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 Margin27.7%
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 Margin13.0%
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 Debt1.9 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$442M
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$734M
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
C
Free Cash Flow$310M
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 Income130.8%
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$645M
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 Profit35.6%
Operating Margin27.7%
Net Margin13.0%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
35.6%▲
16.3%▲
4.4%▲
2.7%•
N/A
Operating Margin %
27.7%▲
1.0%▲
-9.8%▼
-8.2%•
N/A
Net Income %
13.0%▲
-18.1%▲
-23.4%▼
-18.2%•
N/A
Diluted EPS
0.34▲
-0.34▲
-0.48▼
-0.43•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$4.7B
$2.0B
$2.0B
$2.1B
N/A
Total Debt
$309M▲
$237M▼
$257M▲
$248M•
N/A
Working Capital
$734M▲
$225M▲
$189M▼
$203M•
N/A
Years to Pay Debt
1.87
-2.33
-1.90
-2.17
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$310M▲
$37M▲
-$90M▲
-$199M•
N/A
Owner Earnings
$645M
$139M
$137M
$241M
N/A
CapEx % of Net Income
130.8%
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
7,334
-2,817
-39,622
544
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
625,728
133,258
73,317
86,874
Total Unusual Items
48,896
-18,783
-127,813
2,074
Total Unusual Items Excluding Goodwill
48,896
-18,783
-127,813
2,074
Net Income From Continuing Operation Net Minority Interest
164,923
-101,885
-135,112
-114,276
Reconciled Depreciation
264,798
125,492
126,170
137,411
Reconciled Cost Of Revenue
551,672
347,730
426,079
474,316
EBITDA
674,624
114,475
-54,496
88,948
EBIT
409,826
-11,017
-180,666
-48,463
Net Interest Income
-3,801
-13,208
-11,445
-11,868
Interest Expense
14,800
15,437
15,249
12,941
Interest Income
14,695
5,242
6,510
2,353
Normalized Income
123,361
-85,919
-46,921
-115,806
Net Income From Continuing And Discontinued Operation
164,923
-101,885
-135,112
-114,276
Total Expenses
915,226
558,094
633,042
678,460
Total Operating Income As Reported
397,067
-3,755
-178,784
-39,193
Diluted Average Shares
484,564
295,545
282,331
263,122
Basic Average Shares
479,581
295,545
282,331
263,122
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
164,923
-101,885
-135,112
-114,276
Net Income Common Stockholders
164,923
-101,885
-135,112
-114,276
Net Income
164,923
-101,885
-135,112
-114,276
Minority Interests
-46,052
0
Net Income Including Noncontrolling Interests
210,975
-101,885
-135,112
-114,276
Net Income Continuous Operations
210,975
-101,885
-135,112
-114,276
Tax Provision
184,051
75,431
-60,803
52,872
Pretax Income
395,026
-26,454
-195,915
-61,404
Other Income Expense
48,896
-18,783
-127,813
2,074
Special Income Charges
14,156
0
-142,336
6,952
Gain On Sale Of Ppe
0
-3,024
4,301
Other Special Charges
-3,363
4,642
Write Off
0
7,229
0
0
Impairment Of Capital Assets
-20,336
0
125,200
-2,651
Restructuring And Mergern Acquisition
9,543
0
6,883
0
Gain On Sale Of Security
34,740
-18,783
14,523
-4,878
Net Non Operating Interest Income Expense
-3,801
-13,208
-11,445
-11,868
Total Other Finance Cost
3,696
3,013
2,706
1,280
Interest Expense Non Operating
14,800
15,437
15,249
12,941
Interest Income Non Operating
14,695
5,242
6,510
2,353
Operating Income
349,931
5,537
-56,657
-51,610
Operating Expense
100,114
86,363
82,299
68,362
Other Operating Expenses
31,210
33,276
30,413
18,032
Depreciation Amortization Depletion Income Statement
1,358
1,491
1,506
1,629
Depreciation And Amortization In Income Statement
1,358
1,491
1,506
1,629
Depreciation Income Statement
1,358
1,491
1,506
1,629
Selling General And Administration
67,546
51,596
50,380
48,701
General And Administrative Expense
67,546
51,596
50,380
48,701
Other Gand A
26,491
20,306
18,890
17,489
Salaries And Wages
41,055
31,290
31,490
31,212
Gross Profit
450,045
91,900
25,642
16,752
Cost Of Revenue
815,112
471,731
550,743
610,098
Total Revenue
1,265,157
563,631
576,385
626,850
Operating Revenue
1,265,157
563,631
576,385
626,850
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
491,322
301,863
287,147
274,492
Share Issued
491,322
301,863
287,147
274,492
Net Debt
6,903
93,825
