Keywords: efficiency, business efficiency, economic efficiency, efficiency evaluation, return, EBITDA, OIBDA, net cash flow


The problems of analytical evaluation of economic entities’ efficiency amid complexity and instability of the market environment have been examined in the article. Meeting the changing information needs of investors and analysts, as well as the improvement of financial analysis methods according to the management demands, the issue of the formation of key indicators system aimed at the analysis and objective assessment of business efficiency is relevant. Within the set objective economic essence of the efficiency has been revealed, characteristics of the methodological approaches to the efficiency analysis and evaluation have been provided: traditional, multifactorial and based on the concept of performance management. It has been found out that to form the system of indicators for efficiency evaluation, it is necessary to take into account the form of ownership, industry characteristics, goals of enterprise’s development and stakeholders expectations. The methods and analytical indicators of the traditional approach typical in the local context have been analyzed, its strengths and weaknesses have been clarified. Taking into account that the methods of business economic efficiency evaluation are being developed and improved, the characteristics of EBITDA and OIBDA indicators and their main differences have been specified. The indicators’ advantages and disadvantages have been systematized and the significance of cash flow analysis as the criterion of solvency and enterprise development have been revealed. The relevance of traditional and modern foreign methods and indicators combination for the complete and objective business efficiency evaluation have been presented.


1. Blank I.A. (2007). Upravleniie denezhnymi potokami [Cash flow management]. (Vols. 2). Kiev: Nika-Centr [in Ukrainian].
2. Busler A.G. Opasnyie tendentsii v vygodnom svete [Dangerous tendencies in a favorable light] EBITDA. URL:
3. Grechko A.V., Grechukhin A.S. (2016). Otsinka efektyvnosti vyrobnychoi diialnosty pidpryiemstva [Evaluation of the efficiency of the industrial activity]. Efektyvna ekonomika – Effective economy, 1. URL: [in Ukrainian].
4. Lobodzynska T.P. (2017). Pokaznyky EBITDA ta OIBDA: ekonomichnyi zmist ta osoblyvosti obchyslennia [Indicators of EBITDA and OIBDA: economic content and features of calculation]. Infrastruktura rynky – Market infrastructure, 7, 381-385 [in Ukrainian].
5. Matyukh S.A. (2014). Doslidzhennia suchasnyh metodiv otsinky efektyvnosti diialnosty organizatsii [Research of modern methods of estimation of efficiency of activity of the organizations]. Economichnyi analis: zbirnyk naukovuh prac. Ternopilskyi Nacionalnyi Economichnyi Universytet – Economic analysis: a collection of scientific papers. Ternopil National Economic University, 15 (3), 79-85 [in Ukrainian].
6. Pilipenko S.M. (2016). Teoretychni zasady otsinky efektyvnosti diialnosty pidpryiemstva [Theoretical bases of an estimation of efficiency of activity of the enterprise]. Globalni ta nacionalni problemy ekonomiky: elektronne naukove fahove vydannia – Global and national problems of economy: electronic scientific professional publication, 10, 452-456. URL: [in Ukrainian].
7. Geamanu М. Economic efficiency and profitability. URL: AND_PROFITABILITY.
8. James P. Strong. Cash is king the importance of cash flow management. URL:
9. Kaplan, R.S., Norton D.P The Balanced Scorecard: measures that drive performance. Harvard Business Review. Jan. I Feb, 1992.
10. OIBDA. Ivestopedia. URL: #axzz1rpmSzKBB.
How to Cite
Proskurina, N., & Pushkar’, I. (2021). KEY INDICIES OF BUSINESS EFFICIENCY ANALYSIS AND EVALUATION. Bulletin of Zaporizhzhia National University. Economic Sciences, (1 (49), 39-43.