Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Abbott Laboratories, EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	5,723)	6,933)	7,071)	4,495)	3,687)
Less: Net earnings from discontinued operations, net of taxes	—)	—)	—)	24)	—)
Add: Income tax expense	941)	1,373)	1,140)	497)	390)
Earnings before tax (EBT)	6,664)	8,306)	8,211)	4,968)	4,077)
Add: Interest expense	637)	558)	533)	546)	670)
Earnings before interest and tax (EBIT)	7,301)	8,864)	8,744)	5,514)	4,747)
Add: Depreciation	1,277)	1,254)	1,491)	1,195)	1,078)
Add: Amortization of intangible assets	1,966)	2,013)	2,047)	2,132)	1,936)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,544)	12,131)	12,282)	8,841)	7,761)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Abbott Laboratories EBITDA decreased from 2021 to 2022 and from 2022 to 2023.

Abbott Laboratories, current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	194,208)
Earnings before interest, tax, depreciation and amortization (EBITDA)	10,544)
Valuation Ratio
EV/EBITDA	18.42
Benchmarks
EV/EBITDA, Competitors¹
Cigna Group	12.65
CVS Health Corp.	7.41
Elevance Health Inc.	10.84
Humana Inc.	5.84
Intuitive Surgical Inc.	53.76
Medtronic PLC	14.08
Shockwave Medical Inc.	63.08
UnitedHealth Group Inc.	13.53
EV/EBITDA, Sector
Health Care Equipment & Services	13.30
EV/EBITDA, Industry
Health Care	18.20

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Abbott Laboratories, historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	205,452)	192,330)	213,980)	229,787)	168,424)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	10,544)	12,131)	12,282)	8,841)	7,761)
Valuation Ratio
EV/EBITDA³	19.49	15.85	17.42	25.99	21.70
Benchmarks
EV/EBITDA, Competitors⁴
Cigna Group	12.11	8.88	9.06	6.31	8.42
CVS Health Corp.	8.03	12.42	10.41	8.56	9.43
Elevance Health Inc.	10.24	10.26	10.05	7.57	9.05
Humana Inc.	7.33	11.59	11.22	6.91	9.30
Intuitive Surgical Inc.	53.82	41.52	44.54	59.12	37.53
Medtronic PLC	15.28	14.99	24.41	17.92	16.01
Shockwave Medical Inc.	49.39	52.02	—	—	—
UnitedHealth Group Inc.	13.60	15.11	17.39	13.39	13.82
EV/EBITDA, Sector
Health Care Equipment & Services	13.58	13.91	15.27	12.79	12.97
EV/EBITDA, Industry
Health Care	18.80	13.80	13.98	16.48	14.28

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 205,452 ÷ 10,544 = 19.49

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Abbott Laboratories EV/EBITDA ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Abbott Laboratories (NYSE:ABT)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical