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Kyowanissei CoTSE:1981 -3.41%59 Owner Earnings per Share (TTM) is 174.44 as of Mar. 2026, which is 867% above its 10-year median of 18.03. GuruFocus rates TSE:1981 with a GF Score™ of 59/100 and a GF Value™ of 円1,667.83 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 851 Construction companies, Kyowanissei Co ranks better than 66.27% 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)."
Kyowanissei Co's Owner Earnings per Share (TTM) ended in Mar. 2026 was 円174.44. It's Price-to-Owner-Earnings ratio for today is 7.64.
The historical rank and industry rank for Kyowanissei Co's Owner Earnings per Share (TTM) or its related term are showing as below:
TSE:1981'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 4.81 Med: 18.03 Max: 88.68
Current: 7.91
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.
Kyowanissei Co Owner Earnings per Share (TTM) Related Terms
Kyowanissei Co Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Kyowanissei Co'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.
Kyowanissei Co Owner Earnings per Share (TTM) Chart
TSE:1981 vs TT, JCI, CARR: Owner Earnings per Share (TTM) Comparison
For the Building Products & Equipment subindustry, Kyowanissei Co'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.
Kyowanissei Co Price-to-Owner-Earnings vs Construction Industry
For the Construction industry and Industrials sector, Kyowanissei Co's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Kyowanissei Co'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.
Kyowanissei Co's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was 円0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = 円300 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.
Kyowanissei Co's 5-Year Average Maintenance Capital Expenditure = 円300 Mil
5. "Change In Working Capital" is from cashflow statement. Kyowanissei Co's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was 円502 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 174.44 mean?
Kyowanissei Co (TSE:1981) has a Owner Earnings per Share (TTM) of 174.44 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Kyowanissei Co. This is 867% above median its historical median of 18.03. Over the past decade, Kyowanissei Co's Owner Earnings per Share (TTM) has ranged from 4.81 to 88.68. According to the industry distribution chart, Kyowanissei Co ranks #287 out of 851 companies in the Construction industry, placing it in the top 33.7%.
Is Kyowanissei Co's Owner Earnings per Share (TTM) too high?
Kyowanissei Co's current Owner Earnings per Share (TTM) of 174.44 is 867% above median its 10-year median of 18.03. Over the past 10 years, this metric has ranged from a low of 4.81 to a high of 88.68. The Construction industry median Owner Earnings per Share (TTM) is 13.45. Kyowanissei Co's value of 174.44 is 1197% above this industry median. Based on the distribution chart, Kyowanissei Co ranks #287 out of 851 companies in the Construction industry, which is above the industry midpoint. Overall, Kyowanissei Co has a GF Score™ of 59/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kyowanissei Co's Owner Earnings per Share (TTM) compare to TT and JCI?
According to the Construction industry distribution chart, Kyowanissei Co ranks #287 out of 851 companies for Owner Earnings per Share (TTM). This puts Kyowanissei Co in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 13.45. Kyowanissei Co's value of 174.44 is 1197% above this benchmark. Historically, Kyowanissei Co's own Owner Earnings per Share (TTM) has ranged from 4.81 to 88.68 over the past decade. While the company's 10-year median is 18.03 vs. the industry median of 13.45, Kyowanissei Co 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 a Construction company?
The median Owner Earnings per Share (TTM) among Construction companies is 13.45, based on 851 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. Kyowanissei Co's current Owner Earnings per Share (TTM) of 174.44 is 1197% 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 Kyowanissei Co. For the Construction industry, the median Owner Earnings per Share (TTM) is 13.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kyowanissei Co's current Owner Earnings per Share (TTM) is 174.44, which is 867% above median its own 10-year median of 18.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kyowanissei Co stock overvalued right now?
Based on GuruFocus' analysis, Kyowanissei Co (TSE:1981) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,667.83, compared to a current price of 円1,333.00 — trading 20.1% below its estimated fair value. The current Owner Earnings per Share (TTM) is 174.44, which is 867% above median its 10-year median of 18.03 and 1197% above the Construction industry median of 13.45. Kyowanissei Co's overall GF Score™ is 59/100 with 2 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 Kyowanissei Co (TSE:1981), the current Owner Earnings per Share (TTM) is 174.44 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 Kyowanissei Co (TSE:1981) Overvalued in 2026?
Based on GuruFocus' analysis, Kyowanissei Co stock appears to be undervalued.
The current stock price of 円1,333.00 is trading 20.1% below its estimated GF Value™ of 円1,667.83.
GuruFocus considers Kyowanissei Co to be Modestly Undervalued.
Key valuation signals for TSE:1981:
Owner Earnings per Share (TTM): 174.44 (867% above median its 10-year median of 18.03)
GF Value™: 円1,667.83 vs. price of 円1,333.00 (20.1% below fair value)
Industry Position: 1197% above the Construction median (#287 of 851)
No single metric tells the full story. See the TSE:1981 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kyowanissei Co Ltd is engaged in the construction business in Japan. It constructs gas facilities & apartment buildings & plant facilities It also provides maintenance, repair & installation services for sanitary equipment & air conditioning equipment. Its gasworks includes interior and underground piping work; construction and facility work include construction work, water supply, and drainage work, the air-conditioning system work and interior finishing work; electrical facility and civil engineering work include underground burial of electric cables work, engineering work, as well as water and sewerage work. Its segments include: Construction facilities business; Gas equipment business; Gas pipeline business; and Electrical installation/civil engineering business.
59GF Score
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