EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization – Faiz, Vergi, Amortisman ve \u0130tfa \u00d6ncesi K\u00e2r), bir \u015firketin operasyonel performans\u0131n\u0131 \u00f6l\u00e7en \u00f6nemli finansal metriktir. Sermaye yap\u0131s\u0131 ve vergi etkilerini hari\u00e7 tutar.<\/p>\n
EBITDA, \u015firketin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6l\u00e7er ve farkl\u0131 sermaye yap\u0131s\u0131 ve vergi rejimi olan \u015firketler aras\u0131nda kar\u015f\u0131la\u015ft\u0131rma yapmaya olanak tan\u0131r. Form\u00fcl: EBITDA = Net Income + Interest + Taxes + Depreciation + Amortization. Veya: EBITDA = Operating Income + Depreciation + Amortization. EBITDA \u00f6zellikle M&A, private equity ve LBO i\u015flemlerinde temel de\u011ferleme metri\u011fidir.<\/p>\n
EBITDA yayg\u0131n kullan\u0131l\u0131r \u00e7\u00fcnk\u00fc: Farkl\u0131 sermaye yap\u0131lar\u0131n\u0131 kar\u015f\u0131la\u015ft\u0131r\u0131labilir k\u0131lar (debt-financed vs equity-financed), Vergi rejimlerinden ba\u011f\u0131ms\u0131zd\u0131r, Operating performansa odaklan\u0131r, Cash flow yakla\u015f\u0131m\u0131 sa\u011flar (non-cash items hari\u00e7 tutulur), Multiples-based valuation i\u00e7in kullan\u0131l\u0131r (EV\/EBITDA ratio), ve LBO modelleri i\u00e7in kritiktir.<\/p>\n
Warren Buffett gibi yat\u0131r\u0131mc\u0131lar EBITDA’y\u0131 ele\u015ftirir: Capex’i ignore eder (ger\u00e7ek nakit ihtiya\u00e7lar\u0131), Stock-based compensation’\u0131 genelde dahil etmez (real cost), Working capital de\u011fi\u015fimlerini yans\u0131tmaz, Manipulable \u2014 “adjusted EBITDA” ile \u015firketler k\u00f6t\u00fc performans\u0131 maskeler, ve Cash flow yerine ge\u00e7emez. Bu nedenle EBITDA tek ba\u015f\u0131na de\u011fil, free cash flow ve net income ile birlikte de\u011ferlendirilmelidir.<\/p>\n
EV\/EBITDA \u00e7arpanlar\u0131 sekt\u00f6re g\u00f6re de\u011fi\u015fir: SaaS \u2014 15-50x, Software \u2014 10-25x, Healthcare \u2014 12-20x, Consumer Goods \u2014 8-15x, Manufacturing \u2014 6-12x, Energy \u2014 4-8x. Multiples \u015firket b\u00fcy\u00fcmesi, k\u00e2rl\u0131l\u0131k ve sekt\u00f6r trendlerine g\u00f6re de\u011fi\u015fir. Public comparables ile ba\u015flan\u0131r, sonra growth, margin, ve quality i\u00e7in ayarlama yap\u0131l\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLDR: EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization – Faiz, Vergi, Amortisman ve \u0130tfa \u00d6ncesi K\u00e2r), bir \u015firketin operasyonel performans\u0131n\u0131 \u00f6l\u00e7en \u00f6nemli finansal metriktir. Sermaye yap\u0131s\u0131 ve vergi etkilerini hari\u00e7 tutar. EBITDA Nedir? EBITDA, \u015firketin operasyonel k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6l\u00e7er ve farkl\u0131 sermaye yap\u0131s\u0131 ve vergi rejimi olan \u015firketler aras\u0131nda kar\u015f\u0131la\u015ft\u0131rma yapmaya olanak tan\u0131r. Form\u00fcl: EBITDA […]<\/p>\n","protected":false},"author":4,"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"categories":[],"class_list":["post-7949","term","type-term","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/term"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7949"}],"version-history":[{"count":5,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7949\/revisions"}],"predecessor-version":[{"id":9677,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/term\/7949\/revisions\/9677"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}