Singapore Exchange - Public Comps and Valuation Multiples

Singapore Exchange Overview

About Singapore Exchange

Singapore Exchange is a vertically integrated securities exchange business, offering listing-, data-, trading-, clearing- and settlement services across equities, debt and derivatives. Singapore Exchange, like Singapore itself, is remarkably outward-facing and offers some of the most liquid and widely traded equity derivative products for various regional markets, including the FTSE China A50 Index Futures.

Founded

1999

HQ

Employees

1.2K+

Website

sgx.com

Sectors

Stock Exchanges
FinTech

Financials

LTM Revenue $1.1B

LTM EBITDA $649M

EV

$13.2B

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Singapore Exchange Financials

As of September 2025, Singapore Exchange reported last 12-month revenue of $1.1B and EBITDA of $649M.

In the same period, Singapore Exchange generated $584M in LTM gross profit and $505M in net income.

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Singapore Exchange P&L

In the most recent fiscal year, Singapore Exchange reported revenue of $1.1B and EBITDA of $683M.

Singapore Exchange expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.1B	XXX	$1.1B	XXX	XXX	XXX
Gross Profit	$584M	XXX	$784M	XXX	XXX	XXX
Gross Margin	55%	XXX	74%	XXX	XXX	XXX
EBITDA	$649M	XXX	$683M	XXX	XXX	XXX
EBITDA Margin	61%	XXX	65%	XXX	XXX	XXX
EBIT	$582M	XXX	$572M	XXX	XXX	XXX
EBIT Margin	54%	XXX	54%	XXX	XXX	XXX
Net Profit	$505M	XXX	$499M	XXX	XXX	XXX
Net Margin	47%	XXX	47%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Singapore Exchange including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.1B. EBITDA for the last twelve months was $649M. In the most recent fiscal year, Singapore Exchange achieved $1.1B in revenue and $683M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.1B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$584M	Analyst estimates available to subscribers	$784M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	54.7% gross margin	Analyst estimates available to subscribers	74.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$649M	Analyst estimates available to subscribers	$683M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	60.8% EBITDA margin	Analyst estimates available to subscribers	64.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$582M	Analyst estimates available to subscribers	$572M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	54.5% EBIT margin	Analyst estimates available to subscribers	54.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$505M	Analyst estimates available to subscribers	$499M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	47.2% net profit margin	Analyst estimates available to subscribers	47.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Singapore Exchange

This financial data table provides comprehensive performance metrics for Singapore Exchange, a company based in Singapore. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Singapore Exchange generated $1.1B in revenue over the last twelve months.
The company achieved $649M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $584M.
Net income over the last twelve months reached $505M.

Fiscal Year Performance

In the most recent fiscal year, Singapore Exchange reported $1.1B in total revenue.
Fiscal year EBITDA was $683M.
The company maintained a gross profit margin of 74.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 64.8%.
Net profit margin reached 47.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Singapore Exchange. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Singapore Exchange Stock Performance

Singapore Exchange has current market cap of SGD 17.9B (or $13.8B), and EV of SGD 17.1B (or $13.2B).

Market Cap Evolution

Singapore Exchange Stock Data

As of October 17, 2025, Singapore Exchange's stock price is SGD 17 (or $13).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$13.2B	$13.8B	XXX	XXX	XXX	XXX	$0.47

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Singapore Exchange Valuation Multiples

Singapore Exchange's trades at 13.2x EV/Revenue multiple, and 20.1x EV/EBITDA.

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Singapore Exchange Financial Valuation Multiples

As of October 17, 2025, Singapore Exchange has market cap of $13.8B and EV of $13.2B.

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

Singapore Exchange has a P/E ratio of 27.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$13.8B	XXX	$13.8B	XXX	XXX	XXX
EV (current)	$13.2B	XXX	$13.2B	XXX	XXX	XXX
EV/Revenue	12.3x	XXX	13.2x	XXX	XXX	XXX
EV/EBITDA	20.3x	XXX	20.1x	XXX	XXX	XXX
EV/EBIT	22.6x	XXX	25.4x	XXX	XXX	XXX
EV/Gross Profit	22.5x	XXX	n/a	XXX	XXX	XXX
P/E	27.4x	XXX	28.8x	XXX	XXX	XXX
EV/FCF	23.5x	XXX	25.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Singapore Exchange Margins & Growth Rates

Singapore Exchange's last 12 month revenue growth is 5%

Singapore Exchange's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Singapore Exchange's rule of 40 is 70% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Singapore Exchange's rule of X is 72% (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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Singapore Exchange Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	61%	XXX	65%	XXX	XXX	XXX
EBITDA Growth	6%	XXX	3%	XXX	XXX	XXX
Rule of 40	70%	XXX	70%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	72%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	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	20%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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