Tulikivi - Public Comps and Valuation Multiples

Tulikivi Overview

About Tulikivi

Tulikivi Oyj specializes in high-quality fireplaces, sauna heaters, and decorative stone products made from natural materials. Its factories are located in Juuka, Suomussalmi, and Heinavesi. Its product groups are fireplaces, Sauna, and Interior. In addition, it manufactures the modern, versatile heaters on the market for both wood and electric saunas. The group also provides decorative stone solutions for all areas of the home, including stone countertops, tiles, and mosaics. The geographical areas of the company include Finland, the Rest of Europe, and the USA.

Founded

HQ

Employees

184

Website

tulikivi.com

Sectors

Building Products

Financials

LTM Revenue $38.2M

LTM EBITDA $5.5M

EV

$40.8M

Valuation Multiples

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Tulikivi Financials

As of August 2025, Tulikivi reported last 12-month revenue of $38.2M and EBITDA of $5.5M.

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Tulikivi P&L

In the most recent fiscal year, Tulikivi reported revenue of $39.1M and EBITDA of $5.7M.

Tulikivi 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	$38.2M	XXX	$39.1M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$28.4M	XXX	XXX	XXX
Gross Margin	n/a	XXX	73%	XXX	XXX	XXX
EBITDA	$5.5M	XXX	$5.7M	XXX	XXX	XXX
EBITDA Margin	14%	XXX	15%	XXX	XXX	XXX
EBIT	$2.5M	XXX	$2.4M	XXX	XXX	XXX
EBIT Margin	7%	XXX	6%	XXX	XXX	XXX
Net Profit	n/a	XXX	$1.4M	XXX	XXX	XXX
Net Margin	n/a	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	$9.6M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tulikivi including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $38.2M. EBITDA for the last twelve months was $5.5M. In the most recent fiscal year, Tulikivi achieved $39.1M in revenue and $5.7M 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	$38.2M	Analyst estimates available to subscribers	$39.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$28.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	72.7% 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)	$5.5M	Analyst estimates available to subscribers	$5.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.3% EBITDA margin	Analyst estimates available to subscribers	14.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$2.5M	Analyst estimates available to subscribers	$2.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	6.6% EBIT margin	Analyst estimates available to subscribers	6.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	n/a	Analyst estimates available to subscribers	$1.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	n/a	Analyst estimates available to subscribers	3.5% 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	$9.6M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tulikivi

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

Recent Performance Highlights

Tulikivi generated $38.2M in revenue over the last twelve months.
The company achieved $5.5M in EBITDA over the last twelve months.

Fiscal Year Performance

In the most recent fiscal year, Tulikivi reported $39.1M in total revenue.
Fiscal year EBITDA was $5.7M.
The company maintained a gross profit margin of 72.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 14.6%.
Net profit margin reached 3.5% in the most recent fiscal year.

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

Tulikivi Stock Performance

Tulikivi has current market cap of EUR 27.5M (or $32.2M), and EV of EUR 34.8M (or $40.8M).

Market Cap Evolution

Tulikivi Stock Data

As of September 12, 2025, Tulikivi's stock price is EUR 0 (or $1).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$40.8M	$32.2M	XXX	XXX	XXX	XXX	$0.02

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Tulikivi Valuation Multiples

Tulikivi's trades at 1.0x EV/Revenue multiple, and 7.2x EV/EBITDA.

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Tulikivi Financial Valuation Multiples

As of September 12, 2025, Tulikivi has market cap of $32.2M and EV of $40.8M.

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

Tulikivi's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$32.2M	XXX	$32.2M	XXX	XXX	XXX
EV (current)	$40.8M	XXX	$40.8M	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.0x	XXX	XXX	XXX
EV/EBITDA	7.5x	XXX	7.2x	XXX	XXX	XXX
EV/EBIT	16.2x	XXX	16.8x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	23.3x	XXX	XXX	XXX
EV/FCF	n/a	XXX	27.1x	XXX	XXX	XXX

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

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Tulikivi Margins & Growth Rates

Tulikivi's last 12 month revenue growth is 3%

Tulikivi's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Tulikivi's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tulikivi's rule of X is 22% (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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Tulikivi Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	14%	XXX	15%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	-27%	XXX	XXX	XXX
Rule of 40	22%	XXX	18%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	22%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	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	67%	XXX	XXX	XXX

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

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