Tsingtao Brewery - Public Comps and Valuation Multiples

Tsingtao Brewery Overview

About Tsingtao Brewery

With over 100 years of history, Tsingtao Brewery has become one of the leading brewers in China with its namesake Tsingtao brand. The company commands a dominant position in its core market, Shandong province, which contributed close to 60% of its revenue and net profit in 2024. Unlike other major brewers, Tsingtao Brewery’s brand umbrellas consist entirely of domestic brands. The Tsingtao brand has a mid-range to high-end market positioning and contributed over half of its volume whereas the mass market Laoshan brand targets the mainstream segment, with a declining volume mix as the company sought to premiumize its portfolio.

Founded

1993

HQ

Employees

29.9K+

Website

tsingtao.com

Sectors

Alcohol

Financials

LTM Revenue $4.6B

LTM EBITDA $938M

EV

$8.0B

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Tsingtao Brewery Financials

As of August 2025, Tsingtao Brewery reported last 12-month revenue of $4.6B and EBITDA of $938M.

In the same period, Tsingtao Brewery generated $1.9B in LTM gross profit and $649M in net income.

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Tsingtao Brewery P&L

In the most recent fiscal year, Tsingtao Brewery reported revenue of $4.5B and EBITDA of $995M.

Tsingtao Brewery 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	$4.6B	XXX	$4.5B	XXX	XXX	XXX
Gross Profit	$1.9B	XXX	$1.8B	XXX	XXX	XXX
Gross Margin	41%	XXX	40%	XXX	XXX	XXX
EBITDA	$938M	XXX	$995M	XXX	XXX	XXX
EBITDA Margin	20%	XXX	22%	XXX	XXX	XXX
EBIT	$808M	XXX	$699M	XXX	XXX	XXX
EBIT Margin	18%	XXX	16%	XXX	XXX	XXX
Net Profit	$649M	XXX	$609M	XXX	XXX	XXX
Net Margin	14%	XXX	14%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tsingtao Brewery including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.6B. EBITDA for the last twelve months was $938M. In the most recent fiscal year, Tsingtao Brewery achieved $4.5B in revenue and $995M 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	$4.6B	Analyst estimates available to subscribers	$4.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.9B	Analyst estimates available to subscribers	$1.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	41.5% gross margin	Analyst estimates available to subscribers	40.2% 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)	$938M	Analyst estimates available to subscribers	$995M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.5% EBITDA margin	Analyst estimates available to subscribers	22.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$808M	Analyst estimates available to subscribers	$699M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.7% EBIT margin	Analyst estimates available to subscribers	15.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$649M	Analyst estimates available to subscribers	$609M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.2% net profit margin	Analyst estimates available to subscribers	13.5% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tsingtao Brewery

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

Recent Performance Highlights

Tsingtao Brewery generated $4.6B in revenue over the last twelve months.
The company achieved $938M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.9B.
Net income over the last twelve months reached $649M.

Fiscal Year Performance

In the most recent fiscal year, Tsingtao Brewery reported $4.5B in total revenue.
Fiscal year EBITDA was $995M.
The company maintained a gross profit margin of 40.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 22.1%.
Net profit margin reached 13.5% in the most recent fiscal year.

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

Tsingtao Brewery Stock Performance

Tsingtao Brewery has current market cap of CNY 78.9B (or $11.1B), and EV of CNY 57.0B (or $8.0B).

Market Cap Evolution

Tsingtao Brewery Stock Data

As of September 12, 2025, Tsingtao Brewery's stock price is CNY 58 (or $8).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.0B	$11.1B	XXX	XXX	XXX	XXX	$0.48

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Tsingtao Brewery Valuation Multiples

Tsingtao Brewery's trades at 1.8x EV/Revenue multiple, and 8.0x EV/EBITDA.

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Tsingtao Brewery Financial Valuation Multiples

As of September 12, 2025, Tsingtao Brewery has market cap of $11.1B and EV of $8.0B.

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

Tsingtao Brewery has a P/E ratio of 17.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.1B	XXX	$11.1B	XXX	XXX	XXX
EV (current)	$8.0B	XXX	$8.0B	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.8x	XXX	XXX	XXX
EV/EBITDA	8.5x	XXX	8.0x	XXX	XXX	XXX
EV/EBIT	9.9x	XXX	11.4x	XXX	XXX	XXX
EV/Gross Profit	4.2x	XXX	n/a	XXX	XXX	XXX
P/E	17.0x	XXX	18.2x	XXX	XXX	XXX
EV/FCF	16.0x	XXX	18.9x	XXX	XXX	XXX

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

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Tsingtao Brewery Margins & Growth Rates

Tsingtao Brewery's last 12 month revenue growth is 3%

Tsingtao Brewery's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $37K for the same period.

Tsingtao Brewery's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tsingtao Brewery's rule of X is 27% (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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Tsingtao Brewery Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	20%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	0%	XXX	XXX	XXX
Rule of 40	23%	XXX	25%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	27%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$37K	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	0%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	25%	XXX	XXX	XXX

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

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