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 Margin20.8%
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 Margin20.5%
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
A
Years to Pay Off Debt0.8 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$5.1B
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
N/A
Cash Flow
A
Free Cash Flow$4.6B
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.
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
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.
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.
Market Data
Key Margins
Gross Profit83.0%
Operating Margin20.8%
Net Margin20.5%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
83.0%▼
83.1%▲
82.8%▲
82.2%•
N/A
Operating Margin %
20.8%▼
23.0%▲
15.3%▼
22.5%•
N/A
Net Income %
20.5%▼
23.9%▼
48.3%▲
22.5%•
N/A
Diluted EPS
1.03▼
4.11▼
7.24▲
2.79•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$22.2B
$21.0B
$20.6B
$16.0B
N/A
Total Debt
$2.1B▲
$2.1B▼
$2.3B▼
$2.3B•
N/A
Working Capital
$5.1B▼
$7.0B▲
$6.6B▼
$6.9B•
N/A
Years to Pay Debt
0.82
0.78
0.48
1.24
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$4.6B▲
$4.5B▲
$3.9B▲
$3.4B•
N/A
Owner Earnings
N/A
N/A
N/A
$2.0B
N/A
CapEx % of Net Income
N/A
N/A
N/A
1.3%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
0
0
0
-4,272
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,544,000
2,553,000
1,518,000
2,061,000
Total Unusual Items
0
0
-89,000
-113,000
Total Unusual Items Excluding Goodwill
0
0
-89,000
-113,000
Net Income From Continuing Operation Net Minority Interest
2,511,000
2,648,000
4,792,000
1,893,000
Reconciled Depreciation
65,000
44,000
81,000
138,000
Reconciled Cost Of Revenue
2,086,000
1,878,000
1,703,000
1,499,000
EBITDA
2,544,000
2,553,000
1,518,000
1,972,000
EBIT
2,544,000
2,553,000
1,518,000
1,891,000
Net Interest Income
705,000
818,000
721,000
186,000
Interest Expense
83,000
24,000
438,000
Interest Income
705,000
818,000
721,000
186,000
Normalized Income
2,511,000
2,648,000
4,792,000
1,977,728
Net Income From Continuing And Discontinued Operation
2,511,000
2,648,000
4,792,000
1,893,000
Total Expenses
9,697,000
8,549,000
8,399,000
6,508,000
Total Operating Income As Reported
2,544,000
2,553,000
1,518,000
1,802,000
Diluted Average Shares
623,000
645,000
662,000
680,000
Basic Average Shares
613,000
632,000
637,000
637,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
2,514,000
2,652,000
4,795,000
1,893,000
Average Dilution Earnings
3,000
4,000
3,000
Net Income Common Stockholders
2,511,000
2,648,000
4,792,000
1,893,000
Net Income
2,511,000
2,648,000
4,792,000
1,893,000
Net Income Including Noncontrolling Interests
2,511,000
2,648,000
4,792,000
1,893,000
Net Income Continuous Operations
2,511,000
2,648,000
4,792,000
1,893,000
Tax Provision
626,000
683,000
-2,690,000
96,000
Pretax Income
3,137,000
3,331,000
2,102,000
1,989,000
Other Income Expense
-112,000
-40,000
-137,000
-88,000
Other Non Operating Income Expenses
-112,000
-40,000
-137,000
1,000
Special Income Charges
0
0
-89,000
-113,000
Restructuring And Mergern Acquisition
0
0
89,000
113,000
Net Non Operating Interest Income Expense
705,000
818,000
721,000
186,000
Interest Expense Non Operating
83,000
24,000
438,000
Interest Income Non Operating
705,000
818,000
721,000
186,000
Operating Income
2,544,000
2,553,000
1,518,000
1,891,000
Operating Expense
7,611,000
6,671,000
6,696,000
5,009,000
Other Operating Expenses
1,327,000
1,282,000
1,186,000
1,041,000
Research And Development
2,354,000
2,056,000
1,722,000
1,502,000
Selling General And Administration
3,930,000
3,333,000
3,788,000
2,466,000
Selling And Marketing Expense
2,588,000
2,148,000
1,763,000
1,516,000
General And Administrative Expense
1,342,000
1,185,000
2,025,000
950,000
Other Gand A
1,342,000
1,185,000
2,025,000
950,000
Gross Profit
10,155,000
9,224,000
8,214,000
6,900,000
Cost Of Revenue
2,086,000
1,878,000
1,703,000
1,499,000
Total Revenue
12,241,000
11,102,000
9,917,000
8,399,000
Operating Revenue
12,241,000
11,102,000
9,917,000
