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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)."
Orion Office REIT 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 Orion Office REIT's Owner Earnings per Share (TTM) or its related term are showing as below:
Orion Office REIT's Earnings per Share (Diluted) for the three months ended in Mar. 2024 was $-0.47. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was $-1.33. It's PE Ratio ratio for today is At Loss.
Orion Office REIT's EPS without NRI for the three months ended in Mar. 2024 was $-0.26. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2024 was $-0.67. It's PE Ratio without NRI ratio for today is At Loss.
The historical data trend for Orion Office REIT'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.
Orion Office REIT Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | - | - | - | - | - |
Orion Office REIT Quarterly Data | ||||||||||||||||||
Dec18 | Dec19 | 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 | - | - | - | - | - |
For the REIT - Office subindustry, Orion Office REIT'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 REITs industry and Real Estate sector, Orion Office REIT's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Orion Office REIT'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)
Orion Office REIT does not have enough data to calculate Owner Earnings per Share (TTM). Please check Wal-Mart Stores Inc, as your reference.
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 Orion Office REIT's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Christopher Haviland Day | officer: SEE REMARKS | C/O REALTY INCOME CORPORATION, 11995 EL CAMINO REAL, SAN DIEGO CA 92130 |
Revea Lynn Schmidt | officer: See Remarks. | C/O ORION OFFICE REIT, INC., 2325 E. CAMELBACK ROAD, SUITE 850, PHOENIX AZ 58016 |
Paul C Hughes | officer: General Counsel & Secretary | C/O HOSPITALITY INVESTORS TRUST, INC., 3950 UNIVERSITY DRIVE, FAIRFAX VA 22030 |
Richard J Lieb | director | C/O GREENHILL & CO., INC.,, 300 PARK AVENUE, NEW YORK NY 10022 |
Reginald Harold Gilyard | director | 1 FIRST AMERICAN WAY, SANTA ANA CA 92707 |
Kathleen Allen | director | |
Gavin Brandon | officer: SEE REMARKS | 2325 E CAMELBACK RD, 9TH FLOOR, PHOENIX AZ 85016 |
Paul H Mcdowell | director, officer: SEE REMARKS | 110 MAIDEN LANE, NEW YORK NY 10005 |
Gregory J. Whyte | director | C/O TIER REIT, INC., 5950 SHERRY LANE, SUITE 700, DALLAS TX 75225 |
Gary E Landriau | officer: SEE REMARKS | C/O REALTY INCOME CORPORATION, 11995 EL CAMINO REAL, SAN DIEGO CA 92130 |
Christie B. Kelly | director, officer: EVP, CFO & TREASURER | 600 E. 96TH ST., #100, INDIANAPOLIS IN 46240 |
Sumit Roy | director, officer: PRESIDENT AND CEO | 600 LA TERRAZA BOULEVARD, ESCONDIDO CA 92025 |
Michelle Bushore | director, officer: EVP, CLO & SECRETARY | 11995 EL CAMINO REAL, SAN DIEGO CA 92130 |
Realty Income Corp | 10 percent owner | 11995 EL CAMINO REAL, SAN DIEGO CA 92130 |
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