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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)."
Natural Health Trends's Owner Earnings per Share (TTM) ended in Dec. 2023 was $-0.50. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for Natural Health Trends's Owner Earnings per Share (TTM) or its related term are showing as below:
During the past 13 years, the highest Price-to-Owner-Earnings ratio of Natural Health Trends was 8060.00. The lowest was 2.66. And the median was 6.31.
Natural Health Trends's Earnings per Share (Diluted) for the three months ended in Dec. 2023 was $0.03. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2023 was $0.05. It's PE Ratio ratio for today is 134.40.
Natural Health Trends's EPS without NRI for the three months ended in Dec. 2023 was $0.03. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2023 was $0.05. It's PE Ratio without NRI ratio for today is 134.40.
The historical data trend for Natural Health Trends'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.
Natural Health Trends Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -2.08 | - | -0.03 | -0.54 | -0.50 |
Natural Health Trends Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -0.54 | -0.40 | -0.53 | -0.41 | -0.50 |
For the Internet Retail subindustry, Natural Health Trends'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.
For the Retail - Cyclical industry and Consumer Cyclical sector, Natural Health Trends's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Natural Health Trends's Price-to-Owner-Earnings falls into.
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)
Natural Health Trends's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | 0.57 | |
Depreciation, Depletion and Amortization | 0.16 | |
Change In Deferred Tax | -0.18 | |
5Y Average of Maintenance Capital Expenditure | 0.16 | |
Change In Working Capital | -6.10 | |
Shares Outstanding (Diluted Average) | 11.48 |
1. Start with "Net Income" from income statement. Natural Health Trends's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was $0.57 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. Natural Health Trends's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2023 was $0.16 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.
Natural Health Trends's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2023 was $-0.18 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $0.16 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.
Natural Health Trends's 5-Year Average Maintenance Capital Expenditure = $0.16 Mil
5. "Change In Working Capital" is from cashflow statement. Natural Health Trends's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2023 was $-6.10 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. Natural Health Trends's Shares Outstanding (Diluted Average) for the months ended in Dec. 2023 was 11.477 Mil.
Natural Health Trends's Onwer Earnings Per Share for Dec. 2023 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( 0.568 | + | 0.164 | + | -0.178 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 0.16104773291721 | + | -6.102) | / | 11.477 |
= | -0.50 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 6.72 | / | -0.50 | |
= | 0 |
* 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.
Thank you for viewing the detailed overview of Natural Health Trends's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Brunde E Broady | director | UNITS 1205-07, 12/F, MIRA PLACE TOWER A, 132 NATHAN ROAD, TSIMSHATSUI, KOWLOON K3 0000000000 |
Ching Chung Wong | director | UNITS 1205-07, 12/F, MIRA PLACE TOWER A, 132 NATHAN ROAD, TSIMSHATSUI, KOWLOON K3 0000000000 |
George K Broady | director, 10 percent owner | 751 CANYON DRIVE, SUITE 100, C/O KINGS III OF AMERICA, COPPELL TX 75019 |
Chris Tahjiun Sharng | director, officer: President | C/O OF NATURAL HEALTH TRENDS CORP., 609 DEEP VALLEY DRIVE, ROLLING HILLS ESTATES CA 90274 |
Timothy Scott Davidson | officer: Sr. V.P. & CFO | 609 DEEP VALLEY DRIVE, SUITE 395, ROLLING HILLS ESTATES CA 90274 |
Yiu Tung Chan | director | FLAT B, 13/F, GREENPARK VILLA, KAT CHEUNG CRESCENT, SHEUNG SHUI, NEW TERRITORIES K3 999077 |
Randall A Mason | director | PO BOX 4016, MARIETTA OH 45750 |
Christopher Robert O'brien | director | 448 32ND ST, MANHATTAN BEACH CA 90266 |
Jane Eleanor Broady 2012 Irrevocable Trust | 10 percent owner | 751 CANYON DRIVE, SUITE 100, COPPELL TX 75019 |
Kin Yep Chung | director | FLAT E, 14/F, CHARMING GARDEN BLOCK 8, MONG KOK K3 999077 |
John Marvin Broady | 10 percent owner | 751 CANYON DRIVE, SUITE 100, COPPELL TX 75019 |
Magdalena Steinbrunner | 10 percent owner | 751 CANYON DRIVE, SUITE 100, COPPELL TX 75019 |
George Vincent Broady | 10 percent owner | 751 CANYON DRIVE, SUITE 100, COPPELL TX 75019 |
Stefan Zuckut | director | C/O NATURAL HEALTH TRENDS CORP., 2050 DIPLOMAT DRIVE, DALLAS TX 75234 |
Chief China Resources Ltd | 10 percent owner | 18 CHAOYANGMENWAI STREET, SUITE B710, FULL LINK PLAZA, BEIJING F4 100020 |
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