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SES Valuation Multiples

Discover revenue and EBITDA valuation multiples for SES and similar public comparables like Nilesat, Nelco, and Globalstar.

SES Overview

About SES

SES SA is a communications satellite owner and operator and functions in the television broadcasting space. It operates in one operating segment, namely the provision of satellite-based data transmission capacity, and ancillary services, to customers around the world. The largest video division delivers television and radio satellite signals to homes through various media providers such as Comcast, Viacom, M7, and QVC. The mobility revenue is derived by offering high-bandwidth Internet connections to maritime users, and SES SA's government division offers secure communication links to international institutions and governments. Fixed Data works to bring satellite networks and connectivity to remote areas.


Founded

2001

HQ

Luxembourg
Employees

2.1K+

Website

ses.com

Financials

LTM Revenue $2.2B

LTM EBITDA $1.2B

EV

$5.9B

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SES Financials

SES has a last 12-month revenue (LTM) of $2.2B and a last 12-month EBITDA of $1.2B.

In the most recent fiscal year, SES achieved revenue of $2.2B and an EBITDA of $1.1B.

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

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SES P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.2B XXX $2.2B XXX XXX XXX
Gross Profit $2.2B XXX $1.7B XXX XXX XXX
Gross Margin 100% XXX 77% XXX XXX XXX
EBITDA $1.2B XXX $1.1B XXX XXX XXX
EBITDA Margin 51% XXX 50% XXX XXX XXX
EBIT $162M XXX $188M XXX XXX XXX
EBIT Margin 7% XXX 8% XXX XXX XXX
Net Profit $67.0M XXX $16.8M XXX XXX XXX
Net Margin 3% XXX 1% XXX XXX XXX
Net Debt XXX XXX $1.5B XXX XXX XXX

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SES Stock Performance

As of May 30, 2025, SES's stock price is EUR 9 (or $11).

SES has current market cap of EUR 3.9B (or $4.4B), and EV of EUR 5.3B (or $5.9B).

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SES Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$5.9B $4.4B XXX XXX XXX XXX $0.15

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SES Valuation Multiples

As of May 30, 2025, SES has market cap of $4.4B and EV of $5.9B.

SES's trades at 2.6x EV/Revenue multiple, and 5.3x EV/EBITDA.

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

SES has a P/E ratio of 65.5x.

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SES Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $4.4B XXX $4.4B XXX XXX XXX
EV (current) $5.9B XXX $5.9B XXX XXX XXX
EV/Revenue 2.6x XXX 2.6x XXX XXX XXX
EV/EBITDA 5.1x XXX 5.3x XXX XXX XXX
EV/EBIT 36.5x XXX 31.5x XXX XXX XXX
EV/Gross Profit 2.6x XXX n/a XXX XXX XXX
P/E 65.5x XXX 260.4x XXX XXX XXX
EV/FCF 12.6x XXX 7.5x XXX XXX XXX

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SES Margins & Growth Rates

SES's last 12 month revenue growth is 0%

SES's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.7M for the same period.

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

SES's rule of X is 50% (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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SES Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 0% XXX 0% XXX XXX XXX
EBITDA Margin 51% XXX 50% XXX XXX XXX
EBITDA Growth -1% XXX 352% XXX XXX XXX
Rule of 40 2% XXX 49% XXX XXX XXX
Bessemer Rule of X XXX XXX 50% XXX XXX XXX
Revenue per Employee XXX XXX $1.1M XXX XXX XXX
Opex per Employee XXX XXX $0.7M 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 69% XXX XXX XXX

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SES Public Comps

See public comps and valuation multiples for Satellite Communications and TV Broadcasting comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Space42 XXX XXX XXX XXX XXX XXX
Globalstar XXX XXX XXX XXX XXX XXX
Thaicom XXX XXX XXX XXX XXX XXX
Nelco XXX XXX XXX XXX XXX XXX
Nilesat XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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SES M&A and Investment Activity

SES acquired  XXX companies to date.

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

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Latest Acquisitions by SES

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 SES

When was SES founded? SES was founded in 2001.
Where is SES headquartered? SES is headquartered in Luxembourg.
How many employees does SES have? As of today, SES has 2.1K+ employees.
Is SES publicy listed? Yes, SES is a public company listed on LUX.
What is the stock symbol of SES? SES trades under SESGL ticker.
When did SES go public? SES went public in 1998.
Who are competitors of SES? Similar companies to SES include e.g. Space42, Globalstar, Thaicom, Nelco.
What is the current market cap of SES? SES's current market cap is $4.4B
What is the current revenue of SES? SES's last 12 months revenue is $2.2B.
What is the current revenue growth of SES? SES revenue growth (NTM/LTM) is 0%.
What is the current EV/Revenue multiple of SES? Current revenue multiple of SES is 2.6x.
Is SES profitable? Yes, SES is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of SES? SES's last 12 months EBITDA is $1.2B.
What is SES's EBITDA margin? SES's last 12 months EBITDA margin is 51%.
What is the current EV/EBITDA multiple of SES? Current EBITDA multiple of SES is 5.1x.
What is the current FCF of SES? SES's last 12 months FCF is $469M.
What is SES's FCF margin? SES's last 12 months FCF margin is 21%.
What is the current EV/FCF multiple of SES? Current FCF multiple of SES is 12.6x.

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