EBITDA Calculator (Earnings Before Interest, Tax, Depreciation & Amortization)
From EBIT plus depreciation and amortisation, compute EBITDA — a cash-closer proxy for operating earnings.
輸入資料
計算結果
重點速覽：EBITDA = EBIT + depreciation + amortisation. It adds back non-cash depreciation/amortisation to approximate operating cash, widely used for cross-company comparison (asset-heavy) and valuation (EV/EBITDA). WARNING: It ignores capex (asset replacement) and working capital, so for asset-heavy firms it overstates sustainable cash; not free cash flow. Read with capex, FCF and net income. Education, not advice.
計算公式
EBITDA = EBIT + 折舊 + 攤銷。
$$\text{EBITDA} = \text{EBIT} + \text{Depreciation} + \text{Amortization}$$$$\text{EV/EBITDA} = \dfrac{\text{Enterprise Value}}{\text{EBITDA}}$$使用說明
- Enter EBIT (operating profit before interest and tax).
- Enter depreciation and amortisation.
- View EBITDA.
以 EBIT 固定為 HK$470,000 為例，折舊與攤銷合計不同時對應的 EBITDA。折舊攤銷越大 (重資產)，EBITDA 相對 EBIT 的加成越明顯。
| EBIT (HK$) | 折舊 + 攤銷 (HK$) | EBITDA (HK$) |
|---|---|---|
| 470,000 | 50,000 | 520,000 |
| 470,000 | 100,000 | 570,000 |
| 470,000 | 150,000 | 620,000 |
| 470,000 | 200,000 | 670,000 |
理財情境案例
個案一:電訊商的高 EBITDA 與現金落差
一家電訊營運商 EBIT HK$1,200,000，年度折舊 HK$900,000、攤銷 HK$300,000。EBITDA = 1,200,000 + 900,000 + 300,000 = HK$2,400,000，看似非常亮麗。
但電訊屬重資產行業，維持網絡每年資本開支高達 HK$1,500,000。扣除資本開支、利息與稅後，真正可自由運用的現金遠低於 EBITDA。
教訓：高 EBITDA 不等於高現金。重資產公司的 EBITDA 會系統性偏高，務必搭配資本開支與自由現金流一起判讀。
個案二:用 EV/EBITDA 為併購標的估值
投資者評估一家目標公司，其 EBITDA 為 HK$2,400,000，同業平均 EV/EBITDA 約 12.5 倍。
以倍數估算企業價值 EV = 12.5 × 2,400,000 = HK$30,000,000。若目標公司負債淨額為 HK$6,000,000，則股權價值約 30,000,000 − 6,000,000 = HK$24,000,000。
EV/EBITDA 因剔除了資本結構與折舊政策差異，常用於跨公司、跨併購標的的估值比較；但成交前仍須用自由現金流與盡職調查交叉驗證，避免只憑倍數定價。
常見問題
Why add back depreciation and amortisation?
They are non-cash accounting expenses (spreading past asset costs) with no actual cash outflow. Adding them back makes EBITDA closer to operating cash, easing comparison across firms with different depreciation policies/assets, and serves as the base for EV/EBITDA.
Is higher EBITDA always better?
No. It ignores that assets must eventually be replaced (capex); for asset-heavy firms, high EBITDA with huge capex can leave thin free cash flow. Read with capex, free cash flow and net income.
Is EBITDA equal to cash flow?
No. It only adds back depreciation/amortisation, not the capex needed to maintain operations, nor working-capital changes, nor actual interest/tax cash. Free cash flow (FCF) is the proper 'usable cash' measure; EBITDA is just an approximate starting point.
How is EV/EBITDA used for valuation?
EV/EBITDA = enterprise value (equity market cap + net debt) / EBITDA — how many years of EBITDA to 'pay back' the firm at today's price. It is capital-structure and depreciation neutral, good for cross-company/M&A comparison. Lower often cheaper, but consider growth and industry; high-growth sectors command higher multiples.
Where can I find a HK listed company's EBITDA?
HKEX-listed firms file interim/annual reports under the Listing Rules. EBITDA may not be directly shown, but compute it from operating profit (EBIT) plus depreciation/amortisation in the notes. HKEXnews is the authoritative free source for the original filings.
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）、香港交易所（HKEX）及投資者及理財教育委員會（IFEC）之公開財務資料，結果僅供參考，實際以相關機構公佈為準。