Profit before interest, taxes and depreciation are subtracted. Intended as a rough approximation of how much cash the day-to-day business generates.
MoatLens tip: Careful — this number always looks friendlier than the truth. It pretends machines, factories and software never need replacing. They do, and it costs real money. When a company presents its results mainly as EBITDA and mentions free cash flow only in passing, a second look is worth it. As a way to compare similar companies, EBITDA is useful. As a measure of what a company is worth, it is not.
In MoatLens this explanation sits right next to the number — one tap away. And you see the ten-year trend instead of a single value.
