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S4 Capital Valuation Multiples

Discover revenue and EBITDA valuation multiples for S4 Capital and similar public comparables like Cairo Communication, Next 15 Group, Appear, Ciwen Media Co and more.

S4 Capital Overview

About S4 Capital

S4 Capital PLC is a company whose principal business activities are focused on the provision of new age/new era digital advertising and marketing services. It builds a purely digital advertising and marketing services business for multinational, regional, and local clients and millennial-driven influencer brands. The company integrates businesses in three practice areas: First-Party Data, Content, and Programmatic. The company operates in three reportable segments: Content, Data & Digital Media, and Technology Services. The company generates the majority of its revenue from the Content segment. Geographically, the company generates the majority of its revenue from the Americas, followed by Europe, the Middle East & Africa, and then Asia Pacific.


Founded

2016

HQ

United Kingdom

Employees

7.2K

Financials (LTM)

Revenue: $888M
EBITDA: $111M

EV

$510M

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S4 Capital Financials

S4 Capital reported last 12-month revenue of $888M and EBITDA of $111M.

In the same LTM period, S4 Capital generated $779M in gross profit, $111M in EBITDA, and $47M in net income.

Revenue (LTM)


S4 Capital P&L

In the most recent fiscal year, S4 Capital reported revenue of $1B and EBITDA of $109M.

S4 Capital is profitable as of last fiscal year, with gross margin of 89%, EBITDA margin of 11%, and net margin of 4%.

See analyst estimates for S4 Capital
LTMLast FY202320242025202620272028
Revenue$888M$1B$1B$1B$1B
Gross Profit$779M$897M$1B$1B$897M
Gross Margin88%89%86%89%89%
EBITDA$111M$109M$119M($314M)$89M
EBITDA Margin12%11%9%(28%)9%
EBIT Margin11%10%4%3%3%
Net Profit$47M$45M($8M)($409M)($33M)
Net Margin5%4%(1%)(36%)(3%)
Net Debt—$112M———

Financial data powered by Morningstar, Inc.

S4 Capital Stock Performance

S4 Capital has current market cap of $356M, and enterprise value of $510M.

Market Cap Evolution


S4 Capital's stock price is $0.54.

S4 Capital share price decreased by 8.6% in the last 30 days, and increased by 42.6% in the last year.

S4 Capital has an EPS (earnings per share) of $0.07.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$510M$356M-2.5%-8.6%92.3%42.6%$0.07

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S4 Capital Valuation Multiples

S4 Capital trades at 0.6x EV/Revenue multiple, and 4.6x EV/EBITDA.

See NTM and 2027E valuation multiples for S4 Capital

EV / Revenue (LTM)


S4 Capital Financial Valuation Multiples

As of May 17, 2026, S4 Capital has market cap of $356M and EV of $510M.

S4 Capital has a P/E ratio of 7.6x.

LTMLast FY202320242025202620272028
EV/Revenue0.6x0.5x0.4x0.5x0.5x
EV/EBITDA4.6x4.7x4.3x(1.6x)5.7x
EV/EBIT5.1x5.1x10.8x14.3x16.4x
EV/Gross Profit0.7x0.6x0.4x0.5x0.6x
P/E7.6x7.9x(44.6x)(0.9x)(10.8x)
EV/FCF5.4x3.2x(20.4x)5.0x3.2x

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

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S4 Capital Margins & Growth Rates

S4 Capital decreased revenue by 14% but EBITDA grew by 5% in the last fiscal year.

In the most recent fiscal year, S4 Capital reported gross margin of 89%, EBITDA margin of 11%, and net margin of 4%.

See estimated margins and future growth rates for S4 Capital

S4 Capital Margins

Last FY202420252026202720282029
Gross Margin89%89%89%88%
EBITDA Margin11%(28%)9%13%
EBIT Margin10%3%3%12%
Net Margin4%(36%)(3%)6%
FCF Margin16%9%16%4%

S4 Capital Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(14%)(16%)(11%)(14%)
Gross Profit Growth(15%)(14%)(11%)(15%)
EBITDA Growth5%(363%)(128%)29%
EBIT Growth3%(25%)(13%)229%
Net Profit Growth13%5015%(92%)(253%)
FCF Growth(78%)(506%)57%(78%)

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

S4 Capital Operational KPIs

S4 Capital's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

S4 Capital's Rule of 40 is (1%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

S4 Capital's Rule of X is (21%) (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).

Access forward-looking KPIs for S4 Capital
LTMLast FY202320242025202620272028
Rule of 4011%(1%)———
Bessemer Rule of X8%(21%)———
Revenue per Employee—$0.1M———
Opex per Employee—$0.1M———
S&M Expenses to Revenue—1%1%1%1%
G&A Expenses to Revenue—3%3%3%3%
Opex to Revenue—86%83%86%86%

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

Valuation Multiples Across 230+ Verticals

S4 Capital Competitors

S4 Capital competitors include Cairo Communication, Next 15 Group, Appear, Ciwen Media Co, INTAGE HOLDINGS, IVE Group, National CineMedia, Italian Exhibition Group, Advantage Solutions and Cmc.

Most S4 Capital public comparables operate across Advertising & Marketing.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Cairo Communication0.4x0.4x2.3x2.3x
Next 15 Group0.5x0.7x3.2x4.2x
Appear3.2x2.9x13.3x13.3x
Ciwen Media Co7.2x—(965.5x)—
INTAGE HOLDINGS0.8x0.8x8.2x—
IVE Group0.7x0.8x5.5x5.1x
National CineMedia0.9x0.9x5.3x5.7x
Italian Exhibition Group1.7x1.7x6.6x6.2x

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S4 Capital Funding History

Before going public, S4 Capital raised $291M in total equity funding, across 6 rounds.


