{"id":18924,"date":"2025-07-05T10:07:05","date_gmt":"2025-07-05T03:07:05","guid":{"rendered":"https:\/\/base.vn\/blog\/?p=18924"},"modified":"2025-07-05T11:51:21","modified_gmt":"2025-07-05T04:51:21","slug":"ebitda-la-gi","status":"publish","type":"post","link":"https:\/\/base.vn\/blog\/ebitda-la-gi\/","title":{"rendered":"EBITDA l\u00e0 g\u00ec? C\u00f4ng th\u1ee9c t\u00ednh v\u00e0 \u00fd ngh\u0129a trong t\u00e0i ch\u00ednh doanh nghi\u1ec7p"},"content":{"rendered":"\n<p>Trong qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh, <strong>EBITDA<\/strong> l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 then ch\u1ed1t gi\u00fap doanh nghi\u1ec7p \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng m\u00e0 kh\u00f4ng b\u1ecb \u201cnhi\u1ec5u\u201d b\u1edfi y\u1ebfu t\u1ed1 thu\u1ebf hay chi ph\u00ed kh\u1ea5u hao. \u0110\u00e2y c\u0169ng l\u00e0 c\u01a1 s\u1edf quan tr\u1ecdng \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn nh\u1eadn kh\u1ea3 n\u0103ng sinh l\u1eddi th\u1ef1c s\u1ef1 c\u1ee7a doanh nghi\u1ec7p. B\u00e0i vi\u1ebft n\u00e0y <a href=\"https:\/\/base.vn\/?utm_source=base-blog&amp;utm_content=ebitda-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Base.vn<\/a> s\u1ebd gi\u00fap b\u1ea1n hi\u1ec3u r\u00f5 <strong>EBITDA l\u00e0 g\u00ec<\/strong>, c\u00f4ng th\u1ee9c t\u00ednh v\u00e0 c\u00e1ch \u1ee9ng d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh doanh nghi\u1ec7p.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-ebitda-la-gi\"><strong>1. EBITDA l\u00e0 g\u00ec?<\/strong><\/h2>\n\n\n\n<p><strong>EBITDA<\/strong> l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh quan tr\u1ecdng, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i. \u0110i\u1ec3m \u0111\u1eb7c bi\u1ec7t c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y l\u00e0 n\u00f3 lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i su\u1ea5t vay, thu\u1ebf thu nh\u1eadp, kh\u1ea5u hao v\u00e0 ph\u00ed hao m\u00f2n.<\/p>\n\n\n\n<p>C\u1ee5 th\u1ec3, EBITDA l\u00e0 vi\u1ebft t\u1eaft c\u1ee7a c\u00e1c c\u1ee5m t\u1eeb ti\u1ebfng Anh:<\/p>\n\n\n\n<p><strong>\u2013 Earnings Before Interest (L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay):<\/strong> Ph\u1ea7n l\u1ee3i nhu\u1eadn m\u00e0 doanh nghi\u1ec7p thu \u0111\u01b0\u1ee3c t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh, ch\u01b0a t\u00ednh \u0111\u1ebfn c\u00e1c chi ph\u00ed li\u00ean quan \u0111\u1ebfn l\u00e3i su\u1ea5t vay n\u1ee3.<\/p>\n\n\n\n<p><strong>\u2013 Taxes (Thu\u1ebf): <\/strong>S\u1ed1 ti\u1ec1n m\u00e0 doanh nghi\u1ec7p ph\u1ea3i n\u1ed9p cho c\u01a1 quan thu\u1ebf theo quy \u0111\u1ecbnh.<\/p>\n\n\n\n<p><strong>\u2013 Depreciation (Kh\u1ea5u hao):<\/strong> S\u1ef1 gi\u1ea3m gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh h\u1eefu h\u00ecnh, ch\u1eb3ng h\u1ea1n nh\u01b0 m\u00e1y m\u00f3c, thi\u1ebft b\u1ecb, trong qu\u00e1 tr\u00ecnh s\u1eed d\u1ee5ng.<\/p>\n\n\n\n<p><strong>\u2013 Amortization (Ph\u00ed hao m\u00f2n):<\/strong> S\u1ef1 gi\u1ea3m d\u1ea7n gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh nh\u01b0 b\u1ea3n quy\u1ec1n th\u01b0\u01a1ng hi\u1ec7u hay b\u1eb1ng s\u00e1ng ch\u1ebf.<\/p>\n\n\n\n<p>T\u00f3m l\u1ea1i, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ch\u00ednh l\u00e0 <strong>L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc L\u00e3i vay, Thu\u1ebf, Kh\u1ea5u hao v\u00e0 Ph\u00ed hao m\u00f2n<\/strong>, gi\u00fap doanh nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadp trung \u0111\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn v\u00e0 hi\u1ec7u qu\u1ea3 kinh doanh th\u1ef1c t\u1ebf m\u00e0 kh\u00f4ng b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh hay y\u1ebfu t\u1ed1 phi ti\u1ec1n m\u1eb7t (kh\u1ea5u hao).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"471\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi-1024x471.webp\" alt=\"EBITDA l\u00e0 g\u00ec\" class=\"wp-image-18948\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi-1024x471.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi-300x138.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi-768x354.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi-1536x707.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-la-gi.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-h\u01b0\u1edbng-d\u1eabn-cach-tinh-ebitda-va-vi-d\u1ee5-minh-h\u1ecda\"><strong>2. H\u01b0\u1edbng d\u1eabn c\u00e1ch t\u00ednh EBITDA v\u00e0 v\u00ed d\u1ee5 minh h\u1ecda<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-1-cac-cong-th\u1ee9c-tinh-ch\u1ec9-s\u1ed1-ebitda\"><strong>2.1 C\u00e1c c\u00f4ng th\u1ee9c t\u00ednh ch\u1ec9 s\u1ed1 EBITDA<\/strong><\/h3>\n\n\n\n<p>Doanh nghi\u1ec7p c\u00f3 th\u1ec3 t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 EBITDA b\u1eb1ng c\u00e1c c\u00f4ng th\u1ee9c sau:<\/p>\n\n\n\n<p>\u2013 C\u00f4ng th\u1ee9c c\u01a1 b\u1ea3n:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>EBITDA = L\u1ee3i nhu\u1eadn sau thu\u1ebf + Thu\u1ebf TNDN + Chi ph\u00ed l\u00e3i vay + Kh\u1ea5u hao<\/strong><\/p>\n\n\n\n<p>\u2013 C\u00f4ng th\u1ee9c thay th\u1ebf:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>EBITDA = L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf + Chi ph\u00ed l\u00e3i vay + Kh\u1ea5u hao<\/strong><\/p>\n\n\n\n<p>Ngo\u00e0i ra, do t\u1ed5ng c\u1ee7a <strong><a href=\"https:\/\/base.vn\/blog\/loi-nhuan-truoc-thue\/\" target=\"_blank\" rel=\"noreferrer noopener\">L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf<\/a><\/strong> v\u00e0 <strong>Chi ph\u00ed l\u00e3i vay<\/strong> \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 <strong>EBIT<\/strong> (Earnings Before Interest and Taxes), t\u1ee9c <strong>L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc l\u00e3i vay v\u00e0 thu\u1ebf<\/strong>, n\u00ean c\u00f4ng th\u1ee9c tr\u00ean c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c vi\u1ebft g\u1ecdn l\u1ea1i nh\u01b0 sau:<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>EBITDA = EBIT + Kh\u1ea5u hao<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-2-vi-d\u1ee5-th\u1ef1c-t\u1ebf-v\u1ec1-cach-tinh-ebitda\"><strong>2.2 V\u00ed d\u1ee5 th\u1ef1c t\u1ebf v\u1ec1 c\u00e1ch t\u00ednh EBITDA<\/strong><\/h3>\n\n\n\n<p>\u0110\u1ec3 minh h\u1ecda r\u00f5 h\u01a1n v\u1ec1 c\u00e1ch t\u00ednh to\u00e1n EBITDA, ch\u00fang ta h\u00e3y c\u00f9ng t\u00ednh EBITDA c\u1ee7a <a href=\"https:\/\/static2.vietstock.vn\/data\/HOSE\/2024\/BCTC\/VN\/QUY%201\/CSM_Baocaotaichinh_Q1_2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">C\u00f4ng ty C\u1ed5 ph\u1ea7n C\u00f4ng ngh\u1ec7 Cao su Mi\u1ec1n Nam<\/a> trong Qu\u00fd I N\u0103m 2024.