Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
"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)."
CapitaLand Integrated Commercial Trust's Owner Earnings per Share (TTM) ended in Dec. 2025 was $0.08. It's Price-to-Owner-Earnings ratio for today is 23.63.
The historical rank and industry rank for CapitaLand Integrated Commercial Trust's Owner Earnings per Share (TTM) or its related term are showing as below:
CPAMF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 10.83 Med: 17.04 Max: 58.31
Current: 24.68
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.
CapitaLand Integrated Commercial Trust Owner Earnings per Share (TTM) Related Terms
CapitaLand Integrated Commercial Trust Owner Earnings per Share (TTM) Historical Data
* 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.
CapitaLand Integrated Commercial Trust Owner Earnings per Share (TTM) Chart
CapitaLand Integrated Commercial Trust Annual Data
CPAMF vs SPG, O, KIM: Owner Earnings per Share (TTM) Comparison
For the REIT - Retail subindustry, CapitaLand Integrated Commercial Trust'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.
CapitaLand Integrated Commercial Trust Price-to-Owner-Earnings vs REITs Industry
"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)."
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.
CapitaLand Integrated Commercial Trust's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2025 was $6 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $121 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.
CapitaLand Integrated Commercial Trust's 5-Year Average Maintenance Capital Expenditure = $121 Mil
5. "Change In Working Capital" is from cashflow statement. CapitaLand Integrated Commercial Trust's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2025 was $-26 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.
* 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.
What does a Owner Earnings per Share (TTM) of 0.08 mean?
CapitaLand Integrated Commercial Trust (CPAMF) has a Owner Earnings per Share (TTM) of 0.08 as of Dec. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on CapitaLand Integrated Commercial Trust. This is 100% below median its historical median of 17.04. Over the past decade, CapitaLand Integrated Commercial Trust's Owner Earnings per Share (TTM) has ranged from 10.83 to 58.31. According to the industry distribution chart, CapitaLand Integrated Commercial Trust ranks #247 out of 334 companies in the REITs industry, placing it in the top 74%.
Is CapitaLand Integrated Commercial Trust's Owner Earnings per Share (TTM) too high?
CapitaLand Integrated Commercial Trust's current Owner Earnings per Share (TTM) of 0.08 is 100% below median its 10-year median of 17.04. Over the past 10 years, this metric has ranged from a low of 10.83 to a high of 58.31. The REITs industry median Owner Earnings per Share (TTM) is 14.56. CapitaLand Integrated Commercial Trust's value of 0.08 is 99.5% below this industry median. Based on the distribution chart, CapitaLand Integrated Commercial Trust ranks #247 out of 334 companies in the REITs industry, which is below the industry midpoint. Overall, CapitaLand Integrated Commercial Trust has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CapitaLand Integrated Commercial Trust's Owner Earnings per Share (TTM) compare to SPG and O?
According to the REITs industry distribution chart, CapitaLand Integrated Commercial Trust ranks #247 out of 334 companies for Owner Earnings per Share (TTM). This places CapitaLand Integrated Commercial Trust in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.56. CapitaLand Integrated Commercial Trust's value of 0.08 is 99.5% below this benchmark. Historically, CapitaLand Integrated Commercial Trust's own Owner Earnings per Share (TTM) has ranged from 10.83 to 58.31 over the past decade. While the company's 10-year median is 17.04 vs. the industry median of 14.56, CapitaLand Integrated Commercial Trust has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.56, based on 334 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CapitaLand Integrated Commercial Trust's current Owner Earnings per Share (TTM) of 0.08 is 99.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on CapitaLand Integrated Commercial Trust. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CapitaLand Integrated Commercial Trust's current Owner Earnings per Share (TTM) is 0.08, which is 100% below median its own 10-year median of 17.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CapitaLand Integrated Commercial Trust stock overvalued right now?
Based on GuruFocus' analysis, CapitaLand Integrated Commercial Trust (CPAMF) is currently considered Modestly Overvalued. The stock's GF Value™ is $1.49, compared to a current price of $1.89 — trading 26.8% above its estimated fair value. The current Owner Earnings per Share (TTM) is 0.08, which is 100% below median its 10-year median of 17.04 and 99.5% below the REITs industry median of 14.56. CapitaLand Integrated Commercial Trust's overall GF Score™ is 75/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For CapitaLand Integrated Commercial Trust (CPAMF), the current Owner Earnings per Share (TTM) is 0.08 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CapitaLand Integrated Commercial Trust (CPAMF) Overvalued in 2026?
Based on GuruFocus' analysis, CapitaLand Integrated Commercial Trust stock appears to be overvalued.
The current stock price of $1.89 is trading 26.8% above its estimated GF Value™ of $1.49.
GuruFocus considers CapitaLand Integrated Commercial Trust to be Modestly Overvalued.
Key valuation signals for CPAMF:
Owner Earnings per Share (TTM): 0.08 (100% below median its 10-year median of 17.04)
GF Value™: $1.49 vs. price of $1.89 (26.8% above fair value)
Industry Position: 99.5% below the REITs median (#247 of 334)
No single metric tells the full story. See the CPAMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CapitaLand Integrated Commercial Trust Business Description
CICT was established following the merger between CapitaLand Mall Trust and CapitaLand Commercial Trust in October 2020. The trust has a diversified portfolio of 26 properties valued at SGD 27.4 billion as of Dec. 31, 2025. These include offices (mainly in the central business district), retail malls (including urban and suburban malls), and integrated development. Most of its properties are located in Singapore, with assets in Australia and Germany making up less than 10% of its portfolio. The trust is externally managed by CapitaLand Integrated Commercial Trust Management; parent CapitaLand retains a 24% stake in CICT.
75GF Score
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