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metric</div> <p><b><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a>/<a href="/wiki/EBITDA" class="mw-redirect" title="EBITDA">EBITDA</a></b> (more commonly referred to by the acronym <b>EV/EBITDA</b>) is a popular <a href="/wiki/Valuation_using_multiples#Valuation_multiples" title="Valuation using multiples">valuation multiple</a> used to determine the <a href="/wiki/Fair_market_value" title="Fair market value">fair market value</a> of a company. By contrast to the more widely available <a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">P/E ratio</a> (price-earnings ratio) it includes debt as part of the value of the company in the numerator and excludes costs such as the need to replace depreciating plant, interest on debt, and taxes owed from the earnings or denominator. It is the most widely used valuation multiple based on <a href="/wiki/Enterprise_value" title="Enterprise value">enterprise value</a> and is often used as an alternative to the P/E ratio when valuing companies believed to be in a high-growth phase, and thus credits enterprises with higher startup costs, high debt relative to equity, and lower realised earnings. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Use">Use</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=EV/Ebitda&action=edit&section=1" title="Edit section: Use"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A key advantage of EV/EBITDA is that it is independent of the <a href="/wiki/Capital_structure" title="Capital structure">capital structure</a> (i.e. the mixture of debt and equity). Therefore this multiple can be used to compare companies with different levels of debt. It also avoids the significant shortcoming of the P/E ratio which can be materially affected by the level of leverage in the company.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>For benchmarking purposes, an industry-average EV/EBITDA multiple is often calculated. This is based on a sample of listed companies to be used for comparison to the company of interest. An example of such an index is one that provides an average EV/EBITDA multiple on a wide sample of transactions on private companies in the Eurozone.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The reciprocal multiple EBITDA/EV is used as a measure of cash <a href="/wiki/Return_on_investment" title="Return on investment">return on investment</a>. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=EV/Ebitda&action=edit&section=2" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">Earnings before interest and taxes</a> (EBIT)</li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation,_and_amortization" class="mw-redirect" title="Earnings before interest, taxes, depreciation, and amortization">Earnings before interest, taxes, depreciation, and amortization</a> (EBITDA)</li> <li><a href="/wiki/Gross_profit" class="mw-redirect" title="Gross profit">Gross profit</a></li> <li><a href="/wiki/Operating_income_before_depreciation_and_amortization" class="mw-redirect" title="Operating income before depreciation and amortization">Operating income before depreciation and amortization</a> (OIBDA)</li> <li><a href="/wiki/PEG_ratio" title="PEG ratio">PEG ratio</a> (<a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">price/earnings</a> to <a href="/wiki/Earnings_growth" title="Earnings growth">growth</a> ratio)</li> <li><a href="/wiki/Revenue" title="Revenue">Revenue</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=EV/Ebitda&action=edit&section=3" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output 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Retrieved <span class="nowrap">2009-09-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Argos+Soditic+index&rft_id=http%3A%2F%2Fwww.argos-soditic.com%2Ffr%2Factualites%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEV%2FEbitda" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=EV/Ebitda&action=edit&section=4" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/e/ev-ebitda.asp">EV/EBITDA on Investopedia.com</a></li> <li><a rel="nofollow" class="external text" href="http://www.thehindubusinessline.com/2007/03/09/stories/2007030902191500.htm">The Hindu Business Line: How retail investors can profit from EV/EBITDA</a></li> <li><a rel="nofollow" class="external text" href="http://pages.stern.nyu.edu/~adamodar/pdfiles/vebitda.pdf">Slides on NYU Stern School of Business web site</a></li> <li><a rel="nofollow" class="external text" href="http://www.investopedia.com/articles/analyst/020602.asp">EBITDA:Challenging the Calculation by Lisa Smith on Investopedia</a></li> <li><a rel="nofollow" class="external text" href="http://www.investopedia.com/articles/06/ebitda.asp">A Clear Look At EBITDA by Ben McClure on Investopedia</a></li> <li><a rel="nofollow" class="external text" href="https://www.bearsavings.com/tools/ebitda-multiple-calculator/">EBITDA Multiple Calculator</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist 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