Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Toyota Motor Corp., EBITDA calculation

US$ in millions, translated from JPY ￥

12 months ended:	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Net income attributable to Toyota Motor Corporation	18,117)	17,704)	10,218)	3,450)	4,909)	2,251)
Add: Net income attributable to noncontrolling interest	1,122)	1,637)	1,288)	1,031)	689)	374)
Add: Income tax expense	7,448)	7,456)	5,859)	3,191)	3,762)	996)
Earnings before tax (EBT)	26,687)	26,796)	17,366)	7,672)	9,360)	3,621)
Add: Interest expense	191)	191)	244)	279)	353)	359)
Earnings before interest and tax (EBIT)	26,878)	26,987)	17,610)	7,951)	9,713)	3,980)
Add: Depreciation	11,746)	12,147)	11,737)	12,992)	14,138)	15,204)
Earnings before interest, tax, depreciation and amortization (EBITDA)	38,624)	39,133)	29,346)	20,943)	23,851)	19,184)

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Download chart

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Toyota Motor Corp. EBITDA increased from 2013 to 2014 but then slightly decreased from 2014 to 2015.

Toyota Motor Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions, translated from JPY ￥)
Enterprise value (EV)	334,922)
Earnings before interest, tax, depreciation and amortization (EBITDA)	38,624)
Valuation Ratio
EV/EBITDA	8.67
Benchmarks
EV/EBITDA, Competitors¹
Ford Motor Co.	8.78
General Motors Co.	6.53
Tesla Inc.	34.71

Based on: 20-F (reporting date: 2015-03-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Toyota Motor Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010
Selected Financial Data (US$ in millions, translated from JPY ￥)
Enterprise value (EV)¹	334,922)	309,101)	306,533)	237,055)	241,446)	206,842)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	38,624)	39,133)	29,346)	20,943)	23,851)	19,184)
Valuation Ratio
EV/EBITDA³	8.67	7.90	10.45	11.32	10.12	10.78
Benchmarks
EV/EBITDA, Competitors⁴
Ford Motor Co.	—	—	—	—	—	—
General Motors Co.	—	—	—	—	—	—
Tesla Inc.	—	—	—	—	—	—

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

¹ See details »

² See details »

³ 2015 Calculation
EV/EBITDA = EV ÷ EBITDA
= 334,922 ÷ 38,624 = 8.67

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Toyota Motor Corp. EV/EBITDA ratio decreased from 2013 to 2014 but then slightly increased from 2014 to 2015.

Toyota Motor Corp. (NYSE:TM)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical