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REX American Resources (REX American Resources) Owner Earnings per Share (TTM)

: 5.86 (As of Jan. 2024)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

REX American Resources's Owner Earnings per Share (TTM) ended in Jan. 2024 was $5.86. It's Price-to-Owner-Earnings ratio for today is 9.73.


The historical rank and industry rank for REX American Resources's Owner Earnings per Share (TTM) or its related term are showing as below:

REX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.44   Med: 13.53   Max: 730.74
Current: 9.72


During the past 13 years, the highest Price-to-Owner-Earnings ratio of REX American Resources was 730.74. The lowest was 3.44. And the median was 13.53.


REX's Price-to-Owner-Earnings is ranked better than
74.31% of 720 companies
in the Chemicals industry
Industry Median: 19.15 vs REX: 9.72

REX American Resources's Earnings per Share (Diluted) for the three months ended in Jan. 2024 was $1.16. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jan. 2024 was $3.47. It's PE Ratio ratio for today is 16.42.

REX American Resources's EPS without NRI for the three months ended in Jan. 2024 was $1.16. Its EPS without NRI for the trailing twelve months (TTM) ended in Jan. 2024 was $3.47. It's PE Ratio without NRI ratio for today is 16.42.


REX American Resources Owner Earnings per Share (TTM) Historical Data

The historical data trend for REX American Resources's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

REX American Resources Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.21 -0.23 4.64 2.25 5.86

REX American Resources Quarterly Data
Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.25 2.74 2.70 2.82 5.86

Competitive Comparison

For the Chemicals subindustry, REX American Resources's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


REX American Resources Price-to-Owner-Earnings Distribution

For the Chemicals industry and Basic Materials sector, REX American Resources's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where REX American Resources's Price-to-Owner-Earnings falls into.



REX American Resources Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

REX American Resources's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 60.9
Depreciation, Depletion and Amortization 23.0
Change In Deferred Tax 14.6
5Y Average of Maintenance Capital Expenditure 13.5
Change In Working Capital 19.8
Shares Outstanding (Diluted Average) 17.9

1. Start with "Net Income" from income statement. REX American Resources's Net Income for the trailing twelve months (TTM) ended in Jan. 2024 was $60.9 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. REX American Resources's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jan. 2024 was $23.0 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. REX American Resources's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jan. 2024 was $14.6 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $13.5 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

REX American Resources's 5-Year Average Maintenance Capital Expenditure = $13.5 Mil

5. "Change In Working Capital" is from cashflow statement. REX American Resources's Change In Working Capital for the trailing twelve months (TTM) ended in Jan. 2024 was $19.8 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. REX American Resources's Shares Outstanding (Diluted Average) for the months ended in Jan. 2024 was 17.921 Mil.

REX American Resources's Onwer Earnings Per Share for Jan. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 60.935 +23.039+14.627
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-13.476610869023+19.827)/17.921
=5.86

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=56.99/5.86
=9.73

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


REX American Resources Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of REX American Resources's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


REX American Resources (REX American Resources) Business Description

Traded in Other Exchanges
Address
7720 Paragon Road, Dayton, OH, USA, 45459
REX American Resources Corp operates as a holding company, which engages in investment in alternative energy and ethanol production entities. Its operating segments include Ethanol and By-Products. Its products include dried distillers grains, modified distillers grains, and non-food grade corn oil.
Executives
Douglas Bruggeman officer: CFO, VP-Finance, Treasurer 7720 PARAGON ROAD, DAYTON OH 45459
Cheryl Lea Bustos director 43 SUGARCREEK TRAIL, GALENA IL 61036
Stuart A Rose director, 10 percent owner, officer: COB; CEO 7720 PARAGON ROAD, DAYTON OH 45459
Mervyn L Alphonso director 7720 PARAGON ROAD, DAYTON OH 45459
Anne Macmillan director 7720 PARAGON ROAD, DAYTON OH 45459
Lawrence Tomchin director 7720 PARAGON ROAD, DAYTON OH 45459
Zafar A Rizvi officer: VP Loss Prevention 7720 PARAGON ROAD, DAYTON OH 45459
Edward M Kress director, officer: Secretary 6505 LANDSEND COURT, DAYTON OH 45414
J. Dennis Hastert director 20 S. WACKER DRIVE, CHICAGO IL 60606
David Fuchs officer: VP Mgmt Information Systems 1366 HOLLOWCREEK DRIVE, MIAMISBURG OH 45342
Keith B Magby officer: VP Operations 1947 FOUNTAINVIEW DRIVE, DAYTON OH 45414
David L Bearden officer: President;COO 1517 WOODS DRIVE - UNIT 209, ARLINGTON HEIGHTS IL 60004
Philip J Kellar officer: VP Store Operations P O BOX 6592, KINGSPORT TN 37663
Lee Fisher director 3605 WARRENSVILLE CENTER ROAD, SHAKER HEIGHTS OH 44122
David Harris director 237 PARK AVENUE - SUITE 900, NEW YORK NY 10017

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