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfkJ5KBK-B-uWc-OaGmZVS3lRDFFzc5b_2Ij-Fi2Ngd_6pNkc2j7JSVGkGHPjgMzHE5ND5k9YwUas--iRwHG9jedaPSQOHGlXKY7Zv7t3aJyyVvzzQCX-HcNob_ldRQZrMU7jrt?key=wnHv0f49GxXkUeQxTVvr8af3\" alt=\" EBITDA c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n C\u00f4ng ngh\u1ec7 Cao su Mi\u1ec1n Nam trong Qu\u00fd I N\u0103m 2024 - 1\"\/><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfq8r-or89jynZVjN7Yyc6ZfC9mfSEqETbChWZ1Py7DEwcQtPwKcrqRBEDlcsXl7StnMu7Bj2CgmwAhZE0SRIvJTXonYtezpPPcfo3PBrWudtO1-z-ZZZIDn2fILBa6ZL48vv6e?key=wnHv0f49GxXkUeQxTVvr8af3\" alt=\" EBITDA c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n C\u00f4ng ngh\u1ec7 Cao su Mi\u1ec1n Nam trong Qu\u00fd I N\u0103m 2024 - 2\"\/><\/figure><\/div>\n\n\n<p>D\u1ef1a v\u00e0o B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 B\u00e1o c\u00e1o l\u01b0u chuy\u1ec3n ti\u1ec1n t\u1ec7, ch\u00fang ta l\u1ea5y \u0111\u01b0\u1ee3c c\u00e1c s\u1ed1 li\u1ec7u sau:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(50) T\u1ed5ng l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n tr\u01b0\u1edbc thu\u1ebf: kho\u1ea3ng 23 t\u1ef7 \u0111\u1ed3ng;<\/li>\n\n\n\n<li>(06) Chi ph\u00ed l\u00e3i vay: kho\u1ea3ng 29 t\u1ef7 \u0111\u1ed3ng;<\/li>\n\n\n\n<li>(02) Kh\u1ea5u hao TSC\u0110 v\u00e0 B\u0110S\u0110T: kho\u1ea3ng 47 t\u1ef7 \u0111\u1ed3ng.<\/li>\n<\/ul>\n\n\n\n<p>\u00c1p d\u1ee5ng c\u00f4ng th\u1ee9c: EBITDA = L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf + Chi ph\u00ed l\u00e3i vay + Kh\u1ea5u hao<\/p>\n\n\n\n<p>Ch\u00fang ta \u0111\u01b0\u1ee3c: <strong>EBITDA = 23 + 29 + 47 = 99 t\u1ef7 \u0111\u1ed3ng<\/strong><\/p>\n\n\n\n<p>Nh\u01b0 v\u1eady, EBITDA c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n C\u00f4ng ngh\u1ec7 Cao su Mi\u1ec1n Nam trong Qu\u00fd I N\u0103m 2024 l\u00e0: <strong>99 t\u1ef7 VN\u0110<\/strong>.<\/p>\n\n\n\n<p>C\u00e1c s\u1ed1 li\u1ec7u nh\u01b0 <a href=\"https:\/\/base.vn\/blog\/loi-nhuan-sau-thue\/\" target=\"_blank\" rel=\"noreferrer noopener\">L\u1ee3i nhu\u1eadn sau thu\u1ebf<\/a>, Kh\u1ea5u hao v\u00e0 Chi ph\u00ed l\u00e3i vay s\u1ebd \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n trong B\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p m\u00e0 c\u1ee5 th\u1ec3 l\u00e0 B\u00e1o c\u00e1o k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh v\u00e0 B\u00e1o c\u00e1o l\u01b0u chuy\u1ec3n ti\u1ec1n t\u1ec7. Nh\u01b0 v\u1eady, \u0111\u1ec3 c\u00f3 th\u1ec3 t\u00ednh to\u00e1n ch\u1ec9 s\u1ed1 EBITDA v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c \u0111\u00e1nh gi\u00e1 li\u00ean quan, th\u00ec nh\u00e0 qu\u1ea3n tr\u1ecb v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n truy c\u1eadp B\u00e1o c\u00e1o t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, doanh nghi\u1ec7p c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng B\u1ed9 gi\u1ea3i ph\u00e1p qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh theo th\u1eddi gian th\u1ef1c, \u0111\u01a1n c\u1eed nh\u01b0 <strong><a href=\"https:\/\/base.vn\/platform\/finance?utm_source=base-blog&amp;utm_content=ebitda-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Base Finance+<\/a><\/strong>, c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ed3ng b\u1ed9 h\u00f3a d\u1eef li\u1ec7u v\u1edbi ph\u1ea7n m\u1ec1m k\u1ebf to\u00e1n, h\u1ed7 tr\u1ee3 t\u00ednh to\u00e1n v\u00e0 theo d\u00f5i EBITDA m\u1ed9t c\u00e1ch t\u1ef1 \u0111\u1ed9ng v\u00e0 ch\u00ednh x\u00e1c. T\u1eeb \u0111\u00f3, nh\u00e0 qu\u1ea3n tr\u1ecb s\u1ebd gi\u1ea3m thi\u1ec3u \u0111\u01b0\u1ee3c th\u1eddi gian t\u00ednh to\u00e1n th\u1ee7 c\u00f4ng, t\u1eadp trung t\u1ed1t h\u01a1n v\u00e0o ho\u1ea1t \u0111\u1ed9ng \u0111\u00e1nh gi\u00e1 v\u00e0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>\u0110\u1ecdc th\u00eam: <\/strong><a href=\"https:\/\/base.vn\/blog\/phan-mem-quan-ly-tai-chinh-doanh-nghiep\/\" target=\"_blank\" rel=\"noreferrer noopener\">Top 7 ph\u1ea7n m\u1ec1m qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh doanh nghi\u1ec7p t\u1ed1t nh\u1ea5t hi\u1ec7n nay<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-y-nghia-va-\u1ee9ng-d\u1ee5ng-c\u1ee7a-ebitda\"><strong>3. \u00dd ngh\u0129a v\u00e0 \u1ee9ng d\u1ee5ng c\u1ee7a EBITDA<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-1-tim-hi\u1ec3u-y-nghia-c\u1ee7a-ebitda\"><strong>3.1 T\u00ecm hi\u1ec3u \u00fd ngh\u0129a c\u1ee7a EBITDA<\/strong><\/h3>\n\n\n\n<p>Ngo\u00e0i vi\u1ec7c hi\u1ec3u kh\u00e1i ni\u1ec7m EBITDA, n\u1eafm r\u00f5 \u00fd ngh\u0129a v\u00e0 \u1ee9ng d\u1ee5ng c\u1ee7a ch\u1ec9 s\u1ed1 n\u00e0y s\u1ebd gi\u00fap l\u00e3nh \u0111\u1ea1o, ch\u1ee7 doanh nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra nh\u1eefng \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c v\u1ec1 hi\u1ec7u su\u1ea5t kinh doanh v\u00e0 gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u1ed1i v\u1edbi l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng sinh l\u1eddi:<\/strong> EBITDA lo\u1ea1i tr\u1eeb c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i su\u1ea5t vay, thu\u1ebf, kh\u1ea5u hao, n\u00ean gi\u00fap ch\u1ee7 doanh nghi\u1ec7p nh\u1eadn \u0111\u1ecbnh t\u1ed1t h\u01a1n v\u1ec1 kh\u1ea3 n\u0103ng t\u1ea1o ra l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh c\u1ed1t l\u00f5i.<\/li>\n\n\n\n<li><strong>So s\u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng theo th\u1eddi gian: <\/strong>V\u00ec kh\u00f4ng ch\u1ecbu t\u00e1c \u0111\u1ed9ng t\u1eeb bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t hay thay \u0111\u1ed5i thu\u1ebf, EBITDA l\u00e0 c\u00f4ng c\u1ee5 l\u00fd t\u01b0\u1edfng \u0111\u1ec3 l\u00e3nh \u0111\u1ea1o theo d\u00f5i v\u00e0 so s\u00e1nh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p qua t\u1eebng giai \u0111o\u1ea1n.<\/li>\n\n\n\n<li><strong>Thuy\u1ebft ph\u1ee5c nh\u00e0 \u0111\u1ea7u t\u01b0:<\/strong> Ban l\u00e3nh \u0111\u1ea1o c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng EBITDA nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 th\u1ec3 hi\u1ec7n ti\u1ec1m n\u0103ng sinh l\u1eddi v\u00e0 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a doanh nghi\u1ec7p, t\u1eeb \u0111\u00f3 t\u1ea1o ni\u1ec1m tin v\u00e0 thuy\u1ebft ph\u1ee5c c\u00e1c b\u00ean \u0111\u1ea7u t\u01b0.