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"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)."
Nippon Prologis REIT's Owner Earnings per Share (TTM) ended in Nov. 2025 was $3.22. It's Price-to-Owner-Earnings ratio for today is 165.37.
The historical rank and industry rank for Nippon Prologis REIT's Owner Earnings per Share (TTM) or its related term are showing as below:
NPONF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 149.74 Med: 162.74 Max: 177
Current: 165.55
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.
Nippon Prologis REIT Owner Earnings per Share (TTM) Related Terms
Nippon Prologis REIT Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Nippon Prologis REIT'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.
Nippon Prologis REIT Owner Earnings per Share (TTM) Chart
NPONF vs PLD, PSA, EXR: Owner Earnings per Share (TTM) Comparison
For the REIT - Industrial subindustry, Nippon Prologis REIT'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.
Nippon Prologis REIT Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, Nippon Prologis REIT's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Nippon Prologis REIT'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.
Nippon Prologis REIT's Change In Deferred Tax for the trailing twelve months (TTM) ended in Nov. 2025 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $329.6 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.
Nippon Prologis REIT's 5-Year Average Maintenance Capital Expenditure = $329.6 Mil
5. "Change In Working Capital" is from cashflow statement. Nippon Prologis REIT's Change In Working Capital for the trailing twelve months (TTM) ended in Nov. 2025 was $15.1 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 3.22 mean?
Nippon Prologis REIT (NPONF) has a Owner Earnings per Share (TTM) of 3.22 as of Nov. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Nippon Prologis REIT. This is 98% below median its historical median of 162.74. Over the past decade, Nippon Prologis REIT's Owner Earnings per Share (TTM) has ranged from 149.74 to 177.00. According to the industry distribution chart, Nippon Prologis REIT ranks #322 out of 333 companies in the REITs industry, placing it in the top 96.7%.
Is Nippon Prologis REIT's Owner Earnings per Share (TTM) too high?
Nippon Prologis REIT's current Owner Earnings per Share (TTM) of 3.22 is 98% below median its 10-year median of 162.74. Over the past 10 years, this metric has ranged from a low of 149.74 to a high of 177.00. The REITs industry median Owner Earnings per Share (TTM) is 14.46. Nippon Prologis REIT's value of 3.22 is 77.7% below this industry median. Based on the distribution chart, Nippon Prologis REIT ranks #322 out of 333 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Nippon Prologis REIT has a GF Scoreâ„¢ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Nippon Prologis REIT's Owner Earnings per Share (TTM) compare to PLD and PSA?
According to the REITs industry distribution chart, Nippon Prologis REIT ranks #322 out of 333 companies for Owner Earnings per Share (TTM). This places Nippon Prologis REIT in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.46. Nippon Prologis REIT's value of 3.22 is 77.7% below this benchmark. Historically, Nippon Prologis REIT's own Owner Earnings per Share (TTM) has ranged from 149.74 to 177.00 over the past decade. While the company's 10-year median is 162.74 vs. the industry median of 14.46, Nippon Prologis REIT 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 14.46, based on 333 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. Nippon Prologis REIT's current Owner Earnings per Share (TTM) of 3.22 is 77.7% 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 Nippon Prologis REIT. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Prologis REIT's current Owner Earnings per Share (TTM) is 3.22, which is 98% below median its own 10-year median of 162.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Prologis REIT stock overvalued right now?
Nippon Prologis REIT (NPONF) has a current Owner Earnings per Share (TTM) of 3.22. The stock's GF Value™ is $531.73, compared to a current price of $532.49 — trading 0.1% above its estimated fair value. The current Owner Earnings per Share (TTM) is 3.22, which is 98% below median its 10-year median of 162.74 and 77.7% below the REITs industry median of 14.46. Nippon Prologis REIT's overall GF Score™ is 75/100 with 7 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 Nippon Prologis REIT (NPONF), the current Owner Earnings per Share (TTM) is 3.22 as of Nov. 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 Nippon Prologis REIT (NPONF) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Prologis REIT stock appears to be overvalued.
The current stock price of $532.49 is trading 0.1% above its estimated GF Value™ of $531.73.
Key valuation signals for NPONF:
Owner Earnings per Share (TTM): 3.22 (98% below median its 10-year median of 162.74)
GF Value™: $531.73 vs. price of $532.49 (0.1% above fair value)
Industry Position: 77.7% below the REITs median (#322 of 333)
No single metric tells the full story. See the NPONF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Prologis REIT Inc is focused on logistics facilities in Japan. Its investment objective is to maximize unit holder value through a portfolio that generates stable income and achieves steady growth. It invests in high quality Class-A logistics facilities, owning and operating them for medium- to long-term purposes.
75GF Score
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