Owner earnings

Cash the owner could take out without shrinking the business.

Formula	Net income + depreciation & amortisation − capital expenditure
Companies reporting it	514 of 573
Median	$632.00m
Middle half	$11.63m – $2.14bn
Range	$-30.95bn – $116.87bn

When it lies. Buffett’s definition subtracts only the capex needed to hold position, and no filer reports that split. Total capex stands in, so a company investing heavily to grow looks worse than it is.

By sector

Sector	n	Median	25th	75th
Banks & insurers	22	$2.44bn	$1.26bn	$10.19bn
Industrials	78	$1.77bn	$810.00m	$3.55bn
Health care	40	$1.34bn	$128.49m	$5.79bn
Consumer discretionary	45	$1.11bn	$269.58m	$2.11bn
Technology	45	$959.51m	$43.02m	$5.17bn
Consumer staples	43	$610.00m	$37.20m	$1.70bn
Financial services	27	$546.82m	$236.78m	$3.55bn
Real estate	48	$505.14m	$43.65m	$977.09m
Energy	34	$447.00m	$35.02m	$2.06bn
Investment company	1	$339.99m	$339.99m	$339.99m
Communications	31	$53.50m	$-43.11m	$432.00m
Materials	47	$51.20m	$-170.00m	$651.38m
not classified	2	$-3.18m	$-3.18m	$-329.00k
Utilities	51	$-244.40m	$-1.36bn	$105.00m

Highest owner earnings

#	Ticker	Company	Sector	Owner earnings
1	NVDA	Nvidia	Technology	$116.87bn
2	AAPL	Apple	Technology	$110.99bn
3	GOOGL	Alphabet	Technology	$61.86bn
4	MSFT	Microsoft	Technology	$52.10bn
5	JNJ	Johnson & Johnson	Health care	$29.48bn
6	XOM	Exxon Mobil	Energy	$26.48bn
7	CMCSA	Comcast	Communications	$24.46bn
8	AVGO	Broadcom	Technology	$23.08bn
9	T	AT&T	Communications	$22.00bn
10	MS	Morgan Stanley	Banks & insurers	$18.62bn
11	VZ	Verizon Communications	Communications	$18.51bn
12	GS	Goldman Sachs Group	Banks & insurers	$17.29bn
13	MRK	Merck	Health care	$17.19bn
14	MA	Mastercard	Financial services	$15.62bn
15	CVX	Chevron	Energy	$15.08bn
16	PG	Procter & Gamble	Consumer staples	$14.80bn
17	LLY	Eli Lilly	Health care	$14.80bn
18	TMUS	T-Mobile US	Communications	$14.54bn
19	HD	Home Depot	Consumer discretionary	$13.99bn
20	UNH	Unitedhealth Group	Health care	$12.79bn

Lowest

#	Ticker	Company	Sector	Owner earnings
514	ORCL	Oracle	Technology	$-30.95bn
513	D	Dominion Energy	Utilities	$-7.27bn
512	SRE	Sempra	Utilities	$-6.21bn
511	PSKY	Paramount Skydance	Communications	$-6.06bn
510	XEL	Xcel Energy	Utilities	$-5.92bn
509	APD	Air Products & Chemicals	Materials	$-5.85bn
508	KHC	Kraft Heinz	Consumer staples	$-5.68bn
507	ETR	Entergy	Utilities	$-3.61bn
506	AES	AES	Utilities	$-3.56bn
505	IP	International Paper	Materials	$-2.63bn

The other metrics

All metrics, and which ones to ignore