Wavestone Valuation Multiples

Wavestone is valued at $870M as of October 2026, a 0.7x revenue multiple. In the last 12 months, Wavestone revenue was $1.1B and Wavestone EBITDA was $148M.

Wavestone Overview

About Wavestone

Wavestone SA is a management and Information Technology consulting firm. The company serves Services, Consumer goods and distribution, Energy and Utilities, Manufacturing, Public sector and International Institutions, and the Transport and Travel sector. Its technologies include IT and Data architecture, Cybersecurity and digital trust, and others. It provides services such as financial risks and purchases, management and financing of innovation, supply chain, and others. Geographically, it generates the majority of its revenue from France.


Founded

1990

HQ

France

Employees

6.1K

Financials (LTM)

Revenue: $1.1B
EBITDA: $148M

EV

$758M

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Wavestone Financials

Wavestone reported last 12-month revenue of $1.1B and EBITDA of $148M.

In the same LTM period, Wavestone generated $148M in EBITDA and $91M in net income.

Revenue (LTM)


Wavestone P&L

In the most recent fiscal year, Wavestone reported revenue of $1.1B and EBITDA of $150M.

Wavestone is profitable as of last fiscal year, with gross margin of 21%, EBITDA margin of 14%, and net margin of 9%.

See analyst estimates for Wavestone
LTMLast FY202320242025202620272028
Revenue$1.1B$1.1B$762M$1B$1.1B
Gross Profit-$224M$306M$255M$232M
Gross Margin-21%40%25%21%
EBITDA$148M$150M$107M$139M$156M
EBITDA Margin14%14%14%14%14%
EBIT Margin12%12%14%12%12%
Net Profit$91M$92M$65M$82M$95M
Net Margin8%9%9%8%9%
Net Debt-($126M)---

Financial data powered by Morningstar, Inc.

Wavestone Stock Performance

Wavestone has current market cap of $870M, and enterprise value of $758M.

Market Cap Evolution


Wavestone's stock price is $35.46.

Wavestone share price increased by 6.5% in the last 30 days, and decreased by 40.4% in the last year.

Wavestone has an EPS (earnings per share) of $3.75.

See more trading valuation data for Wavestone
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$758M$870M-0.1%6.5%-5.2%-40.4%$3.75

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Wavestone Valuation Multiples

Wavestone trades at 0.7x EV/Revenue multiple, and 5.1x EV/EBITDA.

See NTM and 2027E valuation multiples for Wavestone

EV / Revenue (LTM)


Wavestone Financial Valuation Multiples

As of October 24, 2026, Wavestone has market cap of $870M and EV of $758M.

Wavestone has a P/E ratio of 9.5x.

LTMLast FY202320242025202620272028
EV/Revenue0.7x0.7x1.0x0.7x0.7x
EV/EBITDA5.1x5.1x7.1x5.5x4.9x
EV/EBIT5.8x6.0x7.2x6.2x5.5x
EV/Gross Profit-3.4x2.5x3.0x3.3x
P/E9.5x9.5x13.4x10.6x9.1x
EV/FCF6.8x5.3x9.4x7.9x5.3x

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

Verified Wavestone Valuation Multiples

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Wavestone Margins & Growth Rates

Wavestone grew revenue by 1% but EBITDA decreased by 5% in the last fiscal year.

In the most recent fiscal year, Wavestone reported gross margin of 21%, EBITDA margin of 14%, and net margin of 9%.

See estimated margins and future growth rates for Wavestone

Wavestone Margins

Last FY202420252026202720282029
Gross Margin21%25%21%21%
EBITDA Margin14%14%14%13%
EBIT Margin12%12%12%12%
Net Margin9%8%9%8%
FCF Margin13%9%13%9%

Wavestone Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth1%34%9%(2%)
Gross Profit Growth-(16%)(9%)(1%)
EBITDA Growth(5%)30%12%(8%)
EBIT Growth1%16%12%(8%)
Net Profit Growth(4%)27%16%(6%)
FCF Growth(38%)20%48%(28%)

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

Wavestone Operational KPIs

Wavestone's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.0M for the same period.

Wavestone's Rule of 40 is 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Wavestone's Rule of X is 7% (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 Wavestone
LTMLast FY202320242025202620272028
Rule of 4015%11%---
Bessemer Rule of X17%7%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.0M---
G&A Expenses to Revenue-1%-2%1%
Opex to Revenue-9%26%13%9%

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

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Wavestone Competitors

Wavestone competitors include Quest Holdings, AXISCADES Technologies, Techmatrix, ASM Technologies, Birlasoft, Sify Technologies, JBCC Holdings, transcosmos, cyber_Folks and Beyondsoft.

