West Holdings - Public Comps and Valuation Multiples

West Holdings Overview

About West Holdings

West Holdings Corp is engaged in the solar power generation. The company generates solar power for municipalities, residential and industrial use. Its business activities are divided into different divisions including Stadtberg business, Solar power generation for municipalities, special high-pressure solar power generation, Industrial solar power generation, Residential solar power generation, O & M (operation and management), Sales of electricity and Esco Business. Stadtberg division provides consulting and operation support for infrastructure services centered on renewable energy. O & M division monitors the photovoltaic power plant and maintains the maximum amount of power generation. Its Esco division provides various energy-saving measures.

Founded

2006

HQ

Employees

371

Website

west-gr.co.jp

Sectors

Energy Equipment
Solar
Energy Exploration & Generation
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $320M

LTM EBITDA $75.2M

EV

$846M

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West Holdings Financials

As of September 2025, West Holdings reported last 12-month revenue of $320M and EBITDA of $75.2M.

In the same period, West Holdings achieved $37.1M in LTM net income.

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West Holdings P&L

In the most recent fiscal year, West Holdings reported revenue of $331M and EBITDA of $84.9M.

West Holdings 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	$320M	XXX	$331M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$122M	XXX	XXX	XXX
Gross Margin	n/a	XXX	37%	XXX	XXX	XXX
EBITDA	$75.2M	XXX	$84.9M	XXX	XXX	XXX
EBITDA Margin	24%	XXX	26%	XXX	XXX	XXX
EBIT	$59.9M	XXX	$69.5M	XXX	XXX	XXX
EBIT Margin	19%	XXX	21%	XXX	XXX	XXX
Net Profit	$37.1M	XXX	$44.3M	XXX	XXX	XXX
Net Margin	12%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$313M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for West Holdings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $320M. EBITDA for the last twelve months was $75.2M. In the most recent fiscal year, West Holdings achieved $331M in revenue and $84.9M 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	$320M	Analyst estimates available to subscribers	$331M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$122M	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	36.8% 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)	$75.2M	Analyst estimates available to subscribers	$84.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	23.5% EBITDA margin	Analyst estimates available to subscribers	25.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$59.9M	Analyst estimates available to subscribers	$69.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.8% EBIT margin	Analyst estimates available to subscribers	21.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$37.1M	Analyst estimates available to subscribers	$44.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.6% net profit margin	Analyst estimates available to subscribers	13.4% 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	$313M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for West Holdings

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

Recent Performance Highlights

West Holdings generated $320M in revenue over the last twelve months.
The company achieved $75.2M in EBITDA over the last twelve months.
Net income over the last twelve months reached $37.1M.

Fiscal Year Performance

In the most recent fiscal year, West Holdings reported $331M in total revenue.
Fiscal year EBITDA was $84.9M.
The company maintained a gross profit margin of 36.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 25.7%.
Net profit margin reached 13.4% in the most recent fiscal year.

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

West Holdings Stock Performance

West Holdings has current market cap of JPY 70.4B (or $462M), and EV of JPY 129B (or $846M).

Market Cap Evolution

West Holdings Stock Data

As of October 16, 2025, West Holdings's stock price is JPY 1776 (or $12).

See West Holdings trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$846M	$462M	XXX	XXX	XXX	XXX	$0.94

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West Holdings Valuation Multiples

West Holdings's trades at 2.8x EV/Revenue multiple, and 11.1x EV/EBITDA.

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West Holdings Financial Valuation Multiples

As of October 16, 2025, West Holdings has market cap of $462M and EV of $846M.

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

West Holdings has a P/E ratio of 12.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$462M	XXX	$462M	XXX	XXX	XXX
EV (current)	$846M	XXX	$846M	XXX	XXX	XXX
EV/Revenue	2.6x	XXX	2.8x	XXX	XXX	XXX
EV/EBITDA	11.2x	XXX	11.1x	XXX	XXX	XXX
EV/EBIT	14.1x	XXX	14.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	12.4x	XXX	11.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	1277.2x	XXX	XXX	XXX

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

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West Holdings Margins & Growth Rates

West Holdings's last 12 month revenue growth is 23%

West Holdings's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.1M for the same period.

West Holdings's rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

West Holdings's rule of X is 80% (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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West Holdings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	23%	XXX	15%	XXX	XXX	XXX
EBITDA Margin	24%	XXX	25%	XXX	XXX	XXX
EBITDA Growth	23%	XXX	11%	XXX	XXX	XXX
Rule of 40	48%	XXX	48%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	80%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.9M	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	16%	XXX	XXX	XXX

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

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