TTM Calculator - Trailing Twelve Months
Trailing Twelve Months (TTM) gives you a rolling 12-month view of any financial metric, always anchored to the most recent data rather than a fixed fiscal year. Enter the last four quarterly figures for revenue, earnings, EBITDA, or another metric and the calculator returns the TTM total. Switch modes to compute the TTM P/E ratio, EV/EBITDA multiple, or dividend and free-cash-flow yield instantly.
What is Trailing Twelve Months (TTM)?
Trailing Twelve Months, or TTM, is a rolling measurement window that always covers the most recent 12 months of reported financial data. Unlike a fiscal year figure, which is fixed at the calendar close of December or whenever a company ends its financial year, TTM updates every time a new quarterly result is published. After a company reports Q2 earnings, the TTM figure drops Q2 from one year ago and adds the newly reported Q2, so the window rolls forward. This makes TTM useful for valuation work, M&A analysis, and lender underwriting because it reflects the business as it stands today, not nine or twelve months ago.
How to calculate TTM: two methods
Method 1 - Sum of four quarters: add the most recent four reported quarterly figures together. This is the fastest method when you have quarterly data already broken out. TTM Revenue = Q(t) + Q(t-1) + Q(t-2) + Q(t-3), where t is the most recent quarter. Method 2 - Annual + YTD shortcut: start with the most recent full-year (10-K) figure, add the current year-to-date (YTD) figure, then subtract the prior-year YTD figure for the same period. TTM = Full-Year Fiscal Data + Current YTD - Prior-Year YTD. For example, if a company reported $1,200M in full-year revenue, $320M in Q1 of the current year, and $285M in Q1 of the prior year, TTM revenue is $1,200M + $320M - $285M = $1,235M. Both methods give the same result when data is consistent.
TTM in valuation multiples
Most publicly quoted valuation multiples use TTM as the denominator because it is always based on actual reported numbers rather than forecasts. The trailing P/E ratio divides the current stock price by TTM EPS, giving a fact-based valuation that can be compared across time. EV/EBITDA uses TTM EBITDA and the current enterprise value, which is market cap plus net debt. Dividend yield uses TTM dividends per share divided by the stock price; free cash flow yield replaces dividends with TTM FCF per share. All of these metrics require the same four-quarter rolling sum for the denominator. The alternative is NTM (Next Twelve Months), which uses analyst forecasts instead of actual data and is subject to revision risk.
TTM vs. fiscal year vs. LTM: key differences
TTM and LTM (Last Twelve Months) mean exactly the same thing and the terms are used interchangeably by Wall Street and most financial databases. The distinction worth understanding is TTM versus a fixed fiscal year. A company with a December fiscal year end that reports Q1 results in May is providing data through March. Its TTM figure covers April of the prior year through March of the current year, which is five months more recent than the fiscal year ending December. In a fast-moving business, five months can be the difference between a growth story and a deteriorating one. That is why investment bankers, credit analysts, and public equity investors nearly always use TTM figures for current valuation work rather than the stale fiscal-year numbers.
Common TTM valuation benchmarks
| Metric | Low | Moderate | Elevated | High |
|---|---|---|---|---|
| TTM P/E ratio | Below 10x | 10-20x | 20-30x | Above 30x |
| EV / TTM EBITDA | Below 8x | 8-15x | 15-25x | Above 25x |
| TTM Dividend Yield | Below 1% | 1-4% | 4-7% | Above 7% |
| TTM FCF Yield | Below 2% | 2-6% | 6-10% | Above 10% |
Approximate ranges used by equity analysts for large-cap U.S. stocks. Individual sectors vary widely.
Frequently asked questions
What does TTM mean in finance?
TTM stands for Trailing Twelve Months. It refers to a rolling 12-month measurement window anchored to the most recent reported data. Every time a company releases a new quarterly result, the TTM window advances by one quarter, dropping the oldest quarter and adding the newest. This keeps the metric current regardless of when a company's fiscal year ends.
How do I calculate TTM revenue?
Add the revenue figures for the four most recently reported quarters. If you only have annual data, use the shortcut: TTM Revenue = Most Recent Annual Revenue + Current Year-to-Date Revenue - Prior Year Same-Period Revenue. Both methods produce the same result. This calculator does both automatically: enter four quarterly values in Revenue mode for the direct sum.
Is TTM the same as LTM?
Yes. TTM (Trailing Twelve Months) and LTM (Last Twelve Months) mean exactly the same thing and are used interchangeably. You will see LTM more often in investment banking pitch books and merger models, while TTM appears more often in retail brokerage platforms and earnings databases.
What is a TTM P/E ratio and is it different from the regular P/E?
A TTM P/E ratio uses trailing twelve-month earnings per share in the denominator, which is actual reported data. A forward P/E uses analyst estimates for the next twelve months. When people say "P/E ratio" without qualification they usually mean the TTM version. The TTM P/E is more conservative and fact-based; the forward P/E can be lower if analysts expect earnings growth, but it is subject to estimate revisions.
When is TTM not the best metric to use?
TTM looks backward, so it can mislead in two situations. First, at cyclical turning points: a company's TTM EBITDA may be near a peak or a trough because the business cycle is inflecting, making the multiple look cheap or expensive when it is not on a normalized basis. Second, after a major transaction like an acquisition or a divestiture, the TTM figures blend old and new structures that may not be comparable. In those cases, analysts adjust TTM to a pro-forma basis or switch to forward estimates.
What is a good EV/EBITDA multiple?
There is no universal "good" multiple. EV/EBITDA varies by industry, growth rate, and capital intensity. For large U.S. industrial companies, 8-12x is typical. Software and technology companies with high growth often trade at 20-40x. Capital-intensive businesses such as utilities typically trade below 10x. The most useful comparison is to sector peers and to the company's own historical range, not an absolute threshold.
How is dividend yield different from FCF yield?
Dividend yield measures the cash income paid to shareholders as a percentage of the stock price. FCF yield measures total free cash flow generated per share as a percentage of the stock price, regardless of how much is paid out. A company can have a high FCF yield but a low dividend yield if it retains most of its cash for buybacks or reinvestment. FCF yield is generally considered the more fundamental measure of value since dividends can be cut but free cash flow reflects the underlying business economics.