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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)."
United Bank for Africa's Owner Earnings per Share (TTM) ended in Dec. 2025 was ₦-9.93. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for United Bank for Africa's Owner Earnings per Share (TTM) or its related term are showing as below:
NSA:UBA's Price-to-Owner-Earnings is not ranked *
in the Banks industry.
Industry Median: 10.38 * Ranked among companies with meaningful Price-to-Owner-Earnings only.
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.
United Bank for Africa Owner Earnings per Share (TTM) Related Terms
United Bank for Africa Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for United Bank for Africa'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.
United Bank for Africa Owner Earnings per Share (TTM) Chart
NSA:UBA vs JPM, BAC, WFC: Owner Earnings per Share (TTM) Comparison
For the Banks - Diversified subindustry, United Bank for Africa'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.
United Bank for Africa Price-to-Owner-Earnings vs Banks Industry
For the Banks industry and Financial Services sector, United Bank for Africa's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where United Bank for Africa'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.
United Bank for Africa's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2025 was ₦0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ₦59,349 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.
United Bank for Africa's 5-Year Average Maintenance Capital Expenditure = ₦59,349 Mil
5. "Change In Working Capital" is from cashflow statement. United Bank for Africa's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2025 was ₦-789,141 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 -9.93 mean?
United Bank for Africa (NSA:UBA) has a Owner Earnings per Share (TTM) of -9.93 as of Dec. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on United Bank for Africa. Over the past decade, United Bank for Africa's Owner Earnings per Share (TTM) has ranged from 0.11 to 41.31. According to the industry distribution chart, United Bank for Africa ranks #999999 out of 1039 companies in the Banks industry.
Is United Bank for Africa's Owner Earnings per Share (TTM) too high?
United Bank for Africa's current Owner Earnings per Share (TTM) is -9.93. Over the past 10 years, this metric has ranged from a low of 0.11 to a high of 41.31. Based on the distribution chart, United Bank for Africa ranks #999999 out of 1039 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, United Bank for Africa has a GF Score™ of 80/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Bank for Africa's Owner Earnings per Share (TTM) compare to JPM and BAC?
According to the Banks industry distribution chart, United Bank for Africa ranks #999999 out of 1039 companies for Owner Earnings per Share (TTM). This places United Bank for Africa in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 10.38. Historically, United Bank for Africa's own Owner Earnings per Share (TTM) has ranged from 0.11 to 41.31 over the past decade. 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 Banks company?
The median Owner Earnings per Share (TTM) among Banks companies is 10.38, based on 1,039 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. 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 United Bank for Africa. For the Banks industry, the median Owner Earnings per Share (TTM) is 10.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. United Bank for Africa's current Owner Earnings per Share (TTM) is -9.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Bank for Africa stock overvalued right now?
Based on GuruFocus' analysis, United Bank for Africa (NSA:UBA) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦36.53, compared to a current price of ₦48.10 — trading 31.7% above its estimated fair value. The current Owner Earnings per Share (TTM) is -9.93. United Bank for Africa's overall GF Score™ is 80/100 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 United Bank for Africa (NSA:UBA), the current Owner Earnings per Share (TTM) is -9.93 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 United Bank for Africa (NSA:UBA) Overvalued in 2026?
Based on GuruFocus' analysis, United Bank for Africa stock appears to be overvalued.
The current stock price of ₦48.10 is trading 31.7% above its estimated GF Value™ of ₦36.53.
GuruFocus considers United Bank for Africa to be Significantly Overvalued.
Key valuation signals for NSA:UBA:
Owner Earnings per Share (TTM): -9.93
GF Value™: ₦36.53 vs. price of ₦48.10 (31.7% above fair value)
No single metric tells the full story. See the NSA:UBA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Bank for Africa PLC is a financial services institution. It offers banking and other financial and pension fund custody services. The geographical segments are Nigeria, the Rest of Africa and the Rest of the world. The business segments of the company are 1) Corporate Banking, which provides financial solutions to multinationals, regional companies, state-owned companies, non-governmental organizations, international and multinational organizations and financial institutions. 2) Retail/ Commercial banking segment products and services to the middle and retail segments of the market. 3) Treasury and Financial Markets segment provide financing and risk management solutions and advisory services to the company's corporate and institutional customers.
80GF Score
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Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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