in 1 company.
What was the last Reply investment?On 17th July 2014 Reply invested in Sensoria, participating in a $5M Series A round, alongside HealthTech Capital.
In what companies Reply invested in?Reply invested in Sensoria.

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