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LEARN · FUNDAMENTALS
EBITDA is earnings before interest, taxes, depreciation, and amortization. Companies often report adjusted EBITDA that excludes extra items.
It is a common comps shortcut and also a common place for aggressive adjustments. Citing “EBITDA” without the definition is sloppy research.
We prefer tagged SEC line items (operating income, D&A) over reconstructed EBITDA. If we cannot rebuild it from facts, the cell stays —.