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.
Top Frontier Investment HoldingsTPHIF 78 Owner Earnings per Share (TTM) is 1.02 as of Mar. 2026, which is 76% below its 10-year median of 4.23. GuruFocus rates TPHIF with a GF Score™ of 78/100 and a GF Value™ of $1.09. The stock has 5 warning signs investors should review. Among 298 Conglomerates companies, Top Frontier Investment Holdings ranks better than 95.97% on this metric.
"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 Frontier Investment Holdings's Owner Earnings per Share (TTM) ended in Mar. 2026 was $1.02. It's Price-to-Owner-Earnings ratio for today is 0.92.
The historical rank and industry rank for Top Frontier Investment Holdings's Owner Earnings per Share (TTM) or its related term are showing as below:
TPHIF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 0.82 Med: 4.23 Max: 17.79
Current: 0.91
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.
Top Frontier Investment Holdings Owner Earnings per Share (TTM) Related Terms
Top Frontier Investment Holdings 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.
Top Frontier Investment Holdings Owner Earnings per Share (TTM) Chart
TPHIF vs HON, MMM: Owner Earnings per Share (TTM) Comparison
For the Conglomerates subindustry, Top Frontier Investment Holdings'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 Frontier Investment Holdings Price-to-Owner-Earnings vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Top Frontier Investment Holdings's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Top Frontier Investment Holdings'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 Frontier Investment Holdings'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 = $1,512 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 Frontier Investment Holdings's 5-Year Average Maintenance Capital Expenditure = $1,512 Mil
5. "Change In Working Capital" is from cashflow statement. Top Frontier Investment Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was $661 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 1.02 mean?
Top Frontier Investment Holdings (TPHIF) has a Owner Earnings per Share (TTM) of 1.02 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Top Frontier Investment Holdings. This is 76% below median its historical median of 4.23. Over the past decade, Top Frontier Investment Holdings' Owner Earnings per Share (TTM) has ranged from 0.82 to 17.79. According to the industry distribution chart, Top Frontier Investment Holdings ranks #12 out of 298 companies in the Conglomerates industry, placing it in the top 4%.
Is Top Frontier Investment Holdings' Owner Earnings per Share (TTM) too high?
Top Frontier Investment Holdings' current Owner Earnings per Share (TTM) of 1.02 is 76% below median its 10-year median of 4.23. Over the past 10 years, this metric has ranged from a low of 0.82 to a high of 17.79. The Conglomerates industry median Owner Earnings per Share (TTM) is 11.10. Top Frontier Investment Holdings' value of 1.02 is 90.8% below this industry median. Based on the distribution chart, Top Frontier Investment Holdings ranks #12 out of 298 companies in the Conglomerates industry, which is in the top quartile — a strong position relative to peers. Overall, Top Frontier Investment Holdings has a GF Score™ of 78/100, reflecting its overall financial health beyond just this single metric.
How does Top Frontier Investment Holdings' Owner Earnings per Share (TTM) compare to HON and MMM?
According to the Conglomerates industry distribution chart, Top Frontier Investment Holdings ranks #12 out of 298 companies for Owner Earnings per Share (TTM). This places Top Frontier Investment Holdings in the top 4% of its industry — outperforming the majority of peers. The industry median Owner Earnings per Share (TTM) is 11.10. Top Frontier Investment Holdings' value of 1.02 is 90.8% below this benchmark. Historically, Top Frontier Investment Holdings' own Owner Earnings per Share (TTM) has ranged from 0.82 to 17.79 over the past decade. While the company's 10-year median is 4.23 vs. the industry median of 11.10, Top Frontier Investment Holdings 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 Conglomerates company?
The median Owner Earnings per Share (TTM) among Conglomerates companies is 11.10, based on 298 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 Frontier Investment Holdings's current Owner Earnings per Share (TTM) of 1.02 is 90.8% 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 Frontier Investment Holdings. For the Conglomerates industry, the median Owner Earnings per Share (TTM) is 11.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Top Frontier Investment Holdings's current Owner Earnings per Share (TTM) is 1.02, which is 76% below median its own 10-year median of 4.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Frontier Investment Holdings stock overvalued right now?
Top Frontier Investment Holdings (TPHIF) has a current Owner Earnings per Share (TTM) of 1.02. The stock's GF Value™ is $1.09, compared to a current price of $0.94 — trading 14.2% below its estimated fair value. The current Owner Earnings per Share (TTM) is 1.02, which is 76% below median its 10-year median of 4.23 and 90.8% below the Conglomerates industry median of 11.10. Top Frontier Investment Holdings' overall GF Score™ is 78/100 with 5 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 Frontier Investment Holdings (TPHIF), the current Owner Earnings per Share (TTM) is 1.02 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 Top Frontier Investment Holdings (TPHIF) Overvalued in 2026?
Based on GuruFocus' analysis, Top Frontier Investment Holdings stock appears to be undervalued.
The current stock price of $0.94 is trading 14.2% below its estimated GF Value™ of $1.09.
Key valuation signals for TPHIF:
Owner Earnings per Share (TTM): 1.02 (76% below median its 10-year median of 4.23)
GF Value™: $1.09 vs. price of $0.94 (14.2% below fair value)
Industry Position: 90.8% below the Conglomerates median (#12 of 298)
No single metric tells the full story. See the TPHIF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top Frontier Investment Holdings Business Description
Top Frontier Investment Holdings Inc is an investment holding company engaged in the processing and marketing of branded refrigerated processed meats and canned meat products. The Company operates through segments including food and beverage, packaging, energy, fuel and oil, infrastructure, cement, real estate, mining, and others. It derives a key revenue from the energy segment, which focuses on the sale, retail, and distribution of power through various supply and service agreements to generators, distribution utilities, including Manila Electric Company (Meralco), electric cooperatives, industrial customers, and the National Grid Corporation of the Philippines (NGCP), as well as through the Philippine Wholesale Electricity Spot Market (WESM).
78GF Score
Get the complete analysis for TPHIF
Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TPHIF has been successfully added to your 
