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NIOX Group (LSE:NIOX) Owner Earnings per Share (TTM) : 0.03 (As of Dec. 2023)


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What is NIOX Group Owner Earnings per Share (TTM)?

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)."

NIOX Group's Owner Earnings per Share (TTM) ended in Dec. 2023 was £0.03. It's Price-to-Owner-Earnings ratio for today is 21.2.


The historical rank and industry rank for NIOX Group's Owner Earnings per Share (TTM) or its related term are showing as below:

LSE:NIOX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 21.56   Med: 27.31   Max: 42.82
Current: 22.22


During the past 13 years, the highest Price-to-Owner-Earnings ratio of NIOX Group was 42.82. The lowest was 21.56. And the median was 27.31.


LSE:NIOX's Price-to-Owner-Earnings is ranked better than
64.64% of 280 companies
in the Medical Devices & Instruments industry
Industry Median: 32.42 vs LSE:NIOX: 22.22

NIOX Group's Earnings per Share (Diluted) for the six months ended in Jun. 2024 was £0.01. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2024 was £0.03. It's PE Ratio (TTM) ratio for today is 24.46.

NIOX Group's EPS without NRI for the six months ended in Jun. 2024 was £0.01. Its EPS without NRI for the trailing twelve months (TTM) ended in Jun. 2024 was £0.03. It's PE Ratio without NRI ratio for today is 25.44.


NIOX Group Owner Earnings per Share (TTM) Historical Data

The historical data trend for NIOX Group'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.

* Premium members only.

NIOX Group Owner Earnings per Share (TTM) Chart

NIOX Group Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.10 -0.11 0.01 0.02 0.03

NIOX Group Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 0.02 - 0.03 -

Competitive Comparison of NIOX Group's Owner Earnings per Share (TTM)

For the Medical Devices subindustry, NIOX Group'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.


NIOX Group's Price-to-Owner-Earnings Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, NIOX Group's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where NIOX Group's Price-to-Owner-Earnings falls into.



NIOX Group Owner Earnings per Share (TTM) Calculation

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)

NIOX Group's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 10.70
Depreciation, Depletion and Amortization 4.40
Change In Deferred Tax 0.00
5Y Average of Maintenance Capital Expenditure 2.24
Change In Working Capital -0.60
Shares Outstanding (Diluted Average) 449.28

1. Start with "Net Income" from income statement. NIOX Group's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was £10.70 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. NIOX Group's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2023 was £4.40 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. NIOX Group's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2023 was £0.00 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = £2.24 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 year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, 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.

NIOX Group's 5-Year Average Maintenance Capital Expenditure = £2.24 Mil

5. "Change In Working Capital" is from cashflow statement. NIOX Group's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2023 was £-0.60 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. NIOX Group's Shares Outstanding (Diluted Average) for the months ended in Dec. 2023 was 449.278 Mil.

NIOX Group's Onwer Earnings Per Share for Dec. 2023 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 10.7 +4.4+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-2.2382+-0.6)/449.278
=0.03

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=0.636/0.03
=21.2

* 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.


NIOX Group Owner Earnings per Share (TTM) Related Terms

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NIOX Group Business Description

Traded in Other Exchanges
Address
Edmund Halley Road, Hayakawa Building, The Oxford Science Park, Oxford, GBR, OX4 4GB
NIOX Group PLC is a medical device company that develops a range of therapies for asthma, chronic obstructive pulmonary disease, and allergy. The company has a single operating segment: NIOX. The NIOX segment relates to the portfolio of products used to improve asthma diagnosis and management by measuring fractional exhaled nitric oxide (FeNO). Geographically, it derives a majority of its revenue from the Asia Pacific and also has a presence in the European Union, the United States, the United Kingdom, and the Rest of the world.

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