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Forward Industries Owner Earnings per Share (TTM)

: 0.07 (As of Jun. 2021)
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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)."

Forward Industries's Owner Earnings per Share (TTM) ended in Jun. 2021 was $0.07. It's Price-to-Owner-Earnings ratio for today is 24.43.


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

NAS:FORD' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 6.98   Med: 26.23   Max: 2295
Current: 25.14

6.98
2295

During the past 13 years, the highest Price-to-Owner-Earnings ratio of Forward Industries was 2295.00. The lowest was 6.98. And the median was 26.23.


NAS:FORD's Price-to-Owner-Earnings is ranked lower than
71% of the 531 Companies
in the Manufacturing - Apparel & Accessories industry.

( Industry Median: 13.53 vs. NAS:FORD: 25.14 )

Forward Industries's Earnings per Share (Diluted) for the three months ended in Jun. 2021 was $0.02. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2021 was $0.05. It's PE Ratio ratio for today is 34.20.

Forward Industries's EPS without NRI for the three months ended in Jun. 2021 was $0.02. Its EPS without NRI for the trailing twelve months (TTM) ended in Jun. 2021 was $0.05. It's PE Ratio without NRI ratio for today is 34.20.


Forward Industries Owner Earnings per Share (TTM) Historical Data

The historical data trend for Forward Industries'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.

Forward Industries Annual Data
Trend Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.05 -0.04 0.18 -0.45 -0.15

Forward Industries Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
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 -0.37 -0.15 - 0.04 0.07

Competitive Comparison

For the Footwear & Accessories subindustry, Forward Industries'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.

   

Forward Industries Owner Earnings per Share (TTM) Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Forward Industries's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where Forward Industries's Owner Earnings per Share (TTM) falls into.



Forward Industries 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)

Forward Industries's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 0.50
Depreciation, Depletion and Amortization 0.32
Change In Deferred Tax 0.00
5Y Average of Maintenance Capital Expenditure 0.06
Change In Working Capital -0.05
Shares Outstanding (Diluted Average) 10.51

1. Start with "Net Income" from income statement. Forward Industries's Net Income for the trailing twelve months (TTM) ended in Jun. 2021 was $0.50 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Forward Industries's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2021 was $0.32 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. Forward Industries's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2021 was $0.00 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $0.06 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.

Forward Industries's 5-Year Average Maintenance Capital Expenditure = $0.06 Mil

5. "Change In Working Capital" is from cashflow statement. Forward Industries's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2021 was $-0.05 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. Forward Industries's Shares Outstanding (Diluted Average) for the months ended in Jun. 2021 was 10.513 Mil.

Forward Industries's Onwer Earnings Per Share for Jun. 2021 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 0.501 +0.322+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-0.055145652978047+-0.053)/10.513
=0.07

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=1.71/0.07
=24.43

* 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.


Forward Industries Owner Earnings per Share (TTM) Related Terms

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


Forward Industries Business Description

Forward Industries logo
Traded in Other Exchanges
N/A
Address
700 Veterans Memorial Highway, Suite 100, Hauppauge, New York, NY, USA, 11788
Forward Industries Inc is a provider of carrying and protective solutions. It designs and distributes product protection for handheld electronic devices. Forward Industries sells soft-sided carrying cases for blood glucose diagnostic kits and portable consumer electronic devices such as smartphones, tablets, personal computers, notebooks, and Global Positioning System devices. It also offers bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. It operates in two segments: distribution and design. The company sells its products globally and generates its revenue from the sale of protective solutions for diabetic products. It generates the majority of its revenue from the United States.
Executives
Maiman Mitchell officer: President of Subsidiary 700 VETERANS MEMORIAL HIGHWAY SUITE 100 HAUPPAUGE NY 11788
Terence Bernard Wise director, 10 percent owner, officer: Chief Executive Officer 700 VETERANS MEMORIAL HWY, #100 HAUPPAUGE NY 11788
Severino Paul Jean officer: COO of Subsidiary 700 VETERANS MEMORIAL HIGHWAY SUITE 100 HAUPPAUGE NY 11788
Camarda Anthony officer: Chief Financial Officer 700 VETERANS HWY SUITE 100 HAUPPAUGE NY 11788
Shah Sangita director C/O FORWARD INDUSTRIES, INC. 477 ROSEMARY AVE., STE. 219 WEST PALM BEACH FL 33401
Morgan Howard J director C/O FORWARD INDUSTRIES, INC. 3110 MAIN STREET, SUITE 400 SANTA MONICA CA 90405
Ziglar James W director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: ZIGLAR JAMES W a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Matthews Douglas David officer: Sr VP/Chief Operating Officer 477 S. ROSEMARY AVE. SUITE 219 WEST PALM BEACH FL 33401
Yu Jenny P. 10 percent owner 9255 DOHENY ROAD APT. 2905 WEST HOLLYWOOD CA 90069
Frost James M director 477 S. ROSEMARY AVE., SUITE 219 WEST PALM BEACH FL 33401
Fine N Scott director 600 3RD AVE NEW YORK NY 10016
Hrynkow Sharon director C/O FORWARD INDUSTRIES, INC. 477 ROSEMARY AVE., STE. 219 WEST PALM BEACH FL 33401
Luetkemeyer Michael L. director 411 LANDMARK DRIVE WILMINGTON NC 28412
Matte Michael D officer: Chief Financial Officer PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: MATTE MICHAEL D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Freitag Eric director 477 ROSEMARY AVE. STE. 219 WEST PALM BEACH FL 33401
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