F EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
EV/EBITDA History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
F EV/EBITDA by year
Yearly range of F’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 11.4 to 289.5, averaging 40.8.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 25.8 | 149.0 | 289.5 | 270.4 |
| 2025 | 15.9 | 19.2 | 26.8 | 26.8 |
| 2024 | 14.3 | 16.8 | 18.8 | 16.2 |
| 2023 | 11.4 | 12.5 | 13.7 | 12.2 |
| 2022 | 12.1 | 15.2 | 20.0 | 12.7 |
| 2021 | 18.4 | 34.3 | 66.1 | 18.4 |
| 2020 | 28.4 | 85.5 | 154.7 | 59.8 |
| 2019 | 59.8 | 73.7 | 109.1 | 67.2 |
| 2018 | 22.0 | 38.4 | 61.6 | 61.6 |
| 2017 | 22.0 | 26.3 | 29.1 | 28.0 |
| 2016 | 12.4 | 14.1 | 14.7 | 14.4 |
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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.
Formula
(Market Cap + Net Debt) / EBITDAHow to read this chart
Unlike 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.
Key caveats
- 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.
Pro — up to 30-year history
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.