Xero - Public Comps and Valuation Multiples

Xero Overview

About Xero

Xero is a technology company originating from New Zealand, providing cloud-based accounting software, primarily for small and midsize enterprises, or SMEs, and accounting practices. As a first mover in the space for cloud-based accounting software, Xero has grown quickly to achieve dominant market share in New Zealand and Australia, displacing legacy providers. Xero has also expanded beyond its home region toward other English-speaking countries, primarily the United Kingdom and the United States.

Founded

2006

HQ

Employees

4.6K+

Website

xero.com

Sectors

Financial Management Software
FinTech
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $1.3B

LTM EBITDA $368M

EV

$11.3B

Valuation Multiples

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Xero Financials

As of November 2025, Xero reported last 12-month revenue of $1.3B and EBITDA of $368M.

In the same period, Xero generated $1.0B in LTM gross profit and $118M in net income.

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Xero P&L

In the most recent fiscal year, Xero reported revenue of $1.3B and EBITDA of $464M.

Xero 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	$1.3B	XXX	$1.3B	XXX	XXX	XXX
Gross Profit	$1.0B	XXX	$1.1B	XXX	XXX	XXX
Gross Margin	80%	XXX	89%	XXX	XXX	XXX
EBITDA	$368M	XXX	$464M	XXX	XXX	XXX
EBITDA Margin	28%	XXX	36%	XXX	XXX	XXX
EBIT	$186M	XXX	$45.9M	XXX	XXX	XXX
EBIT Margin	14%	XXX	4%	XXX	XXX	XXX
Net Profit	$118M	XXX	$138M	XXX	XXX	XXX
Net Margin	9%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$278M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Xero including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.3B. EBITDA for the last twelve months was $368M. In the most recent fiscal year, Xero achieved $1.3B in revenue and $464M 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	$1.3B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.0B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	80.1% gross margin	Analyst estimates available to subscribers	89.0% 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)	$368M	Analyst estimates available to subscribers	$464M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	28.2% EBITDA margin	Analyst estimates available to subscribers	36.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$186M	Analyst estimates available to subscribers	$45.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	14.2% EBIT margin	Analyst estimates available to subscribers	3.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$118M	Analyst estimates available to subscribers	$138M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.0% net profit margin	Analyst estimates available to subscribers	10.8% 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	$278M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Xero

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

Recent Performance Highlights

Xero generated $1.3B in revenue over the last twelve months.
The company achieved $368M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.0B.
Net income over the last twelve months reached $118M.

Fiscal Year Performance

In the most recent fiscal year, Xero reported $1.3B in total revenue.
Fiscal year EBITDA was $464M.
The company maintained a gross profit margin of 89.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 36.5%.
Net profit margin reached 10.8% in the most recent fiscal year.

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

Xero Stock Performance

Xero has current market cap of AUD 20.0B (or $13.3B), and EV of AUD 17.0B (or $11.3B).

Market Cap Evolution

Xero Stock Data

As of December 24, 2025, Xero's stock price is AUD 115 (or $77).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.3B	$13.3B	XXX	XXX	XXX	XXX	$0.83

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Xero Valuation Multiples

Xero's trades at 9.3x EV/Revenue multiple, and 26.1x EV/EBITDA.

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Xero Financial Valuation Multiples

As of December 24, 2025, Xero has market cap of $13.3B and EV of $11.3B.

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

Xero has a P/E ratio of 98.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$13.3B	XXX	$13.3B	XXX	XXX	XXX
EV (current)	$11.3B	XXX	$11.3B	XXX	XXX	XXX
EV/Revenue	7.6x	XXX	9.3x	XXX	XXX	XXX
EV/EBITDA	26.8x	XXX	26.1x	XXX	XXX	XXX
EV/EBIT	53.2x	XXX	153.2x	XXX	XXX	XXX
EV/Gross Profit	9.4x	XXX	n/a	XXX	XXX	XXX
P/E	98.7x	XXX	102.6x	XXX	XXX	XXX
EV/FCF	41.9x	XXX	38.6x	XXX	XXX	XXX

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

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Xero Margins & Growth Rates

Xero's last 12 month revenue growth is 29%

Xero's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Xero's rule of 40 is 65% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Xero's rule of X is 101% (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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Xero Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	29%	XXX	26%	XXX	XXX	XXX
EBITDA Margin	28%	XXX	36%	XXX	XXX	XXX
EBITDA Growth	17%	XXX	7%	XXX	XXX	XXX
Rule of 40	65%	XXX	65%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	101%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	32%	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	85%	XXX	XXX	XXX

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

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