Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin31.6%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin4.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt104.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$73.1B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$8.6B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
D
Price-to-BookN/A (neg. equity)
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Cash Flow
B
Free Cash Flow$3.6B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income38.1%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$2.9B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About AbbVie Inc.
AbbVie Inc., a research-based biopharmaceutical company, engages in the research and development, manufacturing, commercializing, and sale of medicines and therapies worldwide. The company offers Skyrizi to treat autoimmune diseases; Rinvoq to treat inflammatory diseases; Imbruvica for the treatment of adult patients with blood cancers; Venclexta to treat blood cancers; Elahere to treat various cancer; and Epkinly to treat lymphoma; and Emrelis for the treatment of lung cancer. It also provides facial injectables, plastics and regenerative medicine, body contouring, and skincare products; botox Cosmetic for the treatment of glabellar lines, crow's feet, forehead lines, and platysma bands; Juvederm Collection to treat volume loss in the temples, undereye, cheeks, chin, lips and lower face; Vraylar to treat schizophrenia, bipolar disorder, and depressive disorder; Duodopa to treat Parkinson's disease; Ubrelvy to treat migraine; Qulipta for episodic and chronic migraine; and Vyalev for the treatment of motor fluctuations, as well as Botox Therapeutic to treat chronic migraine, overactive bladder, spasticity, cervical dystonia, and other conditions. In addition, the company offers Ozurdex for visual impairment; Lumigan/Ganfort and Alphagan/Combigan for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension; and other eye care products, including Refresh/Optive, Xen, Durysta, and Restasis. Further, it provides Mavyret to treat chronic hepatitis C virus genotype 1-6 infection; Creon, a pancreatic enzyme therapy; and Linzess/Constella to treat irritable bowel syndrome with constipation and chronic idiopathic constipation. The company was incorporated in 2012 and is headquartered in North Chicago, Illinois.
AbbVie Inc., a research-based biopharmaceutical company, engages in the research and development, manufacturing, commercializing, and sale of medicines and therapies worldwide. The company offers Skyrizi to treat autoimmune diseases; Rinvoq to treat inflammatory diseases; Imbruvica for the treatment of adult patients with blood cancers; Venclexta to treat blood cancers; Elahere to treat various cancer; and Epkinly to treat lymphoma; and Emrelis for the treatment of lung cancer. It also provides facial injectables, plastics and regenerative medicine, body contouring, and skincare products; botox Cosmetic for the treatment of glabellar lines, crow's feet, forehead lines, and platysma bands; Juvederm Collection to treat volume loss in the temples, undereye, cheeks, chin, lips and lower face; Vraylar to treat schizophrenia, bipolar disorder, and depressive disorder; Duodopa to treat Parkinson's disease; Ubrelvy to treat migraine; Qulipta for episodic and chronic migraine; and Vyalev for the treatment of motor fluctuations, as well as Botox Therapeutic to treat chronic migraine, overactive bladder, spasticity, cervical dystonia, and other conditions. In addition, the company offers Ozurdex for visual impairment; Lumigan/Ganfort and Alphagan/Combigan for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension; and other eye care products, including Refresh/Optive, Xen, Durysta, and Restasis. Further, it provides Mavyret to treat chronic hepatitis C virus genotype 1-6 infection; Creon, a pancreatic enzyme therapy; and Linzess/Constella to treat irritable bowel syndrome with constipation and chronic idiopathic constipation. The company was incorporated in 2012 and is headquartered in North Chicago, Illinois.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering AbbVie Inc. at $216.49.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Gross Profit %
71.9%▼
72.6%•
N/A
Operating Margin %
31.6%▼
35.0%•
N/A
Net Income %
4.6%▼
10.9%•
N/A
Diluted EPS
0.39▼
1.02•
N/A
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$136.5B
$134.0B
N/A
Total Debt
$72.9B▲
$67.5B•
N/A
Working Capital
-$8.6B▲
-$14.2B•
N/A
Years to Pay Debt
104.83
37.17
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$3.6B▼
$4.9B•
N/A
Owner Earnings
$2.9B
$4.1B
N/A
CapEx % of Net Income
38.1%
18.1%
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
-244,897
-407,957
Tax Rate For Calcs
0
0
Normalized EBITDA
4,436,000
6,645,000
Total Unusual Items
-744,000
-1,276,000
