Substrate Artificial Inteligence (XMAD:SAI) EV-to-EBITDA: -7.48 (As of Jul. 30, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

What is Substrate Artificial Inteligence EV-to-EBITDA?

Substrate Artificial Inteligence XMAD:SAI -7.69% EV-to-EBITDA is -7.48 as of Jul. 30, 2026. The stock has 7 warning signs investors should review. Among 1,959 Software companies, Substrate Artificial Inteligence ranks worse than 51046.4% on this metric.

EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Substrate Artificial Inteligence's enterprise value is €33.75 Mil. Substrate Artificial Inteligence's EBITDA for the trailing twelve months (TTM) ended in Dec. 2025 was €-4.52 Mil. Therefore, Substrate Artificial Inteligence's EV-to-EBITDA for today is -7.48.

The historical rank and industry rank for Substrate Artificial Inteligence's EV-to-EBITDA or its related term are showing as below:

XMAD:SAI' s EV-to-EBITDA Range Over the Past 10 Years
Min: -151.45   Med: -2.56   Max: 1.49
Current: -7.48

During the past 5 years, the highest EV-to-EBITDA of Substrate Artificial Inteligence was 1.49. The lowest was -151.45. And the median was -2.56.

XMAD:SAI's EV-to-EBITDA is ranked worse than
100% of 1959 companies
in the Software industry
Industry Median: 10.4 vs XMAD:SAI: -7.48

EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.

As of today (2026-07-30), Substrate Artificial Inteligence's stock price is €0.06. Substrate Artificial Inteligence's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was €-0.022. Therefore, Substrate Artificial Inteligence's PE Ratio (TTM) for today is At Loss.

The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).


Substrate Artificial Inteligence  (XMAD:SAI) EV-to-EBITDA Explanation

EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.

Substrate Artificial Inteligence's PE Ratio (TTM) for today is calculated as:

PE Ratio (TTM)=Share Price (Today)/Earnings per Share (Diluted) (TTM)
=0.06/-0.022
=At Loss

Substrate Artificial Inteligence's share price for today is €0.06.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Substrate Artificial Inteligence's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2025 was €-0.022.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).

Please read Which price ratio outperforms the enterprise multiple?


Substrate Artificial Inteligence EV-to-EBITDA Related Terms


Substrate Artificial Inteligence EV-to-EBITDA Historical Data

* Premium members only.

The historical data trend for Substrate Artificial Inteligence's EV-to-EBITDA can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Substrate Artificial Inteligence EV-to-EBITDA Chart

Substrate Artificial Inteligence Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
EV-to-EBITDA
0.00 -0.43 -7.58 2.67 -6.75

Substrate Artificial Inteligence Semi-Annual Data
Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EV-to-EBITDA Get a 7-Day Free Trial Premium Member Only Premium Member Only -7.58 0.00 2.67 0.00 -6.75

XMAD:SAI vs MSFT, ORCL, PLTR: EV-to-EBITDA Comparison

For the Software - Infrastructure subindustry, Substrate Artificial Inteligence's EV-to-EBITDA, along with its competitors' market caps and EV-to-EBITDA data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Substrate Artificial Inteligence EV-to-EBITDA vs Software Industry

For the Software industry and Technology sector, Substrate Artificial Inteligence's EV-to-EBITDA distribution charts can be found below:

* The bar in red indicates where Substrate Artificial Inteligence's EV-to-EBITDA falls into.



Substrate Artificial Inteligence EV-to-EBITDA Calculation

Substrate Artificial Inteligence's EV-to-EBITDA for today is calculated as:

EV-to-EBITDA=Enterprise Value (Today)/EBITDA (TTM)
=33.753/-4.515
=-7.48

Substrate Artificial Inteligence's current Enterprise Value is €33.75 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Substrate Artificial Inteligence's EBITDA for the trailing twelve months (TTM) ended in Dec. 2025 was €-4.52 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EV-to-EBITDA →
What does a EV-to-EBITDA of -7.48 mean?
Substrate Artificial Inteligence (XMAD:SAI) has a EV-to-EBITDA of -7.48 as of Jul. 30, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Substrate Artificial Inteligence. According to the industry distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1959 companies in the Software industry.
Is Substrate Artificial Inteligence's EV-to-EBITDA too high?
Substrate Artificial Inteligence's current EV-to-EBITDA is -7.48. Based on the distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1959 companies in the Software industry, which is in the bottom quartile relative to peers.
How does Substrate Artificial Inteligence's EV-to-EBITDA compare to MSFT and ORCL?
According to the Software industry distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1959 companies for EV-to-EBITDA. This places Substrate Artificial Inteligence in the lower half of its industry. The industry median EV-to-EBITDA is 10.40. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-EBITDA for a Software company?
The median EV-to-EBITDA among Software companies is 10.40, based on 1,959 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Substrate Artificial Inteligence. For the Software industry, the median EV-to-EBITDA is 10.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Substrate Artificial Inteligence's current EV-to-EBITDA is -7.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Substrate Artificial Inteligence stock overvalued right now?
Based on GuruFocus' analysis, Substrate Artificial Inteligence (XMAD:SAI) is currently considered Possible Value Trap. The stock's GF Value™ is €0.19, compared to a current price of €0.06 — trading 68.4% below its estimated fair value. The current EV-to-EBITDA is -7.48. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Substrate Artificial Inteligence (XMAD:SAI), the current EV-to-EBITDA is -7.48 as of Jul. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Substrate Artificial Inteligence Business Description

Address C/ Maria de Molina, 41, Office 503, Madrid, ESP, 28006
Substrate Artificial Inteligence SA is an Artificial Intelligence company in Spain. Its software is applied in agritech, energy, industry, fintech, human resources, or health sectors. Its technology is easy to implement and allows it to address all the problems faced by companies in the digitization and streamlining of their processes, optimizing decision-making and generating great cost savings.