Highest EBITDA

Q: What is EBITDA?

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is calculated by starting with net income and adding back interest expense, income taxes, depreciation, and amortization. The result shows operating profitability before financing decisions (interest), government obligations (taxes), and non-cash charges (D&A). EBITDA is widely used in corporate finance for valuation, comparison, and deal-making.

Q: Why is EBITDA important?

EBITDA provides a level playing field for comparing companies that may have different debt structures, tax situations, and asset bases. Two companies with identical operations but different debt levels will show different net incomes — the more leveraged one pays more interest. EBITDA eliminates this distortion. It is the basis for the EV/EBITDA ratio, one of the most common valuation metrics used by analysts, private equity, and M&A professionals.

Q: What is a good EBITDA margin?

EBITDA margins vary significantly by industry. Software companies average 30-50%, telecom companies 30-40%, energy companies 20-35%, and retailers 5-10%. A margin above the industry average suggests strong operational efficiency and pricing power. Expanding margins indicate improving business quality, while declining margins may signal rising costs or competitive pressure. Compare margins to direct industry peers for the most meaningful assessment.

Q: What is the difference between EBITDA and net income?

Net income is the final profit after all deductions. EBITDA adds back interest, taxes, depreciation, and amortization to show earnings from core operations. EBITDA is higher than net income because it excludes these costs. While EBITDA is useful for comparisons, critics argue it ignores real costs — interest must be paid to lenders, taxes to governments, and capital assets must eventually be replaced. Warren Buffett has criticized EBITDA for overlooking capital expenditure requirements.

Q: What is EV/EBITDA?

EV/EBITDA is a valuation ratio that divides enterprise value (market cap plus debt minus cash) by annual EBITDA. It is considered superior to P/E for comparing companies with different debt levels because it uses enterprise value instead of market cap. A lower EV/EBITDA suggests better value. The S&P 500 average is roughly 13-15x. Capital-intensive industries like utilities and telecom trade at lower multiples while high-growth tech companies trade at higher ones.

Q: Is EBITDA the same as cash flow?

No. EBITDA is a proxy for cash generation potential but not actual cash flow. It ignores capital expenditures (the cash spent maintaining and growing the business), working capital changes, and other cash items. A company with high EBITDA but massive capex requirements may generate minimal free cash flow. For a more accurate picture of cash generation, use operating cash flow or free cash flow. EBITDA is best viewed as an operational profitability metric.

Q: What sectors have the highest EBITDA?

The highest absolute EBITDA comes from technology, energy, and financial services. Apple, Microsoft, and Alphabet lead in tech. ExxonMobil and Chevron dominate in energy. JPMorgan and Bank of America lead financials. By EBITDA margin, software and semiconductor companies often exceed 40%, while capital-intensive industries like airlines and automotive have lower margins despite high revenue.

Top companies by earnings before interest, taxes, depreciation, and amortization. The purest measure of operational cash generation.

200 stocks Updated Mar 25, 2026

$459.70T Total Market Cap

— Avg P/E Ratio

$218.50 Avg Share Price

+0.00% Avg Daily Change

EBITDA — earnings before interest, taxes, depreciation, and amortization — strips away financing and accounting decisions to reveal a company's core operational profitability. It is widely used by analysts and private equity firms as the go-to metric for comparing companies across different capital structures and tax jurisdictions.

Companies with the highest EBITDA are generating massive operational earnings regardless of how they are financed or taxed. This metric is particularly useful for comparing companies with different debt levels, as it ignores interest expense. It also eliminates the impact of depreciation and amortization, which are non-cash charges that vary based on asset age and accounting policies.

This list ranks companies by total annual EBITDA, along with revenue and EBITDA margin (EBITDA as a percentage of revenue). Higher margins indicate more efficient operations. Data is from the most recent annual financial statements, updated weekly.

