EBITDA意为税息折旧及摊销前利润，即未计入利息、税、折旧和摊销前的利润，是Earningsbefore interest, taxes, depreciation, and amortization的首字母缩写，是一项用来衡量企业运营的现金利润的常用财务指标。
EBITDA受到欢迎是因为其易于理解和计算，但是同时该指标存在缺陷并且可能误导投资者。
EBITDA忽视了运营和保持业务增长所需要的实际成本、不同税率的影响、以及不同业务模式之间的区别。
如何计算EBITDA
计算EBITDA的公式：
净利润
+净利息费用
+企业税金
+折旧及摊销
= EBITDA（税息折旧及摊销前利润）
EBITDA（税息折旧及摊销前利润）的问题源于第一部分，也就是净利润，该指标无法显示 一家公司真实的盈利能力。
其次，EBITDA（税息折旧及摊销前利润）忽视了排除折旧和摊销后维持一家公司业务运营所需要的成本。
以沃伦·巴菲特的一句话评论：
“当你告诉我你将为我支付所有未来的资本支出时，我会查询该数据。”
不同的公司可能适用于不同的税率，故而EBITDA（税息折旧及摊销前利润）不包括税金可能误导投资者。
公司同时使用Adjusted EBITDA（调整后税息折旧及摊销前利润），这是一种非GAAP指标，排除了如基于股票的报酬、法务支出、以及公司认可的任何属于非经常性支出的费用等。
EBITDA指标误导投资者实例：ADT公司（ADT）
ADT公司是折旧和摊销费用代表了实际运营费用的一个很好的例子。从2016年到2018年，ADT公司的EBITDA（税息折旧及摊销前利润）从15亿美元增长至23亿美元，增幅为50%。但是，如图1所示，ADT公司的经营收入（企业的实际现金流）为负值并且在下降。
图1：2016-2018年ADT公司经营收入与EBITDA（税息折旧及摊销前利润）对比
来源：New Constructs与ADT公司披露文件
ADT公司的EBITDA（税息折旧及摊销前利润）的增长受到折旧和摊销的推动，从2016年的12亿美元升至2018年的19亿美元。
由于该公司排除了更多的折旧和摊销，ADT公司的EBITDA（税息折旧及摊销前利润）上涨。不过，ADT公司的资本支出上涨了类似的数额，从2016年的10亿美元增加至2018年的18亿美元。
ADT公司不断增长的EBITDA（税息折旧及摊销前利润）并未给股东带来价值，因为其EBITDA被更多投入到业务运营中。除此之外，ADT公司未能创造出足以覆盖其每年7亿美元利息费用的自由现金流。
第三，ADT公司的巨额利息费用可用于抵税的收益被大量不可抵税的支出所抵消，从而导致该公司的税率高于平均税率水平。
我们计算得到的ADT公司在2018年的现金税率为31%，而相对比的是市场整体的平均税率为25%。
ADT公司在2018年1月上市时的IPO发行价为每股14美元。尽管ADT公司的EBITDA（税息折旧及摊销前利润）上涨，但是该公司的股价在上市后的一年时间里跌至每股7美元。
该公司不佳的表现显示出，经营利润而不是EBITDA才是股价的助推器。
更好的EBITDA版本
如果投资者确实希望使用EBITDA这个指标，他们应该使用修复了净收入的会计漏洞所带来影响的版本。
这就是为何我们提供Adjusted EBITDA（调整后税息折旧及摊销前利润）的原因。
Adjusted EBITDA（调整后税息折旧及摊销前利润）的计算公式如下：
总经营收入
+总经营利润
–总运营费用
–隐藏在经营利润中的总净非运营支出
–ESO员工股票期权支出
+商誉摊销
+折旧和摊销（现金流）
= Adjusted EBITDA（调整后税息折旧及摊销前利润）
AdjustedEBITDA（调整后税息折旧及摊销前利润）和EBITA是一种对公司税前的现金利润更准确和更具有可比性的计算方式。
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