Morningstar (Morningstar) Cyclically Adjusted Revenue per Share : $33.93 (As of Mar. 2024)

Morningstar Cyclically Adjusted Revenue per Share Chart

Morningstar Annual Data
	Trend	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23
Cyclically Adjusted Revenue per Share		Get a 7-Day Free Trial					18.98	21.16	25.11	29.41	33.19

Morningstar Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Cyclically Adjusted Revenue per Share	Get a 7-Day Free Trial															30.56	31.58	32.57	33.19	33.93

Competitive Comparison of Morningstar's Cyclically Adjusted Revenue per Share

For the Financial Data & Stock Exchanges subindustry, Morningstar's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio 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.

Morningstar's Cyclically Adjusted PS Ratio Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Morningstar's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Morningstar's Cyclically Adjusted PS Ratio falls into.

Morningstar Cyclically Adjusted Revenue per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Revenue per Share and the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years.

What is Cyclically Adjusted Revenue per Share? How do we calculate Cyclically Adjusted Revenue per Share?

Cyclically Adjusted Revenue per Share is the average of the inflation adjusted Revenue per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Revenue per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the revenue per share from 2001 through 2010.

We adjusted the 2001 revenue per share data with the total inflation from 2001 through 2010 to the equivalent revenue in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's revenue is $1 a share in 2001, then the 2001's equivalent revenue in 2010 is $1.4 a share. If Wal-Mart's revenue is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 revenue in 2010 is $1.35. So on and so forth, you get the equivalent revenue per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Morningstar's adjusted Revenue per Share data for the three months ended in Mar. 2024 was:

Current CPI (Mar. 2024) = 129.4194.

Morningstar Quarterly Data

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Morningstar  (NAS:MORN) Cyclically Adjusted Revenue per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Revenue per Share may underestimate the company's revenue. Cyclically Adjusted PS Ratio can seem to be too high even the actual PS Ratio is low.

For the Cyclically Adjusted PS Ratio, the revenue per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/S calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PS Ratio is also called CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Morningstar's Cyclically Adjusted PS Ratio of today is calculated as

* 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.

During the past 13 years, the highest Cyclically Adjusted PS Ratio of Morningstar was 14.12. The lowest was 4.93. And the median was 7.40.

Be Aware

Cyclically Adjusted PS Ratio works better for cyclical companies. It gives you a better idea on the company's real revenue value.

Morningstar Cyclically Adjusted Revenue per Share Related Terms

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