EBITDA has become one of the most popular metrics in finance plastered across investor decks, boardroom presentations, and earnings calls. Its appeal lies in its simplicity: by stripping out financing, taxes, and non-cash charges, it offers a cleaner, more comparable view of core operations. But simplicity can also be deceptive. Companies with high debt, significant tax obligations, or heavy reinvestment needs may look far healthier through the EBITDA lens than they really are.