Also understand that Depreciation and Amortisation are real...

Also understand that Depreciation and Amortisation are real costs. Many people don't see them as such, but I think that it is important to view them like this. For example, a company that needs heavy capital investment to continue operating, will have to replace depreciated goods or risk underperforming. Others that don't have this problem, will enjoy higher profit ratios. EBITDA can mask this fact to many unassuming individuals. NPAT is the safest figure to use. It can't be easily fudged, and if it is, the ATO will have their ar$e$.