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Stem Valuation Multiples
Discover revenue and EBITDA valuation multiples for Stem and similar public comparables like Otovo, Razor Labs, Calix, Sulnox Group and more.
Stem Overview
About Stem
Stem Inc is a provider of energy storage systems. The company bundles third-party hardware with its proprietary Athena software to provide customers a turnkey solution. Stem sells its solutions to commercial and industrial customers as well as independent power producers and renewable developers. Its solutions help customers maximize renewable energy generation and help build a cleaner and more resilient grid. The Company operates as one operating segment that is focused exclusively on technology services that transform the way energy is distributed and consumed.
Founded
2009
HQ
Employees
569
Website
Sectors
Financials (LTM)
EV
$368M
Stem Financials
Stem reported last 12-month revenue of $160M and EBITDA of $8M.
In the same LTM period, Stem generated $61M in gross profit, $8M in EBITDA, and $78M in net income.
Revenue (LTM)
Stem P&L
In the most recent fiscal year, Stem reported revenue of $156M and EBITDA of $207M.
Stem expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $160M | XXX | $156M | XXX | XXX | XXX |
| Gross Profit | $61M | XXX | $60M | XXX | XXX | XXX |
| Gross Margin | 38% | XXX | 38% | XXX | XXX | XXX |
| EBITDA | $8M | XXX | $207M | XXX | XXX | XXX |
| EBITDA Margin | 5% | XXX | 133% | XXX | XXX | XXX |
| EBIT Margin | (28%) | XXX | (31%) | XXX | XXX | XXX |
| Net Profit | $78M | XXX | $138M | XXX | XXX | XXX |
| Net Margin | 49% | XXX | 88% | XXX | XXX | XXX |
| Net Debt | — | — | $263M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Stem Stock Performance
Stem has current market cap of $92M, and enterprise value of $368M.
Market Cap Evolution
Stem's stock price is $10.81.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $368M | $92M | 0.0% | XXX | XXX | XXX | $16.17 |
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Start Free TrialStem Valuation Multiples
Stem trades at 2.3x EV/Revenue multiple, and 47.9x EV/EBITDA.
EV / Revenue (LTM)
Stem Financial Valuation Multiples
As of April 19, 2026, Stem has market cap of $92M and EV of $368M.
Equity research analysts estimate Stem's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Stem has a P/E ratio of 1.2x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $92M | XXX | $92M | XXX | XXX | XXX |
| EV (current) | $368M | XXX | $368M | XXX | XXX | XXX |
| EV/Revenue | 2.3x | XXX | 2.4x | XXX | XXX | XXX |
| EV/EBITDA | 47.9x | XXX | 1.8x | XXX | XXX | XXX |
| EV/EBIT | (8.3x) | XXX | (7.6x) | XXX | XXX | XXX |
| EV/Gross Profit | 6.0x | XXX | 6.1x | XXX | XXX | XXX |
| P/E | 1.2x | XXX | 0.7x | XXX | XXX | XXX |
| EV/FCF | (41.7x) | XXX | 1422.5x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Stem 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.
Stem Margins & Growth Rates
Stem's revenue in the last 12 month grew by 10%.
Stem's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.
Stem's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Stem's rule of X is 24% (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).
Stem Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 10% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 5% | XXX | 133% | XXX | XXX | XXX |
| EBITDA Growth | 69% | XXX | (95%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 13% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 24% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 18% | XXX | 18% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 31% | XXX | 33% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 21% | XXX | 23% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 74% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Stem Public Comps
See public comps and valuation multiples for other Energy & Utilities Software and Energy Storage comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Stem | XXX | XXX | XXX | XXX | XXX | XXX |
| Otovo | XXX | XXX | XXX | XXX | XXX | XXX |
| Razor Labs | XXX | XXX | XXX | XXX | XXX | XXX |
| Calix | XXX | XXX | XXX | XXX | XXX | XXX |
| Sulnox Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Umbrella Global Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Stem M&A Activity
Stem acquired XXX companies to date.
Last acquisition by Stem was on XXXXXXXX, XXXXX. Stem acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Stem
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialStem Investment Activity
Stem invested in XXX companies to date.
Stem made its latest investment on XXXXXXXX, XXXXX. Stem invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Stem
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Stem
| When was Stem founded? | Stem was founded in 2009. |
| Where is Stem headquartered? | Stem is headquartered in United States. |
| How many employees does Stem have? | As of today, Stem has over 569 employees. |
| Who is the CEO of Stem? | Stem's CEO is Arun Narayanan. |
| Is Stem publicly listed? | Yes, Stem is a public company listed on NYSE. |
| What is the stock symbol of Stem? | Stem trades under STEM ticker. |
| When did Stem go public? | Stem went public in 2021. |
| Who are competitors of Stem? | Stem main competitors are Otovo, Razor Labs, Calix, Sulnox Group. |
| What is the current market cap of Stem? | Stem's current market cap is $92M. |
| What is the current revenue of Stem? | Stem's last 12 months revenue is $160M. |
| What is the current revenue growth of Stem? | Stem revenue growth (NTM/LTM) is 10%. |
| What is the current EV/Revenue multiple of Stem? | Current revenue multiple of Stem is 2.3x. |
| Is Stem profitable? | Yes, Stem is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Stem? | Stem's last 12 months EBITDA is $8M. |
| What is Stem's EBITDA margin? | Stem's last 12 months EBITDA margin is 5%. |
| What is the current EV/EBITDA multiple of Stem? | Current EBITDA multiple of Stem is 47.9x. |
| What is the current FCF of Stem? | Stem's last 12 months FCF is ($9M). |
| What is Stem's FCF margin? | Stem's last 12 months FCF margin is (6%). |
| What is the current EV/FCF multiple of Stem? | Current FCF multiple of Stem is (41.7x). |
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