<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2013 \u0110\u1ed1i v\u1edbi b\u00ean \u0111\u1ea7u t\u01b0:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng t\u1ea1o d\u00f2ng ti\u1ec1n: <\/strong>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng EBITDA \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t doanh nghi\u1ec7p, t\u1eeb \u0111\u00f3 xem x\u00e9t t\u1ed1c \u0111\u1ed9 h\u00f2a v\u1ed1n v\u00e0 sinh l\u1eddi d\u00e0i h\u1ea1n.<\/li>\n\n\n\n<li><strong>So s\u00e1nh gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh:<\/strong> Nh\u1edd lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 kh\u00f4ng li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i, EBITDA cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng so s\u00e1nh hi\u1ec7u qu\u1ea3 kinh doanh c\u1ee7a c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh, b\u1ea5t k\u1ec3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf hay l\u00e3i vay.<\/li>\n\n\n\n<li><strong>\u0110\u1ecbnh gi\u00e1 doanh nghi\u1ec7p: <\/strong>C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng s\u1eed d\u1ee5ng t\u1ef7 l\u1ec7 EV\/EBITDA \u0111\u1ec3 \u01b0\u1edbc l\u01b0\u1ee3ng gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t doanh nghi\u1ec7p, t\u1eeb \u0111\u00f3 c\u00e2n nh\u1eafc xem li\u1ec7u doanh nghi\u1ec7p \u0111\u00f3 c\u00f3 \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd hay kh\u00f4ng, so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"700\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA-1024x700.webp\" alt=\"\u00dd ngh\u0129a v\u00e0 \u1ee9ng d\u1ee5ng c\u1ee7a EBITDA\" class=\"wp-image-18950\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA-1024x700.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA-300x205.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA-768x525.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA-1536x1050.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/Y-nghia-cua-EBITDA.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-2-\u1ee9ng-d\u1ee5ng-c\u1ee7a-ebitda\"><strong>3.2 \u1ee8ng d\u1ee5ng c\u1ee7a EBITDA<\/strong><\/h3>\n\n\n\n<p>EBITDA \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh nh\u1edd kh\u1ea3 n\u0103ng cung c\u1ea5p m\u1ed9t c\u00e1i nh\u00ecn ch\u00ednh x\u00e1c v\u1ec1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i. C\u00e1c \u1ee9ng d\u1ee5ng c\u1ee5 th\u1ec3 bao g\u1ed3m:<\/p>\n\n\n\n<p><strong>\u2013 So s\u00e1nh hi\u1ec7u su\u1ea5t gi\u1eefa c\u00e1c c\u00f4ng ty: <\/strong>EBITDA l\u00e0 th\u01b0\u1edbc \u0111o ti\u00eau chu\u1ea9n \u0111\u1ec3 so s\u00e1nh hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh gi\u1eefa c\u00e1c c\u00f4ng ty trong c\u00f9ng ng\u00e0nh. V\u00ec ch\u1ec9 s\u1ed1 n\u00e0y lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao &#8211; nh\u1eefng y\u1ebfu t\u1ed1 kh\u00f4ng li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i &#8211; EBITDA gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 ph\u00e2n t\u00edch \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a doanh nghi\u1ec7p, b\u1ea5t k\u1ec3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 c\u1ea5u tr\u00fac v\u1ed1n hay ch\u00ednh s\u00e1ch k\u1ebf to\u00e1n.<\/p>\n\n\n\n<p><strong>\u2013 Ph\u00e2n t\u00edch d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh:<\/strong> EBITDA cung c\u1ea5p m\u1ed9t g\u00f3c nh\u00ecn r\u00f5 r\u00e0ng v\u1ec1 d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng b\u1eb1ng c\u00e1ch lo\u1ea1i tr\u1eeb c\u00e1c y\u1ebfu t\u1ed1 phi ti\u1ec1n m\u1eb7t nh\u01b0 kh\u1ea5u hao. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 chi ph\u00ed \u0111\u1ea7u t\u01b0 l\u1edbn v\u00e0 kh\u1ea5u hao cao, gi\u00fap \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng t\u1ea1o d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i, thay v\u00ec b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi c\u00e1c chi ph\u00ed kh\u00f4ng d\u00f9ng ti\u1ec1n m\u1eb7t.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3:<\/strong> EBITDA th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 \u0111o l\u01b0\u1eddng kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 c\u1ee7a m\u1ed9t doanh nghi\u1ec7p. C\u00e1c t\u1ed5 ch\u1ee9c cho vay th\u01b0\u1eddng d\u1ef1a v\u00e0o ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng t\u1ea1o d\u00f2ng ti\u1ec1n \u0111\u1ee7 \u0111\u1ec3 tr\u1ea3 l\u00e3i vay v\u00e0 g\u1ed1c n\u1ee3, t\u1eeb \u0111\u00f3 x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 r\u1ee7i ro t\u00edn d\u1ee5ng c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p><strong>\u2013 D\u1ef1 \u0111o\u00e1n xu h\u01b0\u1edbng t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n: <\/strong>Theo d\u00f5i s\u1ef1 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a EBITDA qua c\u00e1c n\u0103m cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 doanh nghi\u1ec7p nh\u1eadn di\u1ec7n xu h\u01b0\u1edbng t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n, ch\u1eb3ng h\u1ea1n nh\u01b0 m\u1ee9c \u0111\u1ed9 c\u1ea3i thi\u1ec7n ho\u1eb7c suy gi\u1ea3m kh\u1ea3 n\u0103ng sinh l\u1eddi. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u1ea7n thi\u1ebft v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f3 chi ph\u00ed v\u1ed1n v\u00e0 kh\u1ea5u hao cao, v\u00ec EBITDA lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n v\u00e0 cung c\u1ea5p b\u1ee9c tranh to\u00e0n c\u1ea3nh v\u1ec1 hi\u1ec7u su\u1ea5t t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n.<\/p>\n\n\n\n<p>Tr\u01b0\u1eddng h\u1ee3p gi\u1ea3 s\u1eed d\u01b0\u1edbi \u0111\u00e2y, v\u1ec1 2 doanh nghi\u1ec7p c\u00f3 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh kh\u00e1c nhau, s\u1ebd minh h\u1ecda r\u00f5 h\u01a1n v\u1ec1 \u1ee9ng d\u1ee5ng c\u1ee7a ch\u1ec9 s\u1ed1 EBITDA:<\/p>\n\n\n\n<p><strong>\u2013 Doanh nghi\u1ec7p A:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1eed d\u1ee5ng nhi\u1ec1u v\u1ed1n vay, d\u1eabn \u0111\u1ebfn chi ph\u00ed l\u00e3i vay cao.<\/li>\n\n\n\n<li>\u00c1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao nhanh, l\u00e0m t\u0103ng chi ph\u00ed kh\u1ea5u hao.<\/li>\n\n\n\n<li>Ho\u1ea1t \u0111\u1ed9ng kinh doanh t\u1ea1i qu\u1ed1c gia c\u00f3 m\u1ee9c thu\u1ebf cao.<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2013 Doanh nghi\u1ec7p B:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>S\u1eed d\u1ee5ng \u00edt v\u1ed1n vay, d\u1eabn \u0111\u1ebfn chi ph\u00ed l\u00e3i vay th\u1ea5p.<\/li>\n\n\n\n<li>\u00c1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao ch\u1eadm, gi\u1ea3m chi ph\u00ed kh\u1ea5u hao.<\/li>\n\n\n\n<li>Ho\u1ea1t \u0111\u1ed9ng kinh doanh t\u1ea1i qu\u1ed1c gia c\u00f3 m\u1ee9c thu\u1ebf th\u1ea5p.