XEL EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
EV/EBITDA History
Historically priceyAbove avgAround avgBelow avgHistorically cheap
XEL EV/EBITDA by year
Yearly range of XEL’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 9.2 to 14.4, averaging 12.2.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 12.5 | 13.6 | 14.4 | 12.6 |
| 2025 | 11.9 | 12.8 | 14.0 | 13.0 |
| 2024 | 10.4 | 11.2 | 12.3 | 12.3 |
| 2023 | 11.2 | 12.0 | 13.1 | 11.9 |
| 2022 | 11.7 | 13.4 | 14.3 | 13.0 |
| 2021 | 12.2 | 13.2 | 14.0 | 13.4 |
| 2020 | 11.3 | 13.5 | 14.3 | 13.2 |
| 2019 | 10.9 | 12.5 | 13.6 | 13.0 |
| 2018 | 9.5 | 10.2 | 11.3 | 11.0 |
| 2017 | 9.4 | 10.2 | 10.7 | 10.2 |
| 2016 | 9.2 | 9.4 | 9.6 | 9.5 |
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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.
Formula
(Market Cap + Net Debt) / EBITDAHow to read this chart
Unlike 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.
Key caveats
- 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.
Pro — up to 30-year history
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.