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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: Brian K Crawford who wrote (6677)	2/19/2000 9:35:00 PM
From: quidditch	Read Replies (1) \| Respond to of 13582

Brian, wouldn't you usually see depreciation and amortization (to the extent that those are relevant line items in the business being analyzed) above the operating margin line? D&A are certainly "costs" (albeit non-cash) of doing business and should be reflected in your measurement of operating margin, no? While EBITDA is sometimes a surrogate, it is usually used, in my experience, to get at cash flow metrics for purposes of analyzing debt covenants or interest coverage ratios, rather than operating margin as such. jmo Steve