8,399,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
9,200
9,200
9,200
9,000
Ordinary Shares Number
602,000
623,000
638,000
631,000
Share Issued
611,200
632,200
638,000
640,000
Total Debt
2,067,000
2,058,000
2,304,000
2,341,000
Tangible Book Value
7,429,000
7,635,000
7,373,000
4,876,000
Invested Capital
10,198,000
10,407,000
10,156,000
7,547,000
Working Capital
5,148,000
7,019,000
6,559,000
6,883,000
Net Tangible Assets
7,429,000
7,635,000
7,373,000
4,876,000
Capital Lease Obligations
68,000
63,000
313,000
354,000
Common Stock Equity
8,199,000
8,412,000
8,165,000
5,560,000
Total Capitalization
8,199,000
10,407,000
10,156,000
7,547,000
Total Equity Gross Minority Interest
8,199,000
8,412,000
8,165,000
5,560,000
Stockholders Equity
8,199,000
8,412,000
8,165,000
5,560,000
Gains Losses Not Affecting Retained Earnings
-62,000
35,000
-49,000
-32,000
Other Equity Adjustments
-62,000
35,000
-49,000
-32,000
Retained Earnings
-5,502,000
-4,225,000
-3,425,000
-5,965,000
Additional Paid In Capital
13,763,000
12,602,000
11,639,000
11,557,000
Total Liabilities Net Minority Interest
14,009,000
12,547,000
12,480,000
10,478,000
Total Non Current Liabilities Net Minority Interest
360,000
2,386,000
2,530,000
2,500,000
Other Non Current Liabilities
360,000
391,000
287,000
218,000
Long Term Debt And Capital Lease Obligation
1,995,000
2,243,000
2,282,000
2,355,000
Long Term Capital Lease Obligation
236,000
252,000
295,000
372,000
Long Term Debt
1,995,000
1,991,000
1,987,000
1,983,000
Current Liabilities
13,649,000
10,161,000
9,950,000
7,978,000
Other Current Liabilities
897,000
813,000
552,000
Current Deferred Liabilities
1,743,000
1,616,000
1,427,000
1,182,000
Current Deferred Revenue
1,743,000
1,616,000
1,427,000
1,182,000
Current Deferred Taxes Liabilities
206,000
183,000
Current Debt And Capital Lease Obligation
2,067,000
63,000
61,000
59,000
Current Capital Lease Obligation
68,000
63,000
61,000
59,000
Current Debt
1,999,000
Other Current Borrowings
1,999,000
Pensionand Other Post Retirement Benefit Plans Current
593,000
498,000
436,000
380,000
Payables And Accrued Expenses
9,246,000
7,984,000
8,026,000
6,357,000
Current Accrued Expenses
923,000
856,000
897,000
813,000
Payables
8,323,000
7,128,000
7,129,000
5,544,000
Other Payable
6,959,000
5,931,000
5,869,000
4,783,000
Total Tax Payable
1,132,000
1,055,000
1,119,000
624,000
Income Tax Payable
25,112
Accounts Payable
232,000
142,000
141,000
137,000
Total Assets
22,208,000
20,959,000
20,645,000
16,038,000
Total Non Current Assets
3,411,000
3,779,000
4,136,000
1,177,000
Other Non Current Assets
282,000
272,000
184,000
218,000
Non Current Deferred Assets
2,102,000
2,439,000
2,881,000
16,000
Non Current Deferred Taxes Assets
2,102,000
2,439,000
2,881,000
16,000
Goodwill And Other Intangible Assets
770,000
777,000
792,000
684,000
Other Intangible Assets
16,000
27,000
40,000
34,000
Goodwill
754,000
750,000
752,000
650,000
Net PPE
257,000
291,000
279,000
259,000
Accumulated Depreciation
-203,000
-141,000
-110,000
-312,000
Gross PPE
460,000
432,000
389,000
571,000
Leases
114,000
110,000
90,000
152,000
Construction In Progress
16,000
82,000
45,000
30,000
Other Properties
199,000
200,000
119,000
138,000
Machinery Furniture Equipment
147,000
122,000
81,000
219,000
Buildings And Improvements
17,000
17,000
17,000
17,000
Current Assets
18,797,000
17,180,000
16,509,000
14,861,000
Other Current Assets
638,000
491,000
364,000
256,000
Restricted Cash
14,764
Prepaid Assets
333,669
Receivables
7,145,000
6,078,000
6,074,000
4,983,000
Other Receivables
6,959,000
5,931,000
5,869,000
4,783,000
Accounts Receivable
186,000
147,000
205,000
200,000
Allowance For Doubtful Accounts Receivable
-39,000
-28,000
-44,000
-39,000
Gross Accounts Receivable
225,000
175,000
249,000
239,000
Cash Cash Equivalents And Short Term Investments
11,014,000
10,611,000
10,071,000
9,622,000
Other Short Term Investments
4,454,000
3,747,000
3,197,000
2,244,000
Cash And Cash Equivalents
6,560,000
6,864,000
6,874,000
7,378,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
4,646,000
4,518,000
3,884,000
