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Korn Ferry Owner Earnings per Share (TTM)

: 6.48 (As of Jan. 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)."

Korn Ferry's Owner Earnings per Share (TTM) ended in Jan. 2022 was $6.48. It's Price-to-Owner-Earnings ratio for today is 8.88.


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

KFY' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 7.63   Med: 18.05   Max: 325.63
Current: 8.88


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Korn Ferry was 325.63. The lowest was 7.63. And the median was 18.05.


KFY's Price-to-Owner-Earnings is ranked better than
68.12% of 483 companies
in the Business Services industry
Industry Median: 14.25 vs KFY: 8.88

Korn Ferry's Earnings per Share (Diluted) for the three months ended in Jan. 2022 was $1.54. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jan. 2022 was $5.50. It's PE Ratio ratio for today is 10.46.

Korn Ferry's EPS without NRI for the three months ended in Jan. 2022 was $1.54. Its EPS without NRI for the trailing twelve months (TTM) ended in Jan. 2022 was $5.50. It's PE Ratio without NRI ratio for today is 10.46.


Korn Ferry Owner Earnings per Share (TTM) Historical Data

The historical data trend for Korn Ferry'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.

Korn Ferry Annual Data
Trend Apr12 Apr13 Apr14 Apr15 Apr16 Apr17 Apr18 Apr19 Apr20 Apr21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.10 3.03 1.68 3.01 4.15

Korn Ferry Quarterly Data
Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22
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 3.41 4.15 3.69 4.81 6.48

Competitive Comparison

For the Staffing & Employment Services subindustry, Korn Ferry'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.

   

Korn Ferry Owner Earnings per Share (TTM) Distribution

For the Business Services industry and Industrials sector, Korn Ferry's Owner Earnings per Share (TTM) distribution charts can be found below:

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



Korn Ferry 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)

Korn Ferry's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 301
Depreciation, Depletion and Amortization 63
Change In Deferred Tax -14
5Y Average of Maintenance Capital Expenditure 33
Change In Working Capital 29
Shares Outstanding (Diluted Average) 53

1. Start with "Net Income" from income statement. Korn Ferry's Net Income for the trailing twelve months (TTM) ended in Jan. 2022 was $301 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Korn Ferry's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jan. 2022 was $63 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. Korn Ferry's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jan. 2022 was $-14 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $33 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.

Korn Ferry's 5-Year Average Maintenance Capital Expenditure = $33 Mil

5. "Change In Working Capital" is from cashflow statement. Korn Ferry's Change In Working Capital for the trailing twelve months (TTM) ended in Jan. 2022 was $29 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. Korn Ferry's Shares Outstanding (Diluted Average) for the months ended in Jan. 2022 was 53.495 Mil.

Korn Ferry's Onwer Earnings Per Share for Jan. 2022 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 300.886 +63.158+-13.783
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-32.786428680808+29.291)/53.495
=6.48

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=57.52/6.48
=8.88

* 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.


Korn Ferry Owner Earnings per Share (TTM) Related Terms

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


Korn Ferry Business Description

Korn Ferry logo
Industry
Industrials » Business Services NAICS : 561311 SIC : 7361
Traded in Other Exchanges
Address
1900 Avenue of the Stars, Suite 2600, Los Angeles, CA, USA, 90067
Korn Ferry is a United States-based firm engaged in organizational consulting and management recruitment that helps clients fill mid- to high-level management positions. The largest of its revenue segments is its advisory segment, which provides consulting services related to organizational structure. The executive search segment provides executive-level talent sourcing. The recruitment process outsourcing and professional search segment provide broad-level talent sourcing and digital segment. The company has operations in North America, Asia-Pacific, Latin America, and other regions.
Executives
Burnison Gary D director, officer: CEO C/O KORN FERRY INTERNATIONAL 800 CENTURY PARK EAST STE 900 LOS ANGELES CA 90067
Gold Christina A director C/O ITT CORPORATION 1133 WESTCHESTER AVENUE WHITE PLAINS NY 10604
Martinez Angel R director C/O TUPPERWARE BRANDS CORP PO BOX 2353 ORLANDO FL 32802-2353
Beneby Doyle N director C/O KORN FERRY INTERNATIONAL 1900 AVENUE OF THE STARS, SUITE 2600 LOS ANGELES CA 90067
Shaheen George T director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SHAHEEN GEORGE T 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;}
Perry Debra J director 515 RIDGEWOOD AVENUE GLEN RIDGE NJ 07028
Leamon Jerry director C/O KORN/FERRY INTERNATIONAL 1900 AVENUE OF THE STARS, SUITE 2600 LOS ANGELES CA 90067
Robinson Lori Jean director 5875 LANDERBROOK DRIVE SUITE 220 CLEVELAND OH 44124
Rozek Robert P officer: EVP, CFO & CCO 343 STATE STREET ROCHESTER NY 146500211
Mulrooney Byrne K officer: CEO-RPO, Pro. Srch. & Dig. 2050 SPECTRUM BOULEVARD FT. LAUDERDALE FL 33309
Arian Mark officer: CEO of Advisory C/O KORN/FERRY INTERNATIONAL 1900 AVE. OF THE STARS, SUITE 2600 LOS ANGELES CA 90067
Lauer Len J director 2001 EDMUND HALLEY DRIVE RESTON VA 20191
Floyd William R director ONE THOUSAND BEVERLY WAY FORT SMITH AR 72919
Kaye Stephen D officer: CEO of Hay Group C/O KORN FERRY INTERNATIONAL 1900 AVENUE OF THE STARS, SUITE 2600 LOS ANGELES CA 90067
Hg (bermuda) Ltd 10 percent owner SE PEARMAN BUILDING, 3RD FLOOR 9 PAR-LA-VILLE ROAD HAMILTON D0 HM 08

Korn Ferry Headlines

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