BTI EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
BTI's ev/ebitda is higher than 82% of the last 10 years.
EV/EBITDA History
BTI EV/EBITDA by year
Yearly range of BTI’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 2.4 to 13.5, averaging 5.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 5.8 | 6.3 | 6.9 | 5.9 |
| 2025 | 4.6 | 5.4 | 6.2 | 6.1 |
| 2024 | 3.3 | 3.6 | 4.6 | 4.6 |
| 2023 | 3.7 | 4.2 | 5.0 | 3.7 |
| 2022 | 4.6 | 5.1 | 5.4 | 5.4 |
| 2021 | 4.5 | 4.8 | 5.0 | 4.5 |
| 2020 | 4.6 | 5.2 | 5.8 | 4.8 |
| 2019 | 2.4 | 2.7 | 5.5 | 5.5 |
| 2018 | 2.5 | 3.7 | 4.7 | 2.5 |
| 2017 | 10.8 | 12.2 | 13.5 | 12.4 |
| 2016 | 10.4 | 11.2 | 12.3 | 11.0 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is BTI EV/EBITDA High or Low Right Now?
British American Tobacco p.l.c.'s EV/EBITDA is currently 5.9, which is historically pricey relative to its 10-year historical range. The 10-year median EV/EBITDA for BTI is approximately 4.8. See all BTI valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.