#	Symbol	Name	Price	EBITDA	Revenue	EBITDA %	Market Cap
1	MUFG	Mitsubishi UFJ Financial Group	$17.07	456.16T	1,112.80T	41.0%	30.03T
2	SONY	Sony Group Corporation	$20.66	428.46T	2,114.90T	20.3%	19.99T
3	MUFG	Mitsubishi UFJ Financial Group	$17.07	389.29T	999.64T	38.9%	30.03T
4	SONY	Sony Group Corporation	$20.66	372.37T	1,934.77T	19.3%	19.99T
5	BRK.B	Berkshire Hathaway Inc	$476.19	110.87T	558.06T	19.9%	1.07T
6	TM	Toyota Motor Corporation	$205.02	106.84T	736.54T	14.5%	43.34T
7	BRK.B	Berkshire Hathaway Inc	$476.19	95.42T	505.58T	18.9%	1.07T
8	TM	Toyota Motor Corporation	$205.02	88.07T	639.08T	13.8%	43.34T
9	TSM	Taiwan Semiconductor Manufacturing	$329.24	14.37T	20.80T	69.1%	47.98T
10	TSM	Taiwan Semiconductor Manufacturing	$329.24	11.48T	17.49T	65.6%	47.98T
11	TCEHY	Tencent Holdings	$65.09	1.93T	5.82T	33.1%	4.64T
12	ASX	ASE Technology Holding Co	$21.52	1.84T	10.28T	17.9%	1.52T
13	ASX	ASE Technology Holding Co	$21.52	1.77T	10.41T	17.0%	1.52T
14	TCEHY	Tencent Holdings	$65.09	1.65T	5.26T	31.5%	4.64T
15	NVO	Novo Nordisk A/S	$38.58	921.94B	1.90T	48.4%	1.06T
16	NVO	Novo Nordisk A/S	$38.58	727.26B	1.58T	46.0%	1.06T
17	GOOGL	Alphabet Inc	$290.93	562.58B	2.21T	25.4%	3.63T
18	GOOGL	Alphabet Inc	$290.93	454.51B	1.73T	26.2%	3.63T
19	AVGO	Broadcom Inc.	$318.81	375.08B	1.00T	37.4%	1.58T
20	EQNR	Equinor ASA	$40.72	346.78B	1.10T	31.5%	1.01T
21	AVGO	Broadcom Inc.	$318.81	346.13B	903.80B	38.3%	1.58T
22	NVDA	NVIDIA Corp	$178.68	330.97B	864.89B	38.3%	4.27T
23	EQNR	Equinor ASA	$40.72	325.68B	983.76B	33.1%	1.01T
24	NVDA	NVIDIA Corp	$178.68	314.64B	864.73B	36.4%	4.27T
25	BRK.B	Berkshire Hathaway Inc	$476.19	306.55B	536.23B	57.2%	1.07T
26	BRK.B	Berkshire Hathaway Inc	$476.19	249.70B	436.42B	57.2%	1.07T
27	GOOG	Alphabet Inc-Cl C	$289.59	245.70B	861.82B	28.5%	3.63T
28	GOOG	Alphabet Inc-Cl C	$289.59	221.38B	899.87B	24.6%	3.63T
29	JPM	JPMorgan Chase & Co	$295.42	214.06B	401.55B	53.3%	830.82B
30	JPM	JPMorgan Chase & Co	$295.42	189.72B	321.45B	59.0%	830.82B
31	IDCBY	Industrial & Commercial Bank of China	$16.54	179.51B	405.64B	44.3%	2.53T
32	IDCBY	Industrial & Commercial Bank of China	$16.54	160.31B	381.31B	42.0%	2.53T
33	AMZN	Amazon.com Inc	$211.71	159.04B	708.36B	22.5%	2.19T
34	MSFT	Microsoft Corp	$371.04	157.22B	282.10B	55.7%	2.85T
35	MSFT	Microsoft Corp	$371.04	153.84B	388.58B	39.6%	2.85T
36	META	Meta Platforms Inc	$594.89	149.52B	571.40B	26.2%	1.66T
37	AAPL	Apple Inc	$252.62	149.41B	593.18B	25.2%	3.64T
38	META	Meta Platforms Inc	$594.89	147.76B	549.05B	26.9%	1.66T
39	AAPL	Apple Inc	$252.62	141.31B	407.19B	34.7%	3.64T
40	NVDA	NVIDIA Corp	$178.68	140.85B	217.95B	64.6%	4.27T
41	AMZN	Amazon.com Inc	$211.71	137.66B	1.12T	12.3%	2.19T
42	AAPL	Apple Inc	$252.62	137.00B	569.90B	24.0%	3.64T
43	AMZN	Amazon.com Inc	$211.71	135.22B	634.00B	21.3%	2.19T
44	MSFT	Microsoft Corp	$371.04	132.86B	250.93B	53.0%	2.85T
45	GOOG	Alphabet Inc-Cl C	$289.59	132.36B	400.58B	33.0%	3.63T
46	WLWHY	Woolworths Group Limited	$3.86	132.29B	1.34T	9.9%	50.86B
47	AAPL	Apple Inc	$252.62	131.86B	399.95B	33.0%	3.64T
48	GOOGL	Alphabet Inc	$290.93	131.39B	397.64B	33.0%	3.63T
49	ACGBY	Agricultural Bank of China	$16.80	125.08B	292.80B	42.7%	2.32T
