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 Margin24.6%
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 Margin16.4%
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 Debt13.8 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-$51.4B
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-$7.3B
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
F
Free Cash Flow-$1.6B
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 Income239.7%
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$15.7B
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.
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.
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.
Market Data
Key Margins
Gross Profit61.0%
Operating Margin24.6%
Net Margin16.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
61.0%▼
63.2%▲
58.6%▲
57.5%•
N/A
Operating Margin %
24.6%▲
22.5%▲
19.7%▲
19.2%•
N/A
Net Income %
16.4%▲
15.0%▲
11.6%▼
11.7%•
N/A
Diluted EPS
6.66▲
5.58▲
4.24▼
4.49•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$114.5B
$103.1B
$96.7B
$93.4B
N/A
Total Debt
$49.5B▲
$45.8B▲
$43.6B▲
$41.6B•
N/A
Working Capital
-$7.3B▼
-$7.2B▼
-$5.5B▲
-$6.5B•
N/A
Years to Pay Debt
13.83
15.42
19.75
18.02
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$1.6B▼
-$967M▲
-$2.5B▼
-$1.5B•
N/A
Owner Earnings
$15.7B
$14.1B
$12.9B
$12.4B
N/A
CapEx % of Net Income
239.7%
261.9%
339.9%
293.5%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-2,244
-36,651
-4,296
-660
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
9,305,000
8,242,000
7,382,000
7,398,000
Total Unusual Items
-66,000
-143,000
-179,000
-295,800
Total Unusual Items Excluding Goodwill
-66,000
-143,000
-179,000
-295,800
Net Income From Continuing Operation Net Minority Interest
3,580,000
2,967,000
2,208,000
2,307,200
Reconciled Depreciation
3,489,000
3,393,000
3,187,000
3,285,700
Reconciled Cost Of Revenue
8,421,000
7,158,000
7,757,000
8,264,400
EBITDA
9,239,000
8,099,000
7,203,000
7,102,200
EBIT
5,750,000
4,706,000
4,016,000
3,816,500
Net Interest Income
-2,026,000
-1,863,000
-1,807,000
-1,396,100
Interest Expense
2,026,000
1,863,000
1,807,000
1,396,100
Normalized Income
3,643,756
3,073,349
2,382,704
2,602,340
Net Income From Continuing And Discontinued Operation
3,580,000
2,967,000
2,208,000
2,307,200
Total Expenses
16,491,000
15,274,000
15,247,000
15,861,000
Total Operating Income As Reported
5,319,000
4,304,000
3,556,000
3,482,700
Diluted Average Shares
537,468
531,338
520,206
513,485
Basic Average Shares
534,535
530,093
518,904
511,842
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
3,580,000
2,967,000
2,208,000
2,307,200
Net Income Common Stockholders
3,580,000
2,967,000
2,208,000
2,307,200
Net Income
3,580,000
2,967,000
2,208,000
2,307,200
Minority Interests
-116,000
-9,000
-5,000
1,600
Net Income Including Noncontrolling Interests
3,696,000
2,976,000
2,213,000
2,305,600
Net Income Continuous Operations
3,696,000
2,976,000
2,213,000
2,305,600
Earnings From Equity Interest Net Of Tax
101,000
94,000
59,000
-109,400
Tax Provision
129,000
-39,000
55,000
5,400
Pretax Income
3,724,000
2,843,000
2,209,000
2,420,400
Other Income Expense
365,000
259,000
281,000
38,000
Other Non Operating Income Expenses
431,000
402,000
460,000
333,800
Special Income Charges
-66,000
-143,000
-86,000
-295,800
Gain On Sale Of Ppe
0
0
116,300
0
Gain On Sale Of Business
0
0
-363,300
0
Other Special Charges
-245,000
-211,000
-175,000
-133,700
Write Off
66,000
143,000
86,000
48,800
Impairment Of Capital Assets
11,600
Gain On Sale Of Security
-93,000
Net Non Operating Interest Income Expense
