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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)."
Tokuden Co does not have enough data to calculate Owner Earnings per Share (TTM), so as Price-to-Owner-Earnings ratio.
The historical rank and industry rank for Tokuden Co's Owner Earnings per Share (TTM) or its related term are showing as below:
TSE:3437'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 2.77 Med: 6.78 Max: 54.11
Current: 44.63
During the past 13 years, the highestPrice-to-Owner-Earnings ratio of Tokuden Co was 54.11. The lowest was 2.77. And the median was 6.78.
TSE:3437's Price-to-Owner-Earnings is ranked worse than 66.06% of 1373
companies
in the Industrial Products industry
Industry Median: 27.79
vs TSE:3437: 44.63
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.
Tokuden Co Owner Earnings per Share (TTM) Related Terms
Tokuden Co Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Tokuden 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.
TSE:3437 vs GEV, ETN, PH: Owner Earnings per Share (TTM) Comparison
For the Specialty Industrial Machinery subindustry, Tokuden 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.
Tokuden Co Price-to-Owner-Earnings vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Tokuden Co's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Tokuden 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)."
What does a Owner Earnings per Share (TTM) of 59.60 mean?
Tokuden Co (TSE:3437) has a Owner Earnings per Share (TTM) of 59.60 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Tokuden Co. According to the industry distribution chart, Tokuden Co ranks #907 out of 1373 companies in the Industrial Products industry, placing it in the top 66.1%.
Is Tokuden Co's Owner Earnings per Share (TTM) too high?
Tokuden Co's current Owner Earnings per Share (TTM) is 59.60. The Industrial Products industry median Owner Earnings per Share (TTM) is 27.79. Tokuden Co's value of 59.60 is 114.5% above this industry median. Based on the distribution chart, Tokuden Co ranks #907 out of 1373 companies in the Industrial Products industry, which is below the industry midpoint. Overall, Tokuden Co has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tokuden Co's Owner Earnings per Share (TTM) compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Tokuden Co ranks #907 out of 1373 companies for Owner Earnings per Share (TTM). This places Tokuden Co in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 27.79. Tokuden Co's value of 59.60 is 114.5% above 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 Industrial Products company?
The median Owner Earnings per Share (TTM) among Industrial Products companies is 27.79, based on 1,373 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. Tokuden Co's current Owner Earnings per Share (TTM) of 59.60 is 114.5% 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 Tokuden Co. For the Industrial Products industry, the median Owner Earnings per Share (TTM) is 27.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tokuden Co's current Owner Earnings per Share (TTM) is 59.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokuden Co stock overvalued right now?
Based on GuruFocus' analysis, Tokuden Co (TSE:3437) is currently considered Fairly Valued. The stock's GF Value™ is 円2,788.20, compared to a current price of 円2,673.00 — trading 4.1% below its estimated fair value. The current Owner Earnings per Share (TTM) is 59.60 and 114.5% above the Industrial Products industry median of 27.79. Tokuden Co's overall GF Score™ is 72/100 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 Tokuden Co (TSE:3437), the current Owner Earnings per Share (TTM) is 59.60 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 Tokuden Co (TSE:3437) Overvalued in 2026?
Based on GuruFocus' analysis, Tokuden Co stock appears to be undervalued.
The current stock price of 円2,673.00 is trading 4.1% below its estimated GF Value™ of 円2,788.20.
GuruFocus considers Tokuden Co to be Fairly Valued.
Key valuation signals for TSE:3437:
Owner Earnings per Share (TTM): 59.60
GF Value™: 円2,788.20 vs. price of 円2,673.00 (4.1% below fair value)
Industry Position: 114.5% above the Industrial Products median (#907 of 1373)
No single metric tells the full story. See the TSE:3437 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tokuden Co Ltd is engaged in the manufacturing of industrial products like submerged arc welding, wire for TIG welding, wire for MIG welding, fusion type flux, and PTA welding powder material.
72GF Score
Get the complete analysis for TSE:3437
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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