What is Esterline Technologies Earnings Yield (Joel Greenblatt) %?
Esterline Technologies's Enterprise Value for the quarter that ended in Dec. 2018 was $3,889 Mil.
Esterline Technologies's EBIT for the trailing twelve months (TTM) ended in Dec. 2018 was $209 Mil. Esterline Technologies's Earnings Yield (Joel Greenblatt) for the quarter that ended in Dec. 2018 was 5.43%.
The historical rank and industry rank for Esterline Technologies's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
ESL's Earnings Yield (Joel Greenblatt) % is not ranked *
in the Aerospace & Defense industry.
Industry Median: 2.635 * Ranked among companies with meaningful Earnings Yield (Joel Greenblatt) % only.
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Esterline Technologies's Forward Rate of Return (Yacktman) % for the quarter that ended in Dec. 2018 was 2.53%. The Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Esterline Technologies Earnings Yield (Joel Greenblatt) % Historical Data
The historical data trend for Esterline Technologies's Earnings Yield (Joel Greenblatt) % 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.
Competitive Comparison of Esterline Technologies's Earnings Yield (Joel Greenblatt) %
For the Aerospace & Defense subindustry, Esterline Technologies's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % 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.
Esterline Technologies's Earnings Yield (Joel Greenblatt) % Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Esterline Technologies's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Esterline Technologies's Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Esterline Technologiess Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Sep. 2018 is calculated as
Esterline Technologies's EBIT for the trailing twelve months (TTM) ended in Dec. 2018 adds up the quarterly data reported by the company within the most recent 12 months, which was $209 Mil.
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Esterline Technologies Earnings Yield (Joel Greenblatt) % Related Terms
Thank you for viewing the detailed overview of Esterline Technologies's Earnings Yield (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Esterline Technologies (Esterline Technologies) Business Description
Esterline Technologies Corp is a specialized manufacturing company serving aerospace and defense markets. It designs, produces, and markets engineered products and systems. The company operates in three technology segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. Its products have been implemented into military and commercial aircraft and land-based platforms. Additional sales result from aftermarket repairs and spare parts for existing systems. Esterline has worldwide sales and distribution channels and will try to strengthen customer relationships by targeting specific segments. Approximately half of its revenue is derived from the United States. The remainder of sales come from Canada, France, United Kingdom, and other smaller regions.
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