3,430,000
Repurchase Of Capital Stock
-3,789,000
-3,430,000
-2,252,000
-1,500,000
Repayment Of Debt
0
0
-2,208,000
Issuance Of Debt
0
0
1,979,000
Capital Expenditure
-25,000
-25,322
Interest Paid Supplemental Data
2,000
2,000
55,000
8,000
Income Tax Paid Supplemental Data
232,000
350,000
132,000
68,000
End Cash Position
13,486,000
12,760,000
12,667,000
12,103,000
Beginning Cash Position
12,760,000
12,667,000
12,103,000
9,727,000
Effect Of Exchange Rate Changes
655,000
-237,000
152,000
-337,000
Changes In Cash
71,000
330,000
412,000
2,713,000
Financing Cash Flow
-3,827,000
-3,572,000
-2,430,000
-689,000
Cash Flow From Continuing Financing Activities
-3,827,000
-3,572,000
-2,430,000
-689,000
Net Other Financing Charges
-160,000
-310,000
-288,000
723,000
Proceeds From Stock Option Exercised
122,000
168,000
110,000
88,000
Net Common Stock Issuance
-3,789,000
-3,430,000
-2,252,000
-1,500,000
Common Stock Payments
-3,789,000
-3,430,000
-2,252,000
-1,500,000
Net Issuance Payments Of Debt
0
0
-229,000
Net Long Term Debt Issuance
0
0
-229,000
Long Term Debt Payments
0
0
-2,208,000
Long Term Debt Issuance
0
0
1,979,000
Investing Cash Flow
-748,000
-616,000
-1,042,000
-28,000
Cash Flow From Continuing Investing Activities
-748,000
-616,000
-1,042,000
-28,000
Net Other Investing Changes
-46,000
-75,000
-114,000
-27,000
Net Investment Purchase And Sale
-702,000
-541,000
-928,000
-1,000
Sale Of Investment
2,736,000
2,605,000
2,380,000
4,071,000
Purchase Of Investment
-3,438,000
-3,146,000
-3,308,000
-4,072,000
Net PPE Purchase And Sale
-25,000
-25,322
Purchase Of PPE
-25,000
-25,322
Operating Cash Flow
4,646,000
4,518,000
3,884,000
3,430,000
Cash Flow From Continuing Operating Activities
4,646,000
4,518,000
3,884,000
3,430,000
Change In Working Capital
-106,000
-67,000
720,000
319,000
Change In Other Working Capital
122,000
200,000
242,000
280,000
Change In Other Current Liabilities
-69,000
-33,774
Change In Other Current Assets
41,000
25,156
Change In Payables And Accrued Expense
118,000
-104,000
580,000
224,000
Change In Accrued Expense
118,000
-104,000
580,000
224,000
Change In Payable
20,000
39,946
Change In Account Payable
20,000
39,946
Change In Prepaid Assets
-346,000
-163,000
-102,000
-185,000
Other Non Cash Items
273,000
97,000
127,000
117,000
Stock Based Compensation
1,592,000
1,407,000
1,120,000
930,000
Asset Impairment Charge
0
0
91,000
113,000
Deferred Tax
376,000
433,000
-2,875,000
-1,000
Deferred Income Tax
376,000
433,000
-2,875,000
-1,000
Depreciation Amortization Depletion
65,000
44,000
81,000
138,000
Depreciation And Amortization
65,000
44,000
81,000
138,000
Operating Gains Losses
60,000
669,000
Gain Loss On Investment Securities
-2,000
292,000
Net Foreign Currency Exchange Gain Loss
62,000
24,371
Net Income From Continuing Operations
2,511,000
2,648,000
4,792,000
1,893,000
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $8.2B
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$12.2B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.38x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $2.79 to $1.03 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
-63.1% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $12.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.38xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $2.79 to $1.03 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what ABNB is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
23.5%
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.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
N/A
N/A
1.3%
N/A
Repurchase of Capital Stock
-$3.8B
-$3.4B
-$2.3B
-$1.5B
N/A
Free Cash Flow
$4.6B▲
$4.5B▲
$3.9B▲
$3.4B•
N/A•
Warren's Owner Earnings
N/A
N/A
N/A
$2.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare ABNB 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
No management data available.
Risk Analysis
ABNB (ABNB) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 83.0%. Operating margin: 20.8%. Net margin: 20.5%. 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.