NYSE · Healthcare

Abbott Laboratories

ABT · Medical Devices

$87.42

▼ -2.04 (-2.28%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Abbott Laboratories at $87.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 56.4%

Operating Margin 18.2%

Net Income Margin 14.7%

Fin. Health C

Years to Pay Off Debt 2.1 yrs

Working Capital vs Long-Term Debt -$396M

Working Capital $9.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.92x

Cash Flow B

Free Cash Flow $7.4B

CapEx % of Net Income 33.3%

Owner Earnings $11.8B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $152.3B

Enterprise Value $183.3B

P/E (TTM) 24.49

Dividend Yield 2.73%

Exchange NYSE

Key Margins

Gross Profit 56.4%

Operating Margin 18.2%

Net Margin 14.7%

Company Info

Sector Healthcare

Industry Medical Devices

Employees 122000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Abbott Laboratories at $87.42.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $87.42, the stock trades at a 75% premium to its Graham Number of $50.05. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

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.

About Abbott Laboratories

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company offers generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, hypertriglyceridemia, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon. It also provides laboratory and transfusion medicine systems in the areas of immunoassay, clinical chemistry, hematology, and transfusion serology testing; molecular diagnostics polymerase chain reaction instrument systems that automate the extraction, purification, and preparation of DNA and RNA from patient samples, and detect and measure infectious agents; point of care systems; cartridges for testing blood gas, chemistry, electrolytes, coagulation, and immunoassay; rapid diagnostics lateral flow testing products; molecular point-of-care testing for HIV, SARS-CoV-2, influenza A and B, RSV, and strep A; cardiometabolic test systems; and drug and alcohol test. In addition, the company offers pediatric and adult nutritional products and infant formula; rhythm management, electrophysiology, heart failure, vascular, and structural heart devices for the treatment of cardiovascular diseases; diabetes care products, such as glucose and blood glucose monitoring systems; and neuromodulation devices. The company was formerly known as Abbott Alkaloidal Company and changed its name to Abbott Laboratories in 1915. Abbott Laboratories was founded in 1888 and is based in Abbott Park, Illinois.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	56.4% ▲	55.4%	55.2%	56.1%	N/A
Operating Margin %	18.2% ▲	16.3%	16.2%	19.2%	N/A
Net Income %	14.7% ▼	31.9%	14.3%	15.9%	N/A
Diluted EPS	3.72 ▼	7.64	3.26	3.91	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$86.7B	$81.4B	$73.2B	$74.4B	N/A
Total Debt	$13.9B ↓	$15.0B	$15.6B	$17.7B	N/A
Working Capital	$9.5B ▲	$9.5B	$8.8B	$9.7B	N/A
Years to Pay Debt	2.12	1.12	2.73	2.56	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$7.4B ▲	$6.4B	$5.1B	$7.8B	N/A
Owner Earnings	$11.8B	$18.8B	$11.2B	$12.0B	N/A
CapEx % of Net Income	33.3%	16.5%	38.5%	25.6%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	11,450	5,670	-5,781	-331
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,025,000	10,763,000	10,585,000	12,133,000
Total Unusual Items	50,000	27,000	-41,000	-2,000
Total Unusual Items Excluding Goodwill	50,000	27,000	-41,000	-2,000
Net Income From Continuing Operation Net Minority Interest	6,524,000	13,402,000	5,723,000	6,933,000
Reconciled Depreciation	3,116,000	3,218,000	3,243,000	3,267,000