-2,026,000
-1,863,000
-1,807,000
-1,396,100
Interest Expense Non Operating
2,026,000
1,863,000
1,807,000
1,396,100
Operating Income
5,385,000
4,447,000
3,735,000
3,778,500
Operating Expense
7,961,000
8,013,000
7,393,000
7,513,700
Other Operating Expenses
2,950,000
3,127,000
2,811,000
2,841,100
Other Taxes
1,631,000
1,596,000
1,492,000
1,469,800
Depreciation Amortization Depletion Income Statement
3,380,000
3,290,000
3,090,000
3,202,800
Depreciation And Amortization In Income Statement
3,380,000
3,290,000
3,090,000
3,202,800
Gross Profit
13,346,000
12,460,000
11,128,000
11,292,200
Cost Of Revenue
8,530,000
7,261,000
7,854,000
8,347,300
Total Revenue
21,876,000
19,721,000
18,982,000
19,639,500
Operating Revenue
21,350,000
19,239,000
18,524,000
19,231,300
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
1,187
1,187
1,185
11,233
Ordinary Shares Number
540,861
532,908
526,185
513,866
Share Issued
542,048
534,095
527,369
525,099
Net Debt
48,633,000
44,964,000
42,643,300
40,403,800
Total Debt
49,508,000
45,763,000
43,608,500
41,579,300
Tangible Book Value
31,085,000
26,891,000
25,194,200
23,840,900
Invested Capital
79,968,000
72,111,000
68,220,100
64,806,600
Working Capital
-7,262,000
-7,220,000
-5,501,500
-6,490,800
Net Tangible Assets
31,085,000
26,891,000
25,194,200
23,840,900
Capital Lease Obligations
678,000
596,000
635,100
666,100
Common Stock Equity
31,138,000
26,944,000
25,246,700
23,893,400
Total Capitalization
75,266,000
66,252,000
62,899,400
58,208,000
Total Equity Gross Minority Interest
32,218,000
26,986,000
25,285,900
24,122,400
Minority Interest
1,080,000
42,000
39,200
229,000
Stockholders Equity
31,138,000
26,944,000
25,246,700
23,893,400
Gains Losses Not Affecting Retained Earnings
36,000
-3,000
-55,500
83,700
Other Equity Adjustments
36,000
-3,000
-55,500
83,700
Retained Earnings
15,441,000
13,869,000
12,800,400
12,345,600
Additional Paid In Capital
12,138,000
9,606,000
9,073,900
8,051,000
Capital Stock
3,523,000
3,472,000
3,427,900
3,413,100
Common Stock
3,523,000
3,472,000
3,427,900
3,413,100
Total Liabilities Net Minority Interest
82,242,000
76,092,000
71,398,100
69,280,900
Total Non Current Liabilities Net Minority Interest
68,928,000
63,083,000
59,814,500
56,014,600
Other Non Current Liabilities
905,000
801,000
545,800
607,300
Preferred Securities Outside Stock Equity
38,000
38,000
42,500
45,900
Derivative Product Liabilities
178,000
224,000
241,800
345,200
Employee Benefits
232,000
361,000
241,700
257,300
Non Current Pension And Other Postretirement Benefit Plans
232,000
361,000
241,700
257,300
Non Current Deferred Liabilities
10,951,000
9,972,000
9,415,700
8,896,900
Non Current Deferred Taxes Liabilities
10,951,000
9,972,000
9,415,700
8,896,900
Long Term Debt And Capital Lease Obligation
44,706,000
39,812,000
38,172,100
34,867,100
Long Term Capital Lease Obligation
578,000
504,000
519,400
552,500
Long Term Debt
44,128,000
39,308,000
37,652,700
34,314,600
Long Term Provisions
3,556,000
3,531,000
2,972,500
2,879,300
Current Liabilities
13,314,000
13,009,000
11,583,600
13,266,300
Other Current Liabilities
2,030,000
1,590,000
1,480,700
1,423,400
Current Deferred Liabilities
507,000
455,000
423,700
408,800
Current Deferred Revenue
507,000
455,000
423,700
408,800
Current Debt And Capital Lease Obligation
4,802,000
5,951,000
5,436,400
6,712,200
Current Capital Lease Obligation
100,000
92,000
115,700
113,600
Current Debt
4,702,000
5,859,000
5,320,700
6,598,600
Other Current Borrowings
4,094,000
4,235,000
3,378,500
3,236,400
Line Of Credit
0
500,000
Commercial Paper
605,000
