GS Net Debt / EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
Net Debt / EBITDA History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
GS Net Debt / EBITDA by year
Yearly range of GS’s net debt / ebitda from 2016 to 2026. Over the full period it ranged from 7.8 to 27.1, averaging 18.6.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 17.7 | 19.2 | 20.6 | 17.7 |
| 2025 | 18.5 | 20.3 | 21.2 | 18.5 |
| 2024 | 20.8 | 22.6 | 25.4 | 20.9 |
| 2023 | 17.9 | 19.6 | 21.9 | 21.9 |
| 2022 | 9.0 | 10.1 | 12.1 | 12.1 |
| 2021 | 7.8 | 9.3 | 11.5 | 7.8 |
| 2020 | 18.4 | 23.4 | 27.1 | 18.4 |
| 2019 | 20.7 | 21.7 | 24.1 | 21.3 |
| 2018 | 17.0 | 18.7 | 20.8 | 17.0 |
| 2017 | 18.2 | 19.8 | 21.5 | 21.5 |
| 2016 | 17.7 | 21.7 | 25.7 | 17.7 |
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How many years of operating earnings it would take to pay off the company's net debt. The most common leverage ratio — higher means more financial risk and less flexibility.
Formula
(Total Debt − Cash) / EBITDAHow to read this chart
Watch the trend more than the level. Declining ratio = deleveraging, growing financial flexibility. Rising ratio = increasing leverage, which constrains dividends, buybacks, and future investment.
Key caveats
- Sector context is essential: 3× is aggressive for a consumer brand but normal for a regulated utility. Always compare to sector peers.
- Large acquisitions spike the ratio temporarily — check whether the integration plan credibly drives paydown.
Pro — up to 30-year history
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