S4 Capital Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
Jul-22Undisclosed stage—$96M—S4 Capital is a digital advertising and marketing services company focused on data-driven digital media and technology services, including content practice. It reported strong growth in 2022, with revenue reaching £1,069.5 million, up 56% reported, 24% like-for-like, and 26% pro-forma, crossing £1 billion for the first time. Net revenue was £891.7 million, up 59% reported, 26% like-for-like, and 27% pro-forma, outperforming digital media and transformation markets. Pro-forma revenue was £1,108.7 million and pro-forma net revenue £924.1 million. Billings influenced reached approximately £5.7 billion. Operational EBITDA for 2022 was £124.2 million, up 23% from £101.0 million in 2021, slightly ahead of revised guidance of £120 million, with a margin of 13.9% overall and 18.2% in H2. Pro-forma operational EBITDA was £136.3 million. The company had net debt of £110 million (0.8x pro-forma operational EBITDA) and net assets of £849.6 million as of December 31, 2022. In a July 2022 trading update, like-for-like revenue and gross profit/net revenue growth for H1 was in line with expectations, with full-year net revenue guidance of £850-900 million (achieved nearly £900 million like-for-like) and operational EBITDA of £154-165 million (pro-forma figure exceeded). No evidence of a VC funding round around July 19, 2022; S4 Capital is a publicly listed company (LON:SFOR) with market cap around GBP 138 million currently and price/sales ratio of 1.25 for 2022. Prior year (2021) revenue was £686.6 million. Recent metrics show LTM revenue of GBP 786.10 million and EBITDA of GBP 79.10 million as of latest reports.
Jan-22Seed—$3M——
Dec-21Series A—$6M—S4 Capital is a digital advertising and marketing services company focused on technology-based solutions, including content production and data-driven marketing through brands unified under Media.Monks by July 2021. In 2021, the company reported revenue of £686.6 million, up 100.4% on a reported basis from £342.7 million in 2020, with like-for-like growth of 52.4% and pro-forma growth of 53.8%. Gross profit, equivalent to net revenue, reached £560.3 million, up 89.8% reported. Operational EBITDA was £101.0 million, reflecting an 18.0% margin. The company completed a refinancing in early August 2021 with a seven-year €375 million senior secured term loan and a five-year £100 million equivalent multicurrency revolving credit facility, arranged by banks including Credit Suisse, HSBC, Barclays, JP Morgan, and BNP Paribas. Year-end 2021 net debt stood at £18.0 million, with leverage at 0.2x operational EBITDA. Total investment into mergers to date was £1,053 million as of July 2021. Acquisitions included Destined in July 2021 and others like Raccoon in May 2021 and Zemoga in September 2021. S4 Capital aimed for 20 clients each generating over $20 million in annual revenues by 2022-24, with 2021 billings influenced at approximately £5.4 billion. Like-for-like gross profit/net revenue growth was strong across regions: +38% in Americas, +64% in EMEA, and +49% in APAC.
Sep-21Undisclosed stage—$25M—S4 Capital plc is a digital advertising and marketing services company founded by Sir Martin Sorrell, focusing on unifying content, data, digital media, and technology services through combinations like the September 2021 merger of Zemoga and Media.Monks, expanding into technology services. Earlier, in July 2020, it raised £116M via share placing at 315p for expansion. Financial results for the first half of 2021, released 13 September 2021 near the query date, showed strong growth: revenue of £279.3 million (up 98% reported, 56% like-for-like, 57% pro-forma), gross profit (net revenue) of £236.7 million (up 91% reported, 49% like-for-like, 50% pro-forma), with controlled billings ~$2.3B. The company maintained a policy of maximum net leverage 1.5-2x Operational EBITDA, with market capitalization ~£4.3B (~$6.0B) noted, ranking it near FTSE 125. Full year 2021 results later showed revenue £686.6M (100% reported growth), gross profit £560.3M, Operational EBITDA £101.0M (18% margin), net debt £18M (0.2x leverage). Shares peaked at $12.25 in September 2021.
Aug-20Undisclosed stage—$109M—S4 Capital plc, founded by Sir Martin Sorrell in May 2018, is a tech-led digital advertising and marketing services company focusing on content creation and data-driven digital media practices. By 2020, it operated in 31 countries with approximately 4,400 employees, serving major tech-oriented clients like Google, Facebook, Amazon, Netflix, and expanding into healthcare and FMCG with new remits from BMW/MINI, Mondelēz, Procter & Gamble, and others. The company achieved unicorn status in both USD and GBP terms during its second full year, reflecting rapid stock market value growth. In July 2020, around the approximate date of August 17, S4 Capital conducted a share placing of 36,766,642 new ordinary shares at 315p, raising approximately £113-116 million net/gross proceeds for expansion, mergers, and acquisitions, particularly leveraging COVID-19 opportunities. This increased revolver facilities to £70 million and strengthened the balance sheet. For FY2020, S4 Capital reported revenue of £342.7 million, up 59.3% reported, 15.2% like-for-like, and 20.1% pro-forma from £215.1 million in 2019. Gross profit reached £295.2 million, up 72.3% reported. Operational EBITDA was £62.2 million, up 86.1% reported, with strong cash conversion leading to year-end net cash of £51.6 million despite acquisition payments. Billings grew to £653.4 million reported and £768.4 million pro-forma. The company emphasized diversity initiatives like the S4 Fellowship for HBCU students and S4 Women Leadership Programme with UC Berkeley, alongside zero-carbon commitments by 2024. Content practice contributed 71.7% of revenue (up 26% YoY), while Data & Digital Media (DDM) was 28.3% (up 18.3%).
Jan-19Undisclosed stage—$52M—S4 Capital is a digital advertising and marketing services company founded by Martin Sorrell, focusing on content production via MediaMonks and data-driven marketing. In 2019, it reported strong growth with billings of £455.8 million (up 671% reported, 46% like-for-like), revenue of £215.1 million (up 292% reported, 41% like-for-like), and gross profit of £171.3 million (up 361%). Like-for-like revenue and gross profit grew 41% and 44%, with pro-forma growth of 37% and 39%, achieving an adjusted operational EBITDA margin of almost 20% after central costs. The company planned continued strong growth into 2020. Financial reporting uses 'revenue' distinctly from 'gross profit (net revenue)', with 2019 revenue at £215.1 million reflecting full-year performance near the queried date. Earlier funding included a US$68 million equity raise prior to 2019, with Sorrell contributing US$53 million and others like Schroders, Miton Group, Lombard Odier, and Lord Rothschild. In July 2018, it raised US$174 million in equity and secured a US$58 million HSBC loan, followed by a London Stock Exchange listing in September 2018. It acquired MediaMonks for US$355 million shortly after inception.

S4 Capital M&A Activity

S4 Capital has acquired 9 companies to date.

Last acquisition by S4 Capital was on May 17th 2022. S4 Capital acquired TheoremOne for $222M (EV/Revenue multiple of ).