1,618,000
1,937,900
2,862,200
Current Notes Payable
3,000
6,000
4,300
0
Payables And Accrued Expenses
5,975,000
5,013,000
4,242,800
4,721,900
Current Accrued Expenses
544,000
453,000
410,200
336,500
Interest Payable
544,000
453,000
410,200
336,500
Payables
5,431,000
4,560,000
3,832,600
4,385,400
Total Tax Payable
2,002,000
1,922,000
1,800,100
1,714,600
Accounts Payable
3,429,000
2,638,000
2,032,500
2,670,800
Total Assets
114,460,000
103,078,000
96,684,000
93,403,300
Total Non Current Assets
108,408,000
97,289,000
90,601,900
86,627,800
Other Non Current Assets
4,402,000
3,873,000
3,625,700
3,757,400
Non Current Deferred Assets
4,398,300
Financial Assets
265,000
289,000
321,200
284,100
Investments And Advances
5,849,000
4,949,000
4,196,500
3,787,200
Other Investments
4,916,000
4,395,000
3,860,200
3,341,200
Investmentin Financial Assets
933,000
554,000
336,300
446,000
Goodwill And Other Intangible Assets
53,000
53,000
52,500
52,500
Goodwill
53,000
53,000
52,500
52,500
Net PPE
93,035,000
82,996,000
77,313,600
73,984,600
Accumulated Depreciation
-28,205,000
-26,186,000
-24,553,000
-23,682,300
Gross PPE
121,240,000
109,182,000
101,866,600
97,666,900
Construction In Progress
7,635,000
6,347,000
5,508,000
4,809,700
Other Properties
9,296,000
8,071,000
7,105,100
6,617,300
Current Assets
6,052,000
5,789,000
6,082,100
6,775,500
Other Current Assets
638,000
733,000
788,200
1,565,000
Hedging Assets Current
352,000
210,000
217,500
348,800
Assets Held For Sale Current
2,823,500
2,919,700
Restricted Cash
71,000
43,000
48,900
47,100
Prepaid Assets
129,800
Inventory
1,622,000
1,715,000
1,879,500
1,350,200
Receivables
2,952,000
2,670,000
2,603,600
2,767,400
Receivables Adjustments Allowances
-52,000
-61,000
-60,100
-57,100
Other Receivables
1,332,000
1,226,000
1,298,100
1,257,100
Taxes Receivable
85,000
38,000
156,200
99,400
Accounts Receivable
1,166,000
1,100,000
1,029,900
1,145,100
Cash Cash Equivalents And Short Term Investments
417,000
418,000
544,400
697,000
Other Short Term Investments
220,000
215,000
214,300
187,600
Cash And Cash Equivalents
197,000
203,000
330,100
509,400
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-1,639,000
-967,000
-2,494,000
-1,484,400
Repayment Of Debt
-5,036,000
-3,780,000
-4,616,000
-3,641,000
Issuance Of Debt
8,581,000
5,841,000
6,533,000
7,134,000
Issuance Of Capital Stock
775,000
552,000
1,000,000
826,500
Capital Expenditure
-8,583,000
-7,771,000
-7,506,000
-6,772,400
End Cash Position
268,000
246,000
379,000
556,500
Beginning Cash Position
246,000
379,000
557,000
451,400
Changes In Cash
22,000
-133,000
-178,000
105,100
Financing Cash Flow
5,017,000
659,000
1,077,000
2,568,900
Cash Flow From Continuing Financing Activities
5,017,000
659,000
1,077,000
2,568,900
Net Other Financing Charges
2,705,000
-56,000
-88,000
-105,400
Cash Dividends Paid
-2,008,000
-1,898,000
-1,752,000
-1,645,200
Common Stock Dividend Paid
-2,008,000
-1,898,000
-1,752,000
-1,645,200
Net Common Stock Issuance
775,000
552,000
1,000,000
826,500
Common Stock Issuance
775,000
552,000
1,000,000
826,500
Net Issuance Payments Of Debt
3,545,000
2,061,000
1,917,000
3,493,000
Net Short Term Debt Issuance
-1,016,000
-306,000
-1,282,000
1,498,200
Short Term Debt Payments
-1,336,000
-1,030,000
-2,352,000
-986,100
Short Term Debt Issuance
320,000
724,000
1,070,000
2,484,300
Net Long Term Debt Issuance
4,561,000
2,367,000
3,199,000
1,994,800
Long Term Debt Payments
-3,700,000
-2,750,000
-2,264,000
-2,654,900
Long Term Debt Issuance
8,261,000
5,117,000
5,463,000
4,649,700
Investing Cash Flow
-11,939,000
-7,596,000
-6,267,000
