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SES Valuation Multiples

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

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 $2.1B

LTM EBITDA $1.1B

EV

$4.1B

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SES Financials

SES has a last 12-month revenue of $2.1B and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, SES achieved revenue of $2.1B 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

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $2.2B $2.1B XXX XXX XXX
Gross Profit $1.7B $1.7B XXX XXX XXX
Gross Margin 78% 80% XXX XXX XXX
EBITDA $53.7M $1.1B XXX XXX XXX
EBITDA Margin 2% 50% XXX XXX XXX
Net Profit -$36.5M -$972M XXX XXX XXX
Net Margin -2% -45% XXX XXX XXX
Net Debt $3.5B $1.3B XXX XXX XXX

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SES Stock Performance

As of April 15, 2025, SES's stock price is EUR 5 (or $5).

SES has current market cap of EUR 2.4B (or $2.6B), and EV of EUR 3.8B (or $4.1B).

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SES Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$4.1B $2.6B XXX XXX XXX XXX $0.11

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SES Valuation Multiples

As of April 15, 2025, SES has market cap of $2.6B and EV of $4.1B.

SES's trades at 1.9x LTM EV/Revenue multiple, and 3.7x LTM EBITDA.

Analysts estimate SES's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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SES Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $4.1B XXX XXX XXX
EV/Revenue 1.9x XXX XXX XXX
EV/EBITDA 3.8x XXX XXX XXX
P/E 162.7x XXX XXX XXX
P/E/Growth 1.3x XXX XXX XXX
EV/FCF 5.4x XXX XXX XXX

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SES Valuation Multiples

SES's NTM/LTM revenue growth is 0%

SES's revenue per employee for the last fiscal year averaged $1.0M, while opex per employee averaged $0.7M for the same period.

Over next 12 months, SES's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate SES's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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SES Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -1% XXX XXX XXX XXX
EBITDA Margin 50% XXX XXX XXX XXX
EBITDA Growth 1884% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 50% XXX XXX XXX XXX
Revenue per Employee $1.0M XXX XXX XXX XXX
Opex per Employee $0.7M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 69% XXX 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 $2.6B
What is the current revenue of SES? SES's last 12-month revenue is $2.1B.
What is the current EBITDA of SES? SES's last 12-month EBITDA is $1.1B.
What is the current EV/Revenue multiple of SES? Current revenue multiple of SES is 1.9x.
What is the current EV/EBITDA multiple of SES? Current EBITDA multiple of SES is 3.7x.
What is the current revenue growth of SES? SES revenue growth between 2023 and 2024 was -1%.
Is SES profitable? Yes, SES is EBITDA-positive (as of the last 12 months).

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