Reconciled Cost Of Revenue	17,885,000	17,366,000	16,698,000	17,888,000
EBITDA	12,075,000	10,790,000	10,544,000	12,131,000
EBIT	8,959,000	7,572,000	7,301,000	8,864,000
Net Interest Income	-185,000	-215,000	-252,000	-375,000
Interest Expense	493,000	559,000	637,000	558,000
Interest Income	308,000	344,000	385,000	183,000
Normalized Income	6,485,450	13,380,670	5,758,219	6,934,669
Net Income From Continuing And Discontinued Operation	6,524,000	13,402,000	5,723,000	6,933,000
Total Expenses	36,275,000	35,125,000	33,631,000	35,291,000
Total Operating Income As Reported	8,053,000	6,825,000	6,478,000	8,362,000
Diluted Average Shares	1,749,000	1,748,000	1,749,000	1,764,000
Basic Average Shares	1,736,599	1,731,698	1,734,076	1,737,795
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	6,524,000	13,402,000	5,723,000	6,933,000
Net Income Common Stockholders	6,524,000	13,402,000	5,723,000	6,933,000
Net Income	6,524,000	13,402,000	5,723,000	6,933,000
Net Income Including Noncontrolling Interests	6,524,000	13,402,000	5,723,000	6,933,000
Net Income Continuous Operations	6,524,000	13,402,000	5,723,000	6,933,000
Tax Provision	1,942,000	-6,389,000	941,000	1,373,000
Pretax Income	8,466,000	7,013,000	6,664,000	8,306,000
Other Income Expense	598,000	403,000	438,000	319,000
Other Non Operating Income Expenses	548,000	376,000	479,000	321,000
Gain On Sale Of Security	50,000	27,000	-41,000	-2,000
Net Non Operating Interest Income Expense	-185,000	-215,000	-252,000	-375,000
Interest Expense Non Operating	493,000	559,000	637,000	558,000
Interest Income Non Operating	308,000	344,000	385,000	183,000
Operating Income	8,053,000	6,825,000	6,478,000	8,362,000
Operating Expense	16,956,000	16,419,000	15,656,000	16,149,000
Depreciation Amortization Depletion Income Statement	1,682,000	1,878,000	1,966,000	2,013,000
Depreciation And Amortization In Income Statement	1,682,000	1,878,000	1,966,000	2,013,000
Amortization	1,682,000	1,878,000	1,966,000	2,013,000
Amortization Of Intangibles Income Statement	1,682,000	1,878,000	1,966,000	2,013,000
Research And Development	2,942,000	2,844,000	2,741,000	2,888,000
Selling General And Administration	12,332,000	11,697,000	10,949,000	11,248,000
Gross Profit	25,009,000	23,244,000	22,134,000	24,511,000
Cost Of Revenue	19,319,000	18,706,000	17,975,000	19,142,000
Total Revenue	44,328,000	41,950,000	40,109,000	43,653,000
Operating Revenue	44,328,000	41,950,000	40,109,000	43,653,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	260,196	259,775	253,807	248,724
Ordinary Shares Number	1,736,599	1,731,698	1,734,076	1,737,795
Share Issued	1,996,796	1,991,473	1,987,884	1,986,519
Net Debt	4,407,000	6,509,000	7,783,000	6,891,000
Total Debt	13,860,000	15,021,000	15,628,000	17,716,000
Tangible Book Value	22,569,000	17,909,000	6,109,000	3,433,000
Invested Capital	65,059,000	61,789,000	53,282,000	53,459,000
Working Capital	9,500,000	9,499,000	8,829,000	9,735,000
Net Tangible Assets	22,569,000	17,909,000	6,109,000	3,433,000
Capital Lease Obligations	931,000	896,000	949,000	943,000
Common Stock Equity	52,130,000	47,664,000	38,603,000	36,686,000
Total Capitalization	62,026,000	60,289,000	52,202,000	51,208,000
Total Equity Gross Minority Interest	52,771,000	47,901,000	38,827,000	36,905,000
Minority Interest	641,000	237,000	224,000	219,000
Stockholders Equity	52,130,000	47,664,000	38,603,000	36,686,000
Gains Losses Not Affecting Retained Earnings	-6,001,000	-7,906,000	-7,839,000	-8,051,000
Other Equity Adjustments	-6,001,000	-7,906,000	-7,839,000	-8,051,000
Treasury Stock	17,177,000	16,844,000	15,981,000	15,229,000
Retained Earnings	49,781,000	47,261,000	37,554,000	35,257,000
