Enterprise value to EBITDA
The whole business's value, debt included, divided by its operating earnings before non-cash charges.
EV/EBITDA compares the value of the entire business, shareholders and lenders together (enterprise value), with earnings before interest, tax, depreciation and amortisation. Because it counts debt, it compares companies with different borrowing more fairly than the P/E.
Where it misleads. EBITDA ignores the cost of replacing worn-out equipment, so capital-heavy businesses look cheaper than they are. It also ignores tax and interest, which are real cash costs.
EV/EBITDA across the S&P 500 today
461 companies with a meaningful value, as of Oct 11, 2026. Full ranked list.
Highest in the S&P 500
| General Mills Inc GIS | 281.7x |
|---|---|
| Palo Alto Networks Inc PANW | 235.6x |
| Palantir Technologies Inc. PLTR | 153.6x |
| Crowdstrike Holdings Inc CRWD | 133.2x |
| Lumentum Holdings Inc LITE | 125.7x |
| Tesla Inc TSLA | 113.6x |
| Everpure, Inc. P | 105.2x |
| Axon Enterprise Inc. AXON | 92.5x |
| Advanced Micro Devices Inc AMD | 90.7x |
| Comfort Systems USA Inc FIX | 70.5x |
Lowest in the S&P 500
| Assurant, Inc. AIZ | 2.01x |
|---|---|
| Corteva Inc CTVA | 3.13x |
| Expand Energy Corporation EXE | 3.60x |
| APA Corporation APA | 3.61x |
| CF Industries Holdings Inc CF | 4.11x |
| Synchrony Financial SYF | 4.33x |
| Lululemon Athletica Inc. LULU | 4.72x |
| Comcast Corp CMCSA | 4.74x |
| PayPal Holdings Inc PYPL | 5.17x |
| AT&T Inc. T | 5.37x |
Median EV/EBITDA by sector
S&P 500 companies only. Sectors differ a lot, so compare a company with its own sector first.
| Sector | Median | Companies |
|---|---|---|
| Technology | 21.9x | 84 |
| Real Estate | 18.0x | 28 |
| Industrials | 16.8x | 73 |
| Healthcare | 15.7x | 55 |
| Consumer Defensive | 14.4x | 30 |
| Consumer Cyclical | 14.3x | 52 |
| Basic Materials | 12.4x | 15 |
| Utilities | 12.3x | 31 |
| Communication Services | 12.0x | 19 |
| Financial Services | 11.5x | 53 |
| Energy | 9.86x | 21 |
Questions
What is EV/EBITDA?
The whole business's value, debt included, divided by its operating earnings before non-cash charges.
How is EV/EBITDA calculated?
EV/EBITDA = (market cap + debt − cash) ÷ earnings before interest, tax, depreciation and amortisation.
What is a normal EV/EBITDA?
Across 461 S&P 500 companies, the median is 14.6x; the middle half sits between 11.2x and 21.7x. It varies a lot by sector.
Related terms
Live figures from the latest prices and SEC filings. Information only, not investment advice. Updated October 9, 2026.