50	WLWHY	Woolworths Group Limited	$3.86	122.19B	1.30T	9.4%	50.86B
51	MSFT	Microsoft Corp	$371.04	121.33B	320.70B	37.8%	2.85T
52	V	Visa Inc	$304.91	120.65B	230.35B	52.4%	603.38B
53	TSLA	Tesla Inc	$385.95	120.41B	924.44B	13.0%	1.54T
54	TSLA	Tesla Inc	$385.95	117.98B	839.63B	14.1%	1.54T
55	AMZN	Amazon.com Inc	$211.71	115.38B	925.56B	12.5%	2.19T
56	GOOG	Alphabet Inc-Cl C	$289.59	111.76B	356.04B	31.4%	3.63T
57	GOOGL	Alphabet Inc	$290.93	110.94B	353.42B	31.4%	3.63T
58	RHHBY	Roche Holding AG	$47.39	110.61B	387.82B	28.5%	257.69B
59	BACHY	Bank of China Limited	$14.88	110.37B	242.28B	45.6%	1.62T
60	ACGBY	Agricultural Bank of China	$16.80	109.74B	270.41B	40.6%	2.32T
61	V	Visa Inc	$304.91	109.47B	213.86B	51.2%	603.38B
62	LLY	Eli Lilly and Co.	$916.31	106.53B	288.72B	36.9%	957.52B
63	RHHBY	Roche Holding AG	$47.39	106.40B	392.69B	27.1%	257.69B
64	LVMUY	LVMH Moët Hennessy	$105.17	106.27B	343.85B	30.9%	228.79B
65	META	Meta Platforms Inc	$594.89	101.90B	200.98B	50.7%	1.66T
66	LVMUY	LVMH Moët Hennessy	$105.17	100.28B	341.53B	29.4%	228.79B
67	BACHY	Bank of China Limited	$14.88	99.68B	230.33B	43.3%	1.62T
68	META	Meta Platforms Inc	$594.89	80.74B	167.64B	48.2%	1.66T
69	LLY	Eli Lilly and Co.	$916.31	80.48B	262.19B	30.7%	957.52B
70	RNW	Renew Energy Global Plc-A	$4.81	77.82B	96.37B	80.8%	1.96B
71	JD	JD.com Inc	$29.69	73.20B	4.63T	1.6%	286.41B
72	ORCL	Oracle Corporation	$146.02	71.01B	153.12B	46.4%	454.78B
73	JPM	JPMorgan Chase & Co	$295.42	70.39B	116.87B	60.2%	830.82B
74	ORCL	Oracle Corporation	$146.02	65.98B	167.26B	39.5%	454.78B
75	JPM	JPMorgan Chase & Co	$295.42	64.70B	113.07B	57.2%	830.82B
76	JD	JD.com Inc	$29.69	64.54B	4.30T	1.5%	286.41B
77	RNW	Renew Energy Global Plc-A	$4.81	62.75B	81.80B	76.7%	1.96B
78	HESAY	Hermès International	$189.41	61.12B	130.50B	46.8%	182.29B
79	XOM	Exxon Mobil Corp	$163.26	60.82B	340.26B	17.9%	637.07B
80	XOM	Exxon Mobil Corp	$163.26	59.74B	317.50B	18.8%	637.07B
81	MA	Mastercard Inc	$502.76	56.25B	83.23B	67.6%	461.31B
82	HESAY	Hermès International	$189.41	52.16B	117.24B	44.5%	182.29B
83	T	AT&T Inc.	$28.81	52.02B	123.78B	42.0%	200.22B
84	MA	Mastercard Inc	$502.76	51.37B	70.31B	73.1%	461.31B
85	T	AT&T Inc.	$28.81	48.76B	122.14B	39.9%	200.22B
86	VZ	Verizon Communications	$50.37	46.79B	138.73B	33.7%	212.30B
87	NVDA	NVIDIA Corp	$178.68	46.41B	75.57B	61.4%	4.27T
88	CMCSA	Comcast Corp-Class A	$28.73	46.00B	121.07B	38.0%	105.34B
89	RY	Royal Bank Of Canada	$162.50	44.55B	117.04B	38.1%	327.62B
90	VZ	Verizon Communications	$50.37	44.30B	138.28B	32.0%	212.30B
91	CVX	Chevron Corporation	$205.15	43.61B	222.26B	19.6%	372.06B
92	CMCSA	Comcast Corp-Class A	$28.73	43.43B	120.33B	36.1%	105.34B
93	TD	Toronto-Dominion Bank	$94.30	43.23B	62.76B	68.9%	217.34B
94	LRLCY	L'Oréal S.A.	$79.68	43.19B	187.17B	23.1%	183.85B
95	WMT	Walmart Inc	$123.06	43.05B	705.91B	6.1%	1.05T
96	CVX	Chevron Corporation	$205.15	42.30B	204.81B	20.7%	372.06B
97	MRK	Merck & Co. Inc.	$119.37	40.31B	122.92B	32.8%	301.17B
98	JNJ	Johnson & Johnson	$239.93	39.61B	93.28B	42.5%	594.00B
99	LRLCY	L'Oréal S.A.	$79.68	39.15B	178.58B	21.9%	183.85B
100	WMT	Walmart Inc	$123.06	38.60B	666.33B	5.8%	1.05T

