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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)."
Duluth Holdings's Owner Earnings per Share (TTM) ended in Jan. 2024 was $0.38. It's Price-to-Owner-Earnings ratio for today is 11.37.
The historical rank and industry rank for Duluth Holdings's Owner Earnings per Share (TTM) or its related term are showing as below:
During the past 11 years, the highest Price-to-Owner-Earnings ratio of Duluth Holdings was 231.32. The lowest was 5.71. And the median was 11.88.
Duluth Holdings's Earnings per Share (Diluted) for the three months ended in Jan. 2024 was $0.21. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jan. 2024 was $-0.29. It's PE Ratio ratio for today is At Loss.
Duluth Holdings's EPS without NRI for the three months ended in Jan. 2024 was $0.21. Its EPS without NRI for the trailing twelve months (TTM) ended in Jan. 2024 was $-0.29. It's PE Ratio without NRI ratio for today is At Loss.
The historical data trend for Duluth 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.
Duluth Holdings Annual Data | |||||||||||||||||||||
Trend | Jan15 | Jan16 | Jan17 | Jan18 | Jan19 | Jan20 | Jan21 | Jan22 | Jan23 | Jan24 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -0.73 | 0.49 | 1.83 | -0.86 | 0.38 |
Duluth Holdings Quarterly Data | ||||||||||||||||||||
Apr19 | Jul19 | Oct19 | Jan20 | Apr20 | Jul20 | Oct20 | Jan21 | Apr21 | Jul21 | Oct21 | Jan22 | Apr22 | Jul22 | Oct22 | Jan23 | Apr23 | Jul23 | Oct23 | Jan24 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -0.86 | -0.39 | 0.30 | -0.25 | 0.38 |
For the Apparel Retail subindustry, Duluth 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.
For the Retail - Cyclical industry and Consumer Cyclical sector, Duluth Holdings's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Duluth Holdings's Price-to-Owner-Earnings falls into.
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)
Duluth Holdings's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | -9.4 | |
Depreciation, Depletion and Amortization | 32.2 | |
Change In Deferred Tax | -2.2 | |
5Y Average of Maintenance Capital Expenditure | 21.8 | |
Change In Working Capital | 13.7 | |
Shares Outstanding (Diluted Average) | 33.0 |
1. Start with "Net Income" from income statement. Duluth Holdings's Net Income for the trailing twelve months (TTM) ended in Jan. 2024 was $-9.4 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. Duluth Holdings's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jan. 2024 was $32.2 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.
Duluth Holdings's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jan. 2024 was $-2.2 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $21.8 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.
Duluth Holdings's 5-Year Average Maintenance Capital Expenditure = $21.8 Mil
5. "Change In Working Capital" is from cashflow statement. Duluth Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Jan. 2024 was $13.7 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. Duluth Holdings's Shares Outstanding (Diluted Average) for the months ended in Jan. 2024 was 33.009 Mil.
Duluth Holdings's Onwer Earnings Per Share for Jan. 2024 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( -9.356 | + | 32.159 | + | -2.166 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 21.760379872568 | + | 13.728) | / | 33.009 |
= | 0.38 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 4.32 | / | 0.38 | |
= | 11.37 |
* 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.
Thank you for viewing the detailed overview of Duluth Holdings's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Jennifer A Hannon | 10 percent owner | ONE E MAIN STREET, UNIT 500, MADISON WI 53703 |
Janet H Kennedy | director | KANSAS CITY SOUTHERN, PO BOX 219335, KANSAS CITY MO 64121 |
Ronald Robinson | director | 201 E. FRONT STREET, MT. HOREB WI 53572 |
Brett Lee Paschke | director | 150 N RIVERSIDE, WILLIAM BLAIR & COMPANY, CHICAGO IL 60606 |
Albert J. Sutera | officer: SVP, CTO & Logistics | 3308 N. MITTHOEFFER ROAD, INDIANAPOLIS IN 46235 |
Susan J Riley | director | |
Neala Shepherd | officer: SVP, Customer Experience | 201 EAST FRONT STREET, MOUNT HOREB WI 53572 |
Stephen L. Schlecht | director, 10 percent owner, officer: Executive Chairman | 5348 COUNTY ROAD M, WAUNAKEE WI 53597 |
Samuel M Sato | officer: President & CEO | 201 EAST FRONT STREET, MOUNT HOREB WI 53572 |
Brenda I Morris | director | 6300 MERRILL CREEK PARKWAY, SUITE B, EVERETT WA 98203 |
David Homolka | officer: SVP HR,Retail&Call Center Oper | 201 EAST FRONT STREET, MOUNT HOREB WI 53572 |
Richard W Schlecht | officer: SVPProd Dev,Vis.Merch&Creative | 201 EAST FRONT STREET, MOUNT HOREB WI 53572 |
Christopher Teufel | officer: SVP IT and Supply Chain | 201 EAST FRONT STREET, MOUNT HOREB WI 53572 |
David Loretta | officer: SVP and CFO | C/O NORDSTROM, INC., 1700 SEVENTH AVENUE, SEATTLE WA 98101 |
Michael John Murphy | officer: V.P., Chief Accounting Officer | 401 CHARMANY DRIVE, MADISON WI 53719 |
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