Offer your thoughts or opinion on the input financial query or topic using your financial background.

Isn't the subtraction of deprecation and amortization redundant in the calculation of Owner's Earnings?
This formula is not calculating "Earnings".  Instead, it is calculating "Free Cash Flow from Operations". As the original poster notes, the "Earnings" calculation subtracted out depreciation and amortization.  The "Free Cash Flow from Operations" adds these values back, but for two different reasons: