Vulcan Energy Resources - Public Comps and Valuation Multiples

Vulcan Energy Resources Overview

About Vulcan Energy Resources

Vulcan Energy Resources Ltd is engaged in geothermal energy and lithium exploration and production in Europe. The company's Lionheart Project is an integrated lithium and renewable energy project that produces battery-quality lithium from naturally heated subsurface brine in the Upper Rhine Valley, to deliver a local source of sustainable lithium for the European battery industry, with a co-product of renewable energy for local heating needs. It has developed an aluminate-based sorbent, VULSORB, to produce lithium from subsurface brine and harnesses geothermal energy from its operations in the Upper Rhine Valley. The company has three operating segments based on geographical location: Germany, which derives maximum revenue, other European countries, and Australia.

Founded

2018

HQ

Employees

375

Website

v-er.eu

Sectors

Energy Exploration & Generation

Financials

LTM Revenue $14.5M

LTM EBITDA -$78.6M

EV

$677M

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Vulcan Energy Resources Financials

As of August 2025, Vulcan Energy Resources reported last 12-month revenue of $14.5M and EBITDA of -$78.6M.

In the same period, Vulcan Energy Resources generated $8.0M in LTM gross profit and -$104M in net income.

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Vulcan Energy Resources P&L

In the most recent fiscal year, Vulcan Energy Resources reported revenue of $5.3M and EBITDA of -$32.8M.

Vulcan Energy Resources 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	$14.5M	XXX	$5.3M	XXX	XXX	XXX
Gross Profit	$8.0M	XXX	$4.8M	XXX	XXX	XXX
Gross Margin	55%	XXX	91%	XXX	XXX	XXX
EBITDA	-$78.6M	XXX	-$32.8M	XXX	XXX	XXX
EBITDA Margin	-543%	XXX	-616%	XXX	XXX	XXX
EBIT	-$104M	XXX	-$39.1M	XXX	XXX	XXX
EBIT Margin	-716%	XXX	-734%	XXX	XXX	XXX
Net Profit	-$104M	XXX	-$27.8M	XXX	XXX	XXX
Net Margin	-719%	XXX	-522%	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 Vulcan Energy Resources including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $14.5M. EBITDA for the last twelve months was -$78.6M. In the most recent fiscal year, Vulcan Energy Resources achieved $5.3M in revenue and -$32.8M 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	$14.5M	Analyst estimates available to subscribers	$5.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$8.0M	Analyst estimates available to subscribers	$4.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	55.3% gross margin	Analyst estimates available to subscribers	90.8% 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)	-$78.6M	Analyst estimates available to subscribers	-$32.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-542.9% EBITDA margin	Analyst estimates available to subscribers	-616.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$104M	Analyst estimates available to subscribers	-$39.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-715.5% EBIT margin	Analyst estimates available to subscribers	-734.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$104M	Analyst estimates available to subscribers	-$27.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-719.5% net profit margin	Analyst estimates available to subscribers	-521.7% 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 Vulcan Energy Resources

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

Recent Performance Highlights

Vulcan Energy Resources generated $14.5M in revenue over the last twelve months.
The company achieved -$78.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $8.0M.
Net income over the last twelve months reached -$104M.

Fiscal Year Performance

In the most recent fiscal year, Vulcan Energy Resources reported $5.3M in total revenue.
Fiscal year EBITDA was -$32.8M.
The company maintained a gross profit margin of 90.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was -616.2%.
Net profit margin reached -521.7% in the most recent fiscal year.

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

Vulcan Energy Resources Stock Performance

Vulcan Energy Resources has current market cap of AUD 1.1B (or $725M), and EV of AUD 1.0B (or $677M).

Market Cap Evolution

Vulcan Energy Resources Stock Data

As of September 19, 2025, Vulcan Energy Resources's stock price is AUD 5 (or $3).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$677M	$725M	XXX	XXX	XXX	XXX	$-0.22

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Vulcan Energy Resources Valuation Multiples

Vulcan Energy Resources's trades at 127.3x EV/Revenue multiple, and -20.7x EV/EBITDA.

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Vulcan Energy Resources Financial Valuation Multiples

As of September 19, 2025, Vulcan Energy Resources has market cap of $725M and EV of $677M.

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

Vulcan Energy Resources has a P/E ratio of -12.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$725M	XXX	$725M	XXX	XXX	XXX
EV (current)	$677M	XXX	$677M	XXX	XXX	XXX
EV/Revenue	83.6x	XXX	127.3x	XXX	XXX	XXX
EV/EBITDA	-15.4x	XXX	-20.7x	XXX	XXX	XXX
EV/EBIT	-11.7x	XXX	-17.3x	XXX	XXX	XXX
EV/Gross Profit	151.2x	XXX	n/a	XXX	XXX	XXX
P/E	-12.4x	XXX	-26.1x	XXX	XXX	XXX
EV/FCF	-4.2x	XXX	-10.2x	XXX	XXX	XXX

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

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Vulcan Energy Resources Margins & Growth Rates

Vulcan Energy Resources's last 12 month revenue growth is -11%

Vulcan Energy Resources's revenue per employee in the last FY averaged $14K, while opex per employee averaged $0.1M for the same period.

Vulcan Energy Resources's rule of 40 is -733% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Vulcan Energy Resources's rule of X is -571% (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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Vulcan Energy Resources Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-11%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	-543%	XXX	-616%	XXX	XXX	XXX
EBITDA Growth	18%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-733%	XXX	-627%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	-571%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$14K	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	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	825%	XXX	XXX	XXX

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

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