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DuPont de Nemours (NYSE:DD) Owner Earnings per Share (TTM)

: -2.89 (As of Sep. 2022)
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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)."

DuPont de Nemours's Owner Earnings per Share (TTM) ended in Sep. 2022 was $-2.89. It's Price-to-Owner-Earnings ratio for today is 0.


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


During the past 13 years, the highest Price-to-Owner-Earnings ratio of DuPont de Nemours was 436.51. The lowest was 2.75. And the median was 5.43.



DuPont de Nemours's Earnings per Share (Diluted) for the three months ended in Sep. 2022 was $0.73. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Sep. 2022 was $3.52. It's PE Ratio ratio for today is 20.24.

DuPont de Nemours's EPS without NRI for the three months ended in Sep. 2022 was $0.69. Its EPS without NRI for the trailing twelve months (TTM) ended in Sep. 2022 was $2.11. It's PE Ratio without NRI ratio for today is 33.77.


DuPont de Nemours (NYSE:DD) Owner Earnings per Share (TTM) Historical Data

The historical data trend for DuPont de Nemours'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.

DuPont de Nemours Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -9.59 0.77 -5.88 -2.99 8.31

DuPont de Nemours Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Owner Earnings per Share (TTM) 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 Premium Member Only Premium Member Only Premium Member Only 9.48 8.31 -1.74 -2.35 -2.89

DuPont de Nemours (NYSE:DD) Owner Earnings per Share (TTM) Competitive Comparison

For the Specialty Chemicals subindustry, DuPont de Nemours's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) 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.

   

DuPont de Nemours (NYSE:DD) Owner Earnings per Share (TTM) Distribution

For the Chemicals industry and Basic Materials sector, DuPont de Nemours's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where DuPont de Nemours's Owner Earnings per Share (TTM) falls into.



DuPont de Nemours 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)

DuPont de Nemours's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 1,846
Depreciation, Depletion and Amortization 1,270
Change In Deferred Tax -1,118
5Y Average of Maintenance Capital Expenditure 2,556
Change In Working Capital -886
Shares Outstanding (Diluted Average) 500

1. Start with "Net Income" from income statement. DuPont de Nemours's Net Income for the trailing twelve months (TTM) ended in Sep. 2022 was $1,846 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. DuPont de Nemours's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Sep. 2022 was $1,270 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. DuPont de Nemours's Change In Deferred Tax for the trailing twelve months (TTM) ended in Sep. 2022 was $-1,118 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $2,556 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 year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, 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.

DuPont de Nemours's 5-Year Average Maintenance Capital Expenditure = $2,556 Mil

5. "Change In Working Capital" is from cashflow statement. DuPont de Nemours's Change In Working Capital for the trailing twelve months (TTM) ended in Sep. 2022 was $-886 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. DuPont de Nemours's Shares Outstanding (Diluted Average) for the months ended in Sep. 2022 was 500.400 Mil.

DuPont de Nemours's Onwer Earnings Per Share for Sep. 2022 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 1846 +1270+-1118
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-2556.1200439282+-886)/500.400
=-2.89

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=71.25/-2.89
=0

* 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.


DuPont de Nemours Owner Earnings per Share (TTM) Related Terms

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


DuPont de Nemours (NYSE:DD) Business Description

DuPont de Nemours logo
Address
974 Centre Road, Building 730, Wilmington, DE, USA, 19805
DuPont is a diversified global specialty chemicals company created in 2019 as a result of the DowDuPont merger and subsequent separations. Its portfolio includes specialty chemicals and downstream products that serve the electronics and communication, automotive, construction, safety and protection, and water management industries. DuPont benefits from the ability to produce patented specialty chemicals that command pricing power. Noteworthy products include Kevlar, Tyvek, and Nomex, which tend to have a wide range of applications across multiple industries.
Executives
Johnson Kristina M director 19 HEATH PL DURHAM NC 27705
Lowery Frederick M. director 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Curtin Terrence R director C/O TYCO ELECTRONICS LTD. 1050 WESTLAKES DRIVE BERWYN PA 19312
Mulligan Deanna director 7 HANOVER SQUARE NEW YORK NY 10004
Ratnakar Raj officer: SVP and Chief Strategy Officer C/O FORTIVE CORPORATION 6920 SEAWAY BOULEVARD EVERETT WA 98203
Weaver Leland officer: President, Water & Protection 974 CENTRE ROAD CRP 730, 5216 WILMINGTON DE 19805
Stone Randy Lee officer: President, Mobility & Material 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Hoover Erik T. officer: SVP & General Counsel 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Goss Michael G. officer: Controller 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Larrabee Steven P. officer: SVP & CIO 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Kemp Jon D. officer: President, E&I 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Koch Lori officer: EVP & CFO 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Raia Christopher officer: SVP & CHRO 974 CENTRE ROAD CRP 730 WILMINGTON DE 19805
Brady Amy G. director 127 PUBLIC SQUARE CLEVELAND OH 44114
Lee Rose officer: President, S&C C/O CROWN HOLDINGS, INC. 770 TOWNSHIP LINE ROAD YARDLEY PA 19067

DuPont de Nemours (NYSE:DD) Headlines

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