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Financial Modeling Courses in NYC or Live Online

Master the skills you need to succeed as a financial analyst in hands-on classroom training. Learn from the top investment bankers with our proprietary curriculum 100% focused on practical applications. 

Conquer advanced Excel, corporate finance, and financial accounting concepts needed to properly build financial models. You'll create valuation models on public companies and apply real-world techniques used at investment banks, hedge funds, and other financial firms.

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Rated NYC’s Best Financial Modeling Classes

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The way NYIM understood our business model was unmatched. They catered a full three-day bootcamp directly to our specific business needs for a class of 30 analysts. All of the new hires were engaged and walked away with a better understanding of the way that we work in the Microsoft Office suite and the way we evaluate our business. I've been to plenty of Excel bootcamps throughout my career and this was by far the best; engaging, bespoke, and immediately applicable!

attended Excel for Business Bootcamp

We hired NYIM training to provide Microsoft Excel training for UJA staff and it was the best technical training I have seen. Mourad Kattan is an outstanding facilitator and he packed the session with useful information and tips for everyone who was in the room. Also, additional video provided after the session helped to solidify the learning and review everything independently. Looking forward to bringing NYIM to UJA again in the near future!

attended Excel for Business Bootcamp

I've taken excel workshops before but the Excel for Business Bootcamp is one of my tops! The instructor was patient and knowledgeable. I really like the fact that you take away different resources and that you're able to retake the course for free within 6 months.

attended Excel for Business Bootcamp

NYIM does incredible work! I did the 3-day Excel Bootcamp & it was amazing! Pooja, Tom & Garfield were incredibly knowledgeable & excellent teachers. They explained everything in an incredibly clear & concise manner. I would HIGHLY recommend NYIM/Career Centers for anyone looking for Excel training, or any other training that they have to offer!

attended Excel for Business Bootcamp

I enjoyed the Excel Bootcamp I took at NYIM. First, the trainers were very knowledgeable and took the time to explain the concepts in detail. Secondly, the course content is very rich. I found it quite voluminous though. But it is great to have printed material for reference. Thirdly, I loved how interactive classes were with trainers trying as best they could to provide help individually to students. I greatly recommend NYIM training.

attended Excel for Business Bootcamp

Took the two day Financial Modeling Bootcamp. Extremely informative and useful. Smaller class size allows for one on one help and enables you to really understand the material you are working through. Additionally you build out a model on an actual company during the course, allowing you to perform the same kind of analysis you would use in a real office setting, as opposed to looking at generic accounting problems. Office itself is very nice, and the professors are extremely well informed. 10/10 would recommend to anyone looking to develop, sharpen, or reestablish their financial modeling skills.

attended Financial Modeling Bootcamp

The classes are very informative; whether you are just looking for a refresher or looking to gain some new skills. Instructors like Patrick are patient enough to go through exercises multiple times and make sure students understand. He also has a very comprehensive understanding of Excel and is a very valuable instructor

attended Excel for Business Bootcamp

Engaging, informative classes. I took the complete excel course and loved it. The instructors were very thorough and easily understood. The material was great, and they gave us material to keep as well.

attended Excel for Business Bootcamp

Whether you want a quick refresher or crash course, Financial Modeling in Excel will benefit anyone in the M&A field looking to expand their skills.

attended Financial Modeling Bootcamp

This company is amazing. I was able to go from little to no skill in excel to very good. I feel like I have years of experience l after just a few sessions. Highly recommended!!

attended Excel for Business Bootcamp

This was a great refresher course for some of the deeper financial concepts I have not used since undergrad. I think this course is phenomenal for recent college grads starting off their careers in finance or budget. It's a great intro for learning to navigate excel shortcuts. I am 5 years in my career now and have never had the investment banking background but still have been a financial analyst and been involved in raising capital so the concepts covered were a great refresher for me. Additionally the instructor did a great job with playing to the students in the course and our backgrounds and what subjects to go more in-depth with and vice versa.

attended Financial Modeling Bootcamp

This financial modeling bootcamp helped me round off my excel shortcut skills. All of the excel shortcuts I didn't already know; I learned in this course. This will help me work fast and smarter. I also appreciated the applicability of the financial analysis we conducted. We moved in a very timely fashion and this was a very productive course that will help me as I start off as an investment analyst.

attended Financial Modeling Bootcamp

The financial modeling boot-camp class was a great review for everything I have learned during my undergraduate studies and was also very relevant to my working experience. I also liked that the size of the classes were not too big; this allowed the participants to be actively engaged. As I work in fixed income and while this boot-camp focused on projecting stock price, the research and excel model/setup is very similar so there was very relevant crossover. All in all, I wish I had taken this class earlier this year. Great class.

