Enterprise Value to EBITDA (EV/EBITDA)

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

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

Motorola Solutions Inc., 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 attributable to Motorola Solutions, Inc.	1,709)	1,363)	1,245)	949)	868)
Add: Net income attributable to noncontrolling interest	5)	4)	5)	4)	3)
Add: Income tax expense	432)	148)	302)	221)	130)
Earnings before tax (EBT)	2,146)	1,515)	1,552)	1,174)	1,001)
Add: Interest expense	249)	240)	215)	233)	237)
Earnings before interest and tax (EBIT)	2,395)	1,755)	1,767)	1,407)	1,238)
Add: Depreciation and amortization	356)	440)	438)	409)	394)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,751)	2,195)	2,205)	1,816)	1,632)

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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Enterprise Value to EBITDA Ratio, Current

Motorola Solutions Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	70,827)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,751)
Valuation Ratio
EV/EBITDA	25.75
Benchmarks
EV/EBITDA, Competitors¹
Apple Inc.	34.26
Arista Networks Inc.	57.54
Cisco Systems Inc.	21.75
Dell Technologies Inc.	30.44
Lumentum Holdings Inc.	—
Super Micro Computer Inc.	10.75
EV/EBITDA, Sector
Technology Hardware & Equipment	38.57
EV/EBITDA, Industry
Information Technology	57.52

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.

Enterprise Value to EBITDA Ratio, Historical

Motorola Solutions Inc., 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	58,138)	49,420)	41,010)	34,544)	35,601)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	2,751)	2,195)	2,205)	1,816)	1,632)
Valuation Ratio
EV/EBITDA³	21.13	22.51	18.60	19.02	21.81
Benchmarks
EV/EBITDA, Competitors⁴
Apple Inc.	21.66	19.15	20.47	23.12	—
Arista Networks Inc.	31.29	24.52	37.29	—	—
Cisco Systems Inc.	12.16	10.52	15.05	—	—
Dell Technologies Inc.	6.61	4.85	9.32	—	—
Lumentum Holdings Inc.	23.03	11.47	7.83	—	—
Super Micro Computer Inc.	16.77	10.50	11.19	—	—
EV/EBITDA, Sector
Technology Hardware & Equipment	20.01	17.24	19.12	—	—
EV/EBITDA, Industry
Information Technology	23.55	18.32	20.52	—	—