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IntermediateStock Alerts + Tools0:45Fundamentals

Profit Before the Inconvenient Parts

EBITDA removes interest, tax, depreciation and amortisation — and whether that is useful depends entirely on the business.

0:45 · 6 scenes

This lesson is part of a Stock Alerts + Tools plan.

What the lesson covers

  1. 0:00EBITDA is profit before four things a company still has to pay.
  2. 0:05What comes out. Interest, tax, depreciation and amortisation. Two are real cash, two are not.
  3. 0:14The fair use. It compares operations across firms with different debt loads and tax rates.
  4. 0:23The famous objection. Depreciation is a real cost. The machinery genuinely does wear out and get replaced.
  5. 0:32The test. Compare EBITDA with capital spending. If they are close, EBITDA is fiction.
  6. 0:40Check capital spending before you trust the number.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Profit Before the Inconvenient Parts — MAD Academy Training Video · MadStockAlerts