Capital Stock	25,527,000	25,153,000	24,869,000	24,709,000
Common Stock	25,527,000	25,153,000	24,869,000	24,709,000
Total Liabilities Net Minority Interest	33,942,000	33,513,000	34,387,000	37,533,000
Total Non Current Liabilities Net Minority Interest	17,446,000	19,356,000	20,546,000	22,044,000
Other Non Current Liabilities	2,538,000	2,586,000	2,386,000	3,804,000
Employee Benefits	2,125,000	1,880,000	1,964,000	1,784,000
Non Current Pension And Other Postretirement Benefit Plans	2,125,000	1,880,000	1,964,000	1,784,000
Tradeand Other Payables Non Current	1,397,000	857,000	1,080,000
Non Current Deferred Liabilities	559,000	512,000	568,000	991,000
Non Current Deferred Taxes Liabilities	559,000	512,000	568,000	991,000
Long Term Debt And Capital Lease Obligation	10,827,000	13,521,000	14,548,000	15,465,000
Long Term Capital Lease Obligation	931,000	896,000	949,000	943,000
Long Term Debt	9,896,000	12,625,000	13,599,000	14,522,000
Current Liabilities	16,496,000	14,157,000	13,841,000	15,489,000
Current Debt And Capital Lease Obligation	3,033,000	1,500,000	1,080,000	2,251,000
Current Debt	3,033,000	1,500,000	1,080,000	2,251,000
Payables And Accrued Expenses	13,463,000	12,657,000	12,761,000	13,238,000
Current Accrued Expenses	6,875,000	6,223,000	6,369,000	6,763,000
Payables	6,588,000	6,434,000	6,392,000	6,475,000
Other Payable	682,000	621,000	650,000	638,000
Dividends Payable	1,097,000	1,024,000	955,000	887,000
Total Tax Payable	569,000	594,000	492,000	343,000
Income Tax Payable	569,000	594,000	492,000	343,000
Accounts Payable	4,240,000	4,195,000	4,295,000	4,607,000
Total Assets	86,713,000	81,414,000	73,214,000	74,438,000
Total Non Current Assets	60,717,000	57,758,000	50,544,000	49,214,000
Other Non Current Assets	18,422,000	16,459,000	7,097,000	6,033,000
Non Current Deferred Assets				6,033,000	5,212,000
Non Current Deferred Taxes Assets				6,033,000	5,212,000
Investments And Advances	918,000	886,000	799,000	766,000
Other Investments	321,000	333,000	244,000	208,000
Investmentin Financial Assets	597,000	553,000	555,000	558,000
Available For Sale Securities	597,000	553,000	555,000	558,000
Goodwill And Other Intangible Assets	29,561,000	29,755,000	32,494,000	33,253,000
Other Intangible Assets	5,526,000	6,647,000	8,815,000	10,454,000
Goodwill	24,035,000	23,108,000	23,679,000	22,799,000
Net PPE	11,816,000	10,658,000	10,154,000	9,162,000
Accumulated Depreciation	-13,406,000	-12,082,000	-11,779,000	-11,050,000
Gross PPE	25,222,000	22,740,000	21,933,000	20,212,000
Construction In Progress	2,567,000	2,488,000	2,064,000	1,484,000
Other Properties	17,571,000	15,517,000	15,179,000	14,164,000
Machinery Furniture Equipment					13,528,000
Buildings And Improvements	4,543,000	4,207,000	4,161,000	4,053,000
Land And Improvements	541,000	528,000	529,000	511,000
Current Assets	25,996,000	23,656,000	22,670,000	25,224,000
Prepaid Assets					2,346,000
Inventory	6,488,000	6,194,000	6,570,000	6,173,000
Finished Goods	3,976,000	3,700,000	3,946,000	3,805,000
Work In Process	904,000	840,000	807,000	680,000
Raw Materials	1,608,000	1,654,000	1,817,000	1,688,000
Receivables	10,569,000	9,495,000	8,821,000	8,881,000
Other Receivables	2,640,000	2,570,000	2,256,000	2,663,000
Accounts Receivable	7,929,000	6,925,000	6,565,000	6,218,000
Allowance For Doubtful Accounts Receivable	-490,000	-439,000	-444,000	-500,000
Gross Accounts Receivable	8,419,000	7,364,000	7,009,000	6,718,000
Cash Cash Equivalents And Short Term Investments	8,939,000	7,967,000	7,279,000	10,170,000
Other Short Term Investments	417,000	351,000	383,000	288,000
