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

Hubbell Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to Hubbell Incorporated	545,900)	399,500)	351,200)	400,900)	360,200)
Add: Net income attributable to noncontrolling interest	5,500)	6,100)	4,800)	6,500)	5,900)
Less: Income from discontinued operations, net of tax	34,600)	34,500)	—)	—)	—)
Add: Income tax expense	140,200)	88,200)	97,500)	113,100)	100,900)
Earnings before tax (EBT)	657,000)	459,300)	453,500)	520,500)	467,000)
Add: Interest expense, net	49,600)	54,700)	60,300)	69,400)	72,400)
Earnings before interest and tax (EBIT)	706,600)	514,000)	513,800)	589,900)	539,400)
Add: Depreciation and amortization	148,500)	149,100)	157,600)	151,000)	148,400)
Earnings before interest, tax, depreciation and amortization (EBITDA)	855,100)	663,100)	671,400)	740,900)	687,800)

Based on: 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), 10-K (reporting date: 2018-12-31).

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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.	Hubbell Inc. EBITDA decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Hubbell Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	15,963,414)
Earnings before interest, tax, depreciation and amortization (EBITDA)	855,100)
Valuation Ratio
EV/EBITDA	18.67
Benchmarks
EV/EBITDA, Competitors¹
Boeing Co.	64.75
Caterpillar Inc.	13.02
Eaton Corp. plc	28.29
General Electric Co.	13.03
Honeywell International Inc.	16.16
Lockheed Martin Corp.	12.24
RTX Corp.	18.28
EV/EBITDA, Sector
Capital Goods	22.49
EV/EBITDA, Industry
Industrials	19.25

Based on: 10-K (reporting date: 2022-12-31).

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.

Hubbell Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	13,894,874)	11,134,226)	10,260,754)	9,419,838)	8,089,607)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	855,100)	663,100)	671,400)	740,900)	687,800)
Valuation Ratio
EV/EBITDA³	16.25	16.79	15.28	12.71	11.76
Benchmarks
EV/EBITDA, Competitors⁴
Boeing Co.	—	—	—	284.02	—
Caterpillar Inc.	13.86	12.43	19.87	9.66	—
Eaton Corp. plc	19.18	17.06	22.11	12.86	—
General Electric Co.	14.82	95.57	9.35	13.66	—
Honeywell International Inc.	18.01	15.57	20.21	14.95	—
Lockheed Martin Corp.	14.98	11.97	9.97	14.86	—
RTX Corp.	14.92	15.48	41.71	12.60	—
EV/EBITDA, Sector
Capital Goods	19.01	19.87	25.02	16.22	—
EV/EBITDA, Industry
Industrials	16.43	16.28	30.77	16.43	—

Based on: 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), 10-K (reporting date: 2018-12-31).

¹ See details »

² See details »

³ 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 13,894,874 ÷ 855,100 = 16.25

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.	Hubbell Inc. EV/EBITDA ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Hubbell Inc. (NYSE:HUBB)

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