attended Financial Modeling Bootcamp

I thoroughly enjoyed my training experience (Excel Bootcamp for Business- Fundamentals, Intermediate, Advanced). The instructors were very informative, thorough and engaging and the tools were invaluable to my day-to-day work in accounting. Would highly recommend this training.

attended Excel for Business Bootcamp

Great Instructors Mourad and Garfield are experts in their craft.

attended Financial Analyst Training Program

I took the Financial Modeling Bootcamp. The instructors are very knowledgeable about what they teach and encourage questions throughout the workshop.

attended Financial Modeling Bootcamp

I had an amazing experience doing private training for Excel for Finance. I learned all the practical applications for the formulas I'm expected to know at my new job - I feel great and super confident at work with my new skills! Very patient and knowledgeable instructor too.

attended Advanced Excel for Financial Modeling

I took a private Excel class at NYIM, and it was excellent. The trainer, Mourad, prepared a very good class outline that taught me many useful tools. During our time together, Mourad was patient and changed the direction as he determined what my greatest needs were. I will be taking more classes with NYIM and highly recommend them.

attended Advanced Excel for Financial Modeling

Garfield and Michael were great, did the bundle, both were very generous with their time and explained information thoroughly.

attended Excel for Business Bootcamp

Great experience, I highly recommend for anyone looking to break into consulting/banking!

attended Financial Modeling Bootcamp

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20 Students rated our Financial Modeling Courses classes 5 stars

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Attend our Financial Modeling classes in our New York City location, or request onsite training for your team.

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Learn more about our Financial Modeling Classes

Financial modeling is the creation of a projection, usually in Excel, of a company's future performance. Financial models are used to value businesses for purposes of raising capital or evaluating investments or to evaluate a financial transaction, such as a leveraged buyout or acquisition. 

Why Learn Financial Modeling at NYIM?

See for yourself why NYIM is rated the best Financial Modeling training in NYC by our customers:

100+ 5-star Yelp Reviews: Best Financial Modeling Classes NYC

Who should attend our Financial Modeling courses?

Our financial modeling and Excel courses are perfect for those interviewing for or starting a job in finance, including investment banking, hedge funds, private equity, real estate, and venture capital. The core finance, accounting, and Excel skills are applicable in almost any financial field.

If you are interviewing for a position in finance, this course will prepare you for typical interview questions, and help you decide which type of firm is the right fit. 

Are there any prerequisites for the Financial Modeling course?

Since the course is intensive in modeling in Excel, intermediate-to-advanced Excel skills are required. We offer a Financial Analyst Training Program which includes three days of Excel training for those who need an Excel refresher.

Basic knowledge of financial concepts is helpful but not required. We offer a free finance and accounting review guide for all registrants in our financial modeling courses.

Financial Modeling Course Detailed Overview

Financial Modeling Training Resources

DCF Modeling & Corporate Valuation

This guide includes the key topics covered in our financial modeling classes. In this guide, we will review concepts across corporate finance, financial accounting, corporate valuation, and more.

Discounted Cash Flow Modeling

A Discounted Cash Flow (DCF) valuation is one of the tools finance professionals use to determine the value of an investment or business. DCF analysis uses future free cash flow (FCF) projections and discounts them to estimate the present value.

The basic premise behind a DCF is the concept of present value (PV), which basically states that a dollar today is worth more than a dollar later because that dollar today can be invested and earn a return. For example, suppose you are promised to receive a hundred dollars in one year from now, and you know that you could invest it at 7% return (the Discount Rate), the PV, or value today, is $93.4 = $100 / (1+0.07). You can think about this as investing $93.4 at a 7% return for one year = $93.4*1.07=$100.

When performing a DCF analysis, the analyst is modeling the future cash flows of the company, and using a discount rate (typically the Weighted Average Cost of Capital, or WACC), the analyst can estimate the value of those cash flows in today's dollar.

What is a DCF model and what is it used for?

  • A Discounted Cash Flow model is a financial model used to value a company by projecting and discounting future cash flows. 

What is unlevered Free Cash Flow?

  • It is the free cash flow assuming the company had no leverage. Generally, it is EBITDA - Capex - Taxes - Change in Working Capital, but other items may be included as well.
  • Interest expenses and debt repayments/raises should not be included. The idea is to determine the value of the whole company and later subtract out debtor claims to derive the value to equity holders.

What cash flows do I discount in a DCF model?

  • There are two main methods of DCF modeling: Unlevered FCF and Levered FCF. When using the former, discount the unlevered FCF. 

When I sum up the discounted cash flows in the DCF model (unlevered FCF method), what does that represent?

