Question 1

What is AstraZeneca's EV/EBITDA ratio?

Accepted Answer

AstraZeneca (AZN) EV/EBITDA ratio is 7.8× as of July 22, 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 AstraZeneca?

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 AstraZeneca specifically, the relevant sector benchmark is the current sector median of 14.2×.

Question 5

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

Accepted Answer

AstraZeneca's EV/EBITDA ratio of 7.8× is below its own 5-year average of 11.1× and below the sector median of 14.2×. That places the current reading at the 1th 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 AstraZeneca's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, AstraZeneca (AZN) EV/EBITDA ratio has ranged from a low of 1.7× in 2010 to a high of 26.1× in 2004. The 5-year average is 11.1× and the 5-year median is 9.9×.

Question 7

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

Accepted Answer

AstraZeneca (AZN) EV/EBITDA ratio at the end of 2025 was 8.1×. 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 AstraZeneca'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	$136B	$19.8B	8.1×	-0.0×	Dec 31, 2025
2024	$101B	$15.5B	8.1×	-0.9×	Dec 31, 2024
2023	$103B	$13.9B	9.0×	-5.1×	Dec 31, 2023
2022	$106B	$9.08B	14.1×	-1.0×	Dec 31, 2022
2021	$89.6B	$7.54B	15.1×	+5.7×	Dec 31, 2021
2020	$66.3B	$8.34B	9.4×	-2.2×	Dec 31, 2020
2019	$66.3B	$6.71B	11.7×	+3.0×	Dec 31, 2019
2018	$48.1B	$7.11B	8.7×	+0.1×	Dec 31, 2018
2017	$43.4B	$6.63B	8.5×	+2.4×	Dec 31, 2017
2016	$34.1B	$7.28B	6.2×	-1.1×	Dec 31, 2016
2015	$42.8B	$6.96B	7.3×	-1.4×	Dec 31, 2015
2014	$44.4B	$5.49B	8.8×	+4.3×	Dec 31, 2014
2013	$36.9B	$8.35B	4.5×	+1.6×	Dec 31, 2013
2012	$29.4B	$10.8B	2.9×	+1.1×	Dec 31, 2012
2011	$30.4B	$15.9B	1.8×	-0.2×	Dec 31, 2011
2010	$32.7B	$14.7B	2.0×	+0.2×	Dec 31, 2010
2009	$34B	$14.1B	1.8×	-1.4×	Dec 31, 2009
2008	$29.7B	$11.8B	3.1×	-0.9×	Dec 31, 2008
2007	$31.2B	$9.95B	4.1×	+0.4×	Dec 31, 2007
2006	$40.7B	$9.36B	3.7×	-0.6×	Dec 31, 2006
2005	$38.4B	$7.83B	4.2×	-21.9×	Dec 31, 2005
2004	$30.1B	$1B	26.1×	+19.4×	Dec 31, 2004
2003	$40.1B	$5.4B	6.8×	+1.4×	Dec 31, 2003
2002	$30.1B	$4.93B	5.3×	—	Dec 31, 2002


Quest Diagnostics (DGX)	13.3×
Gilead Sciences (GILD)	13.2×
Becton, Dickinson and (BDX)	12.9×
Regeneron Pharmaceuticals (REGN)	12.9×
Medtronic (MDT)	12.9×
STERIS (STE)	12.8×
Pfizer (PFE)	12.5×
Align Technology (ALGN)	12.4×
IQVIA (IQV)	12.2×
GE HealthCare (GEHC)	12.0×
Henry Schein (HSIC)	11.9×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
AptarGroup (ATR)	11.1×
Viatris (VTRS)	11.0×
Biogen (BIIB)	10.8×
HCA Healthcare (HCA)	10.0×
Elevance Health (ELV)	9.7×
DaVita (DVA)	8.5×
Incyte (INCY)	7.9×
Cigna (CI)	7.6×
Novo Nordisk (NVO)	6.3×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for AstraZeneca (AZN) 2002-2026

EV/EBITDA daily chart for AstraZeneca (AZN)

Historical EV/EBITDA for AstraZeneca (AZN) from 2002 to 2025

About EV/EBITDA at AstraZeneca (AZN)

AstraZeneca EV/EBITDA by Year

AstraZeneca EV/EBITDA 2025: 8.1×

AstraZeneca EV/EBITDA 2024: 8.1×

AstraZeneca EV/EBITDA 2023: 9.0×

AstraZeneca EV/EBITDA 2022: 14.1×

AstraZeneca EV/EBITDA 2021: 15.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

AstraZeneca (AZN) Key Financials