TTM Calculator: Trailing Twelve Months Revenue, Earnings or EPS
Calculate trailing-twelve-month (TTM) revenue, earnings, EBITDA or EPS from last fiscal year + YTD − prior YTD, from 4 quarters or from a monthly list, with growth and TTM P/E.
How it works
TTM = last full fiscal year + current YTD − prior-year YTD · TTM = Q1 + Q2 + Q3 + Q4 (latest four quarters) · TTM = sum of the latest 12 months · run rate = YTD × 12 ÷ months in YTD · TTM EPS = TTM net income ÷ diluted shares
Trailing twelve months (TTM, also called LTM, last twelve months) is a company’s revenue, earnings, EBITDA, cash flow or EPS for the most recent 12 months, whatever the fiscal calendar. Analysts use it so that a valuation multiple such as P/E or EV/EBITDA uses the newest full year of results instead of an annual report that may be up to a year old. There are two standard ways to build it. From filings: take the last annual figure, add the year-to-date figure from the latest quarterly report and subtract the same months of the previous year, which the quarterly report shows in its comparison column. The months you subtract are already inside the annual total, so they are removed to avoid counting them twice. From quarters: add the four latest consecutive quarters. Both give the same answer when the quarters are reported consistently. A third option here sums the latest 12 of a monthly list and draws the rolling TTM, which is useful for your own business data. TTM works for flow items (revenue, costs, profit, cash flow), not for balance-sheet items such as cash or debt, which are taken from the latest balance sheet. Unlike an annualized run rate (YTD × 12 ÷ months), TTM uses 12 real months, so seasonal swings do not distort it. The annualized-return calculator answers a different question: it converts an investment’s total return over any period into a yearly rate.
Worked example
A company reported $4,800,000 of revenue for its last fiscal year. Its third-quarter report shows $3,900,000 for the first 9 months of this year against $3,450,000 for the same 9 months last year. TTM = $4,800,000 + $3,900,000 − $3,450,000 = $5,250,000. That is the last 3 months of the previous year ($4,800,000 − $3,450,000 = $1,350,000) plus this year’s 9 months. TTM is 9.38% above the last fiscal year, YTD growth is 13.04%, and the simple run rate $3,900,000 × 12 ÷ 9 = $5,200,000 is a little lower than TTM.
Sources: Wall Street Prep: TTM (Trailing Twelve Months), formula and Alphabet example · Corporate Finance Institute: Trailing twelve months (TTM) definition and example · Xero glossary: TTM, fiscal-year and quarterly methods
Frequently asked questions
What does TTM mean?
Trailing twelve months: the total of a figure such as revenue or net income over the 12 months that end with the latest reported period. It is the same idea as LTM (last twelve months).
How do you calculate TTM from a 10-K and a 10-Q?
Take the annual figure from the 10-K, add the year-to-date figure from the latest 10-Q and subtract the prior-year year-to-date figure shown next to it. For example $120 million + $35 million − $30 million = $125 million.
Is TTM the same as the sum of the last four quarters?
Yes. Adding the last four consecutive quarters gives the same TTM as the fiscal-year method, as long as no quarter is restated. Companies often do not publish the fourth quarter on its own, which is why the fiscal-year method is common.
What is TTM EPS and TTM P/E?
TTM EPS is net income for the last 12 months divided by the weighted diluted share count; adding the last four quarterly EPS figures gives nearly the same result. TTM P/E is the share price divided by TTM EPS. Enter shares and price under More options to get both.
What is the difference between TTM and annualized figures?
TTM adds 12 actual months. An annualized (run-rate) figure scales a shorter period up to a year, for example 9 months × 12 ÷ 9, so it assumes the remaining months look like the ones you have, which is wrong for seasonal businesses.
Can I use TTM for balance-sheet items?
No. Assets, debt and cash are snapshots at a date, so you take them from the latest balance sheet. TTM only applies to figures that build up over time, such as revenue, expenses, profit and cash flow.
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For information only. Check every figure against the company’s own filings; this is not investment advice.