Last Twelve Months - Valuation101

What it does

Combines annual 10-K data with quarterly 10-Q bridge filings to produce trailing-twelve-month figures. The output maps directly to column B of Damodaran’s fcffsimpleginzu Input sheet.

LTM computation logic

Income statement items (revenue, operating income, interest expense, etc.):

LTM = Annual (10-K) + Current Bridge Quarter(s) − Prior Year Bridge Quarter(s)

Balance sheet items (total debt, cash, shares outstanding, etc.):

LTM = Most recent quarter-end snapshot (no summing)

Derived items (book value of equity, effective tax rate):

Computed from the assembled components

Output fields

Field	Damodaran cell	Description
revenues	B11	Total revenue (LTM)
operating_income	B12	Operating income / EBIT (LTM)
interest_expense	B13	Interest expense (LTM)
book_value_equity	B14	Shareholders’ equity (latest)
book_value_debt	B15	Total interest-bearing debt (latest)
cash	B18	Cash and short-term investments (latest)
shares_outstanding	B19	Diluted shares outstanding
current_stock_price	B20	Market price per share
effective_tax_rate	B21	Computed from provision / pre-tax income