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)."
Top Energy Co shanxi's Owner Earnings per Share (TTM) ended in Jun. 2026 was ¥0.23. It's Price-to-Owner-Earnings ratio for today is 27.04.
The historical rank and industry rank for Top Energy Co shanxi's Owner Earnings per Share (TTM) or its related term are showing as below:
SHSE:600780'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 24.96 Med: 46.44 Max: 98.32
Current: 26.79
SHSE:600780's Price-to-Owner-Earnings is ranked worse than 68.02% of 247
companies
in the Utilities - Regulated industry
Industry Median: 16.35
vs SHSE:600780: 26.79
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 FactSet. 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.
Top Energy Co shanxi Owner Earnings per Share (TTM) Related Terms
Top Energy Co shanxi Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Top Energy Co shanxi'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.
Top Energy Co shanxi Owner Earnings per Share (TTM) Chart
SHSE:600780 vs NEE, SO, DUK: Owner Earnings per Share (TTM) Comparison
For the Utilities - Regulated Electric subindustry, Top Energy Co shanxi'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.
Top Energy Co shanxi Price-to-Owner-Earnings vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Top Energy Co shanxi's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Top Energy Co shanxi'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.
Top Energy Co shanxi's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was ¥0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ¥631 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.
Top Energy Co shanxi's 5-Year Average Maintenance Capital Expenditure = ¥631 Mil
5. "Change In Working Capital" is from cashflow statement. Top Energy Co shanxi's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was ¥0 Mil.
Note: GuruFocus' Change in Working Capital is provided by FactSet. 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 0.23 mean?
Top Energy Co shanxi (SHSE:600780) has a Owner Earnings per Share (TTM) of 0.23 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Top Energy Co shanxi. According to the industry distribution chart, Top Energy Co shanxi ranks #168 out of 247 companies in the Utilities - Regulated industry, placing it in the top 68%.
Is Top Energy Co shanxi's Owner Earnings per Share (TTM) too high?
Top Energy Co shanxi's current Owner Earnings per Share (TTM) is 0.23. The Utilities - Regulated industry median Owner Earnings per Share (TTM) is 16.35. Top Energy Co shanxi's value of 0.23 is 98.6% below this industry median. Based on the distribution chart, Top Energy Co shanxi ranks #168 out of 247 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, Top Energy Co shanxi has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Top Energy Co shanxi's Owner Earnings per Share (TTM) compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Top Energy Co shanxi ranks #168 out of 247 companies for Owner Earnings per Share (TTM). This places Top Energy Co shanxi in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 16.35. Top Energy Co shanxi's value of 0.23 is 98.6% below this benchmark. 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 Utilities - Regulated company?
The median Owner Earnings per Share (TTM) among Utilities - Regulated companies is 16.35, based on 247 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. Top Energy Co shanxi's current Owner Earnings per Share (TTM) of 0.23 is 98.6% 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 Top Energy Co shanxi. For the Utilities - Regulated industry, the median Owner Earnings per Share (TTM) is 16.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Top Energy Co shanxi's current Owner Earnings per Share (TTM) is 0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Energy Co shanxi stock overvalued right now?
Based on GuruFocus' analysis, Top Energy Co shanxi (SHSE:600780) is currently considered Fairly Valued. The stock's GF Value™ is ¥6.23, compared to a current price of ¥6.22 — trading 0.2% below its estimated fair value. The current Owner Earnings per Share (TTM) is 0.23 and 98.6% below the Utilities - Regulated industry median of 16.35. Top Energy Co shanxi's overall GF Score™ is 75/100 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 Top Energy Co shanxi (SHSE:600780), the current Owner Earnings per Share (TTM) is 0.23 as of Jun. 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 Top Energy Co shanxi (SHSE:600780) Overvalued in 2026?
Based on GuruFocus' analysis, Top Energy Co shanxi stock appears to be undervalued.
The current stock price of ¥6.22 is trading 0.2% below its estimated GF Value™ of ¥6.23.
GuruFocus considers Top Energy Co shanxi to be Fairly Valued.
Key valuation signals for SHSE:600780:
Owner Earnings per Share (TTM): 0.23
GF Value™: ¥6.23 vs. price of ¥6.22 (0.2% below fair value)
Industry Position: 98.6% below the Utilities - Regulated median (#168 of 247)
No single metric tells the full story. See the SHSE:600780 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Energy Co Ltd shanxi is a Chinese company engaged in the generation of thermal electric power and heat. Its main distribution market is Shanxi province, China.
75GF Score
Get the complete analysis for SHSE:600780
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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