NET EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NET's ev/ebitda is higher than 95% of the last 10 years.
EV/EBITDA History
NET EV/EBITDA by year
Yearly range of NET’s ev/ebitda from 2024 to 2026. Over the full period it ranged from 445.8 to 3,354.9, averaging 1,098.2.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 445.8 | 1,531.8 | 3,354.9 | 2,891.1 |
| 2025 | 490.6 | 925.1 | 1,511.3 | 680.3 |
| 2024 | 600.6 | 731.4 | 890.2 | 618.2 |
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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 NET EV/EBITDA High or Low Right Now?
Cloudflare, Inc.'s EV/EBITDA is currently 2,891.1, which is near historic high relative to its 10-year historical range. The 10-year median EV/EBITDA for NET is approximately 769.6. See all NET valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.