Siav Valuation Multiples

Siav is valued at $28M as of November 2026, a 1.0x revenue multiple. In the last 12 months, Siav revenue was $43M and Siav EBITDA was $11M.

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Siav Overview

About Siav

Siav is an Italian software company based in Rubano, near Padua, that provides document management, enterprise content management and business process outsourcing solutions. It operates as a benefit corporation, a Societa Benefit, and its shares trade on Euronext Growth Milan. The company serves more than 4,000 clients and offers a Document Intelligence platform that uses artificial intelligence to read and process business documents. In 2026 it widened that platform by taking a 9.1 percent stake in the automation start-up Atacod and by buying the document software house IT Consult. It also sold its holding in the consortium Consis and bought Consis activities in document management for public healthcare. Siav builds its products in a dedicated development unit and reinvests a large share of revenue in research and development.


Founded

1990

HQ

Italy

Employees

364

Website

siav.com

Financials (LTM)

Revenue: $43M
EBITDA: $11M

EV

$43M

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Siav Financials

Siav reported last 12-month revenue of $43M and EBITDA of $11M.

In the same LTM period, Siav generated $42M in gross profit, $11M in EBITDA, and $3M in net income.

Revenue (LTM)


Siav P&L

In the most recent fiscal year, Siav reported revenue of $41M and EBITDA of $9M.

Siav is profitable as of last fiscal year, with gross margin of 64%, EBITDA margin of 23%, and net margin of 4%.

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LTMLast FY202320242025202620272028
Revenue$43M$41M$39M$40M$41M
Gross Profit$42M$26M$24M$25M$26M
Gross Margin99%64%60%62%64%
EBITDA$11M$9M$6M$5M$9M
EBITDA Margin26%23%14%13%23%
EBIT Margin12%12%5%3%12%
Net Profit$3M$2M($320K)($2M)$2M
Net Margin7%4%(1%)(4%)4%
Net Debt-$12M---

Financial data powered by Morningstar, Inc.

Siav Stock Performance

Siav has current market cap of $28M, and enterprise value of $43M.

Market Cap Evolution


Siav's stock price is $2.64.

Siav share price increased by 3.8% in the last 30 days, and by 5.6% in the last year.

Siav has an EPS (earnings per share) of $0.15.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$43M$28M-0.1%3.8%-18.2%5.6%$0.15

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Siav Valuation Multiples

Siav trades at 1.0x EV/Revenue multiple, and 3.9x EV/EBITDA.

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EV / Revenue (LTM)


Siav Financial Valuation Multiples

As of November 9, 2026, Siav has market cap of $28M and EV of $43M.

Siav has a P/E ratio of 9.6x.

LTMLast FY202320242025202620272028
EV/Revenue1.0x1.1x1.1x1.1x1.1x
EV/EBITDA3.9x4.7x7.7x8.1x4.7x
EV/EBIT8.5x8.9x24.3x34.3x8.9x
EV/Gross Profit1.0x1.6x1.8x1.8x1.6x
P/E9.6x18.1x(87.6x)(16.2x)18.1x
EV/FCF15.8x17.9x(19.0x)184.6x17.9x

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

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Siav Margins & Growth Rates

Siav grew revenue by 5% and EBITDA by 20% in the last fiscal year.

In the most recent fiscal year, Siav reported gross margin of 64%, EBITDA margin of 23%, and net margin of 4%.

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Siav Margins

Last FY202420252026202720282029
Gross Margin64%62%64%99%
EBITDA Margin23%13%23%26%
EBIT Margin12%3%12%12%
Net Margin4%(4%)4%7%
FCF Margin6%1%6%7%

Siav Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth5%0%3%5%
Gross Profit Growth62%4%7%62%
EBITDA Growth20%(5%)74%20%
EBIT Growth7%(29%)285%7%
Net Profit Growth101%441%(189%)101%
FCF Growth22%(110%)934%22%

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

Siav Operational KPIs

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

Siav's Rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Siav's Rule of X is 38% (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 Siav
LTMLast FY202320242025202620272028
Rule of 4037%31%---
Bessemer Rule of X53%38%---
Revenue per Employee-$0.1M---
Opex per Employee-$0.1M---
G&A Expenses to Revenue-13%16%14%13%
Opex to Revenue-52%56%59%52%

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

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Siav Competitors

Siav competitors include Aeries Technology, Observit, Bridge International Group, 2B Intelligent, Softing, Alletec, Synertec Corp, E-Data, Digital Workforce Services and IT Link.

