Basis: Current FMP quote-based enterprise value / four-quarter operating income plus matched D&A. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the EV/EBITDA ratio high or low?
The EV/EBITDA ratio of 22.87x is 47% above its estimated 5-year average of 15.52x, around the middle of its estimated 5-year range (8.10x–53.69x).
As of 2026-09-10T19:59:58.000Z. 107.04% above its estimated 12-month average of 11.05x.
Quote observation: 2026-09-10T19:59:58.000Z. Amounts in USD. The price header may show a later quote.
FMP input reference: 461891cb7c254590516e49e38a0a038ebc025655c5473beed5b8d845ab71f3ca
Historical values estimate market capitalization from statement-period weighted shares. Comparisons with the current quote-based value are approximate. Only filing versions delivered by FMP are available for the historical calculation. Historical series through 2026-09-09.
Historical values estimate market capitalization from statement-period weighted shares. Comparisons with the current quote-based value are approximate. Only filing versions delivered by FMP are available for the historical calculation.
EV/EBITDA RATIO
22.87x
EV/EBITDA RATIO AVG TTM
11.05x
EV/EBITDA RATIO AVG 3Y
18.09x
EV/EBITDA RATIO AVG 5Y
15.52x
EV/EBITDA RATIO AVG 10Y
14.98x
EV/EBITDA RATIO AVG 15Y
12.98x
EV/EBITDA RATIO AVG 20Y
12.77x
CURRENT VS TTM AVG
+107.04%
CURRENT VS 3Y AVG
+26.44%
CURRENT VS 5Y AVG
+47.32%
CURRENT VS 10Y AVG
+52.72%
CURRENT VS 15Y AVG
+76.17%
CURRENT VS 20Y AVG
+79.14%
SECTOR MEDIAN · HEALTHCARE
15.96x
median of 76 covered companies
CURRENT VS SECTOR MEDIAN
+43.25%
vs the sector median at left
Merck & Co., Inc.
Market Cap
$357.42B
EV/EBITDA Ratio
22.87x
TTM Avg
11.05x
3Y Avg
18.09x
5Y Avg
15.52x
Market Cap
$352.70B
EV/EBITDA Ratio
15.31x
TTM Avg
13.85x
3Y Avg
13.74x
5Y Avg
15.19x
Market Cap
$247.55B
EV/EBITDA Ratio
13.52x
TTM Avg
16.39x
3Y Avg
16.93x
5Y Avg
20.64x
Market Cap
$224.14B
EV/EBITDA Ratio
25.01x
TTM Avg
22.06x
3Y Avg
21.66x
5Y Avg
20.94x
Market Cap
$179.79B
EV/EBITDA Ratio
N/A
TTM Avg
44.93x
3Y Avg
29.05x
5Y Avg
21.84x
| NAME | MARKET CAP | EV/EBITDA RATIO | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Merck & Co., Inc. (MRK) | $357.42B | 22.87x | 11.05x | 18.09x | 15.52x |
| UnitedHealth Group Incorporated (UNH)vs › | $352.70B | 15.31x | 13.85x | 13.74x | 15.19x |
| Roche Holding AG (RHHBY)vs › | $338.87B | N/A | N/A | N/A | N/A |
| AbbVie Inc. (ABBV)vs › | $450.55B | 19.21x | 21.86x | 19.20x | 16.44x |
| AstraZeneca PLC (AZN)vs › | $247.55B | 13.52x | 16.39x | 16.93x | 20.64x |
| Thermo Fisher Scientific Inc. (TMO)vs › | $224.14B | 25.01x | 22.06x | 21.66x | 20.94x |
| Amgen Inc. (AMGN)vs › | $206.42B | N/A | 15.41x | 16.32x | 15.13x |
| Novo Nordisk A/S (NVO)vs › | $195.52B | 8.01x | 9.46x | 20.12x | 22.33x |
| Gilead Sciences, Inc. (GILD)vs › | $179.79B | N/A | 44.93x | 29.05x | 21.84x |
| Abbott Laboratories (ABT)vs › | $178.87B | 18.95x | 19.15x | 20.63x | 19.24x |
At 22.9, EV/EBITDA is above its estimated 20-year median — higher than 93% of readings in its estimated 20-year history.
