Sohu - Public Comps and Valuation Multiples

Sohu Overview

About Sohu

Sohu.com Ltd provides online media, games, and search products and services on PCs and mobile devices in China. The company operates in Sohu and Changyou segments. Sohu is an online media content and services provider. Through its social features, Sohu also enables users to generate and distribute content, as well as interact with each other on a platform. Changyou is an online game developer and operator. It generates maximum revenue from the Changyou segment.

Founded

2003

HQ

Employees

4.3K+

Website

sohu.com

Sectors

Gaming - Console & PC
Gaming - Mobile
Online Content & News

Financials

LTM Revenue $540M

LTM EBITDA -$71.7M

EV

-$436M

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Sohu Financials

As of September 2025, Sohu reported last 12-month revenue of $540M and EBITDA of -$71.7M.

In the same period, Sohu generated $406M in LTM gross profit and -$6.9M in net income.

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Sohu P&L

In the most recent fiscal year, Sohu reported revenue of $598M and EBITDA of -$77.0M.

Sohu 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	$540M	XXX	$598M	XXX	XXX	XXX
Gross Profit	$406M	XXX	$433M	XXX	XXX	XXX
Gross Margin	75%	XXX	72%	XXX	XXX	XXX
EBITDA	-$71.7M	XXX	-$77.0M	XXX	XXX	XXX
EBITDA Margin	-13%	XXX	-13%	XXX	XXX	XXX
EBIT	-$98.4M	XXX	-$102M	XXX	XXX	XXX
EBIT Margin	-18%	XXX	-17%	XXX	XXX	XXX
Net Profit	-$6.9M	XXX	-$100M	XXX	XXX	XXX
Net Margin	-1%	XXX	-17%	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 Sohu including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $540M. EBITDA for the last twelve months was -$71.7M. In the most recent fiscal year, Sohu achieved $598M in revenue and -$77.0M 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	$540M	Analyst estimates available to subscribers	$598M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$406M	Analyst estimates available to subscribers	$433M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	75.2% gross margin	Analyst estimates available to subscribers	72.3% 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)	-$71.7M	Analyst estimates available to subscribers	-$77.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-13.3% EBITDA margin	Analyst estimates available to subscribers	-12.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$98.4M	Analyst estimates available to subscribers	-$102M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-18.2% EBIT margin	Analyst estimates available to subscribers	-17.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$6.9M	Analyst estimates available to subscribers	-$100M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-1.3% net profit margin	Analyst estimates available to subscribers	-16.8% 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 Sohu

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

Recent Performance Highlights

Sohu generated $540M in revenue over the last twelve months.
The company achieved -$71.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $406M.
Net income over the last twelve months reached -$6.9M.

Fiscal Year Performance

In the most recent fiscal year, Sohu reported $598M in total revenue.
Fiscal year EBITDA was -$77.0M.
The company maintained a gross profit margin of 72.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -12.9%.
Net profit margin reached -16.8% in the most recent fiscal year.

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

Sohu Stock Performance

Sohu has current market cap of $433M, and EV of -$436M.

Market Cap Evolution

Sohu Stock Data

As of October 17, 2025, Sohu's stock price is $14.

See Sohu trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
-$436M	$433M	XXX	XXX	XXX	XXX	$-2.88

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Sohu Valuation Multiples

Sohu's trades at -0.7x EV/Revenue multiple, and 5.7x EV/EBITDA.

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Sohu Financial Valuation Multiples

As of October 17, 2025, Sohu has market cap of $433M and EV of -$436M.

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

Sohu has a P/E ratio of -62.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$433M	XXX	$433M	XXX	XXX	XXX
EV (current)	-$436M	XXX	-$436M	XXX	XXX	XXX
EV/Revenue	-0.8x	XXX	-0.7x	XXX	XXX	XXX
EV/EBITDA	6.1x	XXX	5.7x	XXX	XXX	XXX
EV/EBIT	4.4x	XXX	4.3x	XXX	XXX	XXX
EV/Gross Profit	-1.1x	XXX	n/a	XXX	XXX	XXX
P/E	-62.5x	XXX	-4.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	6.4x	XXX	XXX	XXX

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

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Sohu Margins & Growth Rates

Sohu's last 12 month revenue growth is -1%

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

Sohu's rule of 40 is 3% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Sohu's rule of X is -16% (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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Sohu Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-1%	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	-13%	XXX	-13%	XXX	XXX	XXX
EBITDA Growth	-11%	XXX	n/a	XXX	XXX	XXX
Rule of 40	3%	XXX	-14%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-16%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	39%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	43%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	89%	XXX	XXX	XXX

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

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