Take two identical companies in the same business line in the same jurisdiction. One got a less favorable interest rate on the same amount of debt, and also has

Take two identical companies in the same business line in the same jurisdiction. One got a less favorable interest rate on the same amount of debt, and also has a higher effective tax rate. On a GAAP basis, these companies look very different. They should. They are. But, to someone trying to compare different companies for purposes of M&A, EBITDA can provide a nice way to normalize these factors. Debt can be refinanced. Effective tax rate != current tax rate. And that's just the EBIT part of EBITDA. You can't say EBITDA itself is not a useful measure. It is, when it's used properly and understood. However, I do agree with your overall sentiment re: manipulation. It's misused and misunderstood.