Historical values estimate market capitalization from statement-period weighted shares. Comparisons with the current quote-based value are approximate. Only filing versions delivered by FMP are available for the historical calculation.
estimated 20-year low
5.8
median
13.1
estimated 20-year high
53.7
EV/EBITDA = Enterprise Value / EBITDA (TTM)
Enterprise value to EBITDA is a capital-structure-neutral valuation multiple, useful for comparing companies with different debt levels and tax rates.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | EV/EBITDA RATIO |
|---|---|
| 2026-09-09 | 23.29x |
| 2026-09-08 | 23.41x |
| 2026-09-04 | 23.67x |
| 2026-09-03 | 23.95x |
| 2026-09-02 | 23.85x |
| 2026-09-01 | 23.60x |
| 2026-08-31 | 23.31x |
| 2026-08-28 | 23.39x |
| 2026-08-27 | 23.56x |
| 2026-08-26 | 24.06x |
| 2026-08-25 | 24.52x |
| 2026-08-24 | 23.71x |
| 2026-08-21 | 23.98x |
| 2026-08-20 | 23.48x |
| 2026-08-19 | 23.93x |
| 2026-08-18 | 21.55x |
| 2026-08-17 | 21.66x |
| 2026-08-14 | 21.64x |
| 2026-08-13 | 21.60x |
| 2026-08-12 | 21.24x |
| 2026-08-11 | 20.89x |
| 2026-08-10 | 20.96x |
| 2026-08-07 | 14.94x |
| 2026-08-06 | 14.92x |
| 2026-08-05 | 14.92x |
| 2026-08-04 | 14.88x |
| 2026-08-03 | 14.86x |
| 2026-07-31 | 15.11x |
| 2026-07-30 | 15.06x |
| 2026-07-29 | 15.12x |
| 2026-07-28 | 15.27x |
| 2026-07-27 | 15.16x |
| 2026-07-24 | 15.20x |
| 2026-07-23 | 15.14x |
| 2026-07-22 | 14.83x |
| 2026-07-21 | 14.70x |
| 2026-07-20 | 14.51x |
| 2026-07-17 | 14.83x |
| 2026-07-16 | 14.84x |
| 2026-07-15 | 14.43x |
| 2026-07-14 | 14.14x |
| 2026-07-13 | 14.48x |
| 2026-07-10 | 14.43x |
| 2026-07-09 | 14.58x |
| 2026-07-08 | 14.68x |
| 2026-07-07 | 14.97x |
| 2026-07-06 | 14.76x |
| 2026-07-02 | 15.04x |
| 2026-07-01 | 14.61x |
| 2026-06-30 | 14.93x |
| 2026-06-29 | 15.02x |
| 2026-06-26 | 14.95x |
| 2026-06-25 | 14.62x |
| 2026-06-24 | 14.13x |
| 2026-06-23 | 14.02x |
| 2026-06-22 | 13.60x |
| 2026-06-18 | 13.44x |
| 2026-06-17 | 13.60x |
| 2026-06-16 | 13.57x |
| 2026-06-15 | 13.54x |
| 2026-06-12 | 13.97x |
| 2026-06-11 | 14.14x |
| 2026-06-10 | 13.97x |
| 2026-06-09 | 14.02x |
| 2026-06-08 | 14.02x |
| 2026-06-05 | 14.15x |
| 2026-06-04 | 14.09x |
| 2026-06-03 | 13.52x |
| 2026-06-02 | 13.62x |
| 2026-06-01 | 13.57x |
