🚀 VC round data is live in beta, check it out!
Tanwan Valuation Multiples
Discover revenue and EBITDA valuation multiples for Tanwan and similar public comparables like Shift Up, Embracer Group, YOOZOO Games, Modern Times Group MTG and more.
Tanwan Overview
About Tanwan
Tanwan Inc Formerly ZX Inc is a publisher of online game products in China. It is devoted to marketing and operating online games (in particular mobile games) in China. The online games developed by its clients marketed and operated by the company are delivered to players under the Tan Wan brand. The company has enabled the marketing and operation of game products. Its geographic markets are Mainland China, Hong Kong, and Others. It generates revenue from marketing and operating online games and consumer product business, including sales of private-label and local-flavor rice noodle products and other fast consumer foods under the brand Zha Zha Hui.
Founded
2021
HQ
Employees
912
Website
Sectors
Financials (FY)
EV
$1B
Tanwan Financials
Tanwan reported last fiscal year revenue of $809M and EBITDA of $25M.
In the same fiscal year, Tanwan generated $583M in gross profit, $25M in EBITDA, and had net loss of ($525K).
Tanwan P&L
In the most recent fiscal year, Tanwan reported revenue of $809M and EBITDA of $25M.
Tanwan expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | — | XXX | $809M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $583M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 72% | XXX | XXX | XXX |
| EBITDA | — | XXX | $25M | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | 3% | XXX | XXX | XXX |
| EBIT Margin | — | XXX | 4% | XXX | XXX | XXX |
| Net Profit | — | XXX | ($525K) | XXX | XXX | XXX |
| Net Margin | — | XXX | (0%) | XXX | XXX | XXX |
| Net Debt | — | — | $176M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Tanwan Stock Performance
Tanwan has current market cap of $1B, and enterprise value of $1B.
Market Cap Evolution
Tanwan's stock price is $2.66.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $1B | $1B | 0.0% | XXX | XXX | XXX | $-0.00 |
Benchmark Trading Valuation Multiples by Industry
Sign up to access valuation multiples like growth-adjusted P/E, Rule of 40, next 12-month EV/Revenue, EBITDA multiples by industry, consensus analyst estimates and many more.
Start Free TrialTanwan Valuation Multiples
Tanwan trades at 1.6x EV/Revenue multiple, and 52.0x EV/EBITDA.
Tanwan Financial Valuation Multiples
As of March 7, 2026, Tanwan has market cap of $1B and EV of $1B.
Equity research analysts estimate Tanwan's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tanwan has a P/E ratio of (2655.4x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV/Revenue | — | XXX | 1.6x | XXX | XXX | XXX |
| EV/EBITDA | — | XXX | 52.0x | XXX | XXX | XXX |
| EV/EBIT | — | XXX | 45.7x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 2.2x | XXX | XXX | XXX |
| P/E | — | XXX | (2655.4x) | XXX | XXX | XXX |
| EV/FCF | — | XXX | (4.4x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Tanwan 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.
Tanwan Margins & Growth Rates
Tanwan's revenue in the last fiscal year declined by (14%).
Tanwan Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | — | XXX | (14%) | XXX | XXX | XXX |
| EBITDA Margin | — | XXX | 3% | XXX | XXX | XXX |
| EBITDA Growth | — | XXX | (66%) | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 63% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 3% | XXX | XXX | XXX |
| R&D Expenses to Revenue | — | XXX | 2% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 69% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Tanwan Public Comps
See public comps and valuation multiples for other Gaming - Mobile comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Shift Up | XXX | XXX | XXX | XXX | XXX | XXX |
| Embracer Group | XXX | XXX | XXX | XXX | XXX | XXX |
| YOOZOO Games | XXX | XXX | XXX | XXX | XXX | XXX |
| Modern Times Group MTG | XXX | XXX | XXX | XXX | XXX | XXX |
| Yalla Group | 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.
Tanwan M&A Activity
Tanwan acquired XXX companies to date.
Last acquisition by Tanwan was on XXXXXXXX, XXXXX. Tanwan acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Tanwan
| 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 |
Get Verified M&A Valuation Multiples
Sign up to see revenue and EBITDA valuation multiples for 150K+ M&A deals.
Start Free TrialTanwan Investment Activity
Tanwan invested in XXX companies to date.
Tanwan made its latest investment on XXXXXXXX, XXXXX. Tanwan invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Tanwan
| 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 |
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAbout Tanwan
| When was Tanwan founded? | Tanwan was founded in 2021. |
| Where is Tanwan headquartered? | Tanwan is headquartered in China. |
| How many employees does Tanwan have? | As of today, Tanwan has over 912 employees. |
| Is Tanwan publicly listed? | Yes, Tanwan is a public company listed on HKEX. |
| What is the stock symbol of Tanwan? | Tanwan trades under 09890 ticker. |
| When did Tanwan go public? | Tanwan went public in 2023. |
| Who are competitors of Tanwan? | Tanwan main competitors are Shift Up, Embracer Group, YOOZOO Games, Modern Times Group MTG. |
| What is the current market cap of Tanwan? | Tanwan's current market cap is $1B. |
| What is the current revenue of Tanwan? | Tanwan's last fiscal year revenue is $809M. |
| What is the current EV/Revenue multiple of Tanwan? | Current revenue multiple of Tanwan is 1.6x. |
| Is Tanwan profitable? | No, Tanwan is not profitable. |
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.