Overview

Simply put, the Trailing Twelve Months (TTM) - or sometimes Last Twelve Months (LTM) - is the 12 months preceding a "cut off" date. As part of your valuation process we will frequently request TTM data for your financial statements.

TTM Periods

For our purposes, we almost always ask for the TTM period on the LAST day of the most recently closed month. Here is what the periods look like for FY21... and the dates you would use to pull financials.

TTM Ending

Start Date

End Date

January 2022

2/1/2021

1/31/2022

February 2022

3/1/2021

2/28/2022

March 2022

4/1/2021

3/31/2022

April 2022

5/1/2021

4/30/2022

May 2022

6/1/2021

5/31/2022

June 2022

7/1/2021

6/30/2022

July 2022

8/1/2021

7/31/2022

August 2022

9/1/2021

8/31/2022

September 2022

10/1/2021

9/30/2022

October 2022

11/1/2021

10/31/2022

November 2022

12/1/2021

11/30/2022

December 2022

NA =Full Year

NA =Full Year

Why TTM?

TTM helps us get a current view point on the company's performance. Additionally:

  • TTM Helps us compare performance to prior, full year's performance (for example, comparing 5 months of this year's earnings to the full year last year is not meaningful)

  • TTM is considered useful in assessing the most recent business performance indicative of the company‚Äôs current trend

  • It's figures are more current than the fiscal or annual financial statements, which helps to avoid potentially misleading short-term measurements >> Much more so than simply annualizing a partial year performance!

  • It is useful for comparing the relative performance of similar companies within an industry or sector

The LTM time frame is sufficient to provide analysts and investors with financial metrics that are not inappropriately influenced or distorted by factors such as seasonality or brief market or economic turndowns.

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