2025
$2.20
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OE = CFO - WC movement - SBC - maintenance capex, all $ thousands. CFO=$695,400; WC movement (AR $40,300 + Inventories $(43,100) + AP&accrued $12,000 + other current assets $(10,300) + income taxes payable $(7,600) + other $1,400) = $(7,300); SBC=$69,300; capex=$299,200; capex_ratio=mean(capex/revenue, FY2023-25)=10.69%; revenue declined FY2025 vs FY2024 ($3,196,600 vs $3,241,200) so growth capex=$0, maintenance capex=capex=$299,200. OE=695,400-(-7,300)-69,300-299,200=$334,200. Diluted shares=152,200. OE/sh=$2.20. Reconciliation check: NI $235,600 + D&A (Depreciation $205,300 + Amortization $184,400) + other non-cash (deferred tax $(87,400), loss on debt extinguishment $3,200, loss on sale of businesses $10,900, impairment on long-lived assets $11,700, excess/obsolete inventory charge $38,600, amort of debt issuance costs $13,900, other $17,200) + WC $(7,300) - maintenance capex $299,200 = $334,200, matches CFO-based figure exactly (0% gap). Source: FY2025 10-K, accession 0001101302-26-000012.
2024
$2.37
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=631,700; WC movement (AR $(49,000) + Inventories $(76,700) + AP&accrued 8,900 + other current assets $(5,400) + income taxes payable 7,900 + other 5,400) = $(108,900); SBC=65,900; capex=315,600; capex_ratio=10.687% (FY2023-25 era mean); revenue declined $282,700 (FY2024 $3,241,200 vs FY2023 $3,523,900) so growth capex=$0; maintenance capex=capex=315,600. OE=631,700-(-108,900)-65,900-315,600=359,100. Diluted shares=151,800. OE/sh=$2.37. Check: CFO reconstructs exactly from NI 292,800 + Depreciation 188,100 + Amortization 190,100 + other non-cash (deferred tax $(78,900), loss on debt extinguishment 13,400, gain on sale of businesses $(4,300), impairment of long-lived assets 13,000, excess/obsolete inventory charge 39,900, amort of debt issuance costs 15,000, other 5,600) + WC movement 108,900 = 631,700, 0% gap. Source: FY2024 10-K, accession 0001101302-25-000015.
2023
$0.57
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. First full year including CMC Materials. Capex was unusually elevated (13.0% of revenue) for new-facility construction (e.g. Colorado Springs, CO advanced-materials expansion); this mechanically produces a low maintenance-capex-adjusted OE for the year, which the 3-year (FY2023-25) median anchor is designed to smooth. CFO=644,500; WC movement (AR 600 + Inventories 102,800 + AP&accrued $(14,600) + other current assets $(11,900) + income taxes payable $(10,200) + other $(1,200)) = 65,500; SBC=61,400; capex=456,800; capex_ratio=10.687% (FY2023-25 era mean); revenue grew $241,867 (FY2023 $3,523,900 vs FY2022 $3,282,033); growth capex=25,847; maintenance capex=456,800-25,847=430,953. OE=644,500-65,500-61,400-430,953=86,647. Diluted shares=150,900. OE/sh=$0.57. Check: CFO reconstructs exactly from NI 180,700 + Depreciation 172,700 + Amortization 214,500 + other non-cash (deferred tax $(145,600), goodwill impairment 115,200, loss on debt extinguishment 27,900, loss on sale of businesses 23,800, impairment of long-lived assets 30,500, gain on termination of alliance agreement $(184,800), excess/obsolete inventory charge 38,200, amort of debt issuance costs 21,200, other 23,300) + WC movement 65,500 = 644,500, 0% gap. Note: goodwill impairment and the alliance-termination gain relate to the FY2023 divestiture of non-core (Non-Semi) businesses used to pay down acquisition debt; both are non-cash/one-time and correctly excluded from OE via the add-back mechanism, but flagged here as non-recurring. Source: FY2023 10-K, accession 0001101302-24-000009; Depreciation/Amortization split as restated in FY2025 10-K, accession 0001101302-26-000012.