Cash And Cash Equivalents	8,522,000	7,616,000	6,896,000	9,882,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	7,395,000	6,351,000	5,059,000	7,804,000
Repurchase Of Capital Stock	-893,000	-1,295,000	-1,227,000	-3,795,000
Repayment Of Debt	-1,504,000	-660,000	-2,498,000	-753,000
Issuance Of Debt	5,000	223,000	2,000	7,000
Capital Expenditure	-2,171,000	-2,207,000	-2,202,000	-1,777,000
Interest Paid Supplemental Data	545,000	604,000	662,000	563,000
Income Tax Paid Supplemental Data	1,933,000	1,723,000	1,475,000	1,864,000
End Cash Position	8,522,000	7,616,000	6,896,000	9,882,000
Beginning Cash Position	7,616,000	6,896,000	9,882,000	9,799,000
Effect Of Exchange Rate Changes	71,000	-96,000	-23,000	-122,000
Changes In Cash	835,000	816,000	-2,963,000	205,000
Financing Cash Flow	-6,309,000	-5,404,000	-7,091,000	-7,636,000
Cash Flow From Continuing Financing Activities	-6,309,000	-5,404,000	-7,091,000	-7,636,000
Net Other Financing Charges	-82,000
Proceeds From Stock Option Exercised	396,000	264,000	167,000	167,000
Cash Dividends Paid	-4,116,000	-3,836,000	-3,556,000	-3,309,000
Common Stock Dividend Paid	-4,116,000	-3,836,000	-3,556,000	-3,309,000
Net Common Stock Issuance	-893,000	-1,295,000	-1,227,000	-3,795,000
Common Stock Payments	-893,000	-1,295,000	-1,227,000	-3,795,000
Net Issuance Payments Of Debt	-1,614,000	-537,000	-2,475,000	-699,000
Net Short Term Debt Issuance	-115,000	-100,000	21,000	47,000
Net Long Term Debt Issuance	-1,499,000	-437,000	-2,496,000	-746,000
Long Term Debt Payments	-1,504,000	-660,000	-2,498,000	-753,000
Long Term Debt Issuance	5,000	223,000	2,000	7,000
Investing Cash Flow	-2,422,000	-2,338,000	-3,133,000	-1,740,000
Cash Flow From Continuing Investing Activities	-2,422,000	-2,338,000	-3,133,000	-1,740,000
Net Other Investing Changes	18,000	9,000	22,000	22,000
Net Investment Purchase And Sale	-164,000	-141,000	-116,000	-33,000
Sale Of Investment	3,000	28,000	43,000	152,000
Purchase Of Investment	-167,000	-169,000	-159,000	-185,000
Net Business Purchase And Sale	-105,000	1,000	-837,000	48,000
Sale Of Business	0	1,000	40,000	48,000
Purchase Of Business	-105,000	0	-877,000	0
Net PPE Purchase And Sale	-2,171,000	-2,207,000	-2,202,000	-1,777,000
Purchase Of PPE	-2,171,000	-2,207,000	-2,202,000	-1,777,000
Operating Cash Flow	9,566,000	8,558,000	7,261,000	9,581,000
Cash Flow From Continuing Operating Activities	9,566,000	8,558,000	7,261,000	9,581,000
Change In Working Capital	-803,000	-9,217,000	-2,475,000	-1,519,000
Change In Other Working Capital			-585,000	-383,000	-908,000
Change In Payables And Accrued Expense	949,000	-7,672,000	-1,345,000	37,000
Change In Payable	949,000	-7,672,000	-1,345,000	37,000
Change In Account Payable	954,000	356,000	-760,000	420,000
Change In Tax Payable	-5,000	-8,028,000	-585,000	-383,000
Change In Income Tax Payable	-5,000	-8,028,000	-585,000	-383,000
Change In Prepaid Assets	-1,295,000	-796,000	-542,000	-75,000
Change In Inventory	195,000	-58,000	-232,000	-1,413,000
Change In Receivables	-652,000	-691,000	-356,000	-68,000
Changes In Account Receivables	-652,000	-691,000	-356,000	-68,000
Stock Based Compensation	664,000	673,000	644,000	685,000
Depreciation Amortization Depletion	3,116,000	3,218,000	3,243,000	3,267,000
Depreciation And Amortization	3,116,000	3,218,000	3,243,000	3,267,000
Amortization Cash Flow	1,682,000	1,878,000	1,966,000	2,013,000
Amortization Of Intangibles	1,682,000	1,878,000	1,966,000	2,013,000
Depreciation	1,434,000	1,340,000	1,277,000	1,254,000
Operating Gains Losses	65,000	482,000	126,000	215,000
Gain Loss On Investment Securities	65,000	482,000	126,000	215,000
Net Income From Continuing Operations	6,524,000	13,402,000	5,723,000	6,933,000