Most Wavestone public comparables operate across IT Consulting.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Quest Holdings$1.7B$110M0.5x0.5x8.0x7.7x
AXISCADES Technologies$122M$19M7.4x6.8x46.6x39.6x
Techmatrix$456M$50M1.7x1.5x15.2x-
ASM Technologies$56M$11M15.9x-80.9x-
Birlasoft$560M$86M1.2x1.1x7.6x7.2x
Sify Technologies$474M$109M2.8x1.9x12.2x8.2x
JBCC Holdings$484M$53M1.6x1.6x15.0x-
transcosmos$2.5B$152M0.2x0.2x3.9x-

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Acquisitions by Wavestone

Wavestone has acquired 13 companies to date.

Last acquisition by Wavestone was on September 14th 2026. Wavestone acquired Sand Cherry for $35M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Wavestone

Sand Cherry
Aspirant
Q_PERIOR
Coeus Consulting
Description
Sand Cherry is a management consulting firm headquartered in Denver.
Aspirant is a New York-headquartered wealth management firm advising high-net-worth athletes and executives. The company manages $5 billion in assets through personalized financial planning, tax strategies, and investment portfolios. It operates in 12 US cities with dedicated sports finance teams.
Q_PERIOR is a Munich-based international consulting firm at the business-IT interface. It draws on three decades of experience from predecessor companies agens Consulting, ESPRiT Consulting, and paricon. Services emphasize dynamic, proactive, and personal approaches to client projects. The firm maintains green initiatives including electric scooters for employee mobility.
Coeus Consulting is a technology advisory firm delivering digital transformation services including strategy development, IT sourcing, enterprise architecture, and organizational change management. Singapore-headquartered, the company serves enterprises across Asia Pacific with tailored solutions for cloud migration, cybersecurity frameworks, and agile methodologies. Coeus Consulting partners with global technology providers like Microsoft and AWS to implement scalable infrastructures for financial institutions and manufacturing sectors.
HQ CountryUnited StatesUnited StatesGermanyUnited Kingdom
HQ City
Denver, CO
Pittsburgh, PA
Munich
London
Deal Date14 Sep 202616 Jan 202426 Jul 202315 Sep 2022
Valuation$35M$24M$356M$22M
EV/Revenue
EV/EBITDA

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About Wavestone

When was Wavestone founded?Wavestone was founded in 1990.
Where is Wavestone headquartered?Wavestone is headquartered in France.
How many employees does Wavestone have?As of today, Wavestone has over 6K employees.
Who is the CEO of Wavestone?Wavestone's CEO is Pascal Imbert.
Is Wavestone publicly listed?Yes, Wavestone is a public company listed on Euronext Paris.
What is the stock symbol of Wavestone?Wavestone trades under WAVE ticker.
When did Wavestone go public?Wavestone went public in 2000.
Who are competitors of Wavestone?Wavestone main competitors include Quest Holdings, AXISCADES Technologies, Techmatrix, ASM Technologies, Birlasoft, Sify Technologies, JBCC Holdings, transcosmos, cyber_Folks, Beyondsoft.
What is the current market cap of Wavestone?Wavestone's current market cap is $870M.
What is the current revenue of Wavestone?Wavestone's last 12 months revenue is $1.1B.
What is the current revenue growth of Wavestone?Wavestone revenue growth (NTM/LTM) is 1%.
What is the current EV/Revenue multiple of Wavestone?Current revenue multiple of Wavestone is 0.7x.
What is the current EBITDA of Wavestone?Wavestone's last 12 months EBITDA is $148M.
What is Wavestone's EBITDA margin?Wavestone's last 12 months EBITDA margin is 14%.
What is the current EV/EBITDA multiple of Wavestone?Current EBITDA multiple of Wavestone is 5.1x.
What is the current FCF of Wavestone?Wavestone's last 12 months FCF is $112M.
What is Wavestone's FCF margin?Wavestone's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Wavestone?Current FCF multiple of Wavestone is 6.8x.
How many companies Wavestone has acquired to date?As of October 2026, Wavestone has acquired 13 companies.
What was the largest acquisition by Wavestone?$356M acquisition of Q_PERIOR on 26th July 2023 was the largest M&A Wavestone has done to date.
What companies Wavestone acquired?Wavestone acquired Q_PERIOR, PEN Partnership, Sand Cherry, Aspirant, Coeus Consulting, Xceed Group, Metis Consulting, New Vantage Partners, Audisoft Consultants, Hapsis SA, and 3 other companies.
In how many companies Wavestone has invested to date?Wavestone hasn't invested in any companies yet (or none have been disclosed publicly).

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