HSBC 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
HSBC Net Debt / EBITDA by year
Yearly range of HSBC’s net debt / ebitda from 2016 to 2026. Over the full period it ranged from -33.7 to 9.1, averaging -8.0.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | -3.2 | -2.8 | -2.4 | -2.4 |
| 2025 | -5.2 | -4.0 | -1.4 | -1.4 |
| 2024 | -1.3 | 4.8 | 7.3 | -1.3 |
| 2023 | -9.2 | -4.6 | 4.0 | 4.0 |
| 2022 | -31.8 | -19.0 | -8.3 | -8.3 |
| 2021 | -33.7 | -28.3 | -17.8 | -17.8 |
| 2020 | -29.0 | -15.6 | -6.2 | -12.2 |
| 2019 | -3.5 | -0.7 | 5.7 | 5.7 |
| 2018 | -6.7 | -3.5 | 2.4 | 2.4 |
| 2017 | -11.3 | -8.2 | -1.7 | -1.7 |
| 2016 | -5.0 | 2.1 | 9.1 | 9.1 |
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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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