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GuruFocus has detected 3 Warning Signs with JPMorgan Chase & Co $JPM.
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JPMorgan Chase & Co (NYSE:JPM)
Owner Earnings per Share (TTM)
0 (As of Mar. 2017)

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)."

JPMorgan Chase & Co does not have enough data to calculate owner earnings per share (ttm), so as Price to Owner Earnings (TTM) ratio.

JPMorgan Chase & Co's diluted earnings per share for the three months ended in Mar. 2017 was $1.65. Its diluted earnings per share for the trailing twelve months (TTM) ended in Mar. 2017 was $6.49. It's P/E (TTM) ratio for today is 13.38.

JPMorgan Chase & Co's earnings per share without non-recurring items for the three months ended in Mar. 2017 was $1.65. Its earnings per share without non-recurring items for the trailing twelve months (TTM) ended in Mar. 2017 was $6.49. It's Price to Earnings without Non-Recurring Items ratio for today is 13.38.


Definition

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 Earning Per Share = (Net Income + Depreciation, Depletion & Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

JPMorgan Chase & Co does not have enough data to calculate owner earnings per share (ttm). Please check Wal-Mart Stores Inc, as your reference.


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.


Related Terms

Net Income, Depreciation, Depletion & Amortization, Employee Stock Compensation, Change In Working Capital, Cash Flow for Capital Expenditures, Revenue, Net Property, Plant and Equipment (Net PPE), Shares Outstanding (Diluted Average), Price to Owner Earnings (TTM)


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

JPMorgan Chase & Co Annual Data

Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15Dec16
Owner Earnings
Per Share (TTM)
0.000.000.000.000.000.000.000.000.000.00

JPMorgan Chase & Co Quarterly Data

Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16Mar17
Owner Earnings
Per Share (TTM)
0.000.000.000.000.000.000.000.000.000.00
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