EQNR EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
EQNR's ev/ebitda is right around its 10-year median of 3.1.
EV/EBITDA History
EQNR EV/EBITDA by year
Yearly range of EQNR’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 1.1 to 8.6, averaging 3.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 2.2 | 2.8 | 3.5 | 2.9 |
| 2025 | 2.0 | 2.1 | 2.4 | 2.3 |
| 2024 | 1.9 | 2.2 | 2.4 | 2.1 |
| 2023 | 1.1 | 1.6 | 2.3 | 2.1 |
| 2022 | 1.3 | 2.0 | 3.3 | 1.4 |
| 2021 | 2.4 | 5.5 | 7.9 | 2.4 |
| 2020 | 2.5 | 4.4 | 6.8 | 6.8 |
| 2019 | 2.7 | 3.2 | 4.3 | 4.3 |
| 2018 | 3.0 | 4.1 | 4.7 | 3.0 |
| 2017 | 4.9 | 6.2 | 8.6 | 5.7 |
| 2016 | 5.6 | 5.8 | 6.2 | 6.1 |
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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 EQNR EV/EBITDA High or Low Right Now?
Equinor ASA's EV/EBITDA is currently 2.9, which is around average relative to its 10-year historical range. The 10-year median EV/EBITDA for EQNR is approximately 3.1. See all EQNR valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.