Talgo - Public Comps and Valuation Multiples

Talgo Overview

About Talgo

Talgo SA is a Spain-based company engaged in the design and manufacture of rolling stock. It operates in three business segments: Rolling stock, which accounts for the majority of revenue; Auxiliary machines & Others; and General. The Rolling stock segment is responsible for train production, as well as for the maintenance of trains that use the company's technology. The Auxiliary Machines & Others segment provides the manufacture and technical service of lathes, as well as the sale of related spare parts. The company's product range comprises high-speed rolling stock, intercity trains, and locomotives, among others. Talgo's geographical segments are Spain, the Rest of Europe, America, the Middle East & North Africa, the Commonwealth of Independent States, and APAC.

Founded

2005

HQ

Employees

3.1K+

Website

talgo.com

Sectors

Railways

Financials

Last FY Revenue $786M

Last FY EBITDA -$51.9M

EV

$1.0B

Valuation Multiples

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Talgo Financials

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Talgo P&L

In the most recent fiscal year, Talgo reported revenue of $786M and EBITDA of -$51.9M.

Talgo expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	XXX	$786M	XXX	XXX	XXX
Gross Profit	XXX	$212M	XXX	XXX	XXX
Gross Margin	XXX	27%	XXX	XXX	XXX
EBITDA	XXX	-$51.9M	XXX	XXX	XXX
EBITDA Margin	XXX	-7%	XXX	XXX	XXX
EBIT	XXX	$63.1M	XXX	XXX	XXX
EBIT Margin	XXX	8%	XXX	XXX	XXX
Net Profit	XXX	-$125M	XXX	XXX	XXX
Net Margin	XXX	-16%	XXX	XXX	XXX
Net Debt	XXX	$515M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Talgo including revenue, profitability, and margin analysis across different time periods. In the most recent fiscal year, Talgo achieved $786M in revenue and -$51.9M in EBITDA.
Financial Metric	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	Analyst estimates available to subscribers	$786M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	Analyst estimates available to subscribers	$212M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	Analyst estimates available to subscribers	27.0% 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)	Analyst estimates available to subscribers	-$51.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	Analyst estimates available to subscribers	-6.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	Analyst estimates available to subscribers	$63.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	Analyst estimates available to subscribers	8.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	Analyst estimates available to subscribers	-$125M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	Analyst estimates available to subscribers	-15.8% 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	$515M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Talgo

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

Fiscal Year Performance

In the most recent fiscal year, Talgo reported $786M in total revenue.
Fiscal year EBITDA was -$51.9M.
The company maintained a gross profit margin of 27.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was -6.6%.
Net profit margin reached -15.8% in the most recent fiscal year.

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

Talgo Stock Performance

Talgo has current market cap of EUR 398M (or $467M), and EV of EUR 865M (or $1.0B).

Market Cap Evolution

Talgo Stock Data

As of January 5, 2026, Talgo's stock price is EUR 3 (or $4).

See Talgo trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.0B	$467M	XXX	XXX	XXX	XXX	n/a

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Talgo Valuation Multiples

Talgo's trades at 1.3x EV/Revenue multiple, and -19.6x EV/EBITDA.

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Talgo Financial Valuation Multiples

As of January 5, 2026, Talgo has market cap of $467M and EV of $1.0B.

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

Talgo's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$467M	XXX	$467M	XXX	XXX	XXX
EV (current)	$1.0B	XXX	$1.0B	XXX	XXX	XXX
EV/Revenue	n/a	XXX	1.3x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	-19.6x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	16.1x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	-3.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-5.4x	XXX	XXX	XXX

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

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Talgo Margins & Growth Rates

Talgo's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $47K for the same period.

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

Talgo's rule of X is unknown (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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Talgo Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	-7%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$47K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	19%	XXX	XXX	XXX

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

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