TTM and FWD

TTM stands for trailing twelve months, the most recent four reported quarters added together. It is based entirely on numbers the company has already reported, so it reflects real, audited performance, but it can lag behind a business that is changing quickly.

FWD stands for forward, an estimate based on analyst projections for the next twelve months rather than what has already happened. Forward figures are useful for capturing where a business is headed, but they depend on forecasts that can turn out to be wrong.

A ratio like a P/E can be calculated either way. A TTM P/E uses actual trailing earnings, a forward P/E uses projected future earnings. The two can differ significantly for a company whose earnings are expected to grow or shrink quickly, since the forward figure already prices in that expected change.