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Shift Valuation Multiples

Discover Shift's revenue and EBITDA valuation multiples and M&A history, alongside public comparables like Sonaecom, Net263, Data#3, Suez Canal Company for Technology Settling and more.

Shift Overview

About Shift

Shift Inc provides software testing services. The company’s solutions include Test Design that takes into consideration of usability for the next project, and its seasoned test engineers provide support to test design such as building standard confirmation item. Test Run helps the customers to choose onsite or off-site implementation in accordance with the environment. MinTest is a website where people report bugs of social games and applications. It also provides other services such as CAT, Non-Functional Testing, Localization, and others related services.


Founded

2005

HQ

Japan

Employees

1.8K

Financials (LTM)

Revenue: $952M
EBITDA: $128M

EV

$1B

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Shift Financials

Shift reported last 12-month revenue of $952M and EBITDA of $128M.

In the same LTM period, Shift generated $321M in gross profit, $128M in EBITDA, and $64M in net income.

Revenue (LTM)


Shift P&L

In the most recent fiscal year, Shift reported revenue of $857M and EBITDA of $121M.

Shift is profitable as of last fiscal year, with gross margin of 33%, EBITDA margin of 14%, and net margin of 7%.

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LTMLast FY202320242025202620272028
Revenue$952M$857M$596M$730M$866M
Gross Profit$321M$281M$198M$241M$296M
Gross Margin34%33%33%33%34%
EBITDA$128M$121M$74M$85M$114M
EBITDA Margin13%14%12%12%13%
EBIT Margin12%12%12%10%12%
Net Profit$64M$59M$37M$40M$59M
Net Margin7%7%6%5%7%

Financial data powered by Morningstar, Inc.

Shift Stock Performance

Shift has current market cap of $1B, and enterprise value of $1B.

Market Cap Evolution


Shift's stock price is $4.03.

Shift share price decreased by 8.6% in the last 30 days, and by 63.4% in the last year.

Shift has an EPS (earnings per share) of $0.23.

See more trading valuation data for Shift
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$1B$1B-0.1%-8.6%0.6%-63.4%$0.23

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Shift Valuation Multiples

Shift trades at 1.1x EV/Revenue multiple, and 7.8x EV/EBITDA.

See NTM and 2027E valuation multiples for Shift

EV / Revenue (LTM)


Shift Financial Valuation Multiples

As of June 14, 2026, Shift has market cap of $1B and EV of $1B.

Shift has a P/E ratio of 16.1x.

LTMLast FY202320242025202620272028
EV/Revenue1.1x1.2x1.7x1.4x1.2x
EV/EBITDA7.8x8.3x13.5x11.8x8.8x
EV/EBIT9.0x9.7x14.3x13.1x9.8x
EV/Gross Profit3.1x3.6x5.1x4.2x3.4x
P/E16.1x17.4x28.1x25.8x17.5x
EV/FCF127.5x11.3x22.5x23.0x16.7x

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

Verified Shift Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Shift Margins & Growth Rates

Shift grew revenue by 14% and EBITDA by 7% in the last fiscal year.

In the most recent fiscal year, Shift reported gross margin of 33%, EBITDA margin of 14%, and net margin of 7%.

See estimated margins and future growth rates for Shift

Shift Margins

Last FY202420252026202720282029
Gross Margin33%33%34%33%
EBITDA Margin14%12%13%14%
EBIT Margin12%10%12%12%
Net Margin7%5%7%7%
FCF Margin10%6%7%3%

Shift Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth14%22%19%21%
Gross Profit Growth16%22%23%17%
EBITDA Growth7%15%34%27%
EBIT Growth10%9%35%20%
Net Profit Growth10%9%47%27%
FCF Growth(97%)(2%)38%(45%)

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

Shift Operational KPIs

Shift's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Shift's Rule of 40 is 35% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Shift's Rule of X is 66% (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 Shift
LTMLast FY202320242025202620272028
Rule of 4033%35%---
Bessemer Rule of X62%66%---
Revenue per Employee-$0.5M---
Opex per Employee-$0.1M---
Opex to Revenue-21%21%23%21%

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

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Shift Competitors

Shift competitors include Sonaecom, Net263, Data#3, Suez Canal Company for Technology Settling, TKC, Zensar Technologies, Sinodata, Neurones, DTS and Beijing Topnew Info.