  • The enterprise value, or total value to all stakeholders.
  • To derive the stock price value, subtract any debt, preferred stock, and other claims, and add cash, short and long-term investments, and other excess assets. Divide the result by the total shares outstanding, adjusting for stock options outstanding (see the Treasury Stock Method).

After discounting cash flows in a DCF model, how do we derive a value per share?

  • When using the unlevered free cash flow method (and the WACC), the discounted cash flows represent the enterprise value, or value to all stakeholders.
  • To derive equity value, subtract debt (and other debt-like items like preferred stock), and add cash (and other excess assets).
  • To derive the equity value per share, divide the result by the number of shares.
  • What is a terminal value and how I do calculate it?
  • Once the company's cash flow reaches a steady-state (growing at a steady pace), we need to calculate the terminal value, or the value in the last year of our model.
  • One method is to apply an EBITDA multiple to the next year's EBITDA.
  • Another method is the Gordon Growth Model: Unlevered FCF / (WACC - terminal growth rate)

What is the WACC and how do I calculate it?

  • The weighted average cost of capital takes the weight of each component in the capital structure and multiples it by the cost of that component
  • (Cost of equity * equity weighting) + (cost of debt * debt weighting) * (1 - tax rate) + (cost of preferred stock * preferred stock weighting) 
  • Since interest on the debt is tax deductible (at least to specified limits under the new tax law), we tax-adjust the cost of the debt

What is the CAPM?

  • Capital Asset Pricing Model is the method used to calculate the cost of equity

  • Cost of equity = Risk-Free Rate + Beta * Equity Risk Premium

See our full DCF Modeling tutorial for step-by-step instructions.

Basics of Corporate Finance

What is Present Value?

  • The value today of a future cash flows. Using a discount rate, we can put future cash flows into today's dollars.
  • Net Present Value is the Present Value net of some of the initial investment.
  • If an investment is NPV positive, we should proceed with the investment.

What is a stock?

  • A stock is a piece of ownership of a larger company. Stockholders are also called equity holders. 

What is a bond?

  • A bond is a piece of ownership of debt. 

What is a stock option?

  • An option to buy or sell a stock at a specified price (usually within a certain timeframe)
  • Call option: an option to purchase a stock at a specified price
  • Put option: an option to sell a stock at a specified price

When bond yields go up, what happens to prices?

  • Prices go down; prices and yields have an inverse relationship.
  • Since the new buyer requires a higher yield, the price needs to be lower (the lower you pay, the more you make / i.e., higher yield).

What is an IRR, or Internal Rate of Return?

  • Measures the “average” yield of an investment of the investment period
  • It is the discount rate that makes the Net Present Value equal to 0 (at what discount rate am I indifferent between investing and not)

What is an LBO (Leveraged Buyout)?

  • A leveraged buyout is when an acquirer, usually a private equity firm, buys another company and uses debt to fund a (typically large) portion of the acquisition.
  • A form of financial modeling that private equity firms use to evaluate the merits of LBO deals.

What is a cap rate?

  • A cap rate is a valuation metric used in real estate
  • It is Net Operating Income (NOI) divided by the asset value

Learn more about corporate finance with our Intro to Capital Markets article.

What are the key applications of Excel in Financial Modeling?

What Excel features can I use for sensitivity analysis?

  • Data Tables: Data > What-if Analysis > Data Tables

What Excel features can I use for a drop-down menu?

  • With Data Validation, you can create drop-down menus to set up scenarios in financial models: Data > Data Validation

What Excel tricks should I know to navigate around my financial model?

  • Trace precedents: Formulas > Trace Precedents, or CTRL + [ 
  • Trace dependents: Formulas > Trace Dependents, or CTRL + ]
  • Editing the active cell with F2 and ESC
  • Show formulas: CTRL + ~
  • Named ranges to name specific cells

What are the steps to building a financial valuation model?

  1. Research the company: Learn about the company's business, competitors, geographical presence, operating segments, and other relevant information. 

  2. Input the historical date: Start by inputting the historical financial statements, including the income statement, balance sheet, and statement of cash flows. You can pull financial statements from the SEC website, the company's investor relation section on the website, or an aggregation tool like BamSEC.

  3.  Calculate historical financial ratios and metrics: Before projecting future cash flows, you should get a sense for how the business is performing by calculating revenue growth, operating margins, and working capital ratios. These metrics will help you project future cash flows.

  4. Project future cash flows: Using intensive research, project the company's futures revenues, expenses, capital expenditures, taxes, and working capital needs. Key resources include financial statements, management commentary, industry reports, company presentations, company financial guidance, earnings releases, and analyst projections. When projecting cash flows, you should set up multiple scenarios use Excel tools: CHOOSE or OFFSET function, and Data Validation for drop-down menus.