| 2026-05-29 | 13.93x |
| 2026-05-28 | 14.05x |
| 2026-05-27 | 14.09x |
| 2026-05-26 | 14.04x |
| 2026-05-22 | 14.31x |
| 2026-05-21 | 13.64x |
| 2026-05-20 | 13.35x |
| 2026-05-19 | 13.48x |
| 2026-05-18 | 13.31x |
| 2026-05-15 | 13.18x |
| 2026-05-14 | 13.39x |
| 2026-05-13 | 13.40x |
| 2026-05-12 | 13.29x |
| 2026-05-11 | 13.17x |
| 2026-05-08 | 13.18x |
| 2026-05-07 | 13.28x |
| 2026-05-06 | 13.41x |
| 2026-05-05 | 13.37x |
| 2026-05-04 | 9.80x |
| 2026-05-01 | 9.73x |
| 2026-04-30 | 9.50x |
| 2026-04-29 | 9.63x |
| 2026-04-28 | 9.56x |
| 2026-04-27 | 9.58x |
| 2026-04-24 | 9.71x |
| 2026-04-23 | 9.92x |
| 2026-04-22 | 9.78x |
| 2026-04-21 | 9.76x |
| 2026-04-20 | 10.11x |
| 2026-04-17 | 10.26x |
| 2026-04-16 | 9.98x |
| 2026-04-15 | 10.17x |
| 2026-04-14 | 10.33x |
| 2026-04-13 | 10.34x |
| 2026-04-10 | 10.44x |
| 2026-04-09 | 10.54x |
| 2026-04-08 | 10.57x |
| 2026-04-07 | 10.27x |
| 2026-04-06 | 10.40x |
| 2026-04-02 | 10.40x |
| 2026-04-01 | 10.39x |
| 2026-03-31 | 10.35x |
| 2026-03-30 | 10.18x |
| 2026-03-27 | 10.30x |
| 2026-03-26 | 10.25x |
| 2026-03-25 | 10.28x |
| 2026-03-24 | 10.05x |
| 2026-03-23 | 10.00x |
| 2026-03-20 | 9.88x |
| 2026-03-19 | 9.88x |
| 2026-03-18 | 9.91x |
| 2026-03-17 | 10.01x |
| 2026-03-16 | 9.98x |
| 2026-03-13 | 9.99x |
| 2026-03-12 | 10.02x |
| 2026-03-11 | 10.04x |
| 2026-03-10 | 10.11x |
| 2026-03-09 | 10.11x |
| 2026-03-06 | 10.01x |
| 2026-03-05 | 10.03x |
| 2026-03-04 | 10.35x |
| 2026-03-03 | 10.32x |
| 2026-03-02 | 10.44x |
| 2026-02-27 | 10.62x |
| 2026-02-26 | 10.28x |
| 2026-02-25 | 10.52x |
| 2026-02-24 | 11.36x |
| 2026-02-23 | 11.35x |
| 2026-02-20 | 11.21x |
| 2026-02-19 | 11.18x |
| 2026-02-18 | 11.16x |
| 2026-02-17 | 11.16x |
| 2026-02-13 | 11.14x |
| 2026-02-12 | 10.96x |
| 2026-02-11 | 10.96x |
| 2026-02-10 | 10.78x |
| 2026-02-09 | 10.82x |
| 2026-02-06 | 11.19x |
| 2026-02-05 | 11.00x |
| 2026-02-04 | 10.88x |
| 2026-02-03 | 10.67x |
| 2026-02-02 | 10.46x |
| 2026-01-30 | 10.19x |
| 2026-01-29 | 10.03x |
| 2026-01-28 | 9.90x |
| 2026-01-27 | 9.99x |
| 2026-01-26 | 9.95x |
| 2026-01-23 | 10.01x |
| 2026-01-22 | 10.10x |
| 2026-01-21 | 10.26x |
| 2026-01-20 | 10.12x |
| 2026-01-16 | 10.07x |
| 2026-01-15 | 10.25x |
| 2026-01-14 | 10.25x |
| 2026-01-13 | 10.02x |
| 2026-01-12 | 10.10x |