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Latest Acquisitions by S4 Capital

TheoremOne
Zemoga
Destined
Raccoon.Monks
Description
TheoremOne engineers custom software solutions from its Los Angeles headquarters, advising on product development for clients in automotive and healthcare. Renamed from Citrusbyte in 2020 and founded in 2007, the 150-person team builds React Native apps and AWS infrastructures for Ford and Illumina, delivering 200 projects yearly.
Zemoga builds digital products for Fortune 1000 clients in media, pharma, and finance from its Medellín delivery center. New York-headquartered Zemoga delivers strategy, UX design, development, and analytics for platforms like PepsiCo's e-commerce and Pfizer's patient portals. The nearshore model supports agile teams across North America since 2001.
—
Raccoon.Monks is an online marketing agency providing media buying, content marketing, CRM implementation, social media management, design, data analytics, web development, and solution engineering. It handles full social media strategies from audience research to content production and deployment.
HQ CountryUnited StatesUnited StatesAustraliaBrazil
HQ City
Los Angeles, CA
New York City, NY
Sydney
São Carlos
Deal Date17 May 202217 Sep 202126 Jul 20214 May 2021
Valuation$222M$23M$13Mundisclosed
EV/Revenue
EV/EBITDA

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S4 Capital Investment Activity

S4 Capital has invested in 1 company to date.

Latest investment by S4 Capital was on August 29th 2024. S4 Capital invested in KisanKonnect in their $2M Seed round (EV/Revenue multiple of ).

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Latest Investments by S4 Capital

KisanKonnect
Description
KisanKonnect is a farmer-producer company in Maharashtra, India, operating an integrated system with 500 village collection centers sourcing fruits and vegetables from 10,000 farmers. The Pune-based firm delivers hygienic produce daily to Mumbai and Pune consumers through its app and retail outlets.
HQ CountryIndia
HQ City
Mumbai
Deal Date29 Aug 2024
RoundSeed
Raised$2M
InvestorsBennett Coleman and Co Ltd; Mistry Ventures; S4 Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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About S4 Capital

When was S4 Capital founded?S4 Capital was founded in 2016.
Where is S4 Capital headquartered?S4 Capital is headquartered in United Kingdom.
How many employees does S4 Capital have?As of today, S4 Capital has over 7K employees.
Is S4 Capital publicly listed?Yes, S4 Capital is a public company listed on London Stock Exchange.
What is the stock symbol of S4 Capital?S4 Capital trades under SFOR ticker.
When did S4 Capital go public?S4 Capital went public in 2016.
Who are competitors of S4 Capital?S4 Capital main competitors include Cairo Communication, Next 15 Group, Appear, Ciwen Media Co, INTAGE HOLDINGS, IVE Group, National CineMedia, Italian Exhibition Group, Advantage Solutions, Cmc.
What is the current market cap of S4 Capital?S4 Capital's current market cap is $356M.
What is the current revenue of S4 Capital?S4 Capital's last 12 months revenue is $888M.
What is the current revenue growth of S4 Capital?S4 Capital revenue growth (NTM/LTM) is (2%).
What is the current EV/Revenue multiple of S4 Capital?Current revenue multiple of S4 Capital is 0.6x.
Is S4 Capital profitable?Yes, S4 Capital is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of S4 Capital?S4 Capital's last 12 months EBITDA is $111M.
What is S4 Capital's EBITDA margin?S4 Capital's last 12 months EBITDA margin is 12%.
What is the current EV/EBITDA multiple of S4 Capital?Current EBITDA multiple of S4 Capital is 4.6x.
What is the current FCF of S4 Capital?S4 Capital's last 12 months FCF is $94M.
What is S4 Capital's FCF margin?S4 Capital's last 12 months FCF margin is 11%.
What is the current EV/FCF multiple of S4 Capital?Current FCF multiple of S4 Capital is 5.4x.
How many companies S4 Capital has acquired to date?As of May 2026, S4 Capital has acquired 9 companies.
What was the largest acquisition by S4 Capital?$222M acquisition of TheoremOne on 17th May 2022 was the largest M&A S4 Capital has done to date.
What companies S4 Capital acquired?S4 Capital acquired TheoremOne, MightyHive, Firewood Marketing, Circus Marketing, Zemoga, Destined, Lens10, BizTech Enterprise Solutions, and Raccoon.Monks.
In how many companies S4 Capital has invested to date?As of May 2026, S4 Capital has invested in 1 company.
What was the last S4 Capital investment?On 29th August 2024 S4 Capital invested in KisanKonnect, participating in a $2M Seed round, alongside Bennett Coleman and Co Ltd and Mistry Ventures.
In what companies S4 Capital invested in?S4 Capital invested in KisanKonnect.

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