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FUJIFILM Holdings (TSE:4901) Owner Earnings per Share (TTM) : 210.03 (As of Mar. 2024)


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What is FUJIFILM Holdings Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"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)."

FUJIFILM Holdings's Owner Earnings per Share (TTM) ended in Mar. 2024 was 円210.03. It's Price-to-Owner-Earnings ratio for today is 17.55.


The historical rank and industry rank for FUJIFILM Holdings's Owner Earnings per Share (TTM) or its related term are showing as below:

TSE:4901' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 6.38   Med: 11.71   Max: 45
Current: 17.73


During the past 13 years, the highest Price-to-Owner-Earnings ratio of FUJIFILM Holdings was 45.00. The lowest was 6.38. And the median was 11.71.


TSE:4901's Price-to-Owner-Earnings is ranked worse than
68.46% of 260 companies
in the Conglomerates industry
Industry Median: 9.995 vs TSE:4901: 17.73

FUJIFILM Holdings's Earnings per Share (Diluted) for the three months ended in Mar. 2024 was 円57.93. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was 円202.11. It's PE Ratio ratio for today is 18.24.

FUJIFILM Holdings's EPS without NRI for the three months ended in Mar. 2024 was 円52.13. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2024 was 円186.54. It's PE Ratio without NRI ratio for today is 19.77.


FUJIFILM Holdings Owner Earnings per Share (TTM) Historical Data

The historical data trend for FUJIFILM Holdings'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.

* Premium members only.

FUJIFILM Holdings Owner Earnings per Share (TTM) Chart

FUJIFILM Holdings Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 101.05 296.72 198.91 72.00 210.03

FUJIFILM Holdings Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 72.00 114.44 138.79 202.29 210.03

Competitive Comparison of FUJIFILM Holdings's Owner Earnings per Share (TTM)

For the Conglomerates subindustry, FUJIFILM 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.


FUJIFILM Holdings's Price-to-Owner-Earnings Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, FUJIFILM Holdings's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where FUJIFILM Holdings's Price-to-Owner-Earnings falls into.



FUJIFILM Holdings Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"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)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

FUJIFILM Holdings's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 243,509
Depreciation, Depletion and Amortization 150,014
Change In Deferred Tax 0
5Y Average of Maintenance Capital Expenditure 195,729
Change In Working Capital 55,101
Shares Outstanding (Diluted Average) 1,204

1. Start with "Net Income" from income statement. FUJIFILM Holdings's Net Income for the trailing twelve months (TTM) ended in Mar. 2024 was 円243,509 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. FUJIFILM Holdings's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2024 was 円150,014 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

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. FUJIFILM Holdings's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2024 was 円0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = 円195,729 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.

FUJIFILM Holdings's 5-Year Average Maintenance Capital Expenditure = 円195,729 Mil

5. "Change In Working Capital" is from cashflow statement. FUJIFILM Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2024 was 円55,101 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.

6. FUJIFILM Holdings's Shares Outstanding (Diluted Average) for the months ended in Mar. 2024 was 1204.068 Mil.

FUJIFILM Holdings's Onwer Earnings Per Share for Mar. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 243509 +150014+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-195729.16876239+55101)/1204.068
=210.03

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=3687.00/210.03
=17.55

* 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.


Be Aware

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.


FUJIFILM Holdings Owner Earnings per Share (TTM) Related Terms

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FUJIFILM Holdings (TSE:4901) Business Description

Traded in Other Exchanges
Address
7-3, Akasaka 9-chome, Minato-ku, Tokyo, JPN, 107-0052
FUJIFILM Holdings Corp offers products and services used in photo development and film and photo taking processes. The company produces color films and single use cameras, color paper and chemicals, photofinishing equipment, film and photo processing services, electronic imaging such as digital cameras, optical devices such as camera modules for mobile phones, TV camera lenses and cine lenses, x-ray imaging systems and films, inkjet printers, flat panel materials, recording storage mediums such as data cartridges and videotape products, and office products such as office printers. The document solutions segment including office printers and the information solutions segment consisting of its x-ray imaging and data storage systems form most of the group's yearly revenue stream.

FUJIFILM Holdings (TSE:4901) Headlines

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