2022
$1.14
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. FY2022 is a transition year: the $6.5B (gross deal value; $4.47B net of cash acquired) CMC Materials acquisition closed July 6 2022, funded by $4.94B of new debt issuance, contributing only a half year of results, alongside a one-time $61,932 acquired-inventory fair-value step-up charge and $102,744 deferred-tax benefit - flagged as distorted and excluded from the valuation anchor. CFO=352,283; WC movement (AR $(59,643) + Inventories $(203,335) + AP&accrued 4,519 + other current assets $(13,641) + income taxes payable 21,751 + other 11,982) = $(238,367); SBC=66,577; capex=466,192; capex_ratio=10.687% (FY2023-25 post-acquisition era mean, applied since FY2022's capex already reflects the enlarged combined asset base); revenue grew $983,140 (FY2022 $3,282,033 vs FY2021 $2,298,893, mostly acquisition-driven not organic); growth capex=105,066; maintenance capex=466,192-105,066=361,126. OE=352,283-(-238,367)-66,577-361,126=162,947. Diluted shares=143,146. OE/sh=$1.14. Check: CFO reconstructs exactly from NI 208,920 + Depreciation 135,371 + Amortization 143,953 + other non-cash (acquired inventory fair value step-up 61,932, deferred tax $(102,744), excess/obsolete inventory charge 28,896, loss on debt extinguishment 3,287, other 44,458) - WC movement 238,367 = 352,283, 0% gap. Source: FY2022 10-K, accession 0001101302-23-000021.
2021
$2.84
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=400,454; WC movement (AR $(86,766) + Inventories $(168,372) + AP&accrued 53,577 + other current assets 2,870 + income taxes payable $(3,292) + other 5,252) = $(196,731); SBC=29,884; capex=210,626; capex_ratio=7.156% (FY2016-21 era mean); revenue grew $439,580 (FY2021 $2,298,893 vs FY2020 $1,859,313); growth capex=31,459; maintenance capex=210,626-31,459=179,167. OE=400,454-(-196,731)-29,884-179,167=388,134. Diluted shares=136,574. OE/sh=$2.84. Check: CFO reconstructs exactly from NI 409,126 + Depreciation 90,311 + Amortization 47,856 + other non-cash (fair value markup of acquired inventory sold 428, deferred tax $(18,433), excess/obsolete inventory charge 17,103, loss on debt extinguishment 23,338, other $(2,428)) - WC movement 196,731 = 400,454, 0% gap. Source: FY2021 10-K, accession 0001101302-22-000010.
2020
$2.43
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=446,674; WC movement (AR $(27,461) + Inventories $(50,772) + AP&accrued 40,162 + other current assets $(11,952) + income taxes payable 28,490 + other 2,191) = $(19,342); SBC=22,920; capex=131,752; capex_ratio=7.156% (FY2016-21 era mean); revenue grew $268,247 (FY2020 $1,859,313 vs FY2019 $1,591,066); growth capex=19,196; maintenance capex=131,752-19,196=112,556. OE=446,674-(-19,342)-22,920-112,556=330,540. Diluted shares=136,266. OE/sh=$2.43. Check: CFO reconstructs exactly from NI 294,969 + Depreciation 83,430 + Amortization 53,092 + other non-cash (fair value markup of acquired inventory sold 590, deferred tax $(7,250), excess/obsolete inventory charge 15,387, loss on debt extinguishment 2,378, other 500) - WC movement 19,342 = 446,674, 0% gap. Source: FY2020 10-K, accession 0001101302-21-000011.
