π TTM Metrics Calculator
The last twelve months, no stale fiscal years.
TTM P/E ratio
Estimates for planning only, not financial advice.
Four quarters of revenue, 100, 110, 105, 115 million, sum to $430M TTM. Net income of 10, 12, 11, 13 totals $46M; on 50 million shares that is $0.92 TTM EPS, and at $25 the P/E is 27.2x. TTM is how the market actually prices stocks: always the latest twelve months, never the stale fiscal year.
How to Use This Calculator
Enter the last four quarters of revenue and net income (oldest first), plus diluted share count and current share price. The calculator builds TTM revenue, income, EPS, margin, and P/E.
Pull the last four quarters from earnings releases or the 10-Q/10-K. Oldest quarter first.
Use diluted shares for EPS, the conservative count including options and converts.
Read TTM P/E as the market's current verdict: price divided by the latest twelve months of earnings.
The Formula
TTM rolls forward every quarter, dropping the oldest and adding the newest, so it never goes stale the way fiscal-year figures do mid-year. Every screen, every "P/E" without a qualifier, every analyst's "current year" comp uses TTM or builds from it. When a company reports Q3, the TTM window silently becomes Q4(last year) through Q3, and this calculator re-sums it for you.
Worked Example
Revenue quarters: 100 + 110 + 105 + 115 = $430M TTM. Net income: 10 + 12 + 11 + 13 = $46M. EPS: 46 / 50 = $0.92. P/E at $25: 25 / 0.92 = 27.17x. Net margin: 46 / 430 = 10.7 percent. The quarterly progression (10, 12, 11, 13) also shows earnings growing, which matters more than the static multiple: a 27x P/E on accelerating earnings is a different animal than 27x on flat ones.
TTM vs Forward vs Last Fiscal Year
| Metric | What it is | Use for |
|---|---|---|
| TTM P/E | Price / last 12 months EPS | What the company actually earned |
| Forward P/E | Price / next-12-month estimates | What analysts expect |
| Fiscal-year P/E | Price / last reported year | Stale mid-year, avoid |
| Shiller CAPE | Price / 10-yr avg real earnings | Long-cycle valuation |
Forward P/E bakes in optimism; TTM bakes in reality. Growth stocks often look cheaper on forward numbers because the denominator is a forecast. When forward is far below TTM, the market is pricing expected growth, and your job is to judge whether the forecast deserves it.
Adjustments Analysts Make
Reported TTM EPS includes one-offs: asset sales, restructuring charges, legal settlements. Analysts often use adjusted (non-GAAP) TTM EPS excluding these, which is why the P/E on a screener may differ from your calculation here. Neither is "right": GAAP is auditable, adjusted is economically cleaner. Know which one you are looking at before comparing two companies, and be skeptical of adjustments that recur every single quarter.
Seasonality Warning
TTM smooths seasonality by construction, four quarters always cover a full cycle, which is its strength and its blind spot. A retailer whose latest quarter was a blowout Christmas will show a flattering TTM for nine months; one that just lapped a great quarter will show a harsh one. Read the quarterly progression, not just the sum. For profitability quality behind the earnings, our free cash flow calculator checks whether the income is real cash.
Rolling TTM: Watching the Trend Turn
One TTM figure is a snapshot; eight rolling quarters of TTM is a movie. Build a simple time series: each quarter, re-sum the latest four. A company growing 20 percent a year shows TTM revenue climbing smoothly; a company about to stall shows TTM growth decelerating two to three quarters before the headline "miss." The turn appears first in the second derivative: TTM still rising, but rising more slowly.
Pair rolling TTM revenue with rolling TTM margins to separate growth from quality. Revenue TTM up 15 percent with margin TTM flat: healthy expansion. Revenue up 15 percent with margins down 3 points: growth bought with discounting, and the market will eventually notice. Most screeners show only the latest TTM; the investors who catch turns early maintain the rolling series themselves. It takes ten minutes a quarter and it is the closest thing to a leading indicator earnings data offers.
TTM Is the Present Tense of Financial Data
Trailing-twelve-months figures answer the only question that matters for valuation: what has this business done lately? Fiscal-year numbers go stale within months; TTM stays current by rolling forward every quarter. Build the habit of converting every multiple, P/E, EV/EBITDA, price-to-sales, to TTM before comparing companies: a stock that looks cheap on last year's earnings and expensive on TTM is telling you earnings are deteriorating, which is exactly what you need to know.
Watch the TTM trend across quarters, not just the latest figure. Four rising TTM quarters signal genuine momentum; a TTM that rises while the latest quarter weakens signals a peak wearing a good mask. The calculator keeps the arithmetic honest; the quarter-by-quarter trend keeps the interpretation honest. In markets, recency is accuracy.
Estimates for planning only, not financial advice.
Frequently Asked Questions
What does TTM mean in stocks?
Trailing twelve months: the most recent four quarters summed, rolling forward each earnings report. TTM revenue, EPS, and P/E describe the latest full year of actual results, unlike fiscal-year figures that go stale mid-year. Every 'P/E ratio' on a stock quote without a qualifier is a TTM P/E by convention.
How do you calculate TTM revenue?
Add the last four quarters of revenue, oldest first. With quarters of 100, 110, 105, 115 million: TTM revenue is $430M. Each new earnings report drops the oldest quarter and adds the newest. Watch the seam: when a great quarter drops out of the window, TTM can fall even as the business is fine, purely from the base effect.
How is TTM EPS calculated?
TTM net income divided by diluted shares outstanding. $46M of TTM income on 50M shares = $0.92 TTM EPS. Use diluted shares (including options and convertibles) for the conservative figure. Basic shares flatter EPS by ignoring dilution that will eventually hit; diluted is the honest denominator.
What is TTM P/E?
Share price divided by TTM EPS. At $25 with $0.92 TTM EPS: 27.2x. It is the default 'P/E ratio' on screeners and quotes, measuring what you pay per dollar of the latest twelve months' earnings. A 27x multiple means you pay $27 for each $1 of annual earnings, or equivalently accept a 3.7 percent earnings yield.
TTM vs fiscal year: which is better?
TTM, almost always. Fiscal-year figures go stale the day after year-end; TTM is always current within a quarter. Use fiscal years only for multi-year historical comparisons where TTM histories are unavailable. By mid-year, a fiscal-year P/E describes earnings that are mostly a year old; TTM never lags more than a quarter.
What is the difference between TTM and forward P/E?
TTM uses actual past earnings; forward uses analysts' next-12-month estimates. Forward is usually lower for growing companies because the forecast denominator is bigger. The gap between them shows how much growth the market expects. When forward P/E is far below TTM, you are paying for forecasted growth; your job is to judge whether the forecast deserves it.
Why does my P/E differ from the screener?
Screeners often use adjusted (non-GAAP) EPS excluding one-offs, while a straight calculation uses GAAP. Also check the share count (diluted vs basic) and whether the screener has updated for the latest quarter. Neither GAAP nor adjusted is 'right': GAAP is auditable, adjusted is economically cleaner, but recurring 'one-offs' are a red flag.
Can TTM EPS be negative?
Yes, and then P/E is meaningless (often shown as n/a). Value unprofitable companies on revenue multiples, cash flow, or forward estimates instead of forcing a P/E. Negative TTM EPS with a high price means the market is betting on a turnaround.
How does seasonality affect TTM?
TTM always covers a full seasonal cycle, which smooths it, but a great or terrible quarter stays in the window for a full year, flattering or punishing the metric for three quarters after. Read the quarterly trend alongside the sum.
Where do I find quarterly data?
Earnings press releases, 10-Q and 10-K filings on SEC EDGAR, and any major finance site's financials tab. Use reported GAAP figures for consistency, and note any restatements that change historical quarters. EDGAR is the primary source; finance sites occasionally misclassify quarters, so verify against the filing when numbers look odd.