Last twelve months (LTM) refers to the timeframe of the immediately preceding 12 months. It is also commonly designated as trailing twelve months (TTM). LTM is often used in reference to a financial metric used to evaluate a company's performance, such as revenues or debt to equity (D/E). Although a 12-month period is a relatively short time span for examining company performance, it is considered useful because it indicates a company's most recent performance, and is indicative of the company's current state. The terms "last twelve months" or "trailing twelve months" frequently appear in a company's earnings reports or other financial statements.