Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
"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)."
Swan Defence and Heavy Industries's Owner Earnings per Share (TTM) ended in Mar. 2026 was ₹46.17. It's Price-to-Owner-Earnings ratio for today is 50.29.
The historical rank and industry rank for Swan Defence and Heavy Industries's Owner Earnings per Share (TTM) or its related term are showing as below:
NSE:SWANDEF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 35.21 Med: 42.18 Max: 50.67
Current: 48.29
NSE:SWANDEF's Price-to-Owner-Earnings is ranked worse than 63.64% of 154
companies
in the Aerospace & Defense industry
Industry Median: 32.92
vs NSE:SWANDEF: 48.29
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.
Swan Defence and Heavy Industries Owner Earnings per Share (TTM) Related Terms
Swan Defence and Heavy Industries Owner Earnings per Share (TTM) Historical Data
* 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.
Swan Defence and Heavy Industries Owner Earnings per Share (TTM) Chart
NSE:SWANDEF vs SPCX, GE, RTX: Owner Earnings per Share (TTM) Comparison
For the Aerospace & Defense subindustry, Swan Defence and Heavy Industries'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.
Swan Defence and Heavy Industries Price-to-Owner-Earnings vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Swan Defence and Heavy Industries's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Swan Defence and Heavy Industries'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.
Swan Defence and Heavy Industries's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was ₹0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ₹836 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.
Swan Defence and Heavy Industries's 5-Year Average Maintenance Capital Expenditure = ₹836 Mil
5. "Change In Working Capital" is from cashflow statement. Swan Defence and Heavy Industries's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was ₹4,895 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 46.17 mean?
Swan Defence and Heavy Industries (NSE:SWANDEF) has a Owner Earnings per Share (TTM) of 46.17 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Swan Defence and Heavy Industries. This is near median its historical median of 42.18. Over the past decade, Swan Defence and Heavy Industries' Owner Earnings per Share (TTM) has ranged from 35.21 to 50.67. According to the industry distribution chart, Swan Defence and Heavy Industries ranks #98 out of 154 companies in the Aerospace & Defense industry, placing it in the top 63.6%.
Is Swan Defence and Heavy Industries' Owner Earnings per Share (TTM) too high?
Swan Defence and Heavy Industries' current Owner Earnings per Share (TTM) of 46.17 is near median its 10-year median of 42.18. Over the past 10 years, this metric has ranged from a low of 35.21 to a high of 50.67. The Aerospace & Defense industry median Owner Earnings per Share (TTM) is 32.92. Swan Defence and Heavy Industries' value of 46.17 is 40.2% above this industry median. Based on the distribution chart, Swan Defence and Heavy Industries ranks #98 out of 154 companies in the Aerospace & Defense industry, which is below the industry midpoint. Overall, Swan Defence and Heavy Industries has a GF Score™ of 31/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Swan Defence and Heavy Industries' Owner Earnings per Share (TTM) compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Swan Defence and Heavy Industries ranks #98 out of 154 companies for Owner Earnings per Share (TTM). This places Swan Defence and Heavy Industries in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 32.92. Swan Defence and Heavy Industries' value of 46.17 is 40.2% above this benchmark. Historically, Swan Defence and Heavy Industries' own Owner Earnings per Share (TTM) has ranged from 35.21 to 50.67 over the past decade. While the company's 10-year median is 42.18 vs. the industry median of 32.92, Swan Defence and Heavy Industries has consistently been above 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 Aerospace & Defense company?
The median Owner Earnings per Share (TTM) among Aerospace & Defense companies is 32.92, based on 154 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. Swan Defence and Heavy Industries's current Owner Earnings per Share (TTM) of 46.17 is 40.2% above 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 Swan Defence and Heavy Industries. For the Aerospace & Defense industry, the median Owner Earnings per Share (TTM) is 32.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Swan Defence and Heavy Industries's current Owner Earnings per Share (TTM) is 46.17, which is near median its own 10-year median of 42.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Swan Defence and Heavy Industries stock overvalued right now?
Based on GuruFocus' analysis, Swan Defence and Heavy Industries (NSE:SWANDEF) is currently considered Possible Value Trap. The stock's GF Value™ is ₹12,089.37, compared to a current price of ₹2,321.70 — trading 80.8% below its estimated fair value. The current Owner Earnings per Share (TTM) is 46.17, which is near median its 10-year median of 42.18 and 40.2% above the Aerospace & Defense industry median of 32.92. Swan Defence and Heavy Industries' overall GF Score™ is 31/100 with 6 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 Swan Defence and Heavy Industries (NSE:SWANDEF), the current Owner Earnings per Share (TTM) is 46.17 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 Swan Defence and Heavy Industries (NSE:SWANDEF) Overvalued in 2026?
Based on GuruFocus' analysis, Swan Defence and Heavy Industries stock appears to be undervalued.
The current stock price of ₹2,321.70 is trading 80.8% below its estimated GF Value™ of ₹12,089.37.
GuruFocus considers Swan Defence and Heavy Industries to be Possible Value Trap.
Key valuation signals for NSE:SWANDEF:
Owner Earnings per Share (TTM): 46.17 (near median its 10-year median of 42.18)
GF Value™: ₹12,089.37 vs. price of ₹2,321.70 (80.8% below fair value)
Industry Position: 40.2% above the Aerospace & Defense median (#98 of 154)
No single metric tells the full story. See the NSE:SWANDEF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Swan Defence and Heavy Industries Business Description
Swan Defence and Heavy Industries Ltd is mainly engaged in the construction of vessels, repairs, and refits of ships and rigs, and heavy engineering. The company has developed an integrated shipbuilding, ship and rig repair and conversion, ship production, offshore construction, and heavy engineering facility in Gujarat. The company has a large shipbuilding/repair infrastructure in India including the Dry Dock.
31GF Score
Get the complete analysis for NSE:SWANDEF
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