| 2026-01-09 | 10.21x |
| 2026-01-08 | 10.25x |
| 2026-01-07 | 10.05x |
| 2026-01-06 | 10.07x |
| 2026-01-05 | 9.95x |
| 2026-01-02 | 9.87x |
| 2025-12-31 | 9.76x |
| 2025-12-30 | 9.83x |
| 2025-12-29 | 9.88x |
| 2025-12-26 | 9.89x |
| 2025-12-24 | 9.87x |
| 2025-12-23 | 9.75x |
| 2025-12-22 | 9.72x |
| 2025-12-19 | 9.41x |
| 2025-12-18 | 9.38x |
| 2025-12-17 | 9.25x |
| 2025-12-16 | 9.17x |
| 2025-12-15 | 9.34x |
| 2025-12-12 | 9.34x |
| 2025-12-11 | 9.23x |
| 2025-12-10 | 9.11x |
| 2025-12-09 | 9.05x |
| 2025-12-08 | 9.23x |
| 2025-12-05 | 9.29x |
| 2025-12-04 | 9.39x |
| 2025-12-03 | 9.51x |
| 2025-12-02 | 9.40x |
| 2025-12-01 | 9.47x |
| 2025-11-28 | 9.73x |
| 2025-11-26 | 9.71x |
| 2025-11-25 | 9.80x |
| 2025-11-24 | 9.35x |
| 2025-11-21 | 9.13x |
| 2025-11-20 | 8.89x |
| 2025-11-19 | 8.89x |
| 2025-11-18 | 9.01x |
| 2025-11-17 | 8.71x |
| 2025-11-14 | 8.71x |
| 2025-11-13 | 8.71x |
| 2025-11-12 | 8.59x |
| 2025-11-11 | 8.54x |
| 2025-11-10 | 8.19x |
| 2025-11-07 | 8.15x |
| 2025-11-06 | 8.10x |
| 2025-11-05 | 9.23x |
| 2025-11-04 | 9.18x |
| 2025-11-03 | 9.05x |
| 2025-10-31 | 9.39x |
| 2025-10-30 | 9.42x |
| 2025-10-29 | 9.44x |
| 2025-10-28 | 9.49x |
| 2025-10-27 | 9.58x |
| 2025-10-24 | 9.53x |
| 2025-10-23 | 9.50x |
| 2025-10-22 | 9.54x |
| 2025-10-21 | 9.54x |
| 2025-10-20 | 9.42x |
| 2025-10-17 | 9.27x |
| 2025-10-16 | 9.19x |
| 2025-10-15 | 9.20x |
| 2025-10-14 | 9.26x |
| 2025-10-13 | 9.36x |
| 2025-10-10 | 9.39x |
| 2025-10-09 | 9.53x |
| 2025-10-08 | 9.43x |
| 2025-10-07 | 9.54x |
| 2025-10-06 | 9.66x |
| 2025-10-03 | 9.70x |
| 2025-10-02 | 9.73x |
| 2025-10-01 | 9.79x |
| 2025-09-30 | 9.19x |
| 2025-09-29 | 8.67x |
| 2025-09-26 | 8.67x |
| 2025-09-25 | 8.57x |
| 2025-09-24 | 8.77x |
| 2025-09-23 | 8.80x |
| 2025-09-22 | 8.85x |
| 2025-09-19 | 8.95x |
| 2025-09-18 | 8.95x |
| 2025-09-17 | 8.92x |
| 2025-09-16 | 8.91x |
| 2025-09-15 | 8.91x |
| 2025-09-12 | 9.08x |
| 2025-09-11 | 9.31x |
| 2025-09-10 | 9.20x |
| 2025-09-09 | 9.25x |
| 2025-09-08 | 9.20x |
| 2025-09-05 | 9.26x |
| 2025-09-04 | 9.20x |
| 2025-09-03 | 9.21x |
| 2025-09-02 | 9.34x |
| 2025-08-29 | 9.21x |
| 2025-08-28 | 9.12x |
| 2025-08-27 | 9.20x |
Showing the most recent 260 of 5,030 data points. The chart above shows the full history.