These metrics estimate what Abbott Laboratories is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$50.05

Margin of Safety

Market Cap ÷ Company Value

1.18

P/B Ratio

2.92

Warren's Owner Earnings

$11.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$44.3B

vs > $1.5B revenue

❌ Strong Financial Condition

1.58x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.73%

vs Uninterrupted dividends

❌ Earnings Growth

-4.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.92x P/B (P/E×P/B: 71.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-4.56

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$51.37

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	33.3%	16.5%	38.5%	25.6%	N/A
Repurchase of Capital Stock	-$893M	-$1.3B	-$1.2B	-$3.8B	N/A
Free Cash Flow	$7.4B ▲	$6.4B ▲	$5.1B ▼	$7.8B •	N/A •
Warren's Owner Earnings	$11.8B	$18.8B	$11.2B	$12.0B	N/A

Peers & Industry Comparison

Medical Devices — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
ABT	$87.42	$152.3B	24.49	56.4%	14.7%	$44.3B
MDT Medtronic plc.	$78.47	$100.7B	21.9	65.2%	13.0%	$35.5B
SYK Stryker Corporation	$292.63	$112.1B	34.8	64.7%	13.2%	$25.3B
BSX Boston Scientific Corporation	$57.10	$84.9B	23.9	68.9%	17.3%	$20.6B
EW Edwards Lifesciences Corporatio	$83.29	$48.0B	45.0	77.9%	17.4%	$6.3B

"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

0.55%

Low — management has little skin in the game

Return on Equity (ROE)

12.5%

Adequate — returns are moderate

Return on Assets (ROA)

7.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$893M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-7.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Robert Ford

Chairman, President & CEO

Age 51

Pay: $4,428,548

0.068% of net income

Philip Boudreau

CFO & Executive VP of Finance

Age 52

Pay: $2,104,049

0.032% of net income

Daniel Gesua Sive Salvadori

Executive VP and Group President of Established Pharmaceuticals & Nutritional Products

Age 46

Pay: $1,524,932

0.023% of net income

Christopher Scoggins

Executive Vice President of Diabetes Care

Age 55

Pay: $2,063,245

0.032% of net income

Lisa Earnhardt

Executive VP & Group President of Medical Devices

Age 55

Pay: $2,386,584

0.037% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.08%	175,556,716
Blackrock Inc.	8.43%	146,908,768
State Street Corporation	4.58%	79,853,782
Capital International Investors	3.63%	63,229,445
Capital Research Global Investors	2.25%	39,169,239
Geode Capital Management, LLC	2.21%	38,407,499
Morgan Stanley	2.11%	36,727,533
NORGES BANK	1.35%	23,456,714

Risk Analysis

Beta (Market Risk)

0.65

Low volatility — more stable than the market

Short Interest

1.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.65x

Conservative balance sheet — low financial risk

Current Ratio

1.39x

Adequate liquidity

52-Week Price Range

Low: $87.30 Current: $87.42 High: $139.06

Currently at 0% of 52-week range

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