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EBITDA Abuse Detector

How often each company reaches for EBITDA in its own annual report, per 10,000 words of filing text

“People who use EBITDA are either trying to con you or they’re conning themselves.”

Charlie Munger — the premise this page tests. EBITDA strips out interest, taxes, depreciation and amortization, so leaning on it can flatter a balance sheet that debt and capital spending would not.