Why EBITDA Matters
- The Core Business: EBITDA strips away the effects of financing decisions (Interest), government rates (Taxes), and accounting rules (Depreciation/Amortization). It shows how much cash the core business operations are actually generating.
- Valuation Multiples: When a company is bought or sold, it is rarely valued on Net Income. Buyers use an "EBITDA Multiple" (e.g., 5x EBITDA or 10x EBITDA) to determine the enterprise value.
- The Flaw of EBITDA: Warren Buffett famously hates EBITDA. As he says, "Does management think the tooth fairy pays for capital expenditures?" Depreciation is a real expense—machines break and must be replaced. Ignoring depreciation can make a capital-intensive business look far more profitable than it really is.