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VistaGen Therapeutics Owner Earnings per Share (TTM)

: -0.19 (As of Dec. 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)."

VistaGen Therapeutics's Owner Earnings per Share (TTM) ended in Dec. 2021 was $-0.19. It's Price-to-Owner-Earnings ratio for today is 0.


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




VistaGen Therapeutics's Earnings per Share (Diluted) for the three months ended in Dec. 2021 was $-0.05. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2021 was $-0.32. It's PE Ratio ratio for today is At Loss.

VistaGen Therapeutics's EPS without NRI for the three months ended in Dec. 2021 was $-0.05. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2021 was $-0.32. It's PE Ratio without NRI ratio for today is At Loss.


VistaGen Therapeutics Owner Earnings per Share (TTM) Historical Data

The historical data trend for VistaGen Therapeutics'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.

VistaGen Therapeutics Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.28 -0.59 -0.66 -0.44 -0.08

VistaGen Therapeutics Quarterly Data
Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21
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 -0.15 -0.08 -0.10 -0.16 -0.19

Competitive Comparison

For the Biotechnology subindustry, VistaGen Therapeutics'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.

   

VistaGen Therapeutics Owner Earnings per Share (TTM) Distribution

For the Biotechnology industry and Healthcare sector, VistaGen Therapeutics's Owner Earnings per Share (TTM) distribution charts can be found below:

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



VistaGen Therapeutics 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)

VistaGen Therapeutics's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income -37.29
Depreciation, Depletion and Amortization 0.35
Change In Deferred Tax 0.00
5Y Average of Maintenance Capital Expenditure 0.40
Change In Working Capital -0.82
Shares Outstanding (Diluted Average) 202.33

1. Start with "Net Income" from income statement. VistaGen Therapeutics's Net Income for the trailing twelve months (TTM) ended in Dec. 2021 was $-37.29 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. VistaGen Therapeutics's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2021 was $0.35 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. VistaGen Therapeutics's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2021 was $0.00 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $0.40 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.

VistaGen Therapeutics's 5-Year Average Maintenance Capital Expenditure = $0.40 Mil

5. "Change In Working Capital" is from cashflow statement. VistaGen Therapeutics's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2021 was $-0.82 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. VistaGen Therapeutics's Shares Outstanding (Diluted Average) for the months ended in Dec. 2021 was 202.329 Mil.

VistaGen Therapeutics's Onwer Earnings Per Share for Dec. 2021 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( -37.285 +0.351+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-0.3955949137148+-0.816)/202.329
=-0.19

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=1.06/-0.19
=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.


VistaGen Therapeutics Owner Earnings per Share (TTM) Related Terms

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


VistaGen Therapeutics Business Description

VistaGen Therapeutics logo
Industry
Healthcare » Biotechnology NAICS : 325412 SIC : 2834
Traded in Other Exchanges
N/A
Address
343 Allerton Avenue, South San Francisco, CA, USA, 94080
VistaGen Therapeutics Inc is a biotechnology firm. The company is in its clinical stage and engaged in developing and commercializing product candidates for patients with diseases and disorders involving the central nervous system. Its lead product candidate, AV-101, is an orally available prodrug candidate in Phase II development, initially for the adjunctive treatment of a major depressive disorder in patients with an inadequate response to standard antidepressants. The PH94B is a novel neuroactive nasal spray with therapeutic potential in a wide range of indications involving anxiety or phobia; PH10 is an odorless, fast-acting synthetic neurosteroid for neuropsychiatric indications involving depression.
Executives
Saxe Jon S director FIRST HORIZON PHARMACEUTICAL CORP 660 HEMBREE PKWY STE 106 ROSWELL GA 30076
Dotson Jerrold Duane officer: VP, CFO AND SECRETARY 5 CENTERPOINTE DRIVE SUITE 400 LAKE OSWEGO OR 97035
Singh Shawn director, officer: CHIEF EXECUTIVE OFFICER C/O VISTAGEN THERAPEUTICS, INC. 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Snodgrass H. Ralph director, officer: PRES./CHIEF SCIENTIFIC OFFICER 384 OYSTER POINT BLVD. SUITE 8 SOUTH SAN FRANCISCO CA 94080
Smith Mark Alan officer: CHIEF MEDICAL OFFICER 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Mcpartland Mark A. officer: VP CORPORATE DEVELOPMENT C/O VISTAGEN THERAPEUTICS, INC. 343 ALLERTON AVENUE SOUTH SAN FRANCISCO CA 94080
Gin Jerry B director 343 ALLERTON AVE SOUTH SAN FRANCISCO CA 94080
Underdown Brian J. director C/O LUMIRA CAPITAL INVESTMENT MANAGEMENT 141 ADELAIDE ST. WEST, SUITE 770 TORONTO ONTARIO CANADA M5H 3L5 A6 00000
Cunningham Ann Michelle director 255 N CALDWELL CIRCLE DOWNINGTOWN PA 19335
Rice A. Franklin officer: VP CORPORATE DEVELOPMENT 384 OYSTER POINT BLVD. SUITE 8 SOUTH SAN FRANCISCO CA 94080
Bonfiglio Gregory A. director 384 OYSTER POINT BOULEVARD, NO. 8 SOUTH SAN FRANCISCO CA 94080
Platinum Long Term Growth Vii, Llc 10 percent owner 152 WEST 57TH STREET 4TH FLOOR NEW YORK NY 10019
Cato Holding Co 10 percent owner 4364 SOUTH ALSTON AVENUE DURHAM NC 27713
Cato Allen Easley 10 percent owner 4364 SOUTH ALSTON AVENUE DURHAM NC 27713
Jones Stephanie director, 10 percent owner, officer: PRESIDENT 13834 W. HOYT ROAD RATHDRUM ID 83858

VistaGen Therapeutics Headlines

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