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Trailing Twelve Months (TTM)

OVERVIEW

Trailing Twelve Months (TTM) is a financial measurement technique that evaluates a company's operational performance over the last 12 consecutive months, providing a continuous, rolling snapshot of financial health. Unlike a fiscal year, which rigidly resets at the end of a 12-month accounting cycle, TTM updates dynamically after every quarterly earnings report.

Note

TTM is backward-looking and does not incorporate forward guidance or macroeconomic projections. Treat it as a current run-rate reference, not a forecast.

Tapeboard surfaces TTM metrics across screeners, company pages, and valuation panels to ensure all ratios reflect the most recently reported data rather than stale fiscal year figures.

FEATURES

Metric TTM Behavior Balance Sheet Behavior
Revenue Rolling 4-quarter sum Not applicable
EPS Rolling 4-quarter sum Not applicable
EBITDA Rolling 4-quarter sum Not applicable
Free Cash Flow Rolling 4-quarter sum Not applicable
Total Debt Direct latest-quarter snapshot Point-in-time value
Total Assets Direct latest-quarter snapshot Point-in-time value

Tip

When comparing companies with different fiscal year end dates, always use TTM metrics in Tapeboard to align both companies on an equivalent 12-month window.

Key valuation multiples powered by TTM data in Tapeboard:

  • P/E Ratio — Share price divided by TTM EPS
  • EV/EBITDA — Enterprise value divided by TTM EBITDA
  • Price/Sales — Market cap divided by TTM revenue
  • Price/FCF — Share price divided by TTM free cash flow per share

HOW TO USE

TTM Calculation Formula

Tapeboard computes TTM figures using the following method for all income statement and cash flow items:

TTM = Full Fiscal Year (FY) - Prior Year Matching Quarter + Most Recent Quarter

Step-by-step example using MSFT Q1 2024:

  1. Retrieve FY 2023 data — Full year revenue: $211.9B | EPS: $9.66
  2. Subtract prior year matching quarter (Q1 2023) — Revenue: $50.1B | EPS: $2.35
  3. Add most recent quarter (Q1 2024) — Revenue: $65.6B | EPS: $2.99
Output Calculation Result
TTM Revenue $211.9B − $50.1B + $65.6B $227.4B
TTM EPS $9.66 − $2.35 + $2.99 $10.30
TTM P/E (at $330) $330 ÷ $10.30 32.03×

Interpreting TTM on Tapeboard

  • Open any company page and select the Financials tab to view TTM columns alongside quarterly and annual figures.
  • In the Screener, filter by TTM metrics such as TTM Revenue Growth or TTM P/E to isolate companies by current run-rate performance.
  • Use the Valuation Panel to toggle between TTM, NTM (next twelve months), and fiscal year multiples for direct comparison.

Note

If a company completed a major acquisition recently, the TTM figure blends pre- and post-acquisition performance. Use the Segment Breakdown view to isolate organic growth where available.

Adjusting for Non-Recurring Items

One-time events such as legal settlements or asset sales can distort TTM figures. To view adjusted TTM metrics in Tapeboard:

  1. Open the company's Financials tab.
  2. Select Adjusted View in the top toolbar.
  3. Tapeboard applies non-GAAP adjustments sourced from company filings to remove one-time items from the TTM calculation.

KEYBOARD SHORTCUTS

Action Shortcut
Toggle TTM / Annual view on Financials tab T
Open Valuation Panel V
Switch between TTM, NTM, and FY multiples [ / ]
Add TTM metric to Screener filter Shift + F
Export TTM data to CSV Shift + E