McMillan ShakespeareMCSLF 81 Owner Earnings per Share (TTM) is 1.11 as of Jun. 2025, which is 87% below its 10-year median of 8.41. GuruFocus rates MCSLF with a GF Scoreâ„¢ of 81/100 and a GF Valueâ„¢ of $12.54. The stock has 13 warning signs investors should review. Among 592 Business Services companies, McMillan Shakespeare ranks better than 63.34% 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)."
McMillan Shakespeare's Owner Earnings per Share (TTM) ended in Jun. 2025 was $1.11. It's Price-to-Owner-Earnings ratio for today is 8.92.
The historical rank and industry rank for McMillan Shakespeare's Owner Earnings per Share (TTM) or its related term are showing as below:
MCSLF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.88 Med: 8.41 Max: 18.65
Current: 8.9
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.
McMillan Shakespeare Owner Earnings per Share (TTM) Related Terms
McMillan Shakespeare Owner Earnings per Share (TTM) Historical Data
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The historical data trend for McMillan Shakespeare'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.
McMillan Shakespeare Owner Earnings per Share (TTM) Chart
MCSLF vs KFY, RHI, TNET: Owner Earnings per Share (TTM) Comparison
For the Staffing & Employment Services subindustry, McMillan Shakespeare'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.
McMillan Shakespeare Price-to-Owner-Earnings vs Business Services Industry
For the Business Services industry and Industrials sector, McMillan Shakespeare's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where McMillan Shakespeare'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.
McMillan Shakespeare's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2025 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $9.4 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.
McMillan Shakespeare's 5-Year Average Maintenance Capital Expenditure = $9.4 Mil
5. "Change In Working Capital" is from cashflow statement. McMillan Shakespeare's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2025 was $0.0 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 1.11 mean?
McMillan Shakespeare (MCSLF) has a Owner Earnings per Share (TTM) of 1.11 as of Jun. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on McMillan Shakespeare. This is 87% below median its historical median of 8.41. Over the past decade, McMillan Shakespeare's Owner Earnings per Share (TTM) has ranged from 3.88 to 18.65. According to the industry distribution chart, McMillan Shakespeare ranks #217 out of 592 companies in the Business Services industry, placing it in the top 36.7%.
Is McMillan Shakespeare's Owner Earnings per Share (TTM) too high?
McMillan Shakespeare's current Owner Earnings per Share (TTM) of 1.11 is 87% below median its 10-year median of 8.41. Over the past 10 years, this metric has ranged from a low of 3.88 to a high of 18.65. The Business Services industry median Owner Earnings per Share (TTM) is 11.89. McMillan Shakespeare's value of 1.11 is 90.7% below this industry median. Based on the distribution chart, McMillan Shakespeare ranks #217 out of 592 companies in the Business Services industry, which is above the industry midpoint. Overall, McMillan Shakespeare has a GF Scoreâ„¢ of 81/100, reflecting its overall financial health beyond just this single metric.
How does McMillan Shakespeare's Owner Earnings per Share (TTM) compare to KFY and RHI?
According to the Business Services industry distribution chart, McMillan Shakespeare ranks #217 out of 592 companies for Owner Earnings per Share (TTM). This puts McMillan Shakespeare in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 11.89. McMillan Shakespeare's value of 1.11 is 90.7% below this benchmark. Historically, McMillan Shakespeare's own Owner Earnings per Share (TTM) has ranged from 3.88 to 18.65 over the past decade. While the company's 10-year median is 8.41 vs. the industry median of 11.89, McMillan Shakespeare 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 Business Services company?
The median Owner Earnings per Share (TTM) among Business Services companies is 11.89, based on 592 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. McMillan Shakespeare's current Owner Earnings per Share (TTM) of 1.11 is 90.7% 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 McMillan Shakespeare. For the Business Services industry, the median Owner Earnings per Share (TTM) is 11.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. McMillan Shakespeare's current Owner Earnings per Share (TTM) is 1.11, which is 87% below median its own 10-year median of 8.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is McMillan Shakespeare stock overvalued right now?
McMillan Shakespeare (MCSLF) has a current Owner Earnings per Share (TTM) of 1.11. The stock's GF Value™ is $12.54, compared to a current price of $9.90 — trading 21.1% below its estimated fair value. The current Owner Earnings per Share (TTM) is 1.11, which is 87% below median its 10-year median of 8.41 and 90.7% below the Business Services industry median of 11.89. McMillan Shakespeare's overall GF Score™ is 81/100 with 13 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 McMillan Shakespeare (MCSLF), the current Owner Earnings per Share (TTM) is 1.11 as of Jun. 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 McMillan Shakespeare (MCSLF) Overvalued in 2026?
Based on GuruFocus' analysis, McMillan Shakespeare stock appears to be undervalued.
The current stock price of $9.90 is trading 21.1% below its estimated GF Value™ of $12.54.
Key valuation signals for MCSLF:
Owner Earnings per Share (TTM): 1.11 (87% below median its 10-year median of 8.41)
GF Value™: $12.54 vs. price of $9.90 (21.1% below fair value)
Industry Position: 90.7% below the Business Services median (#217 of 592)
No single metric tells the full story. See the MCSLF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
McMillan Shakespeare is a provider of salary packaging, novated leasing, disability plan management and support co-ordination, and fleet management services. It actively works to cross-sell its products to clients, for example, selling its salary packaging services to its fleet management customers in Australia and New Zealand. McMillan dominates Australia's salary packaging market together with Smartgroup (also covered by Morningstar), and is also a large provider of novated leasing services by volumes—together with Smartgroup and SG Fleet. The group has three operating segments: group remuneration services, asset management services, and plan and support services. Most of the group's revenue is generated from the group remuneration services segment.
81GF Score
Get the complete analysis for MCSLF
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