Zalaris - Public Comps and Valuation Multiples

Zalaris Overview

About Zalaris

Zalaris ASA is a company that offers outsourced personnel and payroll services. The company has two reportable segments: Managed Services and Professional Services. Managed Services include payroll and HR outsourcing services, cloud system solutions and services, and contribute to the majority of the revenue. Professional Services include change project deliveries and customer-specific functionality implementation. Zalaris operates in Norway, Northern Europe, Central Europe, the UK, Ireland, and APAC.

Founded

2000

HQ

Employees

1.1K+

Website

zalaris.com

Sectors

Recruitment & Staffing
BPO Services
Service Providers

Financials

LTM Revenue $145M

LTM EBITDA $27.2M

EV

$216M

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Zalaris Financials

As of September 2025, Zalaris reported last 12-month revenue of $145M and EBITDA of $27.2M.

In the same period, Zalaris generated $133M in LTM gross profit and $7.9M in net income.

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Zalaris P&L

In the most recent fiscal year, Zalaris reported revenue of $133M and EBITDA of $20.7M.

Zalaris 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	$145M	XXX	$133M	XXX	XXX	XXX
Gross Profit	$133M	XXX	$80.3M	XXX	XXX	XXX
Gross Margin	92%	XXX	60%	XXX	XXX	XXX
EBITDA	$27.2M	XXX	$20.7M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	16%	XXX	XXX	XXX
EBIT	$17.0M	XXX	$15.1M	XXX	XXX	XXX
EBIT Margin	12%	XXX	11%	XXX	XXX	XXX
Net Profit	$7.9M	XXX	$3.3M	XXX	XXX	XXX
Net Margin	5%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$24.8M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Zalaris including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $145M. EBITDA for the last twelve months was $27.2M. In the most recent fiscal year, Zalaris achieved $133M in revenue and $20.7M 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	$145M	Analyst estimates available to subscribers	$133M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$133M	Analyst estimates available to subscribers	$80.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	92.1% gross margin	Analyst estimates available to subscribers	60.2% 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)	$27.2M	Analyst estimates available to subscribers	$20.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.7% EBITDA margin	Analyst estimates available to subscribers	15.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$17.0M	Analyst estimates available to subscribers	$15.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	11.7% EBIT margin	Analyst estimates available to subscribers	11.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$7.9M	Analyst estimates available to subscribers	$3.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	5.5% net profit margin	Analyst estimates available to subscribers	2.5% 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	$24.8M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Zalaris

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

Recent Performance Highlights

Zalaris generated $145M in revenue over the last twelve months.
The company achieved $27.2M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $133M.
Net income over the last twelve months reached $7.9M.

Fiscal Year Performance

In the most recent fiscal year, Zalaris reported $133M in total revenue.
Fiscal year EBITDA was $20.7M.
The company maintained a gross profit margin of 60.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 15.5%.
Net profit margin reached 2.5% in the most recent fiscal year.

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

Zalaris Stock Performance

Zalaris has current market cap of NOK 1.9B (or $187M), and EV of NOK 2.2B (or $216M).

Market Cap Evolution

Zalaris Stock Data

As of October 17, 2025, Zalaris's stock price is NOK 87 (or $9).

See Zalaris trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$216M	$187M	XXX	XXX	XXX	XXX	$0.45

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Zalaris Valuation Multiples

Zalaris's trades at 1.6x EV/Revenue multiple, and 10.4x EV/EBITDA.

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Zalaris Financial Valuation Multiples

As of October 17, 2025, Zalaris has market cap of $187M and EV of $216M.

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

Zalaris has a P/E ratio of 23.6x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$187M	XXX	$187M	XXX	XXX	XXX
EV (current)	$216M	XXX	$216M	XXX	XXX	XXX
EV/Revenue	1.5x	XXX	1.6x	XXX	XXX	XXX
EV/EBITDA	8.0x	XXX	10.4x	XXX	XXX	XXX
EV/EBIT	12.7x	XXX	14.3x	XXX	XXX	XXX
EV/Gross Profit	1.6x	XXX	n/a	XXX	XXX	XXX
P/E	23.6x	XXX	56.0x	XXX	XXX	XXX
EV/FCF	26.8x	XXX	21.0x	XXX	XXX	XXX

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

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Zalaris Margins & Growth Rates

Zalaris's last 12 month revenue growth is 9%

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

Zalaris's rule of 40 is 20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Zalaris's rule of X is 40% (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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Zalaris Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	16%	XXX	XXX	XXX
EBITDA Growth	16%	XXX	48%	XXX	XXX	XXX
Rule of 40	20%	XXX	24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	40%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	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	49%	XXX	XXX	XXX

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

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