Tencent - Public Comps and Valuation Multiples

Tencent Overview

About Tencent

Tencent is the world’s largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite. It also operates WeChat—China’s super app with 1.3 billion users—deeply embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a powerhouse investor with stakes in companies such as PDD, Kuaishou, and Xiaohongshu.

Founded

1998

HQ

Employees

110.6K+

Website

tencent.com

Sectors

Social Networks
Gaming - Mobile
Consumer E-commerce

Financials

LTM Revenue $110B

LTM EBITDA $46.1B

EV

$793B

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Tencent Financials

As of September 2025, Tencent reported last 12-month revenue of $110B and EBITDA of $46.1B.

In the same period, Tencent generated $61.0B in LTM gross profit and $37.5B in net income.

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Tencent P&L

In the most recent fiscal year, Tencent reported revenue of $84.8B and EBITDA of $39.8B.

Tencent 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	$110B	XXX	$84.8B	XXX	XXX	XXX
Gross Profit	$61.0B	XXX	$44.9B	XXX	XXX	XXX
Gross Margin	55%	XXX	53%	XXX	XXX	XXX
EBITDA	$46.1B	XXX	$39.8B	XXX	XXX	XXX
EBITDA Margin	42%	XXX	47%	XXX	XXX	XXX
EBIT	$37.9B	XXX	$26.8B	XXX	XXX	XXX
EBIT Margin	34%	XXX	32%	XXX	XXX	XXX
Net Profit	$37.5B	XXX	$24.9B	XXX	XXX	XXX
Net Margin	34%	XXX	29%	XXX	XXX	XXX
Net Debt	XXX	XXX	$26.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tencent including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $110B. EBITDA for the last twelve months was $46.1B. In the most recent fiscal year, Tencent achieved $84.8B in revenue and $39.8B 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	$110B	Analyst estimates available to subscribers	$84.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$61.0B	Analyst estimates available to subscribers	$44.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	55.3% gross margin	Analyst estimates available to subscribers	52.9% 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)	$46.1B	Analyst estimates available to subscribers	$39.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	41.7% EBITDA margin	Analyst estimates available to subscribers	47.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$37.9B	Analyst estimates available to subscribers	$26.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	34.4% EBIT margin	Analyst estimates available to subscribers	31.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$37.5B	Analyst estimates available to subscribers	$24.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	33.9% net profit margin	Analyst estimates available to subscribers	29.4% 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	$26.5B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tencent

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

Recent Performance Highlights

Tencent generated $110B in revenue over the last twelve months.
The company achieved $46.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $61.0B.
Net income over the last twelve months reached $37.5B.

Fiscal Year Performance

In the most recent fiscal year, Tencent reported $84.8B in total revenue.
Fiscal year EBITDA was $39.8B.
The company maintained a gross profit margin of 52.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 47.0%.
Net profit margin reached 29.4% in the most recent fiscal year.

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

Tencent Stock Performance

Tencent has current market cap of HKD 6.13T (or $788B), and EV of HKD 6.17T (or $793B).

Market Cap Evolution

Tencent Stock Data

As of October 3, 2025, Tencent's stock price is HKD 676 (or $87).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$793B	$788B	XXX	XXX	XXX	XXX	$3.66

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Tencent Valuation Multiples

Tencent's trades at 9.3x EV/Revenue multiple, and 19.9x EV/EBITDA.

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Tencent Financial Valuation Multiples

As of October 3, 2025, Tencent has market cap of $788B and EV of $793B.

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

Tencent has a P/E ratio of 22.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$788B	XXX	$788B	XXX	XXX	XXX
EV (current)	$793B	XXX	$793B	XXX	XXX	XXX
EV/Revenue	7.8x	XXX	9.3x	XXX	XXX	XXX
EV/EBITDA	18.8x	XXX	19.9x	XXX	XXX	XXX
EV/EBIT	22.8x	XXX	29.5x	XXX	XXX	XXX
EV/Gross Profit	14.2x	XXX	n/a	XXX	XXX	XXX
P/E	22.9x	XXX	31.6x	XXX	XXX	XXX
EV/FCF	28.0x	XXX	38.0x	XXX	XXX	XXX

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

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Tencent Margins & Growth Rates

Tencent's last 12 month revenue growth is 11%

Tencent's revenue per employee in the last FY averaged $0.8M, while opex per employee averaged $0.2M for the same period.

Tencent's rule of 40 is 49% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tencent's rule of X is 69% (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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Tencent Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	42%	XXX	47%	XXX	XXX	XXX
EBITDA Growth	15%	XXX	21%	XXX	XXX	XXX
Rule of 40	49%	XXX	58%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	69%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	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	21%	XXX	XXX	XXX

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

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