  5. Discount future cash flows: Calculate the company's weighted average cost of capital (WACC). Using the WACC, discount the future cash flows and terminal value.  

  6. Audit the model and check for reasonability: Are your projections in-line with management and the analyst community? It's okay if they aren't, but be prepared to defend your assumptions. Are cash flows at the end of the projection multiples greater than today? If so, be sure to you didn't overstate revenue growth and margin expansion.

  7. Sensitize key assumptions: Choose the most impactful value drivers (often revenue growth and gross margins) and create a data table showing how value changes under different scenarios. Use Excel's tool for sensitivity analysis: Data > What-If Analysis > Data Tables. 

See our full DCF Modeling tutorial for step-by-step instructions.

Basics of Capital Structure

What is Market Capitalization and why is it important?

  • Market capitalization = shares outstanding * stock price.
  • It measures the total equity valuation (value to the equity holders) of a company.
  • Remember, stock prices don’t mean much – a company can split or reverse split. It’s the market cap that informs on the real equity value.

What is Total Enterprise Value (TEV) and why is it important?

  • Enterprise value = market cap + debt – cash.
  • TEV tells us the value of the company to all its stakeholders, not only the equity holders.
  • It is the theoretical total price an acquirer would have to pay to buy the company and settle all the claims against it (using the cash to reduce the purchase price).
  • We treat other claims against the business, like preferred stock, minority interests and underfunded pension liabilities, as debt
  • We treat excess assets, like investments unrelated to the business operation, property not used in running the business, etc. as cash.
  • We don’t double count assets – either the asset generates cash and the value is in the cash flow, or the asset isn’t used in the business and is assumed to be sold for cash and added to the cash balance (even if it isn't ultimately sold).

What share count should I use to calculate market cap?

  • Basic shares outstanding includes only the shares issued and outstanding and doesn’t include stock options or restricted stock.
  • Since restricted stock hasn’t vested yet (management usually has to either hit performance hurdles or maintain employment at the company), we don’t need to include them
  • However, stock options, especially those in the money, should be included.
  • The most common method is the treasury stock method
  • Another method would be to use an option pricing model to value the outstanding stock options and treat that as debt when calculating enterprise value

What is the Treasury Stock Method?

  • Method for accounting for the unexercised, outstanding stock options
  • This method increases the share count (diluted shares outstanding)
  • Add the total options outstanding that are in-the-money
  • Assume the company receives cash from the exercise of those options (strike price * the number of options)
  • Reduce the share count by assuming the company uses that cash to buy shares at the current market price

Basics of Financial Accounting

What are the three sections in the statement of cash flows?

  • Cash flows from operations
  • Cash flows from investing
  • Cash flows from financing

What is working capital?

  • Current assets less current liabilities
  • Current assets: cash, inventory, accounts receivable, prepaid expenses
  • Current liabilities: accounts payable, accrued expenses, short-term debt

What is days inventory?

If my inventory increases, what is the impact to cash?

  • Cash decreases. If inventory balances rise, cash is needed to purchase the additional inventory, thereby decreasing cash.

If my accounts payable increases, what is the impact to cash?

  • Cash increases. If it takes longer to pay vendors, cash is being held in the meantime. 

How do I calculate LTM (or TTM) and when would I need to?

  • LTM stands for Last Twelve Months (TTM is Trailing Twelve Months). It represents the cash flows of the company over the previous twelve months.
  • You can calculate the TTM cash flows by adding the most recent four quarters. However, that would require four financial statements. Instead, you can perform this calculation: Cash Flows Current YTD + Last Full Year of Cash Flows - Cash Flows Last YTD. For example, if the company's most recent financial statements were as of 6/30/2019, you would take the six months of 2019 (1/1/2019 to 6/30/2019), add the last full year (2018), and subtract the previous year-to-date (1/1/2018 to 6/30/2018).

What is gross margin?

  • Revenue less cost of goods sold

What is EBITDA?

  • Earnings before interest, taxes, depreciation, and amortization
  • This can be calculated by starting with net income and adding back interest, taxes, and D&A. While most companies break out D&A in the income statement, some do not. If a company doesn't break it out, you can find the D&A on the Cash Flow Statement.
  • It can also be computed by starting with revenue and subtracting expense items except for D&A, taxes, and interest. For example, Revenue - COGS - SG&A - R&D - Marketing etc. For this method, the company must break out its D&A in the income statement.
  • Also, note that for purposes of financial comparison or valuations (like in a Comparable Companies Analysis) EBITDA should not include one-time items or income/expense for non-operating activities (like dividends from a portfolio holding).

See more free resources: Balance Sheet, Income Statement, Cash Flow Statement, and Intro to Financial Accounting.