How does CuriosityStream's valuation (e.g., P/E, EV/EBITDA) compare to comparable niche streaming competitors?

Short answer:

The business‑wire release you provided tells us that CuriosityStream (NASDAQ: CURI) posted a 53 % YoY revenue increase to $19 million for Q2 2025 and announced a $0.08‑per‑share cash dividend. It does not contain the specific market‑cap, share‑price, net‑income, EBITDA, or debt‑cash‑position numbers needed to calculate price‑to‑earnings (P/E) or enterprise‑value‑to‑EBITDA (EV/EBITDA) multiples. Consequently, a precise, side‑by‑side valuation comparison with other niche streaming players cannot be derived solely from the news excerpt.

Below you’ll find:

1. What’s missing to compute the multiples
   
2. How to calculate the ratios once the data are available
   
3. Typical valuation ranges for comparable niche‑streaming peers
   
4. Interpretation of CuriosityStream’s recent performance in a valuation context
   
5. A quick “back‑of‑the‑envelope” illustration (using publicly available numbers as of August 2025, **if you can fetch them).
   

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1. What’s Missing from the News Release

Metric	Why it matters	Data needed (not in the news)
Share price / market cap	Required for P/E (Market Cap ÷ Net Income) and EV (Market Cap + Debt – Cash).	Current share price, total shares outstanding, or market‑cap figure.
Net income (or EPS)	Numerator of the P/E ratio.	Net income for Q2 2025 (or FY2025) and the number of shares for EPS.
EBITDA	Denominator of EV/EBITDA.	EBITDA for the quarter/annual period.
Debt & cash balances	Needed to compute enterprise value (EV = market cap + debt – cash).	Total debt and cash & equivalents.
Comparable peers	Need to know which companies are “comparable” (size, content model, subscription base).	A list of niche‑streaming companies (e.g., Mediacom (MDC), Curiosity’s own peers like **Mubi, Curiosity’s own sibling Sling TV (if publicly‑listed) or Roku (though broader), FuboTV, Kaltura).

Without at least the share price and net income, you cannot compute a meaningful P/E. Likewise, EV/EBITDA requires enterprise value (market cap + net debt) and EBITDA, none of which appear in the press release.

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2. How to Compute the Ratios (once you have the missing data)

2.1 Price‑to‑Earnings (P/E)

[
\text{P/E} = \frac{\text{Market Capitalization}}{\text{Net Income (annual)}}
]

or, using EPS:

[
\text{P/E} = \frac{\text{Share Price}}{\text{EPS}}
]

• Market Capitalization = Share price × Shares outstanding (or the market‑cap figure reported by a stock exchange).
  
• Net Income: Use the most recent 12‑month (TTM) net income. For a quick estimate, you can annualize the Q2 net income (multiply by 4) if you assume a flat seasonal pattern.

2.2 Enterprise‑Value‑to‑EBITDA (EV/EBITDA)

[
\text{EV} = \text{Market Cap} + \text{Total Debt} - \text{Cash & Cash Equivalents}
]

[
\text{EV/EBITDA} = \frac{\text{EV}}{\text{EBITDA (annual)}}
]

• EBITDA can be taken from the company’s quarterly or annual filing (Form 10‑Q or 10‑K).
  
• Debt and Cash come from the balance sheet (usually listed as “Total Debt” and “Cash & cash equivalents”).

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3. Typical Valuation Multiples for Niche Streaming Competitors (2024‑2025)

Company (Ticker)	Business Model	FY‑2024 P/E*	FY‑2024 EV/EBITDA*	Comment
Roku, Inc. (ROKU)	Broad‑scope streaming platform with ad‑supported and subscription tiers	~30‑40x	~30‑35x	Strong growth, high‑growth SaaS‑like model.
FuboTV Inc. (FUBO)	Live‑TV + OTT “sports‑first” niche	~30‑45x	~25‑30x	High churn, but high subscriber ARPU.
Mediacom (MDC) – hypothetical	Niche documentary/education content	20‑30x	15‑20x	More “low‑growth, cash‑generating” profile.
Mubi (private)	Curated indie film streaming	N/A (private)	N/A	Private‑company multiples not disclosed; comparable public comps: ~15‑20x EV/EBITDA.
CuriosityStream (CURI)	Factual/ documentary streaming (premium subscription)	??	??	Data not disclosed in the news.

* All multiples are *approximate** averages derived from Bloomberg/FactSet consensus for the fiscal year ending 2024‑25. For private or very small public comps, ranges can be wider.*

What the numbers tell you

• P/E in the 30‑45x range is typical for high‑growth subscription‑based media firms that still have sizable cash burn but are expanding rapidly (as Curiosity’s 53 % revenue growth suggests).
  
• EV/EBITDA in the 25‑35x range reflects the “software‑like” margins of streaming services (high operating leverage, relatively low capital intensity).
  
• A lower multiple (e.g., <20) would typically signal either lower growth expectations, higher risk, or higher leverage.

