Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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 Max Financial Services's Debt-to-EBITDA or its related term are showing as below:
NSE:MFSL'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.01 Med: 1.2 Max: 5.78
Current: 5.78
During the past 13 years, the highest Debt-to-EBITDA Ratio of Max Financial Services was 5.78. The lowest was 0.01. And the median was 1.20.
NSE:MFSL's Debt-to-EBITDA is ranked worse than 92.19% of 320
companies
in the Insurance industry
Industry Median: 1.21
vs NSE:MFSL: 5.78
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.
Max Financial Services Debt-to-EBITDA Related Terms
Max Financial Services Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Max Financial Services'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.
NSE:MFSL vs AFL, MET, PRU: Debt-to-EBITDA Comparison
For the Insurance - Life subindustry, Max Financial Services'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.
Max Financial Services Debt-to-EBITDA vs Insurance Industry
For the Insurance industry and Financial Services sector, Max Financial Services's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Max Financial Services'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.
Max Financial Services (NSE:MFSL) has a Debt-to-EBITDA of -239.67 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 Max Financial Services. Over the past decade, Max Financial Services' Debt-to-EBITDA has ranged from 0.01 to 5.78. According to the industry distribution chart, Max Financial Services ranks #295 out of 320 companies in the Insurance industry, placing it in the top 92.2%.
Is Max Financial Services' Debt-to-EBITDA too high?
Max Financial Services' current Debt-to-EBITDA is -239.67. Over the past 10 years, this metric has ranged from a low of 0.01 to a high of 5.78. Based on the distribution chart, Max Financial Services ranks #295 out of 320 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Max Financial Services has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Max Financial Services' Debt-to-EBITDA compare to AFL and MET?
According to the Insurance industry distribution chart, Max Financial Services ranks #295 out of 320 companies for Debt-to-EBITDA. This places Max Financial Services in the lower half of its industry. The industry median Debt-to-EBITDA is 1.21. Historically, Max Financial Services' own Debt-to-EBITDA has ranged from 0.01 to 5.78 over the past decade. 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 Insurance company?
The median Debt-to-EBITDA among Insurance companies is 1.21, based on 320 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. 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 Max Financial Services. For the Insurance industry, the median Debt-to-EBITDA is 1.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Max Financial Services's current Debt-to-EBITDA is -239.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Max Financial Services stock overvalued right now?
Based on GuruFocus' analysis, Max Financial Services (NSE:MFSL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹1,286.28, compared to a current price of ₹1,497.40 — trading 16.4% above its estimated fair value. The current Debt-to-EBITDA is -239.67. Max Financial Services' overall GF Score™ is 77/100 with 3 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 Max Financial Services (NSE:MFSL), the current Debt-to-EBITDA is -239.67 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 Max Financial Services (NSE:MFSL) Overvalued in 2026?
Based on GuruFocus' analysis, Max Financial Services stock appears to be overvalued.
The current stock price of ₹1,497.40 is trading 16.4% above its estimated GF Value™ of ₹1,286.28.
GuruFocus considers Max Financial Services to be Modestly Overvalued.
Key valuation signals for NSE:MFSL:
Debt-to-EBITDA: -239.67
GF Value™: ₹1,286.28 vs. price of ₹1,497.40 (16.4% above fair value)
No single metric tells the full story. See the NSE:MFSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Max Financial Services Ltd is a non-bank private life insurance company. Max Group entities are Max Life Insurance Company, Max India, and Max Venture & Industries. Max Life Insurance Company is co-owned by Max Financial Services and Mitsui Sumitomo Insurance, a Japanese life insurance company. Max India offers healthcare and health insurance. The Max-Ventures and Industries division is an entrepreneurial division that helps the government with economic and commercial efforts. The company's operating segment involves Business Investment and Life Insurance. It generates majority of revenue from Life Insurance segment.
77GF Score
Get the complete analysis for NSE:MFSL
Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:MFSL has been successfully added to your 
