MS 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
MS Net Debt / EBITDA by year
Yearly range of MS’s net debt / ebitda from 2016 to 2026. Over the full period it ranged from 0.0 to 19.7, averaging 13.7.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 0.0 | 7.1 | 11.9 | 0.0 |
| 2025 | 13.0 | 13.6 | 14.1 | 13.7 |
| 2024 | 12.5 | 15.6 | 17.9 | 12.5 |
| 2023 | 14.0 | 15.3 | 17.4 | 17.4 |
| 2022 | 8.8 | 10.3 | 11.9 | 11.9 |
| 2021 | 9.1 | 9.4 | 9.5 | 9.1 |
| 2020 | 11.9 | 13.0 | 14.0 | 11.9 |
| 2019 | 15.2 | 16.1 | 17.4 | 15.2 |
| 2018 | 14.8 | 15.3 | 16.1 | 15.1 |
| 2017 | 17.6 | 18.4 | 19.4 | 17.6 |
| 2016 | 19.7 | 19.7 | 19.7 | 19.7 |
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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
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.