-7,751,800
Cash Flow From Continuing Investing Activities
-11,939,000
-7,596,000
-6,267,000
-7,751,800
Net Other Investing Changes
143,000
505,000
1,463,000
268,300
Net Investment Purchase And Sale
-46,000
-45,000
-69,000
-40,400
Sale Of Investment
2,935,000
2,878,000
2,795,000
2,743,800
Purchase Of Investment
-2,981,000
-2,923,000
-2,864,000
-2,784,200
Net Business Purchase And Sale
-3,453,000
-285,000
-155,000
-1,207,300
Sale Of Business
0
114,000
0
0
Purchase Of Business
-3,453,000
-399,000
-155,000
-1,207,300
Net PPE Purchase And Sale
-130,000
-140,000
-128,000
-100,700
Purchase Of PPE
-130,000
-140,000
-128,000
-100,700
Capital Expenditure Reported
-8,453,000
-7,631,000
-7,378,000
-6,671,700
Operating Cash Flow
6,944,000
6,804,000
5,012,000
5,288,000
Cash Flow From Continuing Operating Activities
6,944,000
6,804,000
5,012,000
5,288,000
Change In Working Capital
341,000
510,000
-705,000
-237,700
Change In Other Current Liabilities
103,000
182,000
-162,000
54,300
Change In Other Current Assets
85,000
-13,000
-44,000
109,000
Change In Payables And Accrued Expense
284,000
325,000
-231,000
594,600
Change In Payable
284,000
325,000
-231,000
594,600
Change In Account Payable
252,000
85,000
-253,000
489,200
Change In Tax Payable
32,000
240,000
22,000
105,400
Change In Income Tax Payable
32,000
240,000
22,000
105,400
Change In Inventory
115,000
172,000
-504,000
-313,900
Change In Receivables
-246,000
-156,000
236,000
-681,700
Changes In Account Receivables
-246,000
-156,000
236,000
-681,700
Other Non Cash Items
-801,000
-150,000
78,000
-386,500
Provisionand Write Offof Assets
-319,200
-1,647,900
Asset Impairment Charge
66,000
143,000
86,000
236,800
Deferred Tax
269,000
13,000
144,000
-178,400
Deferred Income Tax
269,000
13,000
144,000
-178,400
Depreciation Amortization Depletion
3,489,000
3,393,000
3,187,000
3,285,700
Depreciation And Amortization
3,489,000
3,393,000
3,187,000
3,285,700
Depreciation
3,489,000
3,393,000
3,187,000
3,285,700
Operating Gains Losses
-116,000
-81,000
9,000
262,500
Pension And Employee Benefit Expense
6,100
Gain Loss On Investment Securities
-116,000
-81,000
9,000
15,500
Gain Loss On Sale Of PPE
0
0
-116,300
0
Gain Loss On Sale Of Business
0
0
363,300
0
Net Income From Continuing Operations
3,696,000
2,976,000
2,213,000
2,305,600
3/5
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: $32.2B
Warren's Owner Earnings
$15.7B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — 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.
$21.9B
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.
0.45x
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 $4.49 to $6.66 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.
+48.3% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $21.9Bvs > $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 — 0.45xvs 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 $4.49 to $6.66 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 AEP 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
4.2%
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
239.7%
261.9%
339.9%
293.5%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
-$1.6B▼
-$967M▲
-$2.5B▼
-$1.5B•
N/A•
Warren's Owner Earnings
$15.7B
$14.1B
$12.9B
$12.4B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare AEP 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
AEP (AEP) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 61.0%. Operating margin: 24.6%. Net margin: 16.4%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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