2019
$2.17
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=382,298; WC movement (AR $(3,164) + Inventories $(21,354) + AP&accrued $(22,647) + other current assets 7,784 + income taxes payable $(3,494) + other $(262)) = $(43,137); SBC=19,629; capex=112,355; capex_ratio=7.156% (FY2016-21 era mean); revenue grew $40,569 (FY2019 $1,591,066 vs FY2018 $1,550,497); growth capex=2,903; maintenance capex=112,355-2,903=109,452. OE=382,298-(-43,137)-19,629-109,452=296,354. Diluted shares=136,568. OE/sh=$2.17. Check: CFO reconstructs exactly from NI 254,860 + Depreciation 74,975 + Amortization 66,428 + other non-cash (deferred tax $(14,008), excess/obsolete inventory charge 11,433, amort of debt issuance costs 2,330, other 9,788) - WC movement 43,137 = 382,298, 0% gap. Source: FY2019 10-K, accession 0001101302-20-000013.
2018
$1.96
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=312,576; WC movement (AR $(17,473) + Inventories $(38,100) + AP&accrued 19,950 + other current assets $(13,677) + income taxes payable $(30,381) + other 291) = $(79,390); SBC=17,112; capex=110,153; capex_ratio=7.156% (FY2016-21 era mean); revenue grew $207,965 (FY2018 $1,550,497 vs FY2017 $1,342,532); growth capex=14,883; maintenance capex=110,153-14,883=95,270. OE=312,576-(-79,390)-17,112-95,270=279,584. Diluted shares=142,610. OE/sh=$1.96. Check: CFO reconstructs exactly from NI 240,755 + Depreciation 65,116 + Amortization 62,152 + other non-cash (deferred tax $(11,876), excess/obsolete inventory charge 4,496, amort of debt issuance costs 1,834, loss on debt extinguishment 2,429, other 9,948) - WC movement 79,390 = 312,576, 0% gap. Source: FY2018 10-K, accession 0001101302-19-000010.
2017
$1.09
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=293,373; WC movement (AR $(15,401) + Inventories $(20,214) + AP&accrued 15,975 + other current assets $(3,330) + income taxes payable 64,516 + other $(1,386)) = 40,160; SBC=15,306; capex=93,597; capex_ratio=7.156% (FY2016-21 era mean); revenue grew $167,262 (FY2017 $1,342,532 vs FY2016 $1,175,270); growth capex=11,970; maintenance capex=93,597-11,970=81,627. OE=293,373-40,160-15,306-81,627=156,280. Diluted shares=143,518. OE/sh=$1.09. Check: CFO reconstructs exactly from NI 85,066 + Depreciation 58,208 + Amortization 44,023 + other non-cash (deferred tax 1,628, excess/obsolete inventory charge 9,405, amort of debt issuance costs 2,864, loss on debt extinguishment 20,687, other 16,026) + WC movement 40,160 = 293,373, 0% gap. Source: FY2017 10-K, accession 0001101302-18-000008.
2016
$1.02
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OE = CFO - WC movement - SBC - maintenance capex, $ thousands. CFO=207,555; WC movement (AR $(25,298) + Inventories $(19,871) + AP&accrued $31,294 + other current assets $185 + income taxes payable $3,408 + other $659) = $(9,623); SBC=13,436; capex=65,260; capex_ratio=mean(capex/revenue, FY2016-21 era, pre-CMC-acquisition)=7.156%; revenue grew $94,149 (FY2016 $1,175,270 vs FY2015 $1,081,121); growth capex=7,156*13.19=6,738; maintenance capex=65,260-6,738=58,522. OE=207,555-(-9,623)-13,436-58,522=145,220. Diluted shares=142,050. OE/sh=$1.02. Check: CFO reconstructs exactly from NI 97,147 + Depreciation 55,623 + Amortization 44,263 + other non-cash (deferred tax $(16,284), excess/obsolete inventory charge 9,302, amort of debt issuance costs 3,947, other 9,744) - WC movement 9,623 = 207,555, 0% gap. Source: FY2016 10-K, accession 0001101302-17-000005.
Owner's earnings per share by fiscal year, most recent first. Tap a row to see how that figure was calculated, including the source filing.