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Stock markets compared by net debt to EBITDA

Data as of .

ND/EBITDA by market and sector

Cap-weighted across companies, at the cockpit's default liquidity gate ($50M a day); local currency. Ranked by the All-sectors column. Data as of 6 Nov 2026.
MarketAll sectorsCommunication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilities
Hong Kong-1.0×-0.7×-1.6×—0.2×—-2.7×0.6×-1.2×0.1×——
Taiwan-0.8×——————-0.0×-0.7×-3.1×——
South Korea-0.1×——————2.9×-0.7×———
Australia0.0×————————0.0×——
China0.1×-0.6×2.0×3.8×0.2×—-3.0×0.2×-1.9×1.1×—7.1×
India0.1×—0.3×———1.1×0.8×-0.6×———
Japan0.4×0.9×0.1×1.5×——0.2×0.7×-0.4×2.1×——
Sweden0.7×——————0.7×————
Canada0.8×4.2×1.5×—0.4×——2.7×-1.7×0.0×—6.3×
France1.2×—1.1×2.2×———0.9×0.8×———
United States1.3×1.9×2.2×2.2×1.2×—1.6×1.9×0.2×1.9×—5.7×
Italy1.4×——————1.4×————
Switzerland1.4×—————1.6×0.9×————
Netherlands1.8×——3.0×———-0.9×2.0×———
United Kingdom2.1×——2.5×——1.9×1.8×————
Germany2.3×—5.7×————1.2×————
Spain————————————
Singapore————————————
Denmark————————————
Norway————————————
Finland————————————
Poland————————————
All markets1.0×1.6×1.8×2.4×0.9×—1.3×1.4×-0.1×1.2×—5.9×

Other measures: market capitalisation · market cap to GDP · number of listed companies · forward P/E · P/E ratio · price-to-book · EV/sales · free cash flow yield · revenue growth · EPS growth · operating margin · return on capital · share of profitable companies · share of companies expanding margins · share of companies with accelerating revenue · ROIC minus WACC · ROIC · growth the price implies (Req g) · growth hurdle · cost of capital (WACC) · EV/EBITDA · share of companies burning cash · capex intensity · 1-week return · 1-month return · 3-month return · 6-month return · year-to-date return · 1-year return · breadth (share above the 50-day average).

Questions

Which stock market has the lowest net debt to EBITDA?
Hong Kong, at -1.0× (cap-weighted, as of 6 Nov 2026), followed by Taiwan (-0.8×) and South Korea (-0.1×).