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National RefineryKAR:NRL +4.84%68 Debt-to-EBITDA is 0.90 as of Mar. 2026, which is 900% above its 10-year median of 0.09. GuruFocus rates KAR:NRL with a GF Score™ of 68/100 and a GF Value™ of ₨333.86 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 720 Oil & Gas companies, National Refinery ranks better than 51.25% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for National Refinery's Debt-to-EBITDA or its related term are showing as below:
KAR:NRL'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -9.85 Med: 0.09 Max: 8.06
Current: 1.87
During the past 13 years, the highest Debt-to-EBITDA Ratio of National Refinery was 8.06. The lowest was -9.85. And the median was 0.09.
KAR:NRL's Debt-to-EBITDA is ranked better than 51.25% of 720
companies
in the Oil & Gas industry
Industry Median: 1.925
vs KAR:NRL: 1.87
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
National Refinery Debt-to-EBITDA Related Terms
National Refinery Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for National Refinery's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
KAR:NRL vs MPC, VLO, PSX: Debt-to-EBITDA Comparison
For the Oil & Gas Refining & Marketing subindustry, National Refinery's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Refinery Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Refinery's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where National Refinery's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
National Refinery (KAR:NRL) has a Debt-to-EBITDA of 0.90 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on National Refinery. This is 900% above median its historical median of 0.09. According to the industry distribution chart, National Refinery ranks #351 out of 720 companies in the Oil & Gas industry, placing it in the top 48.7%.
Is National Refinery's Debt-to-EBITDA too high?
National Refinery's current Debt-to-EBITDA of 0.90 is 900% above median its 10-year median of 0.09. The Oil & Gas industry median Debt-to-EBITDA is 1.93. National Refinery's value of 0.90 is 53.2% below this industry median. Based on the distribution chart, National Refinery ranks #351 out of 720 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, National Refinery has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Refinery's Debt-to-EBITDA compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, National Refinery ranks #351 out of 720 companies for Debt-to-EBITDA. This puts National Refinery in the upper half of its industry. The industry median Debt-to-EBITDA is 1.93. National Refinery's value of 0.90 is 53.2% below this benchmark. While the company's 10-year median is 0.09 vs. the industry median of 1.93, National Refinery has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 1.93, based on 720 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Refinery's current Debt-to-EBITDA of 0.90 is 53.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on National Refinery. For the Oil & Gas industry, the median Debt-to-EBITDA is 1.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Refinery's current Debt-to-EBITDA is 0.90, which is 900% above median its own 10-year median of 0.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Refinery stock overvalued right now?
Based on GuruFocus' analysis, National Refinery (KAR:NRL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨333.86, compared to a current price of ₨499.74 — trading 49.7% above its estimated fair value. The current Debt-to-EBITDA is 0.90, which is 900% above median its 10-year median of 0.09 and 53.2% below the Oil & Gas industry median of 1.93. National Refinery's overall GF Score™ is 68/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For National Refinery (KAR:NRL), the current Debt-to-EBITDA is 0.90 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Refinery (KAR:NRL) Overvalued in 2026?
Based on GuruFocus' analysis, National Refinery stock appears to be overvalued.
The current stock price of ₨499.74 is trading 49.7% above its estimated GF Value™ of ₨333.86.
GuruFocus considers National Refinery to be Significantly Overvalued.
Key valuation signals for KAR:NRL:
Debt-to-EBITDA: 0.90 (900% above median its 10-year median of 0.09)
GF Value™: ₨333.86 vs. price of ₨499.74 (49.7% above fair value)
Industry Position: 53.2% below the Oil & Gas median (#351 of 720)
No single metric tells the full story. See the KAR:NRL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Refinery Ltd is a Pakistan-based company engaged in manufacturing and supplying fuel products, lubes, BTX, asphalts and specialty products for domestic consumption and export. It is also involved in the crude oil refining business. The company operates through two segments namely Fuel and Lube. The Fuel segment, which is the key revenue driver, is engaged in the production of high-speed diesel, naphtha, motor gasoline, liquefied petroleum gas, jet fuels, and furnace oil. The Lube segment produces multiple grades of lube base oils, bitumen, waxes and rubber process oil and some quantities of other fuel products. It derives maximum revenue from Fuel Segment.
68GF Score
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