<\/li>\n<\/ul>\n\n\n\n<p>N\u1ebfu ch\u1ec9 d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng (l\u1ee3i nhu\u1eadn sau thu\u1ebf), Doanh nghi\u1ec7p B c\u00f3 v\u1ebb ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 h\u01a1n Doanh nghi\u1ec7p A. Tuy nhi\u00ean, l\u1ee3i nhu\u1eadn r\u00f2ng ch\u1ecbu \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u1ea5u tr\u00fac v\u1ed1n, ph\u01b0\u01a1ng ph\u00e1p k\u1ebf to\u00e1n v\u00e0 m\u1ee9c thu\u1ebf, n\u00ean kh\u00f4ng th\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c hi\u1ec7u qu\u1ea3 kinh doanh th\u1ef1c s\u1ef1.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, EBITDA &#8220;b\u00f3c t\u00e1ch&#8221; c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y, cung c\u1ea5p m\u1ed9t g\u00f3c nh\u00ecn b\u00ecnh \u0111\u1eb3ng h\u01a1n v\u1ec1 hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i. B\u1eb1ng c\u00e1ch n\u00e0y, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u00e0 ph\u00e2n t\u00edch c\u00f3 th\u1ec3 \u0111\u01b0a ra \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u00e0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a hai doanh nghi\u1ec7p.<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#ebf6fd\"><strong>\u0110\u1ecdc th\u00eam:<\/strong> <a href=\"https:\/\/base.vn\/blog\/chi-phi-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Chi ph\u00ed l\u00e0 g\u00ec? Kh\u00e1i ni\u1ec7m, ph\u00e2n lo\u1ea1i v\u00e0 vai tr\u00f2 trong doanh nghi\u1ec7p<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-ebitda-va-ebit-khac-bi\u1ec7t-nh\u01b0-th\u1ebf-nao\"><strong>4. EBITDA v\u00e0 EBIT kh\u00e1c bi\u1ec7t nh\u01b0 th\u1ebf n\u00e0o?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-1-s\u1ef1-khac-bi\u1ec7t-gi\u1eefa-ebitda-va-ebit\"><strong>4.1 S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa EBITDA v\u00e0 EBIT<\/strong><\/h3>\n\n\n\n<p>N\u1ebfu \u0111\u00e3 bi\u1ebft c\u00f4ng th\u1ee9c c\u1ee7a EBITDA th\u00ec kh\u00f4ng kh\u00f3 \u0111\u1ec3 ch\u00fang ta ph\u00e2n bi\u1ec7t EBITDA v\u00e0 EBIT. Tuy nhi\u00ean, h\u00e3y c\u00f9ng l\u00e0m r\u00f5 h\u01a1n s\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y qua nh\u1eefng d\u00f2ng ph\u00e2n t\u00edch sau:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Ti\u00eau ch\u00ed so s\u00e1nh<\/strong><\/td><td><strong>EBIT<\/strong><\/td><td><strong>EBITDA<\/strong><\/td><\/tr><tr><td><strong>\u1ee8ng d\u1ee5ng<\/strong><\/td><td>\u2013 \u0110o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i tr\u01b0\u1edbc khi t\u00ednh l\u00e3i su\u1ea5t v\u00e0 thu\u1ebf.<br>\u2013 \u0110\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh, so s\u00e1nh gi\u1eefa c\u00e1c doanh nghi\u1ec7p trong c\u00f9ng ng\u00e0nh.<\/td><td>\u2013 \u0110o l\u01b0\u1eddng hi\u1ec7u su\u1ea5t kinh doanh c\u1ed1t l\u00f5i tr\u01b0\u1edbc khi t\u00ednh l\u00e3i su\u1ea5t, thu\u1ebf, kh\u1ea5u hao v\u00e0 ph\u00ed hao m\u00f2n.<br>\u2013 \u01af\u1edbc t\u00ednh gi\u00e1 tr\u1ecb c\u1ee7a doanh nghi\u1ec7p, so s\u00e1nh hi\u1ec7u su\u1ea5t kinh doanh, \u0111\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3.<\/td><\/tr><tr><td><strong>C\u00f4ng th\u1ee9c<\/strong><\/td><td><strong>EBIT = L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf + Chi ph\u00ed l\u00e3i vay<\/strong><\/td><td><strong>EBITDA = EBIT + Kh\u1ea5u hao<\/strong><\/td><\/tr><tr><td><strong>\u0110\u1eb7c \u0111i\u1ec3m<\/strong><\/td><td>Bao g\u1ed3m l\u00e3i su\u1ea5t v\u00e0 thu\u1ebf, lo\u1ea1i b\u1ecf c\u00e1c y\u1ebfu t\u1ed1 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng t\u1eeb c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh v\u00e0 ch\u00ednh s\u00e1ch thu\u1ebf.<\/td><td>Lo\u1ea1i tr\u1eeb c\u1ea3 kh\u1ea5u hao v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 t\u00e0i ch\u00ednh \u0111\u1ec3 t\u1eadp trung v\u00e0o ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i.<\/td><\/tr><tr><td><strong>M\u1ee9c \u0111\u1ed9 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c hi\u1ec7u n\u0103ng kinh doanh<\/strong><\/td><td>Th\u1ea5p h\u01a1n EBITDA, v\u00ec ch\u01b0a lo\u1ea1i b\u1ecf kh\u1ea5u hao v\u00e0 ph\u00ed hao m\u00f2n.<\/td><td>Cao h\u01a1n EBIT, v\u00ec lo\u1ea1i b\u1ecf c\u1ea3 kh\u1ea5u hao v\u00e0 ph\u00ed hao m\u00f2n.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda-1024x576.webp\" alt=\"EBIT v\u00e0 EBITDA\" class=\"wp-image-18946\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda-1024x576.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda-300x169.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda-768x432.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda-1536x864.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/ebit-va-ebitda.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-2-t\u1ea1i-sao-ebitda-ph\u1ea3n-anh-hi\u1ec7u-qu\u1ea3-kinh-doanh-chinh-xac-h\u01a1n-ebit\"><strong>4.2 T\u1ea1i sao EBITDA ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 kinh doanh ch\u00ednh x\u00e1c h\u01a1n EBIT?<\/strong><\/h3>\n\n\n\n<p>EBITDA \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 ph\u1ea3n \u00e1nh hi\u1ec7u qu\u1ea3 kinh doanh s\u00e2u s\u00e1t h\u01a1n EBIT, nh\u1edd lo\u1ea1i b\u1ecf th\u00eam y\u1ebfu t\u1ed1 kh\u1ea5u hao. C\u1ee5 th\u1ec3:<\/p>\n\n\n\n<p><strong>\u2013 Lo\u1ea1i b\u1ecf \u1ea3nh h\u01b0\u1edfng c\u1ee7a chi ph\u00ed kh\u1ea5u hao: <\/strong>Chi ph\u00ed kh\u1ea5u hao kh\u00f4ng ph\u1ea3i l\u00e0 chi ph\u00ed m\u1edbi ph\u00e1t sinh trong k\u1ef3, m\u00e0 ph\u1ea3n \u00e1nh s\u1ef1 ph\u00e2n b\u1ed5 gi\u00e1 tr\u1ecb c\u1ee7a t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (TSC\u0110) m\u00e0 doanh nghi\u1ec7p \u0111\u00e3 mua t\u1eeb tr\u01b0\u1edbc. B\u00ean c\u1ea1nh \u0111\u00f3, kh\u1ea5u hao ph\u1ee5 thu\u1ed9c v\u00e0o ph\u01b0\u01a1ng ph\u00e1p tr\u00edch l\u1eadp m\u00e0 doanh nghi\u1ec7p l\u1ef1a ch\u1ecdn, ch\u1eb3ng h\u1ea1n nh\u01b0 kh\u1ea5u hao nhanh ho\u1eb7c kh\u1ea5u hao \u0111\u01b0\u1eddng th\u1eb3ng. Do \u0111\u00f3, vi\u1ec7c lo\u1ea1i b\u1ecf kh\u1ea5u hao trong EBITDA gi\u00fap t\u1eadp trung \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 th\u1ef1c s\u1ef1 c\u1ee7a ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t kinh doanh, thay v\u00ec b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi quy\u1ebft \u0111\u1ecbnh qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh.