TD EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
TD's ev/ebitda is lower than 65% of the last 10 years.
EV/EBITDA History
TD EV/EBITDA by year
Yearly range of TD’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 12.6 to 54.5, averaging 28.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 21.5 | 25.1 | 29.6 | 22.3 |
| 2025 | 25.9 | 35.0 | 50.6 | 29.4 |
| 2024 | 39.5 | 45.5 | 54.5 | 47.5 |
| 2023 | 23.1 | 32.0 | 41.7 | 41.7 |
| 2022 | 21.7 | 23.6 | 25.4 | 23.2 |
| 2021 | 19.6 | 22.2 | 29.5 | 21.4 |
| 2020 | 27.3 | 31.3 | 34.9 | 29.0 |
| 2019 | 29.4 | 32.8 | 35.3 | 34.8 |
| 2018 | 14.7 | 19.0 | 30.5 | 29.5 |
| 2017 | 12.6 | 17.8 | 30.1 | 30.1 |
| 2016 | 26.6 | 27.3 | 27.8 | 27.6 |
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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 TD EV/EBITDA High or Low Right Now?
The Toronto-Dominion Bank's EV/EBITDA is currently 22.3, which is below average relative to its 10-year historical range. The 10-year median EV/EBITDA for TD is approximately 28.1. See all TD valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.