This paper proposes an alternative measure to EBITDA called ADJUSTED EBITDA, as calculated by adding to EBITDA variance Working Capital to bring in financial analysis of a company in a more objective way the concept of cash flow. This proposed indicator was calculated with FENO EBITDA and Net Cash Flow from Operations for companies in the Commercial sector of the city of Manizales who reported their financial statements to the Superintendency of Corporations in the years 2008 to 2012. With a population of study of 59 companies, which were subdivided into 4 subsector as internal division of the Superintendence for the sector. The premise of the work is that the EBITDA in real terms is higher than FENO and that this difference in terms of financial analysis may overestimate a company when it is valued, in our analysis in comparing EBITDA VS FENO was evident that 39 companies on average 5 years, is 66.78%, had a value greater than the FENO EBITDA, and that this difference in the subsector Wholesale Trade arrived at 70.37%. Shown a clear decrease of this difference when comparing ADJUSTED EBITDA VS FENO, where 44.07% of companies had a lower FENO, is 33 of the 59 companies had higher ADJUSTED EBITDA. So we conclude that this alternative way to calculate the indicator EBITDA allows us a more realistic cash flow of firms approach.