<\/p>\n\n\n\n<p><strong>\u2013 T\u00e1ch bi\u1ec7t y\u1ebfu t\u1ed1 qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh: <\/strong>C\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i vay, thu\u1ebf, v\u00e0 kh\u1ea5u hao li\u00ean quan nhi\u1ec1u \u0111\u1ebfn qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh h\u01a1n l\u00e0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ed1t l\u00f5i. EBITDA lo\u1ea1i b\u1ecf nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y, cung c\u1ea5p g\u00f3c nh\u00ecn t\u1eadp trung h\u01a1n v\u00e0o kh\u1ea3 n\u0103ng t\u1ea1o ra l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5 d\u01b0\u1edbi \u0111\u00e2y s\u1ebd cho ch\u00fang ta th\u1ea5y \u0111i\u1ec1u n\u00e0y r\u00f5 h\u01a1n. Gi\u1ea3 s\u1eed hai c\u00f4ng ty c\u00f3 c\u00f9ng ng\u00e0nh ngh\u1ec1 nh\u01b0ng \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao kh\u00e1c nhau:<\/p>\n\n\n\n<p><strong>\u2013 C\u00f4ng ty A:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EBIT<\/strong>: 9.500 tri\u1ec7u \u0111\u1ed3ng<\/li>\n\n\n\n<li><strong>Chi ph\u00ed kh\u1ea5u hao<\/strong>: 3.000 tri\u1ec7u \u0111\u1ed3ng<\/li>\n\n\n\n<li><strong>EBITDA<\/strong>: 12.500 tri\u1ec7u \u0111\u1ed3ng<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2013 C\u00f4ng ty B:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EBIT<\/strong>: 10.000 tri\u1ec7u \u0111\u1ed3ng<\/li>\n\n\n\n<li><strong>Chi ph\u00ed kh\u1ea5u hao<\/strong>: 2.000 tri\u1ec7u \u0111\u1ed3ng<\/li>\n\n\n\n<li><strong>EBITDA<\/strong>: 12.000 tri\u1ec7u \u0111\u1ed3ng<\/li>\n<\/ul>\n\n\n\n<p>Khi so s\u00e1nh, ch\u00fang ta th\u1ea5y r\u1eb1ng EBIT c\u1ee7a C\u00f4ng ty B cao h\u01a1n C\u00f4ng ty A, t\u1ee9c l\u00e0 B d\u01b0\u1eddng nh\u01b0 hi\u1ec7u qu\u1ea3 h\u01a1n. Tuy nhi\u00ean, n\u1ebfu x\u00e9t theo EBITDA, th\u00ec c\u00f4ng ty A l\u1ea1i v\u01b0\u1ee3t tr\u1ed9i h\u01a1n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a, x\u00e9t tr\u00ean kh\u00eda c\u1ea1nh EBITDA th\u00ec c\u00f4ng ty A \u0111ang c\u00f3 hi\u1ec7u n\u0103ng kinh doanh t\u1ed1t h\u01a1n d\u00f9 ch\u1ec9 s\u1ed1 EBIT ho\u1eb7c l\u1ee3i nhu\u1eadn sau thu\u1ebf c\u00f3 th\u1ec3 k\u00e9m h\u01a1n. C\u00f4ng ty A c\u00f3 chi ph\u00ed kh\u1ea5u hao cao h\u01a1n l\u00e0 do c\u00f4ng ty n\u00e0y \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p kh\u1ea5u hao nhanh.&nbsp;<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c c\u00f3 chi ph\u00ed kh\u1ea5u hao cao, d\u1eabn \u0111\u1ebfn l\u1ee3i nhu\u1eadn r\u00f2ng th\u01b0\u1eddng th\u1ea5p, ch\u1eb3ng h\u1ea1n nh\u01b0 s\u1ea3n xu\u1ea5t ho\u1eb7c c\u00f4ng ngh\u1ec7, th\u00ec ch\u1ec9 s\u1ed1 EBITDA c\u00f3 th\u1ec3 gi\u00fap b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u201c\u0111\u1eb9p\u201d h\u01a1n b\u1eb1ng c\u00e1ch t\u1eadp trung v\u00e0o kh\u1ea3 n\u0103ng t\u1ea1o ra d\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p so s\u00e1nh gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn v\u1ec1 thu\u1ebf TNDN, EBITDA tr\u1edf th\u00e0nh c\u00f4ng c\u1ee5 h\u1eefu \u00edch \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng th\u1ef1c s\u1ef1 c\u1ee7a m\u1ed7i doanh nghi\u1ec7p, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t h\u01a1n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-tr\u01b0\u1eddng-h\u1ee3p-nao-nen-s\u1eed-d\u1ee5ng-ebitda\"><strong>5. Tr\u01b0\u1eddng h\u1ee3p n\u00e0o n\u00ean s\u1eed d\u1ee5ng EBITDA?<\/strong><\/h2>\n\n\n\n<p>Doanh nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng EBITDA trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p kh\u00e1c nhau \u0111\u1ec3 \u0111o l\u01b0\u1eddng v\u00e0 \u0111\u00e1nh gi\u00e1 hi\u1ec7u su\u1ea5t kinh doanh. Sau \u0111\u00e2y l\u00e0 m\u1ed9t v\u00e0i tr\u01b0\u1eddng h\u1ee3p ti\u00eau bi\u1ec3u:<\/p>\n\n\n\n<p><strong>\u2013 Ng\u00e0nh c\u00f3 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n l\u1edbn: <\/strong>Trong c\u00e1c ng\u00e0nh s\u1ea3n xu\u1ea5t ho\u1eb7c l\u0129nh v\u1ef1c y\u00eau c\u1ea7u \u0111\u1ea7u t\u01b0 l\u1edbn v\u00e0o TSC\u0110, chi ph\u00ed kh\u1ea5u hao th\u01b0\u1eddng chi\u1ebfm t\u1ef7 tr\u1ecdng cao. EBITDA gi\u00fap lo\u1ea1i b\u1ecf \u1ea3nh h\u01b0\u1edfng c\u1ee7a kh\u1ea5u hao, mang \u0111\u1ebfn b\u1ee9c tranh t\u00e0i ch\u00ednh r\u00f5 r\u00e0ng h\u01a1n v\u00e0 t\u1ea1o ni\u1ec1m tin v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng qua c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh h\u1ea5p d\u1eabn h\u01a1n.<\/p>\n\n\n\n<p><strong>\u2013 So s\u00e1nh d\u00e0i h\u1ea1n v\u00e0 trung b\u00ecnh ng\u00e0nh: <\/strong>EBITDA l\u00e0 ch\u1ec9 s\u1ed1 h\u1eefu hi\u1ec7u \u0111\u1ec3 so s\u00e1nh hi\u1ec7u su\u1ea5t kinh doanh trong d\u00e0i h\u1ea1n ho\u1eb7c trung b\u00ecnh gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f9ng ng\u00e0nh. Nh\u1edd \u0111\u00f3, nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n v\u00e0 ch\u00ednh x\u00e1c h\u01a1n v\u1ec1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a doanh nghi\u1ec7p theo th\u1eddi gian, \u0111\u1eb7c bi\u1ec7t khi c\u00f3 bi\u1ebfn \u0111\u1ed9ng v\u1ec1 thu\u1ebf ho\u1eb7c ch\u00ednh s\u00e1ch kh\u1ea5u hao.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u1ecbnh gi\u00e1 doanh nghi\u1ec7p v\u00e0 d\u00f2ng ti\u1ec1n: <\/strong>EBITDA th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 nh\u01b0 EV\/EBITDA ho\u1eb7c \u0111\u1ec3 thay th\u1ebf d\u00f2ng ti\u1ec1n trong c\u00e1c ph\u00e2n t\u00edch t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y gi\u00fap c\u00e1c qu\u1ea3n l\u00fd v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng \u01b0\u1edbc t\u00ednh gi\u00e1 tr\u1ecb doanh nghi\u1ec7p d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng c\u1ed1t l\u00f5i.<\/p>\n\n\n\n<p><strong>\u2013 So s\u00e1nh trong c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1: <\/strong>EBITDA c\u0169ng \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 kh\u00e1c nh\u01b0: EBITDA Margin (EBITDA\/Doanh thu thu\u1ea7n), EBITDA\/Chi ph\u00ed l\u00e3i vay,&nbsp; EBITDA\/Chi ph\u00ed kh\u1ea5u hao, v.v\u2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-ebitda-va-\u1ee9ng-d\u1ee5ng-trong-d\u1ea7u-t\u01b0-ch\u1ee9ng-khoan\"><strong>6. EBITDA v\u00e0 \u1ee9ng d\u1ee5ng trong \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n<\/strong><\/h2>\n\n\n\n<p>Trong l\u0129nh v\u1ef1c \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n, EBITDA \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong m\u1ed9t s\u1ed1 m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p v\u00e0 \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng \u0111\u1ea7u t\u01b0, ch\u1eb3ng h\u1ea1n nh\u01b0: EBITDA Margin, Net Debt\/EBITDA, EV\/EBITDA. C\u1ee5 th\u1ec3:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-1-d\u1ecbnh-gia-c\u1ed5-phi\u1ebfu-b\u1eb1ng-ch\u1ec9-s\u1ed1-ev-ebitda\"><strong>6.1 \u0110\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu b\u1eb1ng ch\u1ec9 s\u1ed1 EV\/EBITDA<\/strong><\/h3>\n\n\n\n<p><strong>\u2013 \u00dd ngh\u0129a: <\/strong>Ch\u1ec9 s\u1ed1 n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0\u1edbc t\u00ednh th\u1eddi gian m\u1ed9t doanh nghi\u1ec7p c\u1ea7n \u0111\u1ec3 thu h\u1ed3i v\u1ed1n d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb EBITDA kh\u00f4ng \u0111\u1ed5i (ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh).