ZhongAn - Public Comps and Valuation Multiples

ZhongAn Overview

About ZhongAn

Headquartered in Shanghai, ZhongAn was founded by Ant Financial, Tencent, Ping An Insurance, and other well-known enterprises in 2013. The company is the first internet-based insurance company in China. It provides online underwriting and claim services through the internet without any offline branches. ZhongAn was listed in September 2017 in Hong Kong. Besides the online insurance segment, the company operates technology and banking segments. Its insurance technology segment exports digital operating system, middle platforms, and industry models to licensed financial players both domestically and overseas. Its banking segment, through Hong Kong-based virtual bank ZA Bank, offers similar services as traditional offline banks but without an offline presence.

Founded

2013

HQ

Employees

2.7K+

Website

zhongan.com

Sectors

Neoinsurance
FinTech
InsurTech

Financials

LTM Revenue $5.0B

LTM EBITDA $42.9M

EV

$2.9B

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ZhongAn Financials

ZhongAn has a last 12-month revenue of $5.0B and a last 12-month EBITDA of $42.9M.

In the most recent fiscal year, ZhongAn achieved revenue of $3.8B and an EBITDA of n/a.

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

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ZhongAn P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$2.9B	$3.8B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$150M	-$174M	XXX	XXX	XXX
Net Margin	5%	-5%	XXX	XXX	XXX
Net Debt	$275M	$422M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

ZhongAn Stock Performance

As of April 15, 2025, ZhongAn's stock price is HKD 11 (or $1).

ZhongAn has current market cap of HKD 16.3B (or $2.1B), and EV of HKD 22.4B (or $2.9B).

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ZhongAn Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.9B	$2.1B	XXX	XXX	XXX	XXX	$0.07

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ZhongAn Valuation Multiples

As of April 15, 2025, ZhongAn has market cap of $2.1B and EV of $2.9B.

ZhongAn's trades at 0.6x LTM EV/Revenue multiple, and 71.9x LTM EBITDA.

Analysts estimate ZhongAn's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ZhongAn Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$2.9B	XXX	XXX	XXX
EV/Revenue	0.8x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	4.0x	XXX	XXX	XXX
P/E/Growth	-0.1x	XXX	XXX	XXX
EV/FCF	11.7x	XXX	XXX	XXX

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

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

ZhongAn Valuation Multiples

ZhongAn's NTM/LTM revenue growth is 5%

ZhongAn's revenue per employee for the last fiscal year averaged $1.4M, while opex per employee averaged n/a for the same period.

Over next 12 months, ZhongAn's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate ZhongAn's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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ZhongAn Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	29%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$1.4M	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	16%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	10%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	n/a	XXX	XXX	XXX	XXX

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