What Is EBITA ?

编程入门行业动态更新时间:2024-10-27 10:32:57

EBIT (Earnings Before Interest and Tax)：息税前利润；

EBITDA(Earnings Before Interest, Tax, Depreciation and Amortization)：息税折旧摊销前利润。

EBITDA 税息折旧及摊销前利润，是 Earnings Before Interest, Taxes, Depreciation Amortization的缩写，即未计利息、税项、折旧及摊销前的利润。

EBITDA=净利润+所得税+利息+折旧+摊销

或

EBITDA=EBIT+折旧+摊销

EBITA非常适合用来评价一些前期资本支出巨大，而且需要在一个很长的期间内对前期投入进行摊销的行业，比如核电行业、酒店业、物业出租业等。EBITDA是从另外一种角度反映企业盈利能力。EBITA营业收入反映了企业每1块钱的营业收入能够带来多少EBITDA利润。EBITDA是一种利润衡量指标。目前国内的会计准则和上市公司财报披露指引虽然没有强制规定上市公司必须披露EBITDA值，但根据公司财务报表中的数据和信息，投资者和分析员可以很容易计算出公司的EBITDA值。

What Is EBITA?

Earnings before interest, taxes, and amortization (EBITA) is a measure of company profitability used by investors. It is helpful for comparison of one company to another in the same line of business. In some cases, it also can provide a more accurate view of the company's real performance over time.

Another similar measure adds depreciation to the list of factors to be eliminated from the earnings total. That is earnings before interest, taxes, depreciation, and amortization (EBITDA).

Understanding EBITA

A company's EBITA is considered by some analysts and investors to be a more accurate representation of its real earnings. It removes from the equation the taxes owed, the interest on company debt, and the effects of amortization, which is the accounting practice of writing off the cost of an asset over a period of years.

One benefit is that it more clearly indicates how much cash flow a company has on hand to reinvest in the business or pay dividends. It also is seen as an indicator of the efficiency of a company's operations.

EBITA vs. EBITDA

EBITA is not used as commonly as EBITDA, which adds depreciation into the calculation. Depreciation, in company accounting, is the recording of the reduced value of the company's assets over time. It's the wear and tear on the equipment and facilities. Some companies such as those in the utilities, manufacturing, and telecommunications industries, require significant expenditures in equipment and infrastructure, which are reflected in their books.

KEY TAKEAWAYS

EBITA can provide a more accurate view of a company's real performance over time.

EBITA removes several factors that may distort the picture of a company's performance over time.

The measure also allows easier comparison of one company to another in the same industry.

Both EBITA and EBITDA are useful tools in gauging a company's operating profitability. Profitability is earnings generated throughout the ordinary course of doing business. A clearer picture of the company's profitability may be gained if capital expenditures and financing costs are subtracted from the official earnings total.

Analysts generally consider both EBITA and EBITDA to be reliable indicators of a company’s cash flow. However, some industries require significant investment in fixed assets. Using EBITA to evaluate companies in those industries may distort a company's profitability by ignoring the depreciation of those assets. EBITA is deemed to be a more appropriate measure of its operating profitability.

In other words, the EBITA measurement may be used instead of EBITDA for companies that have substantial capital expenditures which may skew the numbers.

Calculation of EBITA

To calculate a company's EBITA, an analyst must first determine the company’s earnings before tax (EBT). This figure appears in the company's income statements and other investor relations materials. Add to this figure any interest and amortization costs. So, the formula is: