Definition

LTM (Last Twelve Months)

The trailing twelve-month period, used to ground multiples in actual performance rather than forecast.

LTM (sometimes TTM) is the most common reference period for revenue and EBITDA multiples in M&A because it captures a full seasonal cycle of real performance. The cut-off date matters: LTM-as-of-quarter-end and LTM-as-of-month-end can produce materially different numbers in growing businesses. Buyers also test NTM (next twelve months) to triangulate against budget and pipeline.