Vow - Public Comps and Valuation Multiples

Vow Overview

About Vow

Vow ASA develops and delivers technology and solutions to bring an end to waste and help industries decarbonise. The solutions purify wastewater and convert biomass and waste into valuable resources, generating CO2-neutral energy and biocarbon that decarbonise industrial processes. The group is organised across three operating segments: Industrial Solutions, Maritime Solutions, and Aftersales. Maximum revenue is generated from the Maritime Solutions segment, which includes wastewater purification, garbage handling, food waste treatment, and sludge processing solutions for the cruise industry. Geographically, the company generates a majority of its revenue from Europe.

Founded

2011

HQ

Employees

220

Website

vowasa.com

Sectors

Environmental & Facilities Services

Financials

LTM Revenue $97.7M

LTM EBITDA -$4.7M

EV

$98.7M

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Vow Financials

As of September 2025, Vow reported last 12-month revenue of $97.7M and EBITDA of -$4.7M.

In the same period, Vow generated $5.2M in LTM gross profit and -$16.7M in net income.

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Vow P&L

In the most recent fiscal year, Vow reported revenue of $101M and EBITDA of -$1.4M.

Vow 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	$97.7M	XXX	$101M	XXX	XXX	XXX
Gross Profit	$5.2M	XXX	$29.5M	XXX	XXX	XXX
Gross Margin	5%	XXX	29%	XXX	XXX	XXX
EBITDA	-$4.7M	XXX	-$1.4M	XXX	XXX	XXX
EBITDA Margin	-5%	XXX	-1%	XXX	XXX	XXX
EBIT	-$11.2M	XXX	$0.1M	XXX	XXX	XXX
EBIT Margin	-11%	XXX	0%	XXX	XXX	XXX
Net Profit	-$16.7M	XXX	-$13.2M	XXX	XXX	XXX
Net Margin	-17%	XXX	-13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$35.1M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Vow including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $97.7M. EBITDA for the last twelve months was -$4.7M. In the most recent fiscal year, Vow achieved $101M in revenue and -$1.4M 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	$97.7M	Analyst estimates available to subscribers	$101M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$5.2M	Analyst estimates available to subscribers	$29.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	5.4% gross margin	Analyst estimates available to subscribers	29.1% 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)	-$4.7M	Analyst estimates available to subscribers	-$1.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-4.8% EBITDA margin	Analyst estimates available to subscribers	-1.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$11.2M	Analyst estimates available to subscribers	$0.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-11.5% EBIT margin	Analyst estimates available to subscribers	0.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$16.7M	Analyst estimates available to subscribers	-$13.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-17.1% net profit margin	Analyst estimates available to subscribers	-13.0% 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	$35.1M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Vow

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

Recent Performance Highlights

Vow generated $97.7M in revenue over the last twelve months.
The company achieved -$4.7M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $5.2M.
Net income over the last twelve months reached -$16.7M.

Fiscal Year Performance

In the most recent fiscal year, Vow reported $101M in total revenue.
Fiscal year EBITDA was -$1.4M.
The company maintained a gross profit margin of 29.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1.3%.
Net profit margin reached -13.0% in the most recent fiscal year.

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

Vow Stock Performance

Vow has current market cap of NOK 487M (or $48.4M), and EV of NOK 994M (or $98.7M).

Market Cap Evolution

Vow Stock Data

As of October 30, 2025, Vow's stock price is NOK 2 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$98.7M	$48.4M	XXX	XXX	XXX	XXX	$-0.06

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Vow Valuation Multiples

Vow's trades at 1.0x EV/Revenue multiple, and -72.6x EV/EBITDA.

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Vow Financial Valuation Multiples

As of October 30, 2025, Vow has market cap of $48.4M and EV of $98.7M.

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

Vow has a P/E ratio of -2.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$48.4M	XXX	$48.4M	XXX	XXX	XXX
EV (current)	$98.7M	XXX	$98.7M	XXX	XXX	XXX
EV/Revenue	1.0x	XXX	1.0x	XXX	XXX	XXX
EV/EBITDA	-20.9x	XXX	-72.6x	XXX	XXX	XXX
EV/EBIT	-8.8x	XXX	903.6x	XXX	XXX	XXX
EV/Gross Profit	18.8x	XXX	n/a	XXX	XXX	XXX
P/E	-2.9x	XXX	-3.7x	XXX	XXX	XXX
EV/FCF	68.5x	XXX	11.5x	XXX	XXX	XXX

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

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Vow Margins & Growth Rates

Vow's last 12 month revenue growth is 14%

Vow's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

Vow's rule of 40 is 8% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Vow's rule of X is 31% (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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Vow Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	-5%	XXX	-1%	XXX	XXX	XXX
EBITDA Growth	-260%	XXX	n/a	XXX	XXX	XXX
Rule of 40	8%	XXX	13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	31%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	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	29%	XXX	XXX	XXX

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

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Vow Public Comps

See public comps and valuation multiples for Environmental & Facilities Services comps

	EV/Revenue			EV/EBITDA
	2025E	2026E	2027E	2025E	2026E	2027E
Arcadis	XXX	XXX	XXX	XXX	XXX	XXX
Envipco	XXX	XXX	XXX	XXX	XXX	XXX
Ambipar Emergency	XXX	XXX	XXX	XXX	XXX	XXX
Close The Loop	XXX	XXX	XXX	XXX	XXX	XXX
Cleanaway	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.

Vow M&A and Investment Activity

Vow acquired XXX companies to date.

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

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Latest Acquisitions by Vow

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 Vow

When was Vow founded?	Vow was founded in 2011.
Where is Vow headquartered?	Vow is headquartered in Norway.
How many employees does Vow have?	As of today, Vow has 220 employees.
Is Vow publicy listed?	Yes, Vow is a public company listed on OSL.
What is the stock symbol of Vow?	Vow trades under VOW ticker.
When did Vow go public?	Vow went public in 2014.
Who are competitors of Vow?	Similar companies to Vow include e.g. Arcadis, Envipco, Ambipar Emergency, Close The Loop.
What is the current market cap of Vow?	Vow's current market cap is $48.4M
What is the current revenue of Vow?	Vow's last 12 months revenue is $97.7M.
What is the current revenue growth of Vow?	Vow revenue growth (NTM/LTM) is 14%.
What is the current EV/Revenue multiple of Vow?	Current revenue multiple of Vow is 1.0x.
Is Vow profitable?	Yes, Vow is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Vow?	Vow's last 12 months EBITDA is -$4.7M.
What is Vow's EBITDA margin?	Vow's last 12 months EBITDA margin is -5%.
What is the current EV/EBITDA multiple of Vow?	Current EBITDA multiple of Vow is -20.9x.
What is the current FCF of Vow?	Vow's last 12 months FCF is $1.4M.
What is Vow's FCF margin?	Vow's last 12 months FCF margin is 1%.
What is the current EV/FCF multiple of Vow?	Current FCF multiple of Vow is 68.5x.

Vow Valuation Multiples

Discover revenue and EBITDA valuation multiples for Vow and similar public comparables like Envipco, Close The Loop, and Arcadis.

Vow Overview

About Vow

Founded

HQ

Employees

Website

Sectors

Financials

EV

Valuation Multiples

Valuation Multiples for 15K+ Public Comps

Vow Financials

Vow P&L

Financial Performance Summary for Vow

Recent Performance Highlights

Fiscal Year Performance

Vow Stock Performance

Market Cap Evolution

Vow Stock Data

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Vow Valuation Multiples

EV/Revenue (LTM) Evolution

Vow Financial Valuation Multiples

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Vow Margins & Growth Rates

Vow Operational Valuation Multiples

Valuation Multiples Across 220+ Verticals

Vow Public Comps

Vow M&A and Investment Activity

Latest Acquisitions by Vow

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About Vow

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