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National RefineryKAR:NRL +2.96%69 EV-to-EBITDA is 3.25 as of Aug. 24, 2026, which is 6% below its 10-year median of 3.45. GuruFocus rates KAR:NRL with a GF Score™ of 69/100 and a GF Value™ of ₨334.36 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 776 Oil & Gas companies, National Refinery ranks better than 84.79% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, National Refinery's enterprise value is ₨95,260 Mil.
National Refinery's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was ₨29,292 Mil. Therefore, National Refinery's EV-to-EBITDA for today is 3.25.
The historical rank and industry rank for National Refinery's EV-to-EBITDA or its related term are showing as below:
KAR:NRL'
s EV-to-EBITDA Range Over the Past 10 Years
Min: -904.85 Med: 3.45 Max: 57.48
Current: 3.25
During the past 13 years, the highest EV-to-EBITDA of National Refinery was 57.48. The lowest was -904.85. And the median was 3.45.
KAR:NRL's EV-to-EBITDA is ranked better than 84.79% of 776
companies
in the Oil & Gas industry
Industry Median: 7.61
vs KAR:NRL: 3.25
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
National Refinery (KAR:NRL) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
National Refinery's PE Ratio (TTM) for today is calculated as:
National Refinery's share price for today is ₨526.29.
National Refinery's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₨108.680.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for National Refinery's EV-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.
For the Oil & Gas Refining & Marketing subindustry, National Refinery's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Refinery's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where National Refinery's EV-to-EBITDA falls into.
National Refinery's current Enterprise Value is ₨95,260 Mil.
National Refinery's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₨29,292 Mil.
* 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.
National Refinery (KAR:NRL) has a EV-to-EBITDA of 3.25 as of Aug. 24, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on National Refinery. This is near median its historical median of 3.45. According to the industry distribution chart, National Refinery ranks #118 out of 776 companies in the Oil & Gas industry, placing it in the top 15.2%.
Is National Refinery's EV-to-EBITDA too high?
National Refinery's current EV-to-EBITDA of 3.25 is near median its 10-year median of 3.45. The Oil & Gas industry median EV-to-EBITDA is 7.61. National Refinery's value of 3.25 is 57.3% below this industry median. Based on the distribution chart, National Refinery ranks #118 out of 776 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, National Refinery has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Refinery's EV-to-EBITDA compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, National Refinery ranks #118 out of 776 companies for EV-to-EBITDA. This places National Refinery in the top 15% of its industry — outperforming the majority of peers. The industry median EV-to-EBITDA is 7.61. National Refinery's value of 3.25 is 57.3% below this benchmark. While the company's 10-year median is 3.45 vs. the industry median of 7.61, 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 EV-to-EBITDA for an Oil & Gas company?
The median EV-to-EBITDA among Oil & Gas companies is 7.61, based on 776 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Refinery's current EV-to-EBITDA of 3.25 is 57.3% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on National Refinery. For the Oil & Gas industry, the median EV-to-EBITDA is 7.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Refinery's current EV-to-EBITDA is 3.25, which is near median its own 10-year median of 3.45. 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 ₨334.36, compared to a current price of ₨526.29 — trading 57.4% above its estimated fair value. The current EV-to-EBITDA is 3.25, which is near median its 10-year median of 3.45 and 57.3% below the Oil & Gas industry median of 7.61. National Refinery's overall GF Score™ is 69/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For National Refinery (KAR:NRL), the current EV-to-EBITDA is 3.25 as of Aug. 24, 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 ₨526.29 is trading 57.4% above its estimated GF Value™ of ₨334.36.
GuruFocus considers National Refinery to be Significantly Overvalued.
Key valuation signals for KAR:NRL:
EV-to-EBITDA: 3.25 (near median its 10-year median of 3.45)
GF Value™: ₨334.36 vs. price of ₨526.29 (57.4% above fair value)
Industry Position: 57.3% below the Oil & Gas median (#118 of 776)
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.
69GF Score
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