Как посчитать EBITDA в SQL

Зачем EBITDA

EBITDA = Earnings Before Interest, Taxes, Depreciation, Amortization. Approximation of cash flow generated by operations. Standard metric для valuation (EV / EBITDA multiple).

Формула

EBITDA = Net Income + Interest + Taxes + Depreciation + Amortization

или

EBITDA = Operating Income + Depreciation + Amortization

Базовый расчёт

WITH pnl AS (
    SELECT
        DATE_TRUNC('quarter', DATE) AS quarter,
        SUM(net_income) AS net_income,
        SUM(interest_expense) AS interest,
        SUM(tax_expense) AS taxes,
        SUM(depreciation) AS depreciation,
        SUM(amortization) AS amortization,
        SUM(revenue) AS revenue
    FROM quarterly_financials
    WHERE DATE >= CURRENT_DATE - INTERVAL '12 months'
    GROUP BY 1
)
SELECT
    quarter,
    net_income + interest + taxes + depreciation + amortization AS ebitda,
    revenue,
    (net_income + interest + taxes + depreciation + amortization)::NUMERIC * 100
    / NULLIF(revenue, 0) AS ebitda_margin_pct
FROM pnl
ORDER BY quarter;

EBITDA Margin

EBITDA Margin = EBITDA / Revenue × 100%.

SELECT
    SUM(revenue) AS revenue,
    SUM(ebit + depreciation + amortization) AS ebitda,
    SUM(ebit + depreciation + amortization)::NUMERIC * 100 / NULLIF(SUM(revenue), 0) AS ebitda_margin
FROM financials
WHERE DATE >= '2026-01-01' AND DATE < '2026-04-01';

EBITDA vs Operating Income

D&A — non-cash. EBITDA closer к cash flow.

EV / EBITDA multiple

Standard valuation:

EV = Market Cap + Debt - Cash
EV / EBITDA = valuation multiple

SaaS: 10-20x EBITDA. Industrials: 6-10x.

Adjusted EBITDA

«Adjusted» — exclude non-recurring items (restructuring, M&A costs, stock-based comp):

SELECT
    revenue,
    ebitda,
    -- Adjusted (add back non-recurring)
    ebitda + restructuring + ma_costs + sbc AS adjusted_ebitda,
    adjusted_ebitda::NUMERIC * 100 / revenue AS adj_ebitda_margin
FROM financials
WHERE DATE = CURRENT_DATE - INTERVAL '1 quarter';

⚠️ «Adjusted» often abused — SBC routinely excluded (controversial для tech).

Частые ошибки

Ошибка 1. EBITDA = Cash Flow. EBITDA approximates, не equals. Working capital, capex differences.

Ошибка 2. Adjusted EBITDA without justification. Aggressive add-backs make company look profitable. Skeptical look needed.

Ошибка 3. Include / exclude SBC. Stock-based comp = real cost. Excluding it = optimistic.

Ошибка 4. Capex not subtracted. Capital-intensive businesses look great в EBITDA. Doesn't reflect reinvestment needs.

Ошибка 5. Negative EBITDA в early-stage. Normal для startup. Don't apply mature-company logic.

Связанные темы

• Как посчитать operating margin в SQL
• Как посчитать gross margin в SQL
• Как посчитать net margin в SQL
• Как посчитать revenue в SQL

FAQ

EBITDA vs Net Income?

Net Income = bottom line (after all expenses). EBITDA = before D&A, interest, taxes.

EBITDA Margin sector?

SaaS: 20-30%. Hardware: 10-15%. Banking: N/A (different metric).

Why EBITDA controversial?

Buffett: «EBITDA is bullshit». D&A real cost in long-run. Capital allocation hidden.

Adjusted EBITDA когда use?

For comparing companies with different one-time items. Use carefully.

EV / EBITDA range?

10-15x — average. <8x — value play. >20x — growth premium.