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US Global InvestorsFRA:UGL 62 Owner Earnings per Share (TTM) is 0.23 as of Mar. 2026, which is 99% below its 10-year median of 15.50. GuruFocus rates FRA:UGL with a GF Score™ of 62/100 and a GF Value™ of €1.85. The stock has 4 warning signs investors should review. Among 370 Asset Management companies, US Global Investors ranks worse than 52.43% on this metric.
"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)."
US Global Investors's Owner Earnings per Share (TTM) ended in Mar. 2026 was €0.23. It's Price-to-Owner-Earnings ratio for today is 11.39.
The historical rank and industry rank for US Global Investors's Owner Earnings per Share (TTM) or its related term are showing as below:
FRA:UGL'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 2.09 Med: 15.5 Max: 152.14
Current: 11.28
FRA:UGL's Price-to-Owner-Earnings is ranked worse than 52.43% of 370
companies
in the Asset Management industry
Industry Median: 10.795
vs FRA:UGL: 11.28
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.
US Global Investors Owner Earnings per Share (TTM) Related Terms
US Global Investors Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for US Global Investors'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.
US Global Investors Owner Earnings per Share (TTM) Chart
FRA:UGL vs BXLC, FGNX, RMCO: Owner Earnings per Share (TTM) Comparison
For the Asset Management subindustry, US Global Investors'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.
US Global Investors Price-to-Owner-Earnings vs Asset Management Industry
For the Asset Management industry and Financial Services sector, US Global Investors's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where US Global Investors's Price-to-Owner-Earnings falls into.
"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.
US Global Investors's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was €0.47 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = €0.18 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 quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, 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.
US Global Investors's 5-Year Average Maintenance Capital Expenditure = €0.18 Mil
5. "Change In Working Capital" is from cashflow statement. US Global Investors's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was €0.03 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 0.23 mean?
US Global Investors (FRA:UGL) has a Owner Earnings per Share (TTM) of 0.23 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on US Global Investors. This is 99% below median its historical median of 15.50. Over the past decade, US Global Investors' Owner Earnings per Share (TTM) has ranged from 2.09 to 152.14. According to the industry distribution chart, US Global Investors ranks #194 out of 370 companies in the Asset Management industry, placing it in the top 52.4%.
Is US Global Investors' Owner Earnings per Share (TTM) too high?
US Global Investors' current Owner Earnings per Share (TTM) of 0.23 is 99% below median its 10-year median of 15.50. Over the past 10 years, this metric has ranged from a low of 2.09 to a high of 152.14. The Asset Management industry median Owner Earnings per Share (TTM) is 10.80. US Global Investors' value of 0.23 is 97.9% below this industry median. Based on the distribution chart, US Global Investors ranks #194 out of 370 companies in the Asset Management industry, which is below the industry midpoint. Overall, US Global Investors has a GF Score™ of 62/100, reflecting its overall financial health beyond just this single metric.
How does US Global Investors' Owner Earnings per Share (TTM) compare to BXLC and FGNX?
According to the Asset Management industry distribution chart, US Global Investors ranks #194 out of 370 companies for Owner Earnings per Share (TTM). This places US Global Investors in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 10.80. US Global Investors' value of 0.23 is 97.9% below this benchmark. Historically, US Global Investors' own Owner Earnings per Share (TTM) has ranged from 2.09 to 152.14 over the past decade. While the company's 10-year median is 15.50 vs. the industry median of 10.80, US Global Investors 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 an Asset Management company?
The median Owner Earnings per Share (TTM) among Asset Management companies is 10.80, based on 370 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. US Global Investors's current Owner Earnings per Share (TTM) of 0.23 is 97.9% 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 US Global Investors. For the Asset Management industry, the median Owner Earnings per Share (TTM) is 10.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. US Global Investors's current Owner Earnings per Share (TTM) is 0.23, which is 99% below median its own 10-year median of 15.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is US Global Investors stock overvalued right now?
US Global Investors (FRA:UGL) has a current Owner Earnings per Share (TTM) of 0.23. The stock's GF Value™ is €1.85, compared to a current price of €2.62 — trading 41.6% above its estimated fair value. The current Owner Earnings per Share (TTM) is 0.23, which is 99% below median its 10-year median of 15.50 and 97.9% below the Asset Management industry median of 10.80. US Global Investors' overall GF Score™ is 62/100 with 4 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 US Global Investors (FRA:UGL), the current Owner Earnings per Share (TTM) is 0.23 as of Mar. 2026. 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 US Global Investors (FRA:UGL) Overvalued in 2026?
Based on GuruFocus' analysis, US Global Investors stock appears to be overvalued.
The current stock price of €2.62 is trading 41.6% above its estimated GF Value™ of €1.85.
Key valuation signals for FRA:UGL:
Owner Earnings per Share (TTM): 0.23 (99% below median its 10-year median of 15.50)
GF Value™: €1.85 vs. price of €2.62 (41.6% above fair value)
Industry Position: 97.9% below the Asset Management median (#194 of 370)
No single metric tells the full story. See the FRA:UGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
US Global Investors Inc is a registered investment advisory firm. The company manages the following business segments: Investment management services; through which the company offers, to U.S. Global Investors Funds (USGIF or the Funds) and exchange-traded fund (ETF) clients, a range of investment management products and services to meet the needs of individual and institutional investors; and Corporate Investments, through which the company invests for its own account in an effort to add growth and value to its cash position. It derives all its revenue from Investment management services.
62GF Score
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