Most Siav public comparables operate across BPO Services and IT Consulting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aeries Technology$70M$6M0.5x-5.4x-
Observit$6M$902K4.1x-29.7x-
Bridge International Group$54M$6M0.3x0.3x3.0x-
2B Intelligent------
Softing$95M$4M0.3x0.3x7.4x5.0x
Alletec$15M$3M0.7x-3.7x-
Synertec Corp$15M($1M)2.3x2.2x(25.2x)-
E-Data$49M$1M0.5x-25.3x-

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Acquisitions by Siav

Siav has acquired 1 company to date.

Last acquisition by Siav was on July 30th 2026. Siav acquired IT Consult for $4M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Siav

IT Consult
Description
IT Consult is an Italian software house based in the Marche region, active for about 25 years, that develops proprietary software for document and process management. Its Josh platform covers business process management, electronic document management, protocol, legal archiving and conservation, with scanning, digital signature, electronic invoicing and full-text search. The solutions model processes without code, can be heavily customised and connect to major ERP and CRM systems. It has more than 70 clients in sectors that include defence, aerospace, culture, public administration and infrastructure. At 31 December 2025 it reported revenue of 2.07 million euros and EBITDA of 470 thousand euros. Before the sale its shareholders were Giovanni Marre with 52 percent, Gianfranco Bruscoli with 44 percent and Bruna Paoloni with 4 percent. Siav, a listed document management company, bought the whole share capital in 2026.
HQ CountryItaly
HQ City
Urbino
Deal Date30 Jul 2026
Valuation$4M
EV/Revenue
EV/EBITDA

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Investments by Siav

Siav has invested in 1 company to date.

Latest investment by Siav was on May 15th 2026. Siav invested in Atacod in their $1M Strategic investment round (EV/Revenue multiple available to Pro users).

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Latest Investments by Siav

Atacod
Description
Atacod is an Italian software start-up based in Bassano del Grappa, in the province of Vicenza, that has developed software for business process automation since 2023. Its platform uses artificial intelligence to carry out operational and administrative tasks such as order processing, transport documents, invoices and accounting reconciliation. It can acquire, analyse and process unstructured documents and data automatically and integrates with company information systems. The technology reduces processing time, cost and errors. In April 2026 Siav signed a binding agreement to buy 9.1 percent of the company for 1 million euros at a pre-money valuation of 10 million euros, with an earn-out that can raise the stake by a further 2.2 to 8.2 percent if targets are met by the end of 2028. Siav then added the technology to its Document Intelligence platform.
HQ CountryItaly
HQ City
Bassano del Grappa
Deal Date15 May 2026
RoundStrategic investment
Raised$1M
InvestorsSiav
Valuation$12M
EV/Revenue
EV/EBITDA

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About Siav

When was Siav founded?Siav was founded in 1990.
Where is Siav headquartered?Siav is headquartered in Italy.
How many employees does Siav have?As of today, Siav has over 364 employees.
Is Siav publicly listed?Yes, Siav is a public company listed on Borsa Italiana.
What is the stock symbol of Siav?Siav trades under SIAV ticker.
When did Siav go public?Siav went public in 2022.
Who are competitors of Siav?Siav main competitors include Aeries Technology, Observit, Bridge International Group, 2B Intelligent, Softing, Alletec, Synertec Corp, E-Data, Digital Workforce Services, IT Link.
What is the current market cap of Siav?Siav's current market cap is $28M.
What is the current revenue of Siav?Siav's last 12 months revenue is $43M.
What is the current revenue growth of Siav?Siav revenue growth (NTM/LTM) is 11%.
What is the current EV/Revenue multiple of Siav?Current revenue multiple of Siav is 1.0x.
What is the current EBITDA of Siav?Siav's last 12 months EBITDA is $11M.
What is Siav's EBITDA margin?Siav's last 12 months EBITDA margin is 26%.
What is the current EV/EBITDA multiple of Siav?Current EBITDA multiple of Siav is 3.9x.
What is the current FCF of Siav?Siav's last 12 months FCF is $3M.
What is Siav's FCF margin?Siav's last 12 months FCF margin is 6%.
What is the current EV/FCF multiple of Siav?Current FCF multiple of Siav is 15.8x.
How many companies Siav has acquired to date?As of November 2026, Siav has acquired 1 company.
What was the largest acquisition by Siav?$4M acquisition of IT Consult on 30th July 2026 was the largest M&A Siav has done to date.
What companies Siav acquired?Siav acquired IT Consult.
In how many companies Siav has invested to date?As of November 2026, Siav has invested in 1 company.
What was the last Siav investment?On 15th May 2026 Siav invested in Atacod, participating in a $1M Strategic investment round at $12M valuation.
In what companies Siav invested in?Siav invested in Atacod.

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