Total Unusual Items Excluding Goodwill
-744,000
-1,276,000
Net Income From Continuing Operation Net Minority Interest
695,000
1,816,000
Reconciled Depreciation
1,936,000
1,987,000
Reconciled Cost Of Revenue
4,218,000
4,552,000
EBITDA
3,692,000
5,369,000
EBIT
1,756,000
3,382,000
Net Interest Income
-645,000
-655,000
Interest Expense
717,000
714,000
Interest Income
72,000
59,000
Normalized Income
1,194,103
2,684,043
Net Income From Continuing And Discontinued Operation
695,000
1,816,000
Total Expenses
10,268,000
10,809,000
Total Operating Income As Reported
3,990,000
4,544,000
Diluted Average Shares
1,774,000
1,774,000
Basic Average Shares
1,766,732
1,767,876
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
685,000
1,806,000
Net Income Common Stockholders
685,000
1,806,000
Otherunder Preferred Stock Dividend
10,000
10,000
Net Income
695,000
1,816,000
Minority Interests
-2,000
1,000
Net Income Including Noncontrolling Interests
697,000
1,815,000
Net Income Continuous Operations
697,000
1,815,000
Tax Provision
342,000
853,000
Pretax Income
1,039,000
2,668,000
Other Income Expense
-3,050,000
-2,486,000
Other Non Operating Income Expenses
-2,306,000
-1,210,000
Special Income Charges
-744,000
-1,265,000
Other Special Charges
744,000
1,265,000
Gain On Sale Of Security
-11,000
-19,000
Net Non Operating Interest Income Expense
-645,000
-655,000
Interest Expense Non Operating
717,000
714,000
Interest Income Non Operating
72,000
59,000
Operating Income
4,734,000
5,809,000
Operating Expense
6,050,000
6,257,000
Other Operating Expenses
-217,000
Research And Development
2,472,000
2,579,000
Selling General And Administration
3,578,000
3,895,000
Gross Profit
10,784,000
12,066,000
Cost Of Revenue
4,218,000
4,552,000
Total Revenue
15,002,000
16,618,000
Operating Revenue
15,002,000
16,618,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
77,077
70,803
Ordinary Shares Number
1,766,732
1,767,876
Share Issued
1,843,809
1,838,679
Net Debt
63,467,000
62,267,000
Total Debt
72,858,000
67,496,000
Tangible Book Value
-93,099,000
-91,551,000
Invested Capital
66,202,000
64,226,000
Working Capital
-8,571,000
-14,227,000
Net Tangible Assets
-93,099,000
-91,551,000
Common Stock Equity
-6,656,000
-3,270,000
Total Capitalization
57,876,000
55,671,000
Total Equity Gross Minority Interest
-6,612,000
-3,228,000
Minority Interest
44,000
42,000
Stockholders Equity
-6,656,000
-3,270,000
Gains Losses Not Affecting Retained Earnings
-1,153,000
-1,144,000
Other Equity Adjustments
-1,153,000
-1,144,000
Treasury Stock
10,611,000
9,146,000
Retained Earnings
-17,872,000
-15,493,000
Additional Paid In Capital
22,962,000
22,495,000
Capital Stock
18,000
18,000
Common Stock
18,000
18,000
Total Liabilities Net Minority Interest
143,075,000
137,188,000
Total Non Current Liabilities Net Minority Interest
100,975,000
93,899,000
Other Non Current Liabilities
34,111,000
30,795,000
Employee Benefits
1,410,000
1,234,000
Non Current Pension And Other Postretirement Benefit Plans
1,410,000
1,234,000
Tradeand Other Payables Non Current
364,000
1,261,000
Non Current Deferred Liabilities
2,332,000
2,389,000
Non Current Deferred Taxes Liabilities
2,332,000
2,389,000
Long Term Debt And Capital Lease Obligation
64,532,000
58,941,000
Long Term Debt
64,532,000
58,941,000
Current Liabilities
42,100,000
43,289,000
Current Deferred Liabilities
14,304,000
Current Deferred Revenue
14,304,000
Current Debt And Capital Lease Obligation
8,326,000
8,555,000
Current Debt
8,326,000
8,555,000
Payables And Accrued Expenses
33,774,000
34,734,000
Current Accrued Expenses
28,043,000
26,064,000
Payables
6,691,000
5,881,000
Dividends Payable
3,099,000
2,936,000
Accounts Payable
3,592,000
2,945,000
Total Assets
136,463,000
133,960,000
Total Non Current Assets
102,934,000
104,898,000
Other Non Current Assets
10,536,000
10,721,000
Investments And Advances
268,000
268,000
Goodwill And Other Intangible Assets
86,443,000
88,281,000
Other Intangible Assets
50,873,000
52,641,000
Goodwill
35,570,000
35,640,000
Net PPE
5,687,000
5,628,000
Accumulated Depreciation
-8,044,000
-7,902,000
Gross PPE
13,731,000
13,530,000
Construction In Progress
1,401,000
1,093,000
Other Properties
8,785,000
7,995,000
Machinery Furniture Equipment
7,995,000
Buildings And Improvements
3,057,000
2,895,000
Land And Improvements
287,000
284,000
Current Assets
33,529,000
29,062,000
Other Current Assets
6,610,000
6,265,000
Inventory
5,049,000
4,951,000
Finished Goods
1,806,000
1,580,000
Work In Process
2,137,000
2,287,000
Raw Materials
1,106,000
1,084,000
Receivables
12,479,000
12,589,000
Accounts Receivable
12,479,000
12,589,000
Cash Cash Equivalents And Short Term Investments
9,391,000
5,257,000
Other Short Term Investments
28,000
31,000
Cash And Cash Equivalents
9,391,000
5,229,000
Cash Flow
2026
2025
2024
Free Cash Flow
3,564,000
4,889,000
Repurchase Of Capital Stock
-1,489,000
-3,000
Repayment Of Debt
