Owner Earnings for BlackRock Virginia MBT

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BHV: BlackRock Virginia MBT

Blackrock Virginia Municipal Bond Trust is a closed-ended fixed income mutual fund launched by BlackRock, Inc. It is managed by BlackRock Advisors, LLC. The fund invests in fixed income markets of Uni...

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52-week range

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Metric Usage: Owner Earnings

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owner_earnings

Slug

number

Datatype

text

Format

current

Default Period

FY, Q, LTM, YTD

Periods Supported

Free

Plan

To view the full list of supported financial metrics please see Complete Metrics Listing.

Similar Metrics

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Metrics similar to Owner Earnings in the financials category include:

Issuance of Common Stock - The amount of cash received by the company from issuing company stock in the given period.
Equity Method Investments - This item represents all those non-current investments held by the company, which are accounted for by the equity method of accounting.
Other Intangibles - This item represents the net values of those assets (i.e. gross intangibles less accumulated amortization), which provide future economic benefit to the enterprise but have no physical form. It also includes the combined net amount of "Goodwill and Intangibles" (i.e. gross goodwill and intangibles as reduced by the accumulated amortization), where it is not possible to separately identify net goodwill and net intangibles.
EBT Excl. Unusual Items - This item represents EBT Before Non Recurring Items and is arrived at after adjusting, the following, to Operating Profit (OPIN): 1. Interest Expense, Total and 2. Total Non Operating Income/(Expenses) (NOIET).

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Owner Earnings

Definition of Owner Earnings

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We use the owner’s earnings calculation described with Warren Buffett’s 1986 letter to shareholders.

If we think through these questions, we can gain some insights about what may be called "owner earnings." These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges such as Company N's items (1) and (4) 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))

The general formula can be summarized as follows:

(+) Net Income
(+) Depreciation & Amortization
(-) Maintenance Capital Expenditures
(-) Change in Working Capital
(=) Owner Earnings

Note, for financial companies like banks, the net working capital change is ignored given their business model.

Click the link below to download a spreadsheet with an example Owner Earnings calculation for BlackRock Virginia MBT below:

Sector Benchmark Analysis

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The chart above depicts the distribution of owner earnings for companies operating in the Financials sector in the Developed economic region. Over 1,910 companies were considered in this analysis, and 1,840 had meaningful values. The average owner earnings of companies in the sector is 282.8 M with a standard deviation of 819.9 M.

BlackRock Virginia MBT's Owner Earnings of - ranks in the - percentile for the sector. The following table provides additional summary stats:

Owner Earnings In The Financials Sector
Economic Risk Region	Developed
Total Constituents	1,915
Included Constituents	1,840
Min	-497.2 M
Max	5.986 B
Median	15.835 M
Mean	282.8 M
Standard Deviation	819.9 M

You can find companies with similar owner earnings using this stock screener.