<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u00e1nh gi\u00e1:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EV\/EBITDA th\u1ea5p:<\/strong> \u0110\u01b0\u1ee3c coi l\u00e0 d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c, cho th\u1ea5y doanh nghi\u1ec7p \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 r\u1ebb h\u01a1n so v\u1edbi kh\u1ea3 n\u0103ng sinh l\u1eddi, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 thu h\u1ed3i v\u1ed1n nhanh h\u01a1n.<\/li>\n\n\n\n<li><strong>EV\/EBITDA qu\u00e1 th\u1ea5p: <\/strong>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n th\u1eadn tr\u1ecdng v\u00ec c\u00f3 th\u1ec3 doanh nghi\u1ec7p \u0111ang g\u1eb7p r\u1ee7i ro ti\u1ec1m \u1ea9n, ch\u1eb3ng h\u1ea1n nh\u01b0 s\u1ef1 suy gi\u1ea3m trong ho\u1ea1t \u0111\u1ed9ng kinh doanh ho\u1eb7c c\u00e1c v\u1ea5n \u0111\u1ec1 t\u00e0i ch\u00ednh.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-2-danh-gia-kh\u1ea3-nang-tr\u1ea3-n\u1ee3-v\u1edbi-ch\u1ec9-s\u1ed1-net-debt-ebitda-n\u1ee3-vay-rong-ebitda\"><strong>6.2 \u0110\u00e1nh gi\u00e1 kh\u1ea3 n\u0103ng tr\u1ea3 n\u1ee3 v\u1edbi ch\u1ec9 s\u1ed1 Net Debt\/EBITDA (N\u1ee3 vay r\u00f2ng\/EBITDA)<\/strong><\/h3>\n\n\n\n<p><strong>\u2013 \u00dd ngh\u0129a: <\/strong>Ch\u1ec9 s\u1ed1 n\u00e0y \u0111o l\u01b0\u1eddng th\u1eddi gian c\u1ea7n thi\u1ebft \u0111\u1ec3 doanh nghi\u1ec7p tr\u1ea3 h\u1ebft n\u1ee3 d\u1ef1a tr\u00ean m\u1ee9c EBITDA hi\u1ec7n t\u1ea1i.<\/p>\n\n\n\n<p><strong>\u2013 Trong \u0111\u00f3: <\/strong>N\u1ee3 vay r\u00f2ng = N\u1ee3 ng\u1eafn h\u1ea1n + N\u1ee3 d\u00e0i h\u1ea1n \u2013 Ti\u1ec1n v\u00e0 c\u00e1c kho\u1ea3n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ti\u1ec1n.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u00e1nh gi\u00e1:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Net Debt\/EBITDA th\u1ea5p: <\/strong>\u0110\u01b0\u1ee3c xem l\u00e0 d\u1ea5u hi\u1ec7u t\u1ed1t, cho th\u1ea5y doanh nghi\u1ec7p vay n\u1ee3 trong kh\u1ea3 n\u0103ng chi tr\u1ea3, \u00edt ph\u1ee5 thu\u1ed9c v\u00e0o n\u1ee3 vay.<\/li>\n\n\n\n<li><strong>Net Debt\/EBITDA cao:<\/strong> Ph\u1ea3n \u00e1nh r\u1ee7i ro t\u00e0i ch\u00ednh, c\u00f3 th\u1ec3 doanh nghi\u1ec7p ph\u1ee5 thu\u1ed9c qu\u00e1 m\u1ee9c v\u00e0o vay n\u1ee3, v\u00ec v\u1eady, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng.<\/li>\n<\/ul>\n\n\n\n<p><strong>\u2013 L\u01b0u \u00fd: <\/strong>Vi nhu c\u1ea7u v\u1ec1 v\u1ed1n c\u1ee7a t\u1eebng ng\u00e0nh l\u00e0 kh\u00e1c nhau, n\u00ean nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n so s\u00e1nh ch\u1ec9 s\u1ed1 n\u00e0y gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh v\u00e0 quy m\u00f4 \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh kh\u00e1ch quan.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung-1024x683.webp\" alt=\"EBITDA v\u00e0 \u1ee9ng d\u1ee5ng\" class=\"wp-image-18957\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung-1024x683.webp 1024w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung-300x200.webp 300w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung-768x512.webp 768w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung-1536x1024.webp 1536w, https:\/\/base.vn\/wp-content\/uploads\/2025\/07\/EBITDA-va-ung-dung.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-3-danh-gia-ti\u1ec1m-nang-phat-tri\u1ec3n-v\u1edbi-ch\u1ec9-s\u1ed1-ebitda-margin-ebitda-doanh-thu-thu\u1ea7n\"><strong>6.3 \u0110\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng ph\u00e1t tri\u1ec3n v\u1edbi ch\u1ec9 s\u1ed1 EBITDA Margin (EBITDA\/Doanh thu thu\u1ea7n)<\/strong><\/h3>\n\n\n\n<p><strong>\u2013 \u00dd ngh\u0129a: <\/strong>Ch\u1ec9 s\u1ed1 n\u00e0y cho bi\u1ebft kh\u1ea3 n\u0103ng t\u1ea1o l\u1ee3i nhu\u1eadn ti\u1ec1n m\u1eb7t c\u1ee7a doanh nghi\u1ec7p t\u1eeb doanh thu.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u00e1nh gi\u00e1:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EBITDA Margin cao: <\/strong>Ph\u1ea3n \u00e1nh doanh nghi\u1ec7p ki\u1ec3m so\u00e1t chi ph\u00ed hi\u1ec7u qu\u1ea3, c\u00f3 kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u00e0 ti\u1ec1m n\u0103ng ph\u00e1t tri\u1ec3n t\u1ed1t.<\/li>\n\n\n\n<li><strong>EBITDA Margin th\u1ea5p:<\/strong> C\u00f3 th\u1ec3 th\u1ea5y doanh nghi\u1ec7p g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c ki\u1ec3m so\u00e1t chi ph\u00ed ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng kinh doanh k\u00e9m hi\u1ec7u qu\u1ea3.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-m\u1ed9t-s\u1ed1-l\u1ea7m-t\u01b0\u1edfng-ph\u1ed5-bi\u1ebfn-v\u1ec1-ebitda\"><strong>7. M\u1ed9t s\u1ed1 l\u1ea7m t\u01b0\u1edfng ph\u1ed5 bi\u1ebfn v\u1ec1 EBITDA<\/strong><\/h2>\n\n\n\n<p>D\u00f9 \u0111\u00e3 hi\u1ec3u r\u00f5 EBITDA l\u00e0 g\u00ec, v\u00e0 c\u00f4ng th\u1ee9c t\u00ednh c\u1ee7a n\u00f3, nh\u01b0ng kh\u00f4ng \u00edt c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u00f3 nh\u1eefng hi\u1ec3u l\u1ea7m li\u00ean quan \u0111\u1ebfn:<\/p>\n\n\n\n<p><strong>\u2013 EBITDA ph\u1ea3n \u00e1nh to\u00e0n b\u1ed9 l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p: <\/strong>Nhi\u1ec1u ng\u01b0\u1eddi cho r\u1eb1ng EBITDA th\u1ec3 hi\u1ec7n \u0111\u1ea7y \u0111\u1ee7 kh\u1ea3 n\u0103ng sinh l\u1eddi c\u1ee7a doanh nghi\u1ec7p. Th\u1ef1c t\u1ebf, EBITDA kh\u00f4ng t\u00ednh \u0111\u1ebfn c\u00e1c chi ph\u00ed nh\u01b0 l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao, v\u00e0 c\u00e1c chi ph\u00ed phi ti\u1ec1n m\u1eb7t. V\u00ec v\u1eady, n\u00f3 kh\u00f4ng ph\u1ea3n \u00e1nh ch\u00ednh x\u00e1c d\u00f2ng ti\u1ec1n r\u00f2ng ho\u1eb7c l\u1ee3i nhu\u1eadn th\u1ef1c s\u1ef1 m\u00e0 doanh nghi\u1ec7p t\u1ea1o ra.