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THG Valuation Multiples

Discover revenue and EBITDA valuation multiples for THG and similar public comparables like BIKE24, Adore Beauty, and Kogan.com.

THG Overview

About THG

THG PLC is an online retailer. It provides an end-to-end direct-to-consumer ("D2C") e-commerce solution for consumer brand owners under a Software as a Service, in addition to stand-alone services, including hosting, content creation and translation. Its business is operated through four businesses: THG Ingenuity, THG Nutrition, THG Beauty and Other. The company operates in the United Kingdom.


Founded

2008

HQ

United Kingdom of Great Britain and Northern Ireland
Employees

6.8K+

Website

thg.com

Financials

LTM Revenue $2.3B

LTM EBITDA $128M

EV

$887M

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THG Financials

THG has a last 12-month revenue (LTM) of $2.3B and a last 12-month EBITDA of $128M.

In the most recent fiscal year, THG achieved revenue of $2.4B and an EBITDA of $89.8M.

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

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THG P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $2.3B XXX $2.4B XXX XXX XXX
Gross Profit $911M XXX $931M XXX XXX XXX
Gross Margin 39% XXX 40% XXX XXX XXX
EBITDA $128M XXX $89.8M XXX XXX XXX
EBITDA Margin 6% XXX 4% XXX XXX XXX
EBIT $29.5M XXX -$199M XXX XXX XXX
EBIT Margin 1% XXX -8% XXX XXX XXX
Net Profit -$287M XXX -$438M XXX XXX XXX
Net Margin -12% XXX -19% XXX XXX XXX
Net Debt XXX XXX $397M XXX XXX XXX

Financial data powered by Morningstar, Inc.

THG Stock Performance

As of May 30, 2025, THG's stock price is GBP 0 (or $0).

THG has current market cap of GBP 323M (or $434M), and EV of GBP 660M (or $887M).

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THG Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$887M $434M XXX XXX XXX XXX $-0.12

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THG Valuation Multiples

As of May 30, 2025, THG has market cap of $434M and EV of $887M.

THG's trades at 0.4x EV/Revenue multiple, and 9.9x EV/EBITDA.

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

THG has a P/E ratio of -1.5x.

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THG Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $434M XXX $434M XXX XXX XXX
EV (current) $887M XXX $887M XXX XXX XXX
EV/Revenue 0.4x XXX 0.4x XXX XXX XXX
EV/EBITDA 6.9x XXX 9.9x XXX XXX XXX
EV/EBIT 30.0x XXX -4.5x XXX XXX XXX
EV/Gross Profit 1.0x XXX n/a XXX XXX XXX
P/E -1.5x XXX -1.0x XXX XXX XXX
EV/FCF 61.3x XXX -137.1x XXX XXX XXX

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THG Margins & Growth Rates

THG's last 12 month revenue growth is 4%

THG's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

THG's rule of 40 is 6% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

THG's rule of X is 16% (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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THG Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 4% XXX 2% XXX XXX XXX
EBITDA Margin 6% XXX 4% XXX XXX XXX
EBITDA Growth 10% XXX 53% XXX XXX XXX
Rule of 40 6% XXX 8% XXX XXX XXX
Bessemer Rule of X XXX XXX 16% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 13% 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 48% XXX XXX XXX

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THG Public Comps

See public comps and valuation multiples for Consumer E-commerce and Horizontal E-commerce comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Brillia Inc XXX XXX XXX XXX XXX XXX
Adore Beauty XXX XXX XXX XXX XXX XXX
Kogan.com XXX XXX XXX XXX XXX XXX
Temple & Webster XXX XXX XXX XXX XXX XXX
BIKE24 XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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THG M&A and Investment Activity

THG acquired  XXX companies to date.

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

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Latest Acquisitions by THG

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 THG

When was THG founded? THG was founded in 2008.
Where is THG headquartered? THG is headquartered in United Kingdom of Great Britain and Northern Ireland.
How many employees does THG have? As of today, THG has 6.8K+ employees.
Who is the CEO of THG? THG's CEO is Mr. Matthew Moulding.
Is THG publicy listed? Yes, THG is a public company listed on LON.
What is the stock symbol of THG? THG trades under THG ticker.
When did THG go public? THG went public in 2020.
Who are competitors of THG? Similar companies to THG include e.g. Brillia Inc, Adore Beauty, Kogan.com, Temple & Webster.
What is the current market cap of THG? THG's current market cap is $434M
What is the current revenue of THG? THG's last 12 months revenue is $2.3B.
What is the current revenue growth of THG? THG revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of THG? Current revenue multiple of THG is 0.4x.
Is THG profitable? Yes, THG is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of THG? THG's last 12 months EBITDA is $128M.
What is THG's EBITDA margin? THG's last 12 months EBITDA margin is 6%.
What is the current EV/EBITDA multiple of THG? Current EBITDA multiple of THG is 6.9x.
What is the current FCF of THG? THG's last 12 months FCF is $14.5M.
What is THG's FCF margin? THG's last 12 months FCF margin is 1%.
What is the current EV/FCF multiple of THG? Current FCF multiple of THG is 61.3x.

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