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The last twelve months (LTM) is also called trailing twelve months (TTM) or rolling twelve months. Investors may look at your LTM revenue, EBITDA, or annual recurring revenue (ARR) as the basis for a backward-looking valuation.

The LTM period can be helpful because it offers up-to-date values rather than relying on figures from the most recent calendar or fiscal year. However, backward-looking valuations might not make sense for high-growth companies. Alternatively, a forward-looking valuation could be based on forecasts for the next twelve month (NTM) period.