Trailing Twelve Months (TTM) Calculator

Trailing Twelve Months (TTM) gives you a rolling annual figure that is more current than the last fiscal year and more stable than a single quarter. Investors, analysts, and acquirers almost always use TTM when the fiscal year ended more than a few months ago.

The simplest calculation:

TTM = Q1 + Q2 + Q3 + Q4 (your four most recent quarters)

If your fiscal year ends December 31 and it is now May, your last full fiscal year data is already five months stale. A company’s trajectory can shift substantially in five months. TTM captures the most current picture without waiting for year-end.

You will also see TTM calculated as an adjustment to the annual figure:

TTM = Last Full Year + Recent Quarter - Same Quarter Last Year

This is useful when you have annual financials plus one additional quarter. Both methods should give the same result if quarterly data is consistent.

The most common TTM metrics are revenue, gross profit, EBITDA, and earnings per share. When a startup pitches at “5x revenue,” the investor means 5x TTM revenue — not last year’s and not next year’s projected.

TTM is also called LTM — Last Twelve Months. The terms are interchangeable. Some industries prefer one abbreviation over the other, but the math is identical.

One thing to watch: TTM smooths out seasonality by including all four seasons. That is usually helpful for comparisons, but it can mask a business that is accelerating or decelerating sharply. A company that grew 200% in its most recent quarter will have a TTM that looks much slower. In those cases, analysts also report the most recent quarter annualized (MRQ x 4) to show the current run rate.

For SaaS and subscription businesses, TTM revenue is often compared directly to ARR. If TTM revenue and ARR diverge significantly, it usually means the business is adding or losing customers faster than the annual cohort implies.