58,804
Total Debt
308,740
237,017
256,514
247,945
Tangible Book Value
2,761,005
1,351,071
1,358,120
1,411,298
Invested Capital
3,052,885
1,560,154
1,577,526
1,621,540
Working Capital
733,562
224,514
188,919
202,890
Net Tangible Assets
2,761,005
1,351,071
1,358,120
1,411,298
Capital Lease Obligations
16,523
27,535
36,702
37,583
Common Stock Equity
2,761,005
1,351,071
1,358,120
1,411,298
Total Capitalization
3,052,734
1,559,728
1,577,100
1,621,109
Total Equity Gross Minority Interest
3,172,966
1,351,071
1,358,120
1,411,298
Minority Interest
411,961
0
Stockholders Equity
2,761,005
1,351,071
1,358,120
1,411,298
Gains Losses Not Affecting Retained Earnings
243,801
90,028
88,025
98,914
Other Equity Adjustments
98,943
Retained Earnings
-561,975
-717,058
-609,876
-468,896
Capital Stock
3,079,179
1,978,101
1,879,971
1,781,280
Common Stock
3,079,179
1,978,101
1,879,971
1,781,280
Total Liabilities Net Minority Interest
1,521,949
628,717
618,235
698,711
Total Non Current Liabilities Net Minority Interest
1,062,810
484,410
498,097
531,312
Other Non Current Liabilities
7,294
5,587
5,592
5,655
Tradeand Other Payables Non Current
0
19,685
23,612
20,605
Non Current Deferred Liabilities
570,958
80,094
79,017
122,468
Non Current Deferred Taxes Liabilities
570,958
80,094
79,017
122,468
Long Term Debt And Capital Lease Obligation
297,460
219,977
238,312
233,567
Long Term Capital Lease Obligation
5,731
11,320
19,332
23,756
Long Term Debt
291,729
208,657
218,980
209,811
Long Term Provisions
187,098
159,067
151,564
149,017
Current Liabilities
459,139
144,307
120,138
167,399
Other Current Liabilities
-1
16,278
Current Deferred Liabilities
592
580
2,301
3,383
Current Deferred Revenue
592
580
2,301
3,383
Current Debt And Capital Lease Obligation
11,280
17,040
18,202
14,378
Current Capital Lease Obligation
10,792
16,215
17,370
13,827
Current Debt
151
426
426
431
Other Current Borrowings
151
426
426
431
Current Provisions
590
709
1,456
3,570
Payables And Accrued Expenses
446,678
125,978
98,179
133,360
Current Accrued Expenses
81,284
41,892
41,769
40,456
Payables
365,394
84,086
56,410
92,904
Other Payable
12,570
Total Tax Payable
250,134
25,493
8,245
21,810
Income Tax Payable
239,357
22,792
5,222
18,240
Accounts Payable
115,260
58,593
48,165
71,094
Total Assets
4,694,915
1,979,788
1,976,355
2,110,009
Total Non Current Assets
3,502,216
1,610,969
1,667,298
1,739,720
Other Non Current Assets
144,267
106,072
125,573
125,193
Non Current Prepaid Assets
6,456
5,720
6,430
6,003
Non Current Deferred Assets
80,386
46,375
88,732
57,062
Non Current Deferred Taxes Assets
80,386
46,375
88,732
57,062
Non Current Note Receivables
5,000
5,000
Non Current Accounts Receivable
11,130
10,750
14,150
12,354
Net PPE
3,254,977
1,437,052
1,432,413
1,539,108
Accumulated Depreciation
-673,416
-611,069
-567,178
-491,597
Gross PPE
3,928,393
2,048,121
1,999,591
2,030,705
Leases
5,022
7,046
8,523
8,424
Construction In Progress
85,078
43,322
48,738
73,927
Other Properties
50,610
56,976
57,206
54,976
Machinery Furniture Equipment
740,729
648,441
641,029
595,008
Land And Improvements
366,906
257,814
245,260
237,246
Current Assets
1,192,701
368,821
309,057
370,289
Other Current Assets
11,964
8,169
8,720
5,617
Assets Held For Sale Current
0
72,729
0
Restricted Cash
0
12,570
Prepaid Assets
5,352
Inventory
84,753
62,524
63,690
64,761
Finished Goods
62,242
43,169
42,733
42,759
Work In Process
3,675
4,162
7,542
9,176
Raw Materials
18,836
15,193
13,415
12,826
Receivables
122,163
46,167
48,686
41,216
Taxes Receivable
35,801
33,864
38,587
32,618
Accounts Receivable
86,362
12,303
10,099
8,598
Cash Cash Equivalents And Short Term Investments
973,821
251,961
187,961
185,966
Other Short Term Investments
180,386
49,781
62,380
34,528
Cash And Cash Equivalents
793,435
202,180
125,581
151,438
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
310,353
36,849
-90,367
-198,692
Repurchase Of Capital Stock
-8,695
-271
0
-665
Repayment Of Debt
-274,068
-37,271
-15,238
-43,469
Issuance Of Debt
340,485
0
0
50,000
Issuance Of Capital Stock
0
93,899
92,092
113,395
Capital Expenditure
-215,657
-115,121
-145,981
-217,680
End Cash Position
793,435
202,180
125,581
151,438
Other Cash Adjustment Outside Changein Cash
0
5,219
-5,219
0
Beginning Cash Position
