Valuation Trading Multiples & Precedent Transactions: Rail Rolling Stock and Equipment Companies
Valuation benchmarks for Rail Rolling Stock and Equipment Companies. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Rail Rolling Stock and Equipment Companies Market Context & Valuation Drivers
Companies in this trading comparable group design, manufacture, and service rail rolling stock and equipment for passenger and freight networks. Business models span OEM vehicle production, components, signaling, and aftermarket services, with select players generating recurring revenue from leasing and long-term maintenance. They are grouped as public trading comparables and valuation benchmarks due to shared exposure to rail capital cycles, backlog-driven revenue, installed base monetization, and similar margin and cash conversion profiles.
Typical capabilities include manufacturing locomotives, high‑speed trains, metro and tram fleets, and freight railcars; supplying braking systems, couplers, and other critical components; delivering signaling and train control, digital fleet optimization, and condition monitoring; and providing turnkey transit integration, railcar leasing, and comprehensive maintenance, repair, and overhaul. Business models blend OEM sales, aftermarket parts and services, long-term contracts, and technology-enabled performance guarantees.
Primary customers include public transit agencies and metro operators, national passenger railways, and freight railroads, complemented by railcar lessors and industrial shippers. Valuation drivers typically center on revenue growth, EBITDA margins, backlog size and conversion, and the mix of recurring aftermarket and leasing income. Additional benchmarks include fleet utilization, lease yields, and contract duration, which together influence cash flow visibility and capital efficiency.
2. Valuation Analysis: Public Trading Comps & Multiples for Rail Rolling Stock and Equipment Companies companies
2.1 - Public Peer Groups & Median Valuation Multiples for Rail Rolling Stock and Equipment Companies sector
Comparable group 1: Rail Rolling Stock and Equipment Companies
Alstom
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of sustainable and innovative mobility solutions including high-speed trains, metros, monorails, trams, turnkey systems, services, infrastructure, signalling, and digital mobility to promote low carbon transportation.
- Key Products:
- High-Speed Trains: Manufacturing and servicing high-speed rail vehicles
- Metros: Solutions for urban metro systems
- Signalling Solutions: Providing state-of-the-art railway signalling technologies
- Turnkey Transit Systems: Comprehensive solutions from design to implementation for transit systems
- Rail Infrastructure: Design and construction of rail network infrastructure.
CAF
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of comprehensive urban and interurban mobility solutions, including the design, manufacturing, supply, and maintenance of rail and bus transport systems, offering sustainable and innovative transportation options for global markets.
- Key Products:
- Rail Transport Systems: Design, manufacturing, and maintenance of metro, tram, and light rail vehicles
- Bus Transport Solutions: Supply of electric and zero-emission buses and related infrastructure
- Rolling Stock Maintenance: Comprehensive maintenance services for rail and bus vehicles
- Signalling Systems: Development and implementation of advanced signalling and control systems for rail networks
- Project Management: End-to-end project management for transportation infrastructure projects.