TTM Calculator
Sum the last four quarters to get the TTM figure, and optionally compute the TTM P/E from the share price (using EPS inputs).
Input Data
Results
At a glance:TTM sums the latest four quarters into a rolling annual figure: TTM = Q1 + Q2 + Q3 + Q4 (Q1 most recent). If the inputs are EPS and you enter the share price, TTM P/E = share price ÷ TTM EPS. TTM avoids the calendar-year boundary and seasonal spikes.
Formula
TTM total = Q1 + Q2 + Q3 + Q4.
TTM P/E = share price ÷ TTM EPS (if inputs are EPS).
$$TTM = Q_1 + Q_2 + Q_3 + Q_4$$How to Use
- Enter the four quarterly values, Q1 most recent.
- Optionally enter the share price for TTM P/E.
- Read the TTM total and the TTM P/E.
FAQ
Why use TTM rather than annual figures?
Annual figures lag (you wait for the fiscal year to end) and may miss the latest quarter's change. TTM rolls the most recent four quarters, removes seasonality and reflects the latest full year, making valuation and comparison more timely.
How is the TTM P/E different from a normal P/E?
A normal P/E may use last fiscal year or forecast earnings; the TTM P/E uses 'actual earnings of the last four quarters' in the denominator, reflecting the latest realised earnings and less affected by forecast error.
Which metrics is TTM suitable for?
Any flow-type metric that can be summed across quarters—revenue, net profit, EPS, free cash flow, EBITDA, etc. Stock metrics (like total assets) should not be summed directly.
How do I avoid double-counting or missing a quarter when computing TTM?
TTM's core is 'the latest consecutive four quarters', and the common error is double- or missing-counting. Two safe methods. First, the 'direct sum': add the four most recent quarterly reports (e.g. 2024 Q2, Q1 and 2023 Q4, Q3) for the same metric—good for companies that already report quarterly. Second, the 'conversion' method, important in Hong Kong where many H-shares and A-shares only publish interim (half-year) and full-year results, not separate Q1/Q3. Use: TTM = latest full year − same-period interim last year + latest interim this year. For example, after this year's interim results, TTM revenue = last full-year revenue − last-year H1 revenue + this-year H1 revenue, which stitches last H2 and this H1 into a rolling year—no overlap, no gap. Either way, ensure the four quarters (or equivalent 12 months) are end-to-end, non-overlapping, with no gap, and that numerator and denominator use consistent periods.
What are the limits of TTM, and what to watch in the TTM P/E?
TTM is more current than a single quarter or old annual report, but it is essentially a 'rear-view mirror'—it reflects the past 12 months, not the future. Watch several traps. First, one-off items distort: asset sales, tax refunds or litigation settlements inflate or depress TTM earnings and the P/E; prefer 'adjusted' or 'core' earnings. Second, at a turning point it misleads: when an industry turns from boom to bust, past-year earnings still look strong and the TTM P/E looks cheap, but if earnings are about to fall that 'cheapness' is a value trap; conversely at an early recovery, TTM looks expensive because it includes the depressed past. Third, don't force cross-industry comparisons: reasonable P/E varies hugely (utilities low, growth tech high), so don't judge cheap/dear by the TTM P/E alone—compare with peers and the stock's own history. Sound practice: read the TTM P/E (realised past) together with the forward P/E (market's future expectation), and mind earnings quality and trend, for a fuller valuation picture.
Related Tools
References
Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.