Question 1

What is APA's EV/EBITDA ratio?

Accepted Answer

APA (APA) EV/EBITDA ratio is 3.0× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for APA?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For APA specifically, the relevant sector benchmark is the current sector median of 10.1×.

Question 5

Is APA's EV/EBITDA ratio high or low?

Accepted Answer

APA's EV/EBITDA ratio of 3.0× is below its own 5-year average of 3.3× and below the sector median of 10.1×. That places the current reading at the 38th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is APA's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, APA (APA) EV/EBITDA ratio has ranged from a low of 0.4× in 2001 to a high of 279.0× in 2019. The 5-year average is 3.3× and the 5-year median is 3.3×.

Question 7

What was APA's EV/EBITDA ratio in 2025?

Accepted Answer

APA (APA) EV/EBITDA ratio at the end of 2025 was 2.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does APA's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$8.68B	$5.46B	2.4×	-0.9×	Dec 31, 2025
2024	$8.52B	$4.26B	3.3×	-0.1×	Dec 31, 2024
2023	$10.98B	$4.80B	3.4×	+0.6×	Dec 31, 2023
2022	$14.98B	$7.28B	2.8×	-1.9×	Dec 31, 2022
2021	$9.71B	$3.66B	4.6×	—	Dec 31, 2021
2020	$5.36B	−$2.64B	—	—	Dec 31, 2020
2019	$9.65B	$65.00M	279.0×	+274.7×	Dec 31, 2019
2018	$9.95B	$4.01B	4.4×	-4.2×	Dec 31, 2018
2017	$16.09B	$2.68B	8.5×	-14.6×	Dec 31, 2017
2016	$24.12B	$1.35B	23.1×	—	Dec 31, 2016
2015	$16.81B	−$9.07B	—	—	Dec 31, 2015
2014	$23.63B	$6.95B	4.9×	+1.1×	Dec 31, 2014
2013	$34.29B	$11.02B	3.8×	+0.3×	Dec 31, 2013
2012	$30.69B	$12.19B	3.5×	+0.2×	Dec 31, 2012
2011	$34.78B	$12.47B	3.3×	-3.0×	Dec 31, 2011
2010	$45.67B	$8.51B	6.3×	-0.2×	Dec 31, 2010
2009	$34.76B	$5.85B	6.5×	+3.3×	Dec 31, 2009
2008	$24.97B	$8.93B	3.1×	-2.3×	Dec 31, 2008
2007	$35.85B	$7.34B	5.4×	+1.0×	Dec 31, 2007
2006	$22.09B	$5.84B	4.4×	+0.2×	Dec 31, 2006
2005	$22.59B	$5.81B	4.2×	-0.4×	Dec 31, 2005
2004	$16.63B	$4.16B	4.6×	-0.3×	Dec 31, 2004
2003	$13.18B	$3.17B	4.9×	-0.8×	Dec 31, 2003
2002	$8.64B	$1.88B	5.7×	+5.3×	Dec 31, 2002
2001	$6.87B	$22.21B	0.4×	—	Dec 31, 2001


Sunrun (RUN)	23.1×
Enphase Energy (ENPH)	22.3×
Williams Companies (WMB)	16.7×
Enbridge (ENB)	14.5×
Kinder Morgan (KMI)	14.1×
Targa Resources (TRGP)	14.0×
Baker Hughes (BKR)	13.6×
Diamondback Energy (FANG)	12.9×
Exxon Mobil (XOM)	12.4×
SLB (SLB)	12.1×
ONEOK (OKE)	11.5×
Chevron (CVX)	11.1×
Halliburton (HAL)	10.1×
Energy Transfer LP (ET)	9.3×
Valero Energy (VLO)	8.7×
Marathon Petroleum (MPC)	8.4×
Phillips 66 (PSX)	8.3×
First Solar (FSLR)	8.2×
ConocoPhillips (COP)	8.0×
National Fuel Gas (NFG)	7.4×
Occidental Petroleum (OXY)	6.8×
EOG Resources (EOG)	6.7×
EQT (EQT)	6.1×
Devon Energy (DVN)	5.4×
Expand Energy (EXE)	4.1×

EV/EBITDA for APA (APA)

EV/EBITDA daily chart for APA (APA)

Historical EV/EBITDA for APA (APA) from 2001 to 2025

About EV/EBITDA at APA (APA)

APA EV/EBITDA by Year

APA EV/EBITDA 2025: 2.4×

APA EV/EBITDA 2024: 3.3×

APA EV/EBITDA 2023: 3.4×

APA EV/EBITDA 2022: 2.8×

APA EV/EBITDA 2021: 4.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

APA (APA) Key Financials

EV/EBITDA daily chart for APA (APA)

Historical EV/EBITDA for APA (APA) from 2001 to 2025

About EV/EBITDA at APA (APA)

APA EV/EBITDA by Year

APA EV/EBITDA 2025: 2.4×

APA EV/EBITDA 2024: 3.3×

APA EV/EBITDA 2023: 3.4×

APA EV/EBITDA 2022: 2.8×

APA EV/EBITDA 2021: 4.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is APA's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for APA?

+Is APA's EV/EBITDA ratio high or low?

+What is APA's historical EV/EBITDA ratio range?

+What was APA's EV/EBITDA ratio in 2025?

+Why does APA's EV/EBITDA ratio change over time?

APA (APA) Key Financials