Frequently Asked Questions

What is EBITDA?

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is calculated by starting with net income and adding back interest expense, income taxes, depreciation, and amortization. The result shows operating profitability before financing decisions (interest), government obligations (taxes), and non-cash charges (D&A). EBITDA is widely used in corporate finance for valuation, comparison, and deal-making.

Why is EBITDA important?

EBITDA provides a level playing field for comparing companies that may have different debt structures, tax situations, and asset bases. Two companies with identical operations but different debt levels will show different net incomes — the more leveraged one pays more interest. EBITDA eliminates this distortion. It is the basis for the EV/EBITDA ratio, one of the most common valuation metrics used by analysts, private equity, and M&A professionals.

What is a good EBITDA margin?

EBITDA margins vary significantly by industry. Software companies average 30-50%, telecom companies 30-40%, energy companies 20-35%, and retailers 5-10%. A margin above the industry average suggests strong operational efficiency and pricing power. Expanding margins indicate improving business quality, while declining margins may signal rising costs or competitive pressure. Compare margins to direct industry peers for the most meaningful assessment.

What is the difference between EBITDA and net income?

Net income is the final profit after all deductions. EBITDA adds back interest, taxes, depreciation, and amortization to show earnings from core operations. EBITDA is higher than net income because it excludes these costs. While EBITDA is useful for comparisons, critics argue it ignores real costs — interest must be paid to lenders, taxes to governments, and capital assets must eventually be replaced. Warren Buffett has criticized EBITDA for overlooking capital expenditure requirements.

What is EV/EBITDA?

EV/EBITDA is a valuation ratio that divides enterprise value (market cap plus debt minus cash) by annual EBITDA. It is considered superior to P/E for comparing companies with different debt levels because it uses enterprise value instead of market cap. A lower EV/EBITDA suggests better value. The S&P 500 average is roughly 13-15x. Capital-intensive industries like utilities and telecom trade at lower multiples while high-growth tech companies trade at higher ones.

Is EBITDA the same as cash flow?

No. EBITDA is a proxy for cash generation potential but not actual cash flow. It ignores capital expenditures (the cash spent maintaining and growing the business), working capital changes, and other cash items. A company with high EBITDA but massive capex requirements may generate minimal free cash flow. For a more accurate picture of cash generation, use operating cash flow or free cash flow. EBITDA is best viewed as an operational profitability metric.

What sectors have the highest EBITDA?

The highest absolute EBITDA comes from technology, energy, and financial services. Apple, Microsoft, and Alphabet lead in tech. ExxonMobil and Chevron dominate in energy. JPMorgan and Bank of America lead financials. By EBITDA margin, software and semiconductor companies often exceed 40%, while capital-intensive industries like airlines and automotive have lower margins despite high revenue.