> ## Documentation Index
> Fetch the complete documentation index at: https://valuation-101.com/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Last Twelve Months

> Compute trailing-12-month financials from SEC filings for Damodaran's Input sheet column B.

## 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 |