<\/p>\n\n\n\n<p><strong>\u2013 EBITDA cao \u0111\u1ed3ng ngh\u0129a v\u1edbi t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh t\u1ed1t: <\/strong>M\u1ed9t EBITDA cao kh\u00f4ng \u0111\u1ea3m b\u1ea3o r\u1eb1ng doanh nghi\u1ec7p c\u00f3 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh. Doanh nghi\u1ec7p v\u1edbi EBITDA cao nh\u01b0ng ph\u1ea3i ch\u1ecbu chi ph\u00ed n\u1ee3 vay l\u1edbn v\u1eabn c\u00f3 nguy c\u01a1 \u0111\u1ed1i m\u1eb7t v\u1edbi kh\u00f3 kh\u0103n trong vi\u1ec7c thanh kho\u1ea3n ho\u1eb7c r\u1ee7i ro t\u00e0i ch\u00ednh nghi\u00eam tr\u1ecdng.<\/p>\n\n\n\n<p><strong>\u2013 EBITDA ph\u00f9 h\u1ee3p \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 m\u1ecdi ng\u00e0nh: <\/strong>EBITDA kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng l\u00e0 ch\u1ec9 s\u1ed1 ph\u00f9 h\u1ee3p \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u n\u0103ng kinh doanh, \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u00e1c ng\u00e0nh y\u00eau c\u1ea7u \u0111\u1ea7u t\u01b0 l\u1edbn v\u00e0o t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh, nh\u01b0 s\u1ea3n xu\u1ea5t hay vi\u1ec5n th\u00f4ng. Trong nh\u1eefng ng\u00e0nh n\u00e0y, chi ph\u00ed \u0111\u1ea7u t\u01b0 (CAPEX) l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng nh\u01b0ng l\u1ea1i b\u1ecb EBITDA b\u1ecf qua, d\u1eabn \u0111\u1ebfn nh\u1eefng \u0111\u00e1nh gi\u00e1 ch\u01b0a \u0111\u1ea7y \u0111\u1ee7.<\/p>\n\n\n\n<p><strong>\u2013 EBITDA l\u00e0 th\u01b0\u1edbc \u0111o d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf: <\/strong>M\u1eb7c d\u00f9 EBITDA lo\u1ea1i b\u1ecf c\u00e1c chi ph\u00ed phi ti\u1ec1n m\u1eb7t, nh\u01b0ng n\u00f3 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ea1i di\u1ec7n cho d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf. EBITDA kh\u00f4ng t\u00ednh \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 chi ph\u00ed \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh (CAPEX) hay s\u1ef1 thay \u0111\u1ed5i trong v\u1ed1n l\u01b0u \u0111\u1ed9ng, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn nh\u1eefng \u0111\u00e1nh gi\u00e1 sai l\u1ec7ch v\u1ec1 kh\u1ea3 n\u0103ng t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p><strong>\u2013 EBITDA l\u00e0 ti\u00eau chu\u1ea9n duy nh\u1ea5t \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p: <\/strong>D\u00f9 th\u01b0\u1eddng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1, EBITDA kh\u00f4ng ph\u1ea3i l\u00e0 ti\u00eau chu\u1ea9n duy nh\u1ea5t. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p c\u1ea7n c\u00e2n nh\u1eafc nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 d\u00f2ng ti\u1ec1n t\u1ef1 do (FCF), c\u1ea5u tr\u00fac v\u1ed1n, ho\u1eb7c c\u00e1c r\u1ee7i ro ng\u00e0nh. N\u1ebfu ph\u1ee5 thu\u1ed9c ho\u00e0n to\u00e0n v\u00e0o EBITDA th\u00ec vi\u1ec7c \u0111\u1ecbnh gi\u00e1 c\u00f3 th\u1ec3 thi\u1ebfu ch\u00ednh x\u00e1c v\u00e0 thi\u1ebfu kh\u00e1ch quan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-8-nh\u1eefng-di\u1ec1u-c\u1ea7n-l\u01b0u-y-khi-s\u1eed-d\u1ee5ng-ebitda\"><strong>8. Nh\u1eefng \u0111i\u1ec1u c\u1ea7n l\u01b0u \u00fd khi s\u1eed d\u1ee5ng EBITDA<\/strong><\/h2>\n\n\n\n<p>Ch\u1ec9 s\u1ed1 EBITDA l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch t\u00e0i ch\u00ednh h\u1eefu \u00edch, nh\u01b0ng \u0111\u1ec3 s\u1eed d\u1ee5ng hi\u1ec7u qu\u1ea3 ch\u1ec9 s\u1ed1 n\u00e0y, ch\u1ee7 doanh nghi\u1ec7p v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n l\u01b0u \u00fd nh\u1eefng \u0111i\u1ec3m sau:<\/p>\n\n\n\n<p><strong>\u2013 Hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t v\u00e0 \u00fd ngh\u0129a c\u1ee7a EBITDA:<\/strong> EBITDA th\u1ec3 hi\u1ec7n l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc khi t\u00ednh \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 l\u00e3i vay, thu\u1ebf, kh\u1ea5u hao, v\u00e0 ph\u00ed hao m\u00f2n. \u0110\u00e2y l\u00e0 ch\u1ec9 s\u1ed1 gi\u00fap \u0111\u00e1nh gi\u00e1 hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u1ed1t l\u00f5i c\u1ee7a doanh nghi\u1ec7p, nh\u01b0ng kh\u00f4ng ph\u1ea3n \u00e1nh l\u1ee3i nhu\u1eadn th\u1ef1c s\u1ef1 sau khi tr\u1eeb c\u00e1c chi ph\u00ed quan tr\u1ecdng. V\u00ec v\u1eady, c\u1ea7n s\u1eed d\u1ee5ng EBITDA nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3 thay v\u00ec l\u00e0 th\u01b0\u1edbc \u0111o to\u00e0n di\u1ec7n.<\/p>\n\n\n\n<p><strong>\u2013 \u0110\u1eb7t EBITDA trong b\u1ed1i c\u1ea3nh ng\u00e0nh v\u00e0 chu k\u1ef3 kinh doanh: <\/strong>Quy m\u00f4 \u0111\u1ea7u t\u01b0, t\u1ef7 l\u1ec7 kh\u1ea5u hao, v\u00e0 c\u1ea5u tr\u00fac chi ph\u00ed c\u00f3 th\u1ec3 kh\u00e1c nhau \u0111\u00e1ng k\u1ec3 gi\u1eefa c\u00e1c ng\u00e0nh. Do \u0111\u00f3, c\u1ea7n ph\u00e2n t\u00edch EBITDA trong b\u1ed1i c\u1ea3nh c\u1ee5 th\u1ec3 c\u1ee7a ng\u00e0nh v\u00e0 chu k\u1ef3 kinh doanh \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o so s\u00e1nh ch\u00ednh x\u00e1c gi\u1eefa c\u00e1c doanh nghi\u1ec7p c\u00f9ng l\u0129nh v\u1ef1c.<\/p>\n\n\n\n<p><strong>\u2013 K\u1ebft h\u1ee3p v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh kh\u00e1c: <\/strong>EBITDA ch\u1ec9 cung c\u1ea5p m\u1ed9t g\u00f3c nh\u00ecn v\u1ec1 hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng. \u0110\u1ec3 \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh kinh doanh ho\u1eb7c \u0111\u1ea7u t\u01b0 s\u00e1ng su\u1ed1t, c\u1ea7n k\u1ebft h\u1ee3p v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kh\u00e1c nh\u01b0:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ROE (L\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu): <\/strong>\u0110\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n.<\/li>\n\n\n\n<li><strong>ROA (L\u1ee3i nhu\u1eadn tr\u00ean t\u00e0i s\u1ea3n):<\/strong> Ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng sinh l\u1eddi tr\u00ean t\u1ed5ng t\u00e0i s\u1ea3n.<\/li>\n\n\n\n<li><strong>D\u00f2ng ti\u1ec1n t\u1ef1 do (FCF):<\/strong> Th\u1ec3 hi\u1ec7n to\u00e0n di\u1ec7n h\u01a1n v\u1ec1 kh\u1ea3 n\u0103ng t\u1ea1o ra d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-9-qu\u1ea3n-tr\u1ecb-tai-chinh-chuyen-sau-va-toan-di\u1ec7n-v\u1edbi-base-finance\"><strong>9. Qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh chuy\u00ean s\u00e2u v\u00e0 to\u00e0n di\u1ec7n v\u1edbi Base Finance+<\/strong><\/h2>\n\n\n\n<p>EBITDA ch\u1ec9 l\u00e0 m\u1ed9t l\u00e1t c\u1eaft nh\u1ecf trong b\u1ee9c tranh t\u00e0i ch\u00ednh to l\u1edbn c\u1ee7a doanh nghi\u1ec7p. V\u00ec v\u1eady, \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh doanh nghi\u1ec7p, nh\u00e0 qu\u1ea3n tr\u1ecb c\u1ea7n theo d\u00f5i v\u00e0 xem x\u00e9t nhi\u1ec1u ch\u1ec9 s\u1ed1 kh\u00e1c nhau. \u0110i\u1ec1u n\u00e0y t\u01b0\u1edfng ch\u1eebng nh\u01b0 v\u00f4 c\u00f9ng ph\u1ee9c t\u1ea1p v\u00e0 t\u1ed1n nhi\u1ec1u th\u1eddi gian, nh\u01b0ng v\u1edbi s\u1ef1 tr\u1ee3 gi\u00fap c\u1ee7a B\u1ed9 gi\u1ea3i ph\u00e1p qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n <strong>Base Finance+<\/strong>, m\u1ecdi vi\u1ec7c s\u1ebd tr\u1edf n\u00ean d\u1ec5 d\u00e0ng v\u00e0 nhanh ch\u00f3ng h\u01a1n bao gi\u1edd h\u1ebft!