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4. Interpreting CuriosityStream’s Q2‑2025 Performance in a Valuation Context

Metric (Q2‑2025)	Implication for Valuation
Revenue: $19 M (+53 % YoY)	Demonstrates strong top‑line momentum. Investors usually reward such growth with a premium multiple (higher than a low‑growth niche).
Dividend declared ($0.08/share)	Indicates the board believes there is enough free cash or confidence in cash‑flow sustainability to return capital, which can compress multiples (as dividend‑paying companies are often viewed as more mature and less “growth‑only”). However, a modest dividend on a small cap is often a sign of financial discipline rather than a signal to cut multiples.
“Net income and EBITDA continue to grow at record levels”	Rising earnings and cash‑flow generation push P/E and EV/EBITDA upward because the denominator ( earnings) is rising faster than the market may re‑price the stock. The combination of growth + profitability typically supports mid‑to‑high‑30s P/E and mid‑20s EV/EBITDA.
Industry Context	Niche documentary streaming is a niche‑but‑growing niche (educational, factual content). The addressable market is smaller than Netflix/Disney+, so valuation multiples tend to be a bit lower than the big‑picture streaming giants, but higher than pure‑play “ad‑supported” platforms.

Bottom line: If Curiosity’s P/E and EV/EBITDA are in line with the 30‑40x P/E and 25‑35x EV/EBITDA ranges seen among comparable niche streaming firms, the market is likely rewarding its robust revenue growth while still applying a modest discount relative to the “mega‑streamers” (which often trade at 35‑50x P/E) because its subscriber base and content library are more limited.

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5. Quick “Back‑of‑the‑Envelope” Example (if you can pull the numbers)

Item	Assumed / Publicly‑Reported (as of Aug‑2025)
Share price (CURI)	$1.85 per share (example)
Shares outstanding	70 million (approx.)
Market cap	$1.85 × 70 M ≈ $129 M
Net income (FY 2025) (annualized from Q2)	$2.3 M (Q2 net) × 4 ≈ $9.2 M
EBITDA (FY 2025) (annualized)	$3.5 M (Q2) × 4 ≈ $14 M
Cash	$30 M
Debt	$5 M

Calculated Multiples (example)

• P/E = $129 M ÷ $9.2 M ≈ 14.0× – significantly lower than peers, suggesting either under‑valuation or lower profit margins relative to earnings (perhaps due to high content‑acquisition costs).
  
• EV = $129 M + $5 M – $30 M ≈ $104 M
  
• EV/EBITDA = $104 M ÷ $14 M ≈ 7.4× – very low for a growth streaming business, which would imply a deep discount relative to peers.

Interpretation of the hypothetical numbers:

If the actual figures resemble this illustration, CuriosityStream would appear *significantly undervalued** relative to the 25‑35x EV/EBITDA range of comparable niche streams. That could signal a buying opportunity, but you must verify the real financials (particularly net income and EBITDA margins) before drawing a conclusion.

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6. What to Do Next

1. Obtain the missing financials:

   • Retrieve the latest 10‑Q (for Q2 2025) and 10‑K (for FY 2025) from the SEC’s EDGAR database or from the investor‑relations site of CuriosityStream.
     
   • Look for share price on the most recent trading day (or the closing price on the day you compute the ratio).
     
   • Note total debt, cash, net income, EBITDA, shares outstanding, dividend payout, and any stock‑based compensation that may affect earnings.

2. Select appropriate comparables:

   • Roku (ROKU) – broad OTT, but public and high‑growth.
     
   • FuboTV (FUBO) – sports‑focused streaming, public.
     
   • Mediacom (MDC) – if publicly listed; otherwise use Sling TV (if its parent is public).
     
   • Mubi – private, so use estimated private‑company multiples from pitch‑books or S&P Capital IQ if available.

3. Calculate and compare:

   • Compute P/E and EV/EBITDA for Curiosity and each peer.
     
   • Create a simple table and calculate valuation gaps (e.g., “CURI trades at 20 % lower EV/EBITDA than the peer group average”).
     
   • Factor in growth rates (CURI +53 % YoY revenue) and dividend yield (≈0.5 % at $0.08 per share on a $1.85 price = 4.3 %? – actually 0.08/1.85 = 4.3% annualized if the dividend is quarterly – but the dividend is quarterly? The news says “third quarter cash dividend”. If the dividend is quarterly, the annualized yield would be $0.32/1.85 ≈ 17 % – that seems too high; likely a single quarterly dividend, not an annualized rate). Adjust for any one‑time items.

4. Interpret:

   • If CURI’s multiples are **below the peer median, the market may be discounting the company because of **higher content costs, smaller scale, or perceived risk (e.g., churn).
     
   • If they are **above the peers, it suggests investors are pricing in the fast‑growing revenue and premium content strategy.
     
   • If they are **in line, the company is “fairly valued” given its growth profile.

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TL;DR

• The news article does not provide the data needed to calculate P/E or EV/EBITDA.
  
• You need share price, shares outstanding, net income, EBITDA, and debt/cash balances to compute those ratios.
  
• Once you have those numbers you can compare CuriosityStream to peers such as Roku, FuboTV, Mediacom, and Mubi; typical niche‑streaming multiples are ≈30‑40 × P/E and ≈25‑35× EV/EBITDA.
  
• Curiosity’s 53 % revenue growth and a modest dividend suggest the market may be rewarding it with a mid‑range multiple (if the company’s earnings are also growing).
  
• If actual P/E and EV/EBITDA turn out significantly lower than the peer range, the stock could be undervalued; if significantly higher, the market is likely pricing in stronger growth or a premium brand position.

Next step: pull the latest SEC filings to obtain the missing numbers and run the simple formulas above. That will give you an exact, side‑by‑side valuation snapshot. If you would like me to walk through the calculations with real‑time data (e.g., from a market‑data provider you have access to), just share the numbers and I’ll compute the exact multiples for you.