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How metrics are calculated

What each row on the Analyze table means.

Primer

Owner earnings

  • Owner earnings is the cash left after the company pays to keep the business running.
  • We start with cash from day-to-day operations.
  • We subtract maintenance spending. That is the smaller of new plant and equipment spend and the wear-and-tear charge on existing assets.
  • What remains can be paid to owners, used to grow, or held as cash.
  • If we cannot find operating cash, or we cannot estimate maintenance, that year is blank.

Sources

  • Company figures come from the U.S. Securities and Exchange Commission Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) annual 10-K filings, using United States Generally Accepted Accounting Principles (US-GAAP).
  • The 30-year Treasury yield comes from Federal Reserve Economic Data (FRED).
  • The last close price comes from Yahoo Finance, then the NASDAQ Stock Market (NASDAQ).

Last close price

  • Last close is the most recent closing share price.
  • Rows that need a price use this one number for every year in the table.
  • It is not each year's historical year-end price.

Metrics

Owner Earnings / Last Close Price

Formula
(Owner Earnings ÷ Shares) ÷ Last Close Price
Meaning
Owner earnings per share compared with the latest closing share price.

Cash per Share / Last Close Price

Formula
(Cash ÷ Shares) ÷ Last Close Price
Meaning
Cash per share compared with the latest closing share price.

Dividends per Share / Last Close Price

Formula
(Dividends ÷ Shares) ÷ Last Close Price
Meaning
Dividends per share compared with the latest closing share price.

Net Income per Share / Last Close Price

Formula
(Net Income ÷ Shares) ÷ Last Close Price
Meaning
Net income per share compared with the latest closing share price.

Equity per Share / Last Close Price

Formula
(Equity ÷ Shares) ÷ Last Close Price
Meaning
Book equity per share compared with the latest closing share price.

Assets per Share / Last Close Price

Formula
(Assets ÷ Shares) ÷ Last Close Price
Meaning
Assets per share compared with the latest closing share price.

Revenue per Share / Last Close Price

Formula
(Revenue ÷ Shares) ÷ Last Close Price
Meaning
Revenue per share compared with the latest closing share price.

Net Income / Equity

Formula
Net Income ÷ Equity
Meaning
Return on book equity.

Net Income / Assets

Formula
Net Income ÷ Assets
Meaning
Return on total assets.

Net Income / Revenue

Formula
Net Income ÷ Revenue
Meaning
Profit margin on sales for the fiscal year.

Net Income / Total Liabilities

Formula
Net Income ÷ Total Liabilities
Meaning
Net income relative to all liabilities.

Net Income / Debt

Formula
Net Income ÷ Debt
Meaning
Net income relative to interest-bearing debt.

Owner Earnings / Equity

Formula
Owner Earnings ÷ Equity
Meaning
Owner earnings relative to book equity.

Owner Earnings / Assets

Formula
Owner Earnings ÷ Assets
Meaning
Owner earnings relative to total assets.

Owner Earnings / Revenue

Formula
Owner Earnings ÷ Revenue
Meaning
Owner earnings as a share of sales.

Owner Earnings / Total Liabilities

Formula
Owner Earnings ÷ Total Liabilities
Meaning
Owner earnings relative to all liabilities.

Owner Earnings / Debt

Formula
Owner Earnings ÷ Debt
Meaning
Owner earnings relative to interest-bearing debt.

Dividends / Equity

Formula
Dividends ÷ Equity
Meaning
Dividend payout relative to book equity.

Dividends / Owner Earnings

Formula
Dividends ÷ Owner Earnings
Meaning
Share of owner earnings paid as dividends.

Dividends / Net Income

Formula
Dividends ÷ Net Income
Meaning
Share of net income paid as dividends.

Owner Earnings per Share

Formula
Owner Earnings ÷ Shares
Meaning
Owner earnings on a per-share basis.

Cash per Share

Formula
Cash ÷ Shares
Meaning
Cash and cash equivalents on a per-share basis.

Dividends per Share

Formula
Dividends ÷ Shares
Meaning
Cash dividends on a per-share basis.

Net Income per Share

Formula
Net Income ÷ Shares
Meaning
Reported earnings on a per-share basis.

Equity per Share

Formula
Equity ÷ Shares
Meaning
Book equity on a per-share basis.

Assets per Share

Formula
Assets ÷ Shares
Meaning
Total assets on a per-share basis.

Revenue per Share

Formula
Revenue ÷ Shares
Meaning
Sales on a per-share basis.

Liabilities per Share

Formula
Total Liabilities ÷ Shares
Meaning
Total liabilities on a per-share basis.

Debt per Share

Formula
Debt ÷ Shares
Meaning
Interest-bearing debt on a per-share basis.

Shares Outstanding

Formula
Shares Outstanding
Meaning
Common shares used as the per-share denominator.

30 Year Treasury (DGS30)

Formula
Year-end 30-year Treasury yield
Meaning
The 30-year U.S. Treasury yield for that year, from Federal Reserve Economic Data (FRED).

Owner Earnings / 30 Year Treasury per Share

Formula
(Owner Earnings ÷ Shares) ÷ 30-year Treasury yield
Meaning
Owner earnings per share compared with that year's 30-year Treasury yield, shown as dollars.

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