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Ricardo Valuation Multiples

Discover revenue and EBITDA valuation multiples for Ricardo and similar public comparables like Bluebik Group, Business Online, and RPMGlobal.

Ricardo Overview

About Ricardo

Ricardo PLC is a provider of business solutions in the United Kingdom. The company's operating segments include Energy & Environment, Rail, Automotive and Industrial, Defense, and Performance Products. Its Automotive and Industrial segment generates majority of the revenue for the company. The company operates in the UK, Mainland Europe, North America, China, Australia, the Rest of Asia, and the Rest of the World.


Founded

1927

HQ

United Kingdom of Great Britain and Northern Ireland
Employees

2.9K+

Website

ricardo.com

Financials

LTM Revenue $512M

LTM EBITDA $47.6M

EV

$290M

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Ricardo Financials

Ricardo has a last 12-month revenue (LTM) of $512M and a last 12-month EBITDA of $47.6M.

In the most recent fiscal year, Ricardo achieved revenue of $638M and an EBITDA of $44.6M.

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

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Ricardo P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $512M XXX $638M XXX XXX XXX
Gross Profit $165M XXX $181M XXX XXX XXX
Gross Margin 32% XXX 28% XXX XXX XXX
EBITDA $47.6M XXX $44.6M XXX XXX XXX
EBITDA Margin 9% XXX 7% XXX XXX XXX
EBIT $30.7M XXX $45.9M XXX XXX XXX
EBIT Margin 6% XXX 7% XXX XXX XXX
Net Profit $8.7M XXX $0.9M XXX XXX XXX
Net Margin 2% XXX 0% XXX XXX XXX
Net Debt XXX XXX $78.3M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Ricardo Stock Performance

As of May 30, 2025, Ricardo's stock price is GBP 3 (or $4).

Ricardo has current market cap of GBP 177M (or $238M), and EV of GBP 216M (or $290M).

See Ricardo trading valuation data

Ricardo Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$290M $238M XXX XXX XXX XXX $0.22

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Ricardo Valuation Multiples

As of May 30, 2025, Ricardo has market cap of $238M and EV of $290M.

Ricardo's trades at 0.5x EV/Revenue multiple, and 6.4x EV/EBITDA.

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

Ricardo has a P/E ratio of 27.5x.

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Ricardo Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $238M XXX $238M XXX XXX XXX
EV (current) $290M XXX $290M XXX XXX XXX
EV/Revenue 0.6x XXX 0.5x XXX XXX XXX
EV/EBITDA 6.1x XXX 6.4x XXX XXX XXX
EV/EBIT 9.5x XXX 7.8x XXX XXX XXX
EV/Gross Profit 1.8x XXX n/a XXX XXX XXX
P/E 27.5x XXX 46.4x XXX XXX XXX
EV/FCF -41.3x XXX 62.6x XXX XXX XXX

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Ricardo Margins & Growth Rates

Ricardo's last 12 month revenue growth is 9%

Ricardo's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $46K for the same period.

Ricardo's rule of 40 is 16% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ricardo's rule of X is 31% (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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Ricardo Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 9% XXX 1% XXX XXX XXX
EBITDA Margin 9% XXX 8% XXX XXX XXX
EBITDA Growth 2% XXX 1% XXX XXX XXX
Rule of 40 16% XXX 17% XXX XXX XXX
Bessemer Rule of X XXX XXX 31% XXX XXX XXX
Revenue per Employee XXX XXX $0.2M XXX XXX XXX
Opex per Employee XXX XXX $46K 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 21% XXX XXX XXX

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Ricardo Public Comps

See public comps and valuation multiples for Business Consulting comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Almunda Professionals XXX XXX XXX XXX XXX XXX
Appen XXX XXX XXX XXX XXX XXX
RPMGlobal XXX XXX XXX XXX XXX XXX
Bluebik Group XXX XXX XXX XXX XXX XXX
Business Online XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Ricardo M&A and Investment Activity

Ricardo acquired  XXX companies to date.

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

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Latest Acquisitions by Ricardo

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 Ricardo

When was Ricardo founded? Ricardo was founded in 1927.
Where is Ricardo headquartered? Ricardo is headquartered in United Kingdom of Great Britain and Northern Ireland.
How many employees does Ricardo have? As of today, Ricardo has 2.9K+ employees.
Who is the CEO of Ricardo? Ricardo's CEO is Mr. Graham Ritchie.
Is Ricardo publicy listed? Yes, Ricardo is a public company listed on LON.
What is the stock symbol of Ricardo? Ricardo trades under RCDO ticker.
When did Ricardo go public? Ricardo went public in 1962.
Who are competitors of Ricardo? Similar companies to Ricardo include e.g. Almunda Professionals, Appen, RPMGlobal, Bluebik Group.
What is the current market cap of Ricardo? Ricardo's current market cap is $238M
What is the current revenue of Ricardo? Ricardo's last 12 months revenue is $512M.
What is the current revenue growth of Ricardo? Ricardo revenue growth (NTM/LTM) is 9%.
What is the current EV/Revenue multiple of Ricardo? Current revenue multiple of Ricardo is 0.6x.
Is Ricardo profitable? Yes, Ricardo is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Ricardo? Ricardo's last 12 months EBITDA is $47.6M.
What is Ricardo's EBITDA margin? Ricardo's last 12 months EBITDA margin is 9%.
What is the current EV/EBITDA multiple of Ricardo? Current EBITDA multiple of Ricardo is 6.1x.
What is the current FCF of Ricardo? Ricardo's last 12 months FCF is -$7.0M.
What is Ricardo's FCF margin? Ricardo's last 12 months FCF margin is -1%.
What is the current EV/FCF multiple of Ricardo? Current FCF multiple of Ricardo is -41.3x.

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