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Tenaga Nasional Valuation Multiples

Discover revenue and EBITDA valuation multiples for Tenaga Nasional and similar public comparables like APA Group, AGL Energy, and New Sources Energy.

Tenaga Nasional Overview

About Tenaga Nasional

Tenaga Nasional Bhd, or TNB, is an electric utility company in Malaysia. The company is involved in the generation, transmission, distribution, and sale of electricity. TNB segments includes Power Generation, Grid, Distribution Network, and Retail. The generation division encompasses the company's portfolio of thermal and hydroelectric power plants located throughout Malaysia. Through its subsidiaries, TNB also engages in other energy-related operations, such as the manufacturing of transformers and the providing of consulting services. The company generates revenue through the sale of electricity in West Malaysia. Its customers are mainly commercial operations, domestic consumers, and large industrial entities.


Founded

1990

HQ

Malaysia
Employees

34.9K+

Website

tnb.com.my

Sectors

Utilities

Financials

LTM Revenue $14.0B

LTM EBITDA $4.8B

EV

$36.8B

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Tenaga Nasional Financials

Tenaga Nasional has a last 12-month revenue (LTM) of $14.0B and a last 12-month EBITDA of $4.8B.

In the most recent fiscal year, Tenaga Nasional achieved revenue of $13.5B and an EBITDA of $5.0B.

Tenaga Nasional expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Tenaga Nasional P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $14.0B XXX $13.5B XXX XXX XXX
Gross Profit $3.9B XXX $1.2B XXX XXX XXX
Gross Margin 27% XXX 9% XXX XXX XXX
EBITDA $4.8B XXX $5.0B XXX XXX XXX
EBITDA Margin 34% XXX 37% XXX XXX XXX
EBIT $2.1B XXX $1.8B XXX XXX XXX
EBIT Margin 15% XXX 13% XXX XXX XXX
Net Profit $1.1B XXX $1.1B XXX XXX XXX
Net Margin 8% XXX 8% XXX XXX XXX
Net Debt XXX XXX $9.1B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Tenaga Nasional Stock Performance

As of July 2, 2025, Tenaga Nasional's stock price is MYR 15 (or $4).

Tenaga Nasional has current market cap of MYR 86.9B (or $20.6B), and EV of MYR 155B (or $36.8B).

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Tenaga Nasional Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$36.8B $20.6B XXX XXX XXX XXX $0.19

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Tenaga Nasional Valuation Multiples

As of July 2, 2025, Tenaga Nasional has market cap of $20.6B and EV of $36.8B.

Tenaga Nasional's trades at 2.7x EV/Revenue multiple, and 7.3x EV/EBITDA.

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

Tenaga Nasional has a P/E ratio of 18.5x.

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Tenaga Nasional Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $20.6B XXX $20.6B XXX XXX XXX
EV (current) $36.8B XXX $36.8B XXX XXX XXX
EV/Revenue 2.6x XXX 2.7x XXX XXX XXX
EV/EBITDA 7.7x XXX 7.3x XXX XXX XXX
EV/EBIT 17.2x XXX 20.9x XXX XXX XXX
EV/Gross Profit 9.5x XXX n/a XXX XXX XXX
P/E 18.5x XXX 18.5x XXX XXX XXX
EV/FCF 24.2x XXX 13.9x XXX XXX XXX

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Tenaga Nasional Margins & Growth Rates

Tenaga Nasional's last 12 month revenue growth is 5%

Tenaga Nasional's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged -$16K for the same period.

Tenaga Nasional's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tenaga Nasional's rule of X is 47% (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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Tenaga Nasional Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 5% XXX 5% XXX XXX XXX
EBITDA Margin 34% XXX 37% XXX XXX XXX
EBITDA Growth 5% XXX 4% XXX XXX XXX
Rule of 40 41% XXX 43% XXX XXX XXX
Bessemer Rule of X XXX XXX 47% XXX XXX XXX
Revenue per Employee XXX XXX $0.4M XXX XXX XXX
Opex per Employee XXX XXX -$16K XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a 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 -4% XXX XXX XXX

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Tenaga Nasional Public Comps

See public comps and valuation multiples for Utilities comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
TAQA XXX XXX XXX XXX XXX XXX
New Sources Energy XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
APA Group XXX XXX XXX XXX XXX XXX
Chrysos Corp. XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Tenaga Nasional M&A and Investment Activity

Tenaga Nasional acquired  XXX companies to date.

Last acquisition by Tenaga Nasional was  XXXXXXXX, XXXXX XXXXX XXXXXX . Tenaga Nasional acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Tenaga Nasional

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Tenaga Nasional

When was Tenaga Nasional founded? Tenaga Nasional was founded in 1990.
Where is Tenaga Nasional headquartered? Tenaga Nasional is headquartered in Malaysia.
How many employees does Tenaga Nasional have? As of today, Tenaga Nasional has 34.9K+ employees.
Who is the CEO of Tenaga Nasional? Tenaga Nasional's CEO is Mr. Megat Jalaluddin Megat Hassan.
Is Tenaga Nasional publicy listed? Yes, Tenaga Nasional is a public company listed on KLS.
What is the stock symbol of Tenaga Nasional? Tenaga Nasional trades under 5347 ticker.
When did Tenaga Nasional go public? Tenaga Nasional went public in 1992.
Who are competitors of Tenaga Nasional? Similar companies to Tenaga Nasional include e.g. TAQA, New Sources Energy, AGL Energy, APA Group.
What is the current market cap of Tenaga Nasional? Tenaga Nasional's current market cap is $20.6B
What is the current revenue of Tenaga Nasional? Tenaga Nasional's last 12 months revenue is $14.0B.
What is the current revenue growth of Tenaga Nasional? Tenaga Nasional revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Tenaga Nasional? Current revenue multiple of Tenaga Nasional is 2.6x.
Is Tenaga Nasional profitable? Yes, Tenaga Nasional is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Tenaga Nasional? Tenaga Nasional's last 12 months EBITDA is $4.8B.
What is Tenaga Nasional's EBITDA margin? Tenaga Nasional's last 12 months EBITDA margin is 34%.
What is the current EV/EBITDA multiple of Tenaga Nasional? Current EBITDA multiple of Tenaga Nasional is 7.7x.
What is the current FCF of Tenaga Nasional? Tenaga Nasional's last 12 months FCF is $1.5B.
What is Tenaga Nasional's FCF margin? Tenaga Nasional's last 12 months FCF margin is 11%.
What is the current EV/FCF multiple of Tenaga Nasional? Current FCF multiple of Tenaga Nasional is 24.2x.

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