LYG EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
LYG's ev/ebitda is higher than 65% of the last 10 years.
EV/EBITDA History
LYG EV/EBITDA by year
Yearly range of LYG’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 2.2 to 27.5, averaging 11.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 13.3 | 14.4 | 16.0 | 14.4 |
| 2025 | 9.2 | 11.9 | 15.7 | 14.6 |
| 2024 | 5.7 | 7.8 | 10.0 | 10.0 |
| 2023 | 2.2 | 4.0 | 5.3 | 4.6 |
| 2022 | 2.7 | 4.9 | 7.9 | 4.7 |
| 2021 | 5.6 | 14.0 | 24.4 | 7.1 |
| 2020 | 5.3 | 15.8 | 27.5 | 17.3 |
| 2019 | 12.2 | 15.2 | 22.4 | 17.4 |
| 2018 | 5.6 | 11.0 | 13.9 | 12.2 |
| 2017 | 12.3 | 14.6 | 16.4 | 14.0 |
| 2016 | 17.9 | 19.1 | 20.2 | 19.9 |
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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 LYG EV/EBITDA High or Low Right Now?
Lloyds Banking Group plc's EV/EBITDA is currently 14.4, which is above average relative to its 10-year historical range. The 10-year median EV/EBITDA for LYG is approximately 12.0. See all LYG valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.