-2,499,000
-799,000
Issuance Of Debt
7,991,000
-500,000
Capital Expenditure
-265,000
-329,000
Interest Paid Supplemental Data
823,000
705,000
End Cash Position
9,391,000
5,229,000
Beginning Cash Position
5,229,000
5,629,000
Effect Of Exchange Rate Changes
-12,000
11,000
Changes In Cash
4,174,000
-411,000
Financing Cash Flow
919,000
-4,166,000
Cash Flow From Continuing Financing Activities
919,000
-4,166,000
Net Other Financing Charges
2,000
-1,000
Proceeds From Stock Option Exercised
48,000
10,000
Cash Dividends Paid
-3,086,000
-2,911,000
Common Stock Dividend Paid
-3,086,000
-2,911,000
Net Common Stock Issuance
-1,489,000
-3,000
Common Stock Payments
-1,489,000
-3,000
Net Issuance Payments Of Debt
5,492,000
-1,299,000
Net Short Term Debt Issuance
-2,499,000
-1,291,000
Short Term Debt Payments
-2,499,000
-791,000
Short Term Debt Issuance
-500,000
0
Net Long Term Debt Issuance
7,991,000
-8,000
Long Term Debt Payments
0
-8,000
Long Term Debt Issuance
7,991,000
0
Investing Cash Flow
-574,000
-1,463,000
Cash Flow From Continuing Investing Activities
-574,000
-1,463,000
Net Other Investing Changes
-43,000
-1,000
Net Investment Purchase And Sale
28,000
12,000
Sale Of Investment
34,000
39,000
Purchase Of Investment
-6,000
-27,000
Net Business Purchase And Sale
-266,000
-1,161,000
Purchase Of Business
-266,000
-1,161,000
Net PPE Purchase And Sale
-265,000
-329,000
Purchase Of PPE
-265,000
-329,000
Operating Cash Flow
3,829,000
5,218,000
Cash Flow From Continuing Operating Activities
3,829,000
5,218,000
Change In Working Capital
-1,922,000
-473,000
Change In Other Working Capital
-81,000
646,000
Change In Payables And Accrued Expense
-1,594,000
-598,000
Change In Payable
-1,594,000
-598,000
Change In Account Payable
-1,594,000
-598,000
Change In Prepaid Assets
-150,000
-658,000
Change In Inventory
-184,000
-25,000
Change In Receivables
87,000
162,000
Changes In Account Receivables
87,000
162,000
Other Non Cash Items
2,537,000
1,981,000
Stock Based Compensation
444,000
157,000
Provisionand Write Offof Assets
136,000
167,000
Asset Impairment Charge
0
4,476,000
Deferred Tax
137,000
-385,000
Deferred Income Tax
137,000
-385,000
Depreciation Amortization Depletion
1,936,000
1,987,000
Depreciation And Amortization
1,936,000
1,987,000
Amortization Cash Flow
1,748,000
1,784,000
Amortization Of Intangibles
1,748,000
1,784,000
Depreciation
188,000
203,000
Net Income From Continuing Operations
697,000
1,815,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $13.3B▲ $15.0B+12.4%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 70.0%▲ 71.9%+1.9pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 35.5%▲ 31.6%-3.9pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 9.6%▼ 4.6%-5.0pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$15.0B/qtr (≈$60.0B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.80x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$3.6B
vs Positive
Operating Cash Flow
$3.8B
Latest quarter · Buffett's cash reality check
ROIC
4.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$6.6B
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
⚠️Net margin compressed 5.0pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
Peers & Industry
No auto-detected peers for Drug Manufacturers - General. You can manually compare ABBV against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.11%
Low — management has little skin in the game
Return on Assets (ROA)
0.5%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$980M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+7.9% YoY
Debt is roughly stable
Leadership Team
Robert Michael CPA
CEO & Chairman of the Board
Age 55
Pay: $7,416,293
1.067% of net income
Scott Reents
Executive VP & CFO
Age 57
Pay: $3,946,913
0.568% of net income
Azita Saleki-Gerhardt Ph.
Executive VP & COO
Age 62
Pay: $4,072,891
0.586% of net income
Elizabeth Shea
Senior Vice President of Investor Relations
Wulff-Erik von Borcke
Senior VP & President of Oncology
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.53%
150,698,125
Vanguard Capital Management LLC
6.50%
114,880,324
State Street Corporation
4.60%
81,217,516
JPMORGAN CHASE & CO
3.21%
56,741,691
Vanguard Portfolio Management LLC
2.80%
49,523,078
Geode Capital Management, LLC
2.65%
46,737,581
Morgan Stanley
2.15%
38,016,774
Capital Research Global Investors
1.77%
31,254,786
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.31
Low volatility — more stable than the market
Short Interest
1.5% of float
Low short interest — market is not heavily bearish
Current Ratio
0.80x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $181.73Current: $216.49High: $244.81
Currently at 55% of 52-week range
AbbVie Inc. (ABBV) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 71.9%. Operating margin: 31.6%. Net margin: 4.6%. Market cap: $382.5B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.