EBITDA Margin Calculator
From EBITDA and revenue, compute the EBITDA margin — core operating cash profitability per revenue dollar.
輸入資料
計算結果
重點速覽：EBITDA margin = EBITDA / revenue x 100%. It adds back depreciation/amortisation vs operating margin, closer to cash generation and more comparable across asset structures/policies. Excludes interest/tax for operating comparison across capital structures. WARNING: Ignores capex consumption — overstates profit for asset-heavy firms; not a substitute for net income/FCF; cross-industry limited. Education, not advice.
計算公式
EBITDA 利潤率 = EBITDA ÷ 營收 × 100%。
$$\text{EBITDA 利潤率} = \dfrac{\text{EBITDA}}{\text{營收}} \times 100\%$$使用說明
- Enter EBITDA.
- Enter total revenue.
- View the EBITDA margin.
營收固定 2,000,000 時，不同 EBITDA 對應的 EBITDA 利潤率。
| EBITDA | 營收 | EBITDA 利潤率 |
|---|---|---|
| 300,000 | 2,000,000 | 15% |
| 450,000 | 2,000,000 | 22.5% |
| 570,000 | 2,000,000 | 28.5% |
| 700,000 | 2,000,000 | 35% |
| 900,000 | 2,000,000 | 45% |
理財情境案例
案例一：同樣 28.5% 利潤率，實際獲利可能天差地別
甲、乙兩間公司營收都是 200 萬、EBITDA 都是 57 萬，EBITDA 利潤率同為 570,000 ÷ 2,000,000 = 28.5%。
但甲是輕資產的服務公司，折舊攤銷只有 10 萬，扣除後 EBIT = 47 萬，EBIT 利潤率 23.5%；乙是重資產的製造 / 基建公司，折舊攤銷高達 40 萬，扣除後 EBIT 只有 17 萬，EBIT 利潤率跌至 8.5%。
兩者 EBITDA 利潤率一模一樣，但真實獲利能力相差甚遠。這正是 EBITDA 利潤率的盲點——它忽略了資本開支的長期消耗，對重資產公司會高估獲利，務必結合 EBIT、淨利與自由現金流一起看。
案例二：用 EBITDA 利潤率做同業比較
一名投資者比較兩間香港電訊公司。A 公司營收 200 萬、EBITDA 90 萬，利潤率 45%；B 公司營收 200 萬、EBITDA 45 萬，利潤率 22.5%。
因為 EBITDA 利潤率排除了利息 (資本結構)、稅 (稅制) 與折舊攤銷 (會計政策) 的影響，兩間即使負債與稅務不同，也能在營運層面公平對照。A 的營運現金獲利能力明顯較強，可能來自定價力或成本控制較佳。
但投資者提醒自己：電訊屬重資產行業，高 EBITDA 利潤率未必等於高自由現金流。他進一步查看兩公司的資本開支與 EV/EBITDA 估值倍數，才做最終判斷。
常見問題
How is EBITDA margin different from operating margin?
Operating margin's numerator is operating profit (EBIT, after depreciation/amortisation); EBITDA margin adds those non-cash items back, so it is usually higher and closer to cash. For asset-heavy firms the gap is large; view both to see capex's profit impact.
Why is EBITDA margin used in valuation?
It removes interest (capital structure), tax (regime) and depreciation/amortisation (policy, historical capex) effects, enabling fair operating comparison and EV/EBITDA multiples. But since it ignores capex, pair with free cash flow.
Does a high EBITDA margin mean the firm is profitable?
Not necessarily. EBITDA adds back depreciation/amortisation; for firms needing heavy ongoing investment (telecom, infrastructure), capex is the real long-term cost. High EBITDA margin minus capex and interest/tax may leave little or a loss. It reflects operating cash profitability; final profit needs net income and FCF.
Which HK industries have high EBITDA margins, and what is good?
No universal 'good' — compare with peers and history. Software/platforms, telecom, toll infrastructure, some utilities can reach 30%-50%+ from scale/pricing power; retail, F&B, trading may be single digits to ~15%. Watch the trend (rising = improving) and relative peer position, not the absolute number; cross-industry comparison is limited.
Why EV/EBITDA instead of P/E?
EV/EBITDA uses enterprise value (equity + net debt) over EBITDA, removing capital-structure, tax and depreciation-policy effects so firms with different debt/tax/depreciation compare on a common basis and are less distorted by one-off non-cash items — widely used in M&A, LBO and cross-market comparison. P/E uses net income and price, affected by interest, tax and depreciation. Both have uses: EV/EBITDA for overall operating valuation, P/E for shareholder earnings; often referenced together.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。