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Xero Valuation Multiples

Discover revenue and EBITDA valuation multiples for Xero and similar public comparables like Zaggle, Reckon, and IODM.

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.


Founded

2006

HQ

Australia
Employees

4.6K+

Website

xero.com

Financials

LTM Revenue $1.2B

LTM EBITDA $368M

EV

$17.8B

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Xero Financials

Xero has a last 12-month revenue (LTM) of $1.2B and a last 12-month EBITDA of $368M.

In the most recent fiscal year, Xero achieved revenue of $1.2B and an EBITDA of $448M.

Xero expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Xero P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.2B XXX $1.2B XXX XXX XXX
Gross Profit $1.1B XXX $1.1B XXX XXX XXX
Gross Margin 89% XXX 89% XXX XXX XXX
EBITDA $368M XXX $448M XXX XXX XXX
EBITDA Margin 31% XXX 36% XXX XXX XXX
EBIT $210M XXX $44.3M XXX XXX XXX
EBIT Margin 18% XXX 4% XXX XXX XXX
Net Profit $136M XXX $133M XXX XXX XXX
Net Margin 11% XXX 11% XXX XXX XXX
Net Debt XXX XXX $269M XXX XXX XXX

Financial data powered by Morningstar, Inc.

Xero Stock Performance

As of May 30, 2025, Xero's stock price is AUD 184 (or $118).

Xero has current market cap of AUD 28.6B (or $18.4B), and EV of AUD 27.7B (or $17.8B).

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Xero Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$17.8B $18.4B XXX XXX XXX XXX $0.95

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Xero Valuation Multiples

As of May 30, 2025, Xero has market cap of $18.4B and EV of $17.8B.

Xero's trades at 15.2x EV/Revenue multiple, and 42.6x EV/EBITDA.

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 125.9x.

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Xero Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $18.4B XXX $18.4B XXX XXX XXX
EV (current) $17.8B XXX $17.8B XXX XXX XXX
EV/Revenue 13.9x XXX 15.2x XXX XXX XXX
EV/EBITDA 44.9x XXX 42.6x XXX XXX XXX
EV/EBIT 78.8x XXX 249.8x XXX XXX XXX
EV/Gross Profit 15.6x XXX n/a XXX XXX XXX
P/E 125.9x XXX 146.6x XXX XXX XXX
EV/FCF 60.8x XXX 63.0x XXX XXX XXX

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Xero Margins & Growth Rates

Xero's last 12 month revenue growth is 21%

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 57% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Xero's rule of X is 84% (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 21% XXX 21% XXX XXX XXX
EBITDA Margin 31% XXX 36% XXX XXX XXX
EBITDA Growth 24% XXX 16% XXX XXX XXX
Rule of 40 57% XXX 57% XXX XXX XXX
Bessemer Rule of X XXX XXX 84% 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

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Xero Public Comps

See public comps and valuation multiples for Financial Management Software comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Cape Range XXX XXX XXX XXX XXX XXX
Credit Clear XXX XXX XXX XXX XXX XXX
IODM XXX XXX XXX XXX XXX XXX
Reckon XXX XXX XXX XXX XXX XXX
Zaggle XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Xero M&A and Investment Activity

Xero acquired  XXX companies to date.

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

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Latest Acquisitions by Xero

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 Xero

When was Xero founded? Xero was founded in 2006.
Where is Xero headquartered? Xero is headquartered in Australia.
How many employees does Xero have? As of today, Xero has 4.6K+ employees.
Is Xero publicy listed? Yes, Xero is a public company listed on ASX.
What is the stock symbol of Xero? Xero trades under XRO ticker.
When did Xero go public? Xero went public in 2012.
Who are competitors of Xero? Similar companies to Xero include e.g. Cape Range, Credit Clear, IODM, Reckon.
What is the current market cap of Xero? Xero's current market cap is $18.4B
What is the current revenue of Xero? Xero's last 12 months revenue is $1.2B.
What is the current revenue growth of Xero? Xero revenue growth (NTM/LTM) is 21%.
What is the current EV/Revenue multiple of Xero? Current revenue multiple of Xero is 13.9x.
Is Xero profitable? Yes, Xero is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Xero? Xero's last 12 months EBITDA is $368M.
What is Xero's EBITDA margin? Xero's last 12 months EBITDA margin is 31%.
What is the current EV/EBITDA multiple of Xero? Current EBITDA multiple of Xero is 44.9x.
What is the current FCF of Xero? Xero's last 12 months FCF is $272M.
What is Xero's FCF margin? Xero's last 12 months FCF margin is 23%.
What is the current EV/FCF multiple of Xero? Current FCF multiple of Xero is 60.8x.

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