Trainline Valuation Multiples

Trainline is valued at $934M as of October 2026, a 2.0x revenue multiple. In the last 12 months, Trainline revenue was $601M and Trainline EBITDA was $241M.

Trainline Overview

About Trainline

Trainline PLC are the main independent rail and coach travel platform selling rail and coach tickets world'wide. The Group has three operating segments UK Consumer includes Travel apps and websites for individual travellers for journeys within the UK; International Consumer includes Travel apps and websites for individual travellers for journeys outside the UK including journeys between the UK and outside the UK, and Trainline Solutions1 includes Travel portal platforms for Trainline's own branded business units, in addition to external corporates, travel management companies and whitelabel ecommerce platforms for Train Operating Companies. It generates majority of revenue from UK Consumer. It has presence in UK and Rest of world of which majority of revenue comes from UK.


Founded

2019

HQ

United Kingdom

Employees

990

Financials (LTM)

Revenue: $601M
EBITDA: $241M

EV

$1.2B

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Trainline Financials

Trainline reported last 12-month revenue of $601M and EBITDA of $241M.

In the same LTM period, Trainline generated $500M in gross profit, $241M in EBITDA, and $125M in net income.

Revenue (LTM)


Trainline P&L

In the most recent fiscal year, Trainline reported revenue of $599M and EBITDA of $218M.

Trainline is profitable as of last fiscal year, with gross margin of 83%, EBITDA margin of 36%, and net margin of 18%.

See analyst estimates for Trainline
LTMLast FY202320242025202620272028
Revenue$601M$599M$521M$588M$616M
Gross Profit$500M$495M$401M$466M$508M
Gross Margin83%83%77%79%83%
EBITDA$241M$218M$127M$171M$240M
EBITDA Margin40%36%24%29%39%
EBIT Margin30%27%13%19%29%
Net Profit$125M$106M$43M$73M$132M
Net Margin21%18%8%12%21%
Net Debt-$225M---

Financial data powered by Morningstar, Inc.

Trainline Stock Performance

Trainline has current market cap of $934M, and enterprise value of $1.2B.

Market Cap Evolution


Trainline's stock price is $2.77.

Trainline share price increased by 5.6% in the last 30 days, and decreased by 16.3% in the last year.

Trainline has an EPS (earnings per share) of $0.31.

See more trading valuation data for Trainline
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$1.2B$934M0.0%5.6%-13.4%-16.3%$0.31

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Trainline Valuation Multiples

Trainline trades at 2.0x EV/Revenue multiple, and 5.0x EV/EBITDA.

See NTM and 2027E valuation multiples for Trainline

EV / Revenue (LTM)


Trainline Financial Valuation Multiples

As of October 12, 2026, Trainline has market cap of $934M and EV of $1.2B.

Trainline has a P/E ratio of 7.5x.

LTMLast FY202320242025202620272028
EV/Revenue2.0x2.0x2.3x2.0x2.0x
EV/EBITDA5.0x5.5x9.4x7.0x5.0x
EV/EBIT6.7x7.4x17.4x11.0x6.6x
EV/Gross Profit2.4x2.4x3.0x2.6x2.4x
P/E7.5x8.8x21.7x12.7x7.1x
EV/FCF9.5x12.7x12.9x9.5x9.4x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Trainline Valuation Multiples

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Trainline Margins & Growth Rates

Trainline decreased revenue by 1% but EBITDA grew by 11% in the last fiscal year.

In the most recent fiscal year, Trainline reported gross margin of 83%, EBITDA margin of 36%, and net margin of 18%.

See estimated margins and future growth rates for Trainline

Trainline Margins

Last FY202420252026202720282029
Gross Margin83%79%83%83%
EBITDA Margin36%29%39%40%
EBIT Margin27%19%29%30%
Net Margin18%12%21%20%
FCF Margin16%22%21%20%

Trainline Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth(1%)13%5%(4%)
Gross Profit Growth(0%)16%9%(3%)
EBITDA Growth11%35%40%(1%)
EBIT Growth10%58%66%(3%)
Net Profit Growth14%70%79%(11%)
FCF Growth34%36%1%(5%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Trainline Operational KPIs

Trainline's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.3M for the same period.

