Tenaga Nasional - Public Comps and Valuation Multiples

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

Employees

34.9K+

Website

tnb.com.my

Sectors

Utilities

Financials

LTM Revenue $14.8B

LTM EBITDA $4.9B

EV

$34.9B

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Tenaga Nasional Financials

As of September 2025, Tenaga Nasional reported last 12-month revenue of $14.8B and EBITDA of $4.9B.

In the same period, Tenaga Nasional generated $4.1B in LTM gross profit and $1.1B in net income.

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Tenaga Nasional P&L

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

Tenaga Nasional 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	$14.8B	XXX	$13.5B	XXX	XXX	XXX
Gross Profit	$4.1B	XXX	$1.2B	XXX	XXX	XXX
Gross Margin	28%	XXX	9%	XXX	XXX	XXX
EBITDA	$4.9B	XXX	$5.0B	XXX	XXX	XXX
EBITDA Margin	33%	XXX	37%	XXX	XXX	XXX
EBIT	$2.2B	XXX	-$398M	XXX	XXX	XXX
EBIT Margin	15%	XXX	-3%	XXX	XXX	XXX
Net Profit	$1.1B	XXX	$1.1B	XXX	XXX	XXX
Net Margin	7%	XXX	8%	XXX	XXX	XXX
Net Debt	XXX	XXX	$9.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tenaga Nasional including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $14.8B. EBITDA for the last twelve months was $4.9B. In the most recent fiscal year, Tenaga Nasional achieved $13.5B in revenue and $5.0B 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	$14.8B	Analyst estimates available to subscribers	$13.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$4.1B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	27.6% gross margin	Analyst estimates available to subscribers	9.0% 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)	$4.9B	Analyst estimates available to subscribers	$5.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	32.9% EBITDA margin	Analyst estimates available to subscribers	37.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.2B	Analyst estimates available to subscribers	-$398M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.0% EBIT margin	Analyst estimates available to subscribers	-3.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.1B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	7.1% net profit margin	Analyst estimates available to subscribers	8.3% 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	$9.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tenaga Nasional

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

Recent Performance Highlights

Tenaga Nasional generated $14.8B in revenue over the last twelve months.
The company achieved $4.9B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $4.1B.
Net income over the last twelve months reached $1.1B.

Fiscal Year Performance

In the most recent fiscal year, Tenaga Nasional reported $13.5B in total revenue.
Fiscal year EBITDA was $5.0B.
The company maintained a gross profit margin of 9.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 37.4%.
Net profit margin reached 8.3% in the most recent fiscal year.

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

Tenaga Nasional Stock Performance

Tenaga Nasional has current market cap of MYR 78.5B (or $18.6B), and EV of MYR 147B (or $34.9B).

Market Cap Evolution

Tenaga Nasional Stock Data

As of October 3, 2025, Tenaga Nasional's stock price is MYR 13 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$34.9B	$18.6B	XXX	XXX	XXX	XXX	$0.18

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Tenaga Nasional Valuation Multiples

Tenaga Nasional's trades at 2.6x EV/Revenue multiple, and 6.9x EV/EBITDA.

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Tenaga Nasional Financial Valuation Multiples

As of October 3, 2025, Tenaga Nasional has market cap of $18.6B and EV of $34.9B.

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 17.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$18.6B	XXX	$18.6B	XXX	XXX	XXX
EV (current)	$34.9B	XXX	$34.9B	XXX	XXX	XXX
EV/Revenue	2.3x	XXX	2.6x	XXX	XXX	XXX
EV/EBITDA	7.1x	XXX	6.9x	XXX	XXX	XXX
EV/EBIT	15.6x	XXX	-87.7x	XXX	XXX	XXX
EV/Gross Profit	8.5x	XXX	n/a	XXX	XXX	XXX
P/E	17.6x	XXX	16.7x	XXX	XXX	XXX
EV/FCF	31.5x	XXX	13.1x	XXX	XXX	XXX

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

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Tenaga Nasional Margins & Growth Rates

Tenaga Nasional's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $46K for the same period.

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

Tenaga Nasional'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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Tenaga Nasional Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	n/a	XXX	9%	XXX	XXX	XXX
EBITDA Margin	33%	XXX	37%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	5%	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	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$46K	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	12%	XXX	XXX	XXX

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

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