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Heineken Malaysia BhdXKLS:3255 -0.42%90 Owner Earnings per Share (TTM) is 1.78 as of Mar. 2026, which is 93% below its 10-year median of 25.03. GuruFocus rates XKLS:3255 with a GF Score™ of 90/100 and a GF Value™ of RM24.01 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 124 Beverages - Alcoholic companies, Heineken Malaysia Bhd ranks better than 65.32% 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)."
Heineken Malaysia Bhd's Owner Earnings per Share (TTM) ended in Mar. 2026 was RM1.78. It's Price-to-Owner-Earnings ratio for today is 10.73.
The historical rank and industry rank for Heineken Malaysia Bhd's Owner Earnings per Share (TTM) or its related term are showing as below:
XKLS:3255'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 10.73 Med: 25.03 Max: 115.12
Current: 10.73
XKLS:3255's Price-to-Owner-Earnings is ranked better than 65.32% of 124
companies
in the Beverages - Alcoholic industry
Industry Median: 16.335
vs XKLS:3255: 10.73
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.
Heineken Malaysia Bhd Owner Earnings per Share (TTM) Related Terms
Heineken Malaysia Bhd Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Heineken Malaysia Bhd'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.
Heineken Malaysia Bhd Owner Earnings per Share (TTM) Chart
XKLS:3255 vs STZ, TAP: Owner Earnings per Share (TTM) Comparison
For the Beverages - Brewers subindustry, Heineken Malaysia Bhd'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.
Heineken Malaysia Bhd Price-to-Owner-Earnings vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Heineken Malaysia Bhd's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Heineken Malaysia Bhd'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.
Heineken Malaysia Bhd's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was RM0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = RM83 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.
Heineken Malaysia Bhd's 5-Year Average Maintenance Capital Expenditure = RM83 Mil
5. "Change In Working Capital" is from cashflow statement. Heineken Malaysia Bhd's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was RM85 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 1.78 mean?
Heineken Malaysia Bhd (XKLS:3255) has a Owner Earnings per Share (TTM) of 1.78 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Heineken Malaysia Bhd. This is 93% below median its historical median of 25.03. Over the past decade, Heineken Malaysia Bhd's Owner Earnings per Share (TTM) has ranged from 10.73 to 115.12. According to the industry distribution chart, Heineken Malaysia Bhd ranks #43 out of 124 companies in the Beverages - Alcoholic industry, placing it in the top 34.7%.
Is Heineken Malaysia Bhd's Owner Earnings per Share (TTM) too high?
Heineken Malaysia Bhd's current Owner Earnings per Share (TTM) of 1.78 is 93% below median its 10-year median of 25.03. Over the past 10 years, this metric has ranged from a low of 10.73 to a high of 115.12. The Beverages - Alcoholic industry median Owner Earnings per Share (TTM) is 16.34. Heineken Malaysia Bhd's value of 1.78 is 89.1% below this industry median. Based on the distribution chart, Heineken Malaysia Bhd ranks #43 out of 124 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Heineken Malaysia Bhd has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Heineken Malaysia Bhd's Owner Earnings per Share (TTM) compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Heineken Malaysia Bhd ranks #43 out of 124 companies for Owner Earnings per Share (TTM). This puts Heineken Malaysia Bhd in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 16.34. Heineken Malaysia Bhd's value of 1.78 is 89.1% below this benchmark. Historically, Heineken Malaysia Bhd's own Owner Earnings per Share (TTM) has ranged from 10.73 to 115.12 over the past decade. While the company's 10-year median is 25.03 vs. the industry median of 16.34, Heineken Malaysia Bhd 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 Beverages - Alcoholic company?
The median Owner Earnings per Share (TTM) among Beverages - Alcoholic companies is 16.34, based on 124 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. Heineken Malaysia Bhd's current Owner Earnings per Share (TTM) of 1.78 is 89.1% 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 Heineken Malaysia Bhd. For the Beverages - Alcoholic industry, the median Owner Earnings per Share (TTM) is 16.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heineken Malaysia Bhd's current Owner Earnings per Share (TTM) is 1.78, which is 93% below median its own 10-year median of 25.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heineken Malaysia Bhd stock overvalued right now?
Based on GuruFocus' analysis, Heineken Malaysia Bhd (XKLS:3255) is currently considered Modestly Undervalued. The stock's GF Value™ is RM24.01, compared to a current price of RM19.10 — trading 20.4% below its estimated fair value. The current Owner Earnings per Share (TTM) is 1.78, which is 93% below median its 10-year median of 25.03 and 89.1% below the Beverages - Alcoholic industry median of 16.34. Heineken Malaysia Bhd's overall GF Score™ is 90/100 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 Heineken Malaysia Bhd (XKLS:3255), the current Owner Earnings per Share (TTM) is 1.78 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 Heineken Malaysia Bhd (XKLS:3255) Overvalued in 2026?
Based on GuruFocus' analysis, Heineken Malaysia Bhd stock appears to be undervalued.
The current stock price of RM19.10 is trading 20.4% below its estimated GF Value™ of RM24.01.
GuruFocus considers Heineken Malaysia Bhd to be Modestly Undervalued.
Key valuation signals for XKLS:3255:
Owner Earnings per Share (TTM): 1.78 (93% below median its 10-year median of 25.03)
GF Value™: RM24.01 vs. price of RM19.10 (20.4% below fair value)
Industry Position: 89.1% below the Beverages - Alcoholic median (#43 of 124)
No single metric tells the full story. See the XKLS:3255 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heineken Malaysia Bhd is engaged in the production, packaging, marketing, and distribution of beverages, mainly alcoholic. The portfolio of the company includes various brands such as The World-acclaimed iconic Asian beer - Tiger Beer, The crystal-cold filtered beer - Tiger Crystal, The New Zealand-inspired cider - Apple Fox Cider, Edelweiss, infused with juicy peach flavour, The premium Irish ale - Kilkenny, The real shandy - Anglia, and others.
90GF Score
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