Trainline's Rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Trainline's Rule of X is 31% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Trainline
LTMLast FY202320242025202620272028
Rule of 4041%37%---
Bessemer Rule of X42%31%---
Revenue per Employee-$0.6M---
Opex per Employee-$0.3M---
G&A Expenses to Revenue-56%64%61%56%
Opex to Revenue-56%64%61%56%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Trainline Competitors

Trainline competitors include Timee, Voyageurs, UT Group, Grupa Pracuj, Nextdoor, Web Travel Group, Tripadvisor, LegalZoom, ATRenew and China Travel International.

Most Trainline public comparables operate across Travel Services, Online Travel, Vertical Marketplaces and TravelTech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Timee$132M$23M6.7x3.0x38.6x14.7x
Voyageurs$881M$87M0.7x0.7x7.2x8.0x
UT Group$1.1B$80M0.7x0.7x9.5x9.2x
Grupa Pracuj$207M$91M4.6x4.3x10.4x9.7x
Nextdoor$258M($69M)2.5x2.3x(9.3x)27.0x
Web Travel Group$275M$84M2.6x2.5x8.4x6.6x
Tripadvisor$1.9B$160M0.6x0.7x6.7x4.4x
LegalZoom$756M$74M1.2x1.1x11.9x4.6x

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Acquisitions by Trainline

Trainline has acquired 1 company to date.

Last acquisition by Trainline was on March 15th 2016. Trainline acquired Captain Train for $189M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Trainline

Captain Train
Description
Captain Train is a French online rail ticket booking business founded in 2009 by Jean-Daniel Guyot, Martin Ottenwaelter and Valentin Surrel. Based in Paris, it provides a website and mobile applications through which travellers can search for and book rail journeys. The platform brings together offers from multiple railway operators, allowing users to compare and purchase journeys across national networks. By the time of its acquisition by Trainline, its coverage extended to 19 European countries. Its business serves individual travellers purchasing rail tickets and operates as an intermediary between customers and transport operators. The company raised venture financing from investors including Alven before joining Trainline in March 2016. Its continental European booking platform complemented Trainline’s established British rail ticketing business.
HQ CountryFrance
HQ City
Paris
Deal Date15 Mar 2016
Valuation$189M
EV/Revenue
EV/EBITDA

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About Trainline

When was Trainline founded?Trainline was founded in 2019.
Where is Trainline headquartered?Trainline is headquartered in United Kingdom.
How many employees does Trainline have?As of today, Trainline has over 990 employees.
Who is the CEO of Trainline?Trainline's CEO is Jody Ford.
Is Trainline publicly listed?Yes, Trainline is a public company listed on London Stock Exchange.
What is the stock symbol of Trainline?Trainline trades under TRN ticker.
When did Trainline go public?Trainline went public in 2019.
Who are competitors of Trainline?Trainline main competitors include Timee, Voyageurs, UT Group, Grupa Pracuj, Nextdoor, Web Travel Group, Tripadvisor, LegalZoom, ATRenew, China Travel International.
What is the current market cap of Trainline?Trainline's current market cap is $934M.
What is the current revenue of Trainline?Trainline's last 12 months revenue is $601M.
What is the current revenue growth of Trainline?Trainline revenue growth (NTM/LTM) is 1%.
What is the current EV/Revenue multiple of Trainline?Current revenue multiple of Trainline is 2.0x.
What is the current EBITDA of Trainline?Trainline's last 12 months EBITDA is $241M.
What is Trainline's EBITDA margin?Trainline's last 12 months EBITDA margin is 40%.
What is the current EV/EBITDA multiple of Trainline?Current EBITDA multiple of Trainline is 5.0x.
What is the current FCF of Trainline?Trainline's last 12 months FCF is $127M.
What is Trainline's FCF margin?Trainline's last 12 months FCF margin is 21%.
What is the current EV/FCF multiple of Trainline?Current FCF multiple of Trainline is 9.5x.
How many companies Trainline has acquired to date?As of October 2026, Trainline has acquired 1 company.
What was the largest acquisition by Trainline?$189M acquisition of Captain Train on 15th March 2016 was the largest M&A Trainline has done to date.
What companies Trainline acquired?Trainline acquired Captain Train.
In how many companies Trainline has invested to date?Trainline hasn't invested in any companies yet (or none have been disclosed publicly).

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