TTM Calculator – Trailing Twelve Months

Calculate a trailing twelve months (TTM) figure for revenue, EPS, EBITDA, or any other financial metric using TTM = last fiscal year total + current year-to-date − prior-year year-to-date.

Quick Facts

Formula
TTM = FY + Current YTD − Prior YTD
Adds the latest stub period to the last full fiscal year and removes the matching stub period from a year ago, so TTM always spans exactly 12 rolling months.
Common uses
TTM revenue, EPS, EBITDA, free cash flow
Analysts build valuation multiples like P/E and EV/EBITDA on TTM figures so they reflect the most current 12 months instead of a stale fiscal year-end.

Your Results

Calculated
Trailing Twelve Months (TTM) Value
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FY + current YTD − prior YTD
Growth vs. Prior Fiscal Year
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(TTM − FY) ÷ FY
Average per Month
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TTM ÷ 12 months
Stub-Period YTD Growth
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Current YTD vs. prior-year YTD

Ready

Enter your fiscal year total and both year-to-date figures, then press Calculate.

How the TTM Calculator works

Trailing twelve months (TTM) is a way of reporting a full year of financial activity — revenue, earnings per share, EBITDA, free cash flow, or any other metric — measured from today backward, instead of waiting for the fiscal year to close. Rather than summing twelve individual months, most analysts build TTM from figures companies already report: the last full fiscal year total and two year-to-date (YTD) snapshots.

The formula

TTM = Last full fiscal year value + Current year-to-date value − Prior-year year-to-date value (same months)

The logic: start with the last complete fiscal year. Add back the months that have elapsed so far this year (the current YTD). Then subtract the same stretch of months from a year ago (the prior YTD), since those months are already baked into the fiscal-year total but are no longer part of the most recent twelve months. What's left is exactly twelve rolling months of activity, updated every time a new quarter is reported.

Worked example

Suppose a company reported $1,000,000 in revenue for its last full fiscal year. Through the third quarter of the current year it has booked $780,000 (current YTD), versus $720,000 through the same nine months a year earlier (prior YTD). TTM revenue = $1,000,000 + $780,000 − $720,000 = $1,060,000 — a 6% increase over the fiscal year, averaging about $88,333 per month across the trailing period.

Why not just use year-to-date figures?

A year-to-date number only reflects however many months have passed since the fiscal year began, so it understates a full year of activity and cannot be fairly compared across companies with different fiscal year ends or different points in their reporting calendar. TTM always covers a full twelve months regardless of when it's calculated, which is why analysts prefer it for valuation multiples such as price-to-earnings (P/E) and EV/EBITDA — it reflects the most current data available without waiting for the next audited fiscal year-end.

What moves the TTM figure

  • Stub-period growth: if the current YTD figure is higher than the prior-year YTD for the same months, TTM rises above the fiscal-year total; if it's lower, TTM falls below it.
  • The quarter rolling out: a rising TTM number can come from strong recent performance, or simply from a weak period a year ago dropping out of the twelve-month window — check both directions before concluding growth is accelerating.
  • One-time items: unusual gains, asset sales, or restructuring charges embedded in the fiscal-year or YTD figures flow straight into the TTM number unless they're identified and removed separately.

Frequently Asked Questions

How is the TTM (trailing twelve months) value calculated?
TTM = Last full fiscal year value + Current year-to-date value − Prior-year year-to-date value (for the same months). This adds the freshest partial-year activity to the last full fiscal year and removes the same partial period from a year ago, so the result always covers exactly 12 rolling months.
Why not just use the current year-to-date figure instead of TTM?
A year-to-date figure only covers however many months have passed since the fiscal year started, so it understates a full year of activity and is not comparable across different points in the year. TTM always spans a full 12 months no matter when you calculate it, which makes it comparable quarter to quarter.
What is TTM used for?
Analysts use TTM revenue, EPS, EBITDA, or free cash flow to build valuation multiples such as price-to-earnings or EV/EBITDA off the most current 12 months of data, instead of a fiscal year-end figure that can be many months stale.
What happens if the current YTD equals the prior-year YTD?
If the current year-to-date figure exactly matches the prior-year year-to-date figure, the stub-period growth is 0% and the TTM value equals the last full fiscal year value exactly, since the added and subtracted amounts cancel out.

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