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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)."
Kaspien Holdings's Owner Earnings per Share (TTM) ended in Oct. 2023 was $-0.70. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for Kaspien Holdings'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 Kaspien Holdings was 916.28. The lowest was 4.95. And the median was 45.00.
Kaspien Holdings's Earnings per Share (Diluted) for the three months ended in Oct. 2023 was $-0.36. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Oct. 2023 was $-2.36. It's PE Ratio ratio for today is At Loss.
Kaspien Holdings's EPS without NRI for the three months ended in Oct. 2023 was $-0.36. Its EPS without NRI for the trailing twelve months (TTM) ended in Oct. 2023 was $-2.36. It's PE Ratio without NRI ratio for today is At Loss.
The historical data trend for Kaspien Holdings'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.
Kaspien Holdings Annual Data | |||||||||||||||||||||
Trend | Jan14 | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -55.20 | -35.06 | -9.32 | -6.42 | -3.27 |
Kaspien Holdings Quarterly Data | ||||||||||||||||||||
Jan19 | Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -5.55 | -3.27 | -2.26 | -2.09 | -0.70 |
For the Software - Application subindustry, Kaspien Holdings'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.
For the Software industry and Technology sector, Kaspien Holdings's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Kaspien Holdings's Price-to-Owner-Earnings falls into.
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)
Kaspien Holdings's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | -11.7 | |
Depreciation, Depletion and Amortization | 1.5 | |
Change In Deferred Tax | 0.0 | |
5Y Average of Maintenance Capital Expenditure | 1.2 | |
Change In Working Capital | 7.9 | |
Shares Outstanding (Diluted Average) | 5.0 |
1. Start with "Net Income" from income statement. Kaspien Holdings's Net Income for the trailing twelve months (TTM) ended in Oct. 2023 was $-11.7 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. Kaspien Holdings's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Oct. 2023 was $1.5 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.
Kaspien Holdings's Change In Deferred Tax for the trailing twelve months (TTM) ended in Oct. 2023 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $1.2 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.
Kaspien Holdings's 5-Year Average Maintenance Capital Expenditure = $1.2 Mil
5. "Change In Working Capital" is from cashflow statement. Kaspien Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Oct. 2023 was $7.9 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. Kaspien Holdings's Shares Outstanding (Diluted Average) for the months ended in Oct. 2023 was 4.968 Mil.
Kaspien Holdings's Onwer Earnings Per Share for Oct. 2023 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( -11.719 | + | 1.471 | + | 0 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 1.1851695194399 | + | 7.94) | / | 4.968 |
= | -0.70 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 0.00945 | / | -0.70 | |
= | 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.
Thank you for viewing the detailed overview of Kaspien Holdings's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Tom Simpson | director | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Mark E Holliday | director | 257 SW MARCONI AVENUE, PORTLAND OR 97201 |
Brock Kowalchuk | officer: Interim Chief Executive Office | PO BOX 462, EAST SCHODACK NY 12063 |
Kunal Chopra | officer: CEO - etailz | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Jonathan Anthony Marcus | director | 100 PINE STREET, SUITE 2700, SAN FRANCISCO CA 94111 |
Jeffrey Scott Hastings | director | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Alimco Financial Corp | other: See Remarks | 2336 S.E. OCEAN BOULEVARD SUITE 400, STUART FL 34996 |
Neil S Subin | 10 percent owner | 2336 S.E. OCEAN BOULEVARD, #400, STUART FL 34996 |
Edwin Sapienza | officer: Chief Financial Officer | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Robert Galvin | director | 78 GOLF LANE, RIDGEFIELD CT 06877 |
Miller Lloyd I Iii | 10 percent owner | |
Robert J Higgins | director, 10 percent owner, officer: Chairman and CEO | C/O TRANS WORLD ENTERTAINMENT CORP, 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Josh Neblett | officer: CEO, etailz | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Robert J. Higgins Twmc Trust | 10 percent owner | 38 CORPORATE CIRCLE, ALBANY NY 12203 |
Christoph Hoerenz | officer: Chief Digital and Mktg Officer | 38 CORPORATE CIRCLE, ALBANY NY 12033 |
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