202,180
125,581
151,438
237,926
Effect Of Exchange Rate Changes
4,808
-3,621
2,660
-346
Changes In Cash
586,447
80,220
-33,736
-80,923
Financing Cash Flow
88,613
42,410
64,649
113,886
Cash Flow From Continuing Financing Activities
88,613
42,410
64,649
113,886
Net Other Financing Charges
-41,188
Interest Paid Cff
-8,021
-8,766
-8,471
-3,172
Proceeds From Stock Option Exercised
48,752
116
2,134
4,664
Cash Dividends Paid
-9,840
-5,297
-5,868
-6,867
Common Stock Dividend Paid
-9,840
-5,297
-5,868
-6,867
Net Common Stock Issuance
-8,695
93,628
92,092
112,730
Common Stock Payments
-8,695
-271
0
-665
Common Stock Issuance
0
93,899
92,092
113,395
Net Issuance Payments Of Debt
66,417
-37,271
-15,238
6,531
Net Short Term Debt Issuance
-30,000
-40,000
Short Term Debt Payments
-30,000
-40,000
Short Term Debt Issuance
30,000
Net Long Term Debt Issuance
66,417
-37,271
-15,238
6,531
Long Term Debt Payments
-274,068
-37,271
-15,238
-43,469
Long Term Debt Issuance
340,485
0
0
50,000
Investing Cash Flow
-28,176
-114,160
-153,999
-213,797
Cash Flow From Continuing Investing Activities
-28,176
-114,160
-153,999
-213,797
Net Other Investing Changes
27,921
961
-2,617
3,883
Net Business Purchase And Sale
159,560
0
-5,401
0
Sale Of Business
159,560
0
Purchase Of Business
0
-5,401
0
-948
Net PPE Purchase And Sale
-67,096
-20,024
-31,987
-59,705
Purchase Of PPE
-67,096
-20,024
-31,987
-59,705
Capital Expenditure Reported
-148,561
-95,097
-113,994
-157,975
Operating Cash Flow
526,010
151,970
55,614
18,988
Cash Flow From Continuing Operating Activities
526,010
151,970
55,614
18,988
Taxes Refund Paid
-78,566
-15,839
-24,664
-62,747
Change In Working Capital
-62,643
29,233
-18,916
-27,686
Change In Other Working Capital
-38,195
19,501
-380
2,389
Change In Payables And Accrued Expense
28,575
298
-5,662
-27,174
Change In Payable
28,575
298
-5,662
-27,174
Change In Account Payable
38,963
2,818
-6,193
-22,748
Change In Tax Payable
-10,388
-2,520
531
-4,426
Change In Income Tax Payable
-10,388
-2,520
531
-4,426
Change In Prepaid Assets
2,710
552
-3,103
-316
Change In Inventory
-319
2,268
-505
-3,447
Change In Receivables
-55,414
6,614
-9,266
862
Changes In Account Receivables
-55,122
-1,509
-1,501
-870
Other Non Cash Items
24,576
27,465
23,251
22,166
Stock Based Compensation
12,648
12,192
12,874
13,958
Unrealized Gain Loss On Investment Securities
-9,493
-119
-2,639
4,242
Asset Impairment Charge
-20,336
0
132,429
-2,651
Deferred Tax
184,051
75,431
-60,803
52,872
Deferred Income Tax
184,051
75,431
-60,803
52,872
Depreciation Amortization Depletion
264,798
125,492
126,170
137,411
Operating Gains Losses
-3,363
3,024
-4,301
-4,546
Gain Loss On Investment Securities
1,521
Net Foreign Currency Exchange Gain Loss
-6,067
Gain Loss On Sale Of PPE
0
3,024
-4,301
Net Income From Continuing Operations
210,975
-101,885
-135,112
-114,276
1/4
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: $3.2B
Warren's Owner Earnings
$645M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/4 — 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.
$1.3B
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.
2.60x
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.
3 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
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $1.3Bvs > $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 — 2.60xvs 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 — 3 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."
These metrics estimate what AG 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
6.5%
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
130.8%
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
-$9M
-$0M
$0M
-$1M
N/A
Free Cash Flow
$310M▲
$37M▲
-$90M▲
-$199M•
N/A•
Warren's Owner Earnings
$645M
$139M
$137M
$241M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare AG 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
AG (AG) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 35.6%. Operating margin: 27.7%. Net margin: 13.0%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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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
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