Most Shift public comparables operate across IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Sonaecom40.1x-15.0x-
Net2638.2x-(37.0x)-
Data#30.5x0.4x18.4x19.0x
Suez Canal Company for Technology Settling33.0x-61.5x-
TKC1.5x1.5x6.3x-
Zensar Technologies1.3x1.3x6.6x7.9x
Sinodata8.0x-(145.5x)-
Neurones0.6x0.6x5.1x5.5x

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Shift VC Funding History

Before going public, Shift raised $4M in total equity funding, across 1 round.


Shift Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
Jul-13Series ADNX Ventures; Mistletoe; Works Applications$4M--

Acquisitions by Shift

Shift has acquired 6 companies to date.

Last acquisition by Shift was on January 30th 2023. Shift acquired Careersystems for $8M (EV/Revenue multiple available to Pro users).

See M&A valuation multiples

Latest Acquisitions by Shift

Careersystems
Vish
Realglobe
Assion
Description
Career Systems is a Tokyo-headquartered information services company providing HR consulting, recruitment solutions, and career advisory for Japan's technology and manufacturing sectors. It operates job boards and talent matching platforms serving clients such as Panasonic and Toshiba. Established in 2001, the firm employs advanced analytics for precise candidate-employer pairings.
Vish provides IT services to kindergartens, nursery schools, and swimming schools across Japan from its base in Tokyo.
Realglobe is a Tokyo-based technology company leveraging AI, IoT, and robotics to enable local production and consumption worldwide. Established in 2017, it develops WebAPI-connected systems for sustainable societies, including robotic farming modules deployed in 100 Japanese facilities. Its platforms optimize supply chains for food and goods, reducing waste by 25% through real-time data from 50,000 sensors.
Assion is a Tokyo-based venture firm that develops crew management and corporate staffing services for international operations. Drawing inspiration from postwar Japanese exporters, Assion facilitates global workforce deployment in manufacturing and logistics. The company provides recruitment, training, and relocation support for teams working on projects in Asia, Europe, and North America.
HQ CountryJapanJapanJapanJapan
HQ City
Tokyo
Tokyo
Tokyo
Tokyo
Deal Date30 Jan 20237 Jan 202124 Apr 20208 Jan 2019
Valuation$8Mundisclosed$3M$3M
EV/Revenue
EV/EBITDA

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About Shift

When was Shift founded?Shift was founded in 2005.
Where is Shift headquartered?Shift is headquartered in Japan.
How many employees does Shift have?As of today, Shift has over 1K employees.
Who is the CEO of Shift?Shift's CEO is Masaru Tange.
Is Shift publicly listed?Yes, Shift is a public company listed on Tokyo Stock Exchange.
What is the stock symbol of Shift?Shift trades under 3697 ticker.
When did Shift go public?Shift went public in 2014.
Who are competitors of Shift?Shift main competitors include Sonaecom, Net263, Data#3, Suez Canal Company for Technology Settling, TKC, Zensar Technologies, Sinodata, Neurones, DTS, Beijing Topnew Info.
What is the current market cap of Shift?Shift's current market cap is $1B.
What is the current revenue of Shift?Shift's last 12 months revenue is $952M.
What is the current revenue growth of Shift?Shift revenue growth (NTM/LTM) is 19%.
What is the current EV/Revenue multiple of Shift?Current revenue multiple of Shift is 1.1x.
What is the current EBITDA of Shift?Shift's last 12 months EBITDA is $128M.
What is Shift's EBITDA margin?Shift's last 12 months EBITDA margin is 13%.
What is the current EV/EBITDA multiple of Shift?Current EBITDA multiple of Shift is 7.8x.
What is the current FCF of Shift?Shift's last 12 months FCF is $8M.
What is Shift's FCF margin?Shift's last 12 months FCF margin is 1%.
What is the current EV/FCF multiple of Shift?Current FCF multiple of Shift is 127.5x.
How many companies Shift has acquired to date?As of June 2026, Shift has acquired 6 companies.
What was the largest acquisition by Shift?$8M acquisition of Careersystems on 30th January 2023 was the largest M&A Shift has done to date.
What companies Shift acquired?Shift acquired Careersystems, Assion, Realglobe, Airitech, MethodoLogic, and Vish.
In how many companies Shift has invested to date?Shift hasn't invested in any companies yet (or none have been disclosed publicly).

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