TTM Calculator – Trailing Twelve Months

How to use the TTM calculator

What this calculator does

This calculator turns four consecutive quarterly observations into a trailing twelve-month measure. In Original TTM, TTM EPS, and TTM revenue modes, it adds the four values directly. In TTM P/E, TTM yield, and EV / TTM EBITDA modes, it first calculates that four-quarter total and then combines it with a current price or enterprise value. It is a calculation aid, not a forecast, valuation recommendation, or substitute for checking a company's filings and accounting definitions.

When to use it

Use it when the latest annual report is stale but newer quarterly reports are available; when comparing companies with different fiscal year-ends; when refreshing a price-to-earnings or enterprise-value multiple after a new quarter; or when calculating a dividend, free-cash-flow, or similar yield from the latest four reported quarters.

How to calculate

1. The calculator opens with a complete demonstration: four quarterly values of 28.40, 26.90, 25.60, and 24.10. The resulting TTM value is 105.00, and a validated example Excel workbook is available immediately.
2. Select TTM mode. Ratio modes reveal Current price or enterprise value.
3. Replace the four quarterly values with numbers from four consecutive reports, keeping units consistent. For example, do not mix millions of dollars with raw dollars.
4. Read the primary result, quarterly average, latest-quarter share, and the quarter-detail table. Then use Download Excel to export the current state.
5. Reset clears the demonstration and calculated content. Download Excel becomes unavailable until all required values are entered again.

Input guide

TTM mode is required and determines the formula and labels. Original TTM accepts any additive quarterly metric. TTM EPS expects per-share earnings, TTM revenue expects a consistent currency scale, TTM P/E requires quarterly EPS plus current share price, TTM yield requires quarterly per-share distributions or cash flow plus current share price, and EV / TTM EBITDA requires quarterly EBITDA plus current enterprise value. A common mistake is selecting a ratio mode while entering a numerator measured in a different unit from the current value.

Current price or enterprise value is required only for ratio modes. Enter a plain decimal using a period as the decimal separator, such as 125.00 or 2,500.50. It must be finite and greater than or equal to zero. In P/E and yield modes it represents current price per share; in EV / TTM EBITDA it represents enterprise value in the same currency scale as EBITDA. Higher price raises P/E but lowers yield; higher enterprise value raises EV/EBITDA. Do not enter a market-cap figure when the mode calls for enterprise value.

Last reported quarter, One quarter before, Two quarters before, and Three quarters before are all required finite decimals. Negative values are allowed because EPS, cash flow, and EBITDA can be negative. Use four consecutive quarters with matching definitions and units. Changing any quarter changes the TTM total one-for-one. Avoid mixing restated and non-restated data without reconciling them, and avoid adding balance-sheet point-in-time values that should be averaged rather than summed.

Output guide

Trailing twelve-month value is the exact sum of the four quarterly inputs in additive modes. In TTM P/E it is current price divided by TTM EPS; in TTM yield it is TTM per-share value divided by current price and shown as a percentage; and in EV / TTM EBITDA it is enterprise value divided by TTM EBITDA. A negative P/E or EV/EBITDA is mathematically possible when the denominator is negative but often has limited valuation meaning. A zero denominator makes those ratios undefined.

Latest quarter repeats the newest quarterly input. Quarterly average is the TTM sum divided by four. Latest-quarter share is the newest quarter divided by the TTM sum; it is shown only when the total is nonzero. The Quarter detail table lists each period, its entered value, its share of the four-quarter total, and the running TTM sum. These are identities derived from your inputs, not forecasts.

Worked example

With quarterly values of 28.40, 26.90, 25.60, and 24.10, the additive formula is TTM = 28.40 + 26.90 + 25.60 + 24.10 = 105.00. The quarterly average is 105.00 ÷ 4 = 26.25. The latest-quarter share is 28.40 ÷ 105.00 = 27.05%. If those numbers were quarterly EPS and the current share price were 210.00, the TTM P/E would be 210.00 ÷ 105.00 = 2.00.

Learn more

The U.S. Securities and Exchange Commission explains how investors can find company financial information in EDGAR filings. For the structure of quarterly reporting, review the SEC's guidance on Form 10-Q. The Financial Industry Regulatory Authority also provides an overview of evaluating stocks and valuation measures.