<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/base.vn\/platform\/finance?utm_source=base-blog&amp;utm_content=ebitda-la-gi\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"896\" height=\"532\" src=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5.png\" alt=\"Base Finance+\" class=\"wp-image-3106\" srcset=\"https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5.png 896w, https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5-300x178.png 300w, https:\/\/base.vn\/wp-content\/uploads\/2024\/03\/base-finance-5-768x456.png 768w\" sizes=\"(max-width: 896px) 100vw, 896px\" \/><\/a><\/figure><\/div>\n\n\n<p>Base Finance+ bao g\u1ed3m 4 \u1ee9ng d\u1ee5ng n\u1ed5i b\u1eadt, t\u1eadp trung v\u00e0o vi\u1ec7c gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 c\u1ee5 th\u1ec3 trong qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh, bao g\u1ed3m:<\/p>\n\n\n\n<p><strong>\u2013 Base Finance: <\/strong>Qu\u1ea3n tr\u1ecb 360 \u0111\u1ed9 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh qua nhi\u1ec1u l\u00e1t c\u1eaft v\u00e0 h\u00ecnh th\u1ee9c.<\/p>\n\n\n\n<p><strong>\u2013 Base Income: <\/strong>Qu\u1ea3n l\u00fd doanh thu v\u00e0 d\u00f2ng ti\u1ec1n v\u00e0o, \u0111\u1ed3ng b\u1ed9 h\u00f3a d\u1eef li\u1ec7u b\u00e1n h\u00e0ng v\u00e0 k\u1ebf to\u00e1n.<\/p>\n\n\n\n<p><strong>\u2013 Base Expense: <\/strong>\u0110\u01a1n gi\u1ea3n h\u00f3a quy tr\u00ecnh qu\u1ea3n l\u00fd chi ph\u00ed, t\u1eeb t\u1ea1m \u1ee9ng, ho\u00e0n \u1ee9ng \u0111\u1ebfn thanh to\u00e1n.<\/p>\n\n\n\n<p><strong>\u2013 Base BankFeeds:<\/strong> T\u1ef1 \u0111\u1ed9ng c\u1eadp nh\u1eadt s\u1ed1 d\u01b0 t\u00e0i kho\u1ea3n ng\u00e2n h\u00e0ng, qu\u1ea3n l\u00fd ti\u1ec1n m\u1eb7t th\u1eddi gian th\u1ef1c.<\/p>\n\n\n\n<p>T\u1eadp h\u1ee3p s\u1ee9c m\u1ea1nh c\u1ee7a c\u00e1c \u1ee9ng d\u1ee5ng tr\u00ean, Base Finance+ h\u1ed7 tr\u1ee3 doanh nghi\u1ec7p qu\u1ea3n tr\u1ecb t\u1ed5ng th\u1ec3 t\u00e0i ch\u00ednh b\u1eb1ng c\u00e1ch:<\/p>\n\n\n\n<p>\u2013 T\u1ef1 \u0111\u1ed9ng c\u1eadp nh\u1eadt d\u1eef li\u1ec7u m\u1ed7i khi c\u00f3 doanh thu, chi ph\u00ed hay c\u00e1c kho\u1ea3n c\u00f4ng n\u1ee3 ph\u00e1t sinh. Nh\u1edd \u0111\u00f3, ban l\u00e3nh \u0111\u1ea1o lu\u00f4n lu\u00f4n c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p, nhanh ch\u00f3ng ph\u00e1t hi\u1ec7n c\u00e1c \u0111i\u1ec3m \u201cn\u00f3ng\u201d c\u1ea7n x\u1eed l\u00fd, v\u00e0o b\u1ea5t c\u1ee9 l\u00fac n\u00e0o, b\u1ea5t c\u1ee9 \u1edf \u0111\u00e2u.<\/p>\n\n\n\n<p>\u2013 Cung c\u1ea5p c\u00f4ng c\u1ee5 t\u00f9y ch\u1ec9nh b\u00e1o c\u00e1o, cho ph\u00e9p nh\u00e0 qu\u1ea3n tr\u1ecb t\u1ef1 x\u00e2y d\u1ef1ng c\u00e1c b\u00e1o c\u00e1o t\u00e0i ch\u00ednh t\u1eeb g\u00f3c \u0111\u1ed9 m\u00ecnh mong mu\u1ed1n ch\u1ec9 trong v\u00f2ng v\u00e0i ph\u00fat: tu\u1ef3 bi\u1ebfn m\u1ecdi l\u00e1t c\u1eaft d\u1eef li\u1ec7u, t\u00f9y ch\u1ecdn \u0111a d\u1ea1ng h\u00ecnh th\u1ee9c bi\u1ec3u \u0111\u1ed3, \u0111\u1ed3 th\u1ecb tr\u1ef1c quan.<\/p>\n\n\n\n<p>\u2013 H\u1ed7 tr\u1ee3 nh\u00e0 qu\u1ea3n tr\u1ecb x\u00e2y d\u1ef1ng m\u1ed9t k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh chi ti\u1ebft v\u1ec1 doanh thu, chi ph\u00ed v\u00e0 c\u00e1c ngu\u1ed3n l\u1ef1c t\u00e0i ch\u00ednh kh\u00e1c theo \u0111\u1eb7c th\u00f9 ng\u00e0nh ngh\u1ec1, m\u00f4 h\u00ecnh kinh doanh v\u00e0 t\u1eebng giai \u0111o\u1ea1n c\u1ee5 th\u1ec3.<\/p>\n\n\n\n<p>V\u1edbi Base Finance+, m\u1ecdi th\u00f4ng tin t\u00e0i ch\u00ednh, t\u1eeb giao d\u1ecbch h\u00e0ng ng\u00e0y, h\u1ee3p \u0111\u1ed3ng, \u0111\u1ed1i so\u00e1t \u0111\u1ebfn h\u00f3a \u0111\u01a1n c\u1ee7a b\u1ed9 ph\u1eadn K\u1ebf to\u00e1n, \u0111\u1ec1u \u0111\u01b0\u1ee3c t\u1eadp trung v\u00e0 l\u01b0u tr\u1eef t\u1ea1i m\u1ed9t h\u1ec7 th\u1ed1ng duy nh\u1ea5t. \u0110\u00e2y ch\u00ednh l\u00e0 c\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3 \u0111\u1eafc l\u1ef1c cho ban l\u00e3nh \u0111\u1ea1o trong vi\u1ec7c ho\u1ea1ch \u0111\u1ecbnh chi\u1ebfn l\u01b0\u1ee3c, qu\u1ea3n tr\u1ecb ng\u00e2n s\u00e1ch, ki\u1ec3m so\u00e1t c\u00f4ng n\u1ee3 v\u00e0 d\u00f2ng ti\u1ec1n, c\u0169ng nh\u01b0 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh then ch\u1ed1t kh\u00e1c.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-10-k\u1ebft-lu\u1eadn\"><strong>10. K\u1ebft lu\u1eadn<\/strong><\/h2>\n\n\n\n<p>Tr\u00ean \u0111\u00e2y l\u00e0 nh\u1eefng th\u00f4ng tin quan tr\u1ecdng v\u1ec1 EBITDA m\u00e0 Base Blog mu\u1ed1n chia s\u1ebb c\u00f9ng doanh nghi\u1ec7p. Hy v\u1ecdng r\u1eb1ng, doanh nghi\u1ec7p c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 s\u00e1ng su\u1ed1t, t\u1eeb \u0111\u00f3 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n v\u00e0 th\u00e0nh c\u00f4ng b\u1ec1n v\u1eefng.<\/p>\n\n\n\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, n\u1ebfu doanh nghi\u1ec7p \u0111ang t\u00ecm ki\u1ebfm m\u1ed9t gi\u1ea3i ph\u00e1p qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh to\u00e0n di\u1ec7n, Base Finance+ ch\u00ednh l\u00e0 l\u1ef1a ch\u1ecdn l\u00fd t\u01b0\u1edfng. H\u00e3y li\u00ean h\u1ec7 v\u1edbi Base.vn ngay h\u00f4m nay \u0111\u1ec3 \u0111\u01b0\u1ee3c t\u01b0 v\u1ea5n chi ti\u1ebft v\u00e0 demo tr\u1ea3i nghi\u1ec7m B\u1ed9 gi\u1ea3i ph\u00e1p n\u00e0y!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trong qu\u1ea3n tr\u1ecb t\u00e0i ch\u00ednh, EBITDA l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 then ch\u1ed1t gi\u00fap doanh nghi\u1ec7p \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng m\u00e0 kh\u00f4ng b\u1ecb \u201cnhi\u1ec5u\u201d b\u1edfi y\u1ebfu t\u1ed1 thu\u1ebf hay chi ph\u00ed kh\u1ea5u hao. \u0110\u00e2y c\u0169ng l\u00e0 c\u01a1 s\u1edf quan tr\u1ecdng \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn nh\u1eadn kh\u1ea3 n\u0103ng sinh l\u1eddi th\u1ef1c s\u1ef1 c\u1ee7a doanh [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":18945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"ppma_author":[58],"class_list":["post-18924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quan-tri-tai-chinh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v24.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EBITDA l\u00e0 g\u00ec? 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