THG - Public Comps and Valuation Multiples

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

Employees

6.8K+

Website

thg.com

Sectors

Consumer E-commerce
Horizontal E-commerce
Vertical E-commerce
E-commerce Software
FashionTech
RetailTech
B2B SaaS

Financials

LTM Revenue $2.3B

LTM EBITDA $104M

EV

$1.3B

Valuation Multiples

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THG Financials

As of September 2025, THG reported last 12-month revenue of $2.3B and EBITDA of $104M.

In the same period, THG generated $922M in LTM gross profit and -$186M in net income.

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THG P&L

In the most recent fiscal year, THG reported revenue of $2.3B and EBITDA of $89.2M.

THG 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	$2.3B	XXX	$2.3B	XXX	XXX	XXX
Gross Profit	$922M	XXX	$925M	XXX	XXX	XXX
Gross Margin	40%	XXX	40%	XXX	XXX	XXX
EBITDA	$104M	XXX	$89.2M	XXX	XXX	XXX
EBITDA Margin	5%	XXX	4%	XXX	XXX	XXX
EBIT	$33.7M	XXX	-$197M	XXX	XXX	XXX
EBIT Margin	1%	XXX	-8%	XXX	XXX	XXX
Net Profit	-$186M	XXX	-$435M	XXX	XXX	XXX
Net Margin	-8%	XXX	-19%	XXX	XXX	XXX
Net Debt	XXX	XXX	$395M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for THG including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.3B. EBITDA for the last twelve months was $104M. In the most recent fiscal year, THG achieved $2.3B in revenue and $89.2M 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	$2.3B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$922M	Analyst estimates available to subscribers	$925M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	40.4% gross margin	Analyst estimates available to subscribers	39.6% 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)	$104M	Analyst estimates available to subscribers	$89.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	4.6% EBITDA margin	Analyst estimates available to subscribers	3.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$33.7M	Analyst estimates available to subscribers	-$197M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	1.5% EBIT margin	Analyst estimates available to subscribers	-8.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$186M	Analyst estimates available to subscribers	-$435M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-8.1% net profit margin	Analyst estimates available to subscribers	-18.6% 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	$395M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for THG

This financial data table provides comprehensive performance metrics for THG, a company based in United Kingdom of Great Britain and Northern Ireland. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

THG generated $2.3B in revenue over the last twelve months.
The company achieved $104M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $922M.
Net income over the last twelve months reached -$186M.

Fiscal Year Performance

In the most recent fiscal year, THG reported $2.3B in total revenue.
Fiscal year EBITDA was $89.2M.
The company maintained a gross profit margin of 39.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 3.8%.
Net profit margin reached -18.6% in the most recent fiscal year.

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

THG Stock Performance

THG has current market cap of GBP 489M (or $653M), and EV of GBP 945M (or $1.3B).

Market Cap Evolution

THG Stock Data

As of October 15, 2025, THG's stock price is GBP 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.3B	$653M	XXX	XXX	XXX	XXX	$-0.05

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THG Valuation Multiples

THG's trades at 0.5x EV/Revenue multiple, and 14.1x EV/EBITDA.

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THG Financial Valuation Multiples

As of October 15, 2025, THG has market cap of $653M and EV of $1.3B.

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 -3.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$653M	XXX	$653M	XXX	XXX	XXX
EV (current)	$1.3B	XXX	$1.3B	XXX	XXX	XXX
EV/Revenue	0.6x	XXX	0.5x	XXX	XXX	XXX
EV/EBITDA	12.1x	XXX	14.1x	XXX	XXX	XXX
EV/EBIT	37.4x	XXX	-6.4x	XXX	XXX	XXX
EV/Gross Profit	1.4x	XXX	n/a	XXX	XXX	XXX
P/E	-3.5x	XXX	-1.5x	XXX	XXX	XXX
EV/FCF	-33.4x	XXX	-196.1x	XXX	XXX	XXX

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

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THG Margins & Growth Rates

THG's last 12 month revenue growth is 3%

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 13% (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	3%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	5%	XXX	4%	XXX	XXX	XXX
EBITDA Growth	22%	XXX	32%	XXX	XXX	XXX
Rule of 40	6%	XXX	7%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	13%	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

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

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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
Cash Converters Intl	XXX	XXX	XXX	XXX	XXX	XXX
Kogan.com	XXX	XXX	XXX	XXX	XXX	XXX
Temple & Webster	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.

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, Cash Converters Intl, Kogan.com.
What is the current market cap of THG?	THG's current market cap is $653M
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 3%.
What is the current EV/Revenue multiple of THG?	Current revenue multiple of THG is 0.6x.
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 $104M.
What is THG's EBITDA margin?	THG's last 12 months EBITDA margin is 5%.
What is the current EV/EBITDA multiple of THG?	Current EBITDA multiple of THG is 12.1x.
What is the current FCF of THG?	THG's last 12 months FCF is -$37.7M.
What is THG's FCF margin?	THG's last 12 months FCF margin is -2%.
What is the current EV/FCF multiple of THG?	Current FCF multiple of THG is -33.4x.

THG Valuation Multiples

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

THG Overview

About THG

Founded

HQ

Employees

Website

Sectors

Financials

EV

Valuation Multiples

Valuation Multiples for 15K+ Public Comps

THG Financials

THG P&L

Financial Performance Summary for THG

Recent Performance Highlights

Fiscal Year Performance

THG Stock Performance

Market Cap Evolution

THG Stock Data

Benchmark Trading Valuation Multiples by Industry

THG Valuation Multiples

EV/Revenue (LTM) Evolution

THG Financial Valuation Multiples

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THG Margins & Growth Rates

THG Operational Valuation Multiples

Valuation Multiples Across 220+ Verticals

THG Public Comps

THG M&A and Investment Activity

Latest Acquisitions by THG

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About THG

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