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 Margin13.5%
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 Margin8.4%
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
B
Years to Pay Off Debt4.1 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$1.6B
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$2.6B
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
N/A
Cash Flow
A
Free Cash Flow$465M
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 Income18.7%
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$428M
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 Profit81.6%
Operating Margin13.5%
Net Margin8.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
81.6%▼
85.6%▲
83.0%▼
83.7%
Operating Margin %
13.5%▲
-7.9%▲
-15.4%▲
-75.7%
Net Income %
8.4%▲
-12.4%▲
-24.1%▲
-109.0%
Diluted EPS
2.33▲
-2.18▲
-3.52▲
-9.30
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$5.0B
$4.2B
$3.8B
$3.5B
N/A
Total Debt
$1.3B▼
$1.3B▼
$1.3B▼
$1.3B•
N/A
Working Capital
$2.6B▲
$2.1B▲
$2.0B▲
$1.9B•
N/A
Years to Pay Debt
4.07
-4.66
-2.97
-1.17
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$465M▲
-$43M▼
$42M▲
-$613M•
N/A
Owner Earnings
$428M
-$187M
-$324M
-$1.0B
N/A
CapEx % of Net Income
18.7%
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
-1,299
-45,707
-22,668
-42,957
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
676,216
-5,055
-150,301
-722,000
Total Unusual Items
-44,779
-173,792
-107,941
-204,557
Total Unusual Items Excluding Goodwill
-44,779
-173,792
-107,941
-204,557
Net Income From Continuing Operation Net Minority Interest
313,747
-278,157
-440,242
-1,131,156
Reconciled Depreciation
55,658
56,670
54,054
44,468
Reconciled Cost Of Revenue
681,871
323,370
310,406
168,817
EBITDA
631,437
-178,847
-258,242
-926,557
EBIT
575,779
-235,517
-312,296
-971,025
Net Interest Income
-141,157
-19,866
-25,660
-131,160
Interest Expense
252,627
141,858
121,221
155,968
Interest Income
111,470
121,992
95,561
24,808
Normalized Income
357,227
-150,072
-354,969
-969,556
Net Income From Continuing And Discontinued Operation
313,747
-278,157
-440,242
-1,131,156
Total Expenses
3,212,359
2,425,128
2,110,467
1,822,490
Rent Expense Supplemental
193,435
169,909
145,687
131,967
Total Operating Income As Reported
501,578
-176,885
-282,175
-785,072
Diluted Average Shares
134,684
127,651
124,906
121,689
Basic Average Shares
131,004
127,651
124,906
121,689
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
313,747
-278,157
-440,242
-1,131,156
Net Income Common Stockholders
313,747
-278,157
-440,242
-1,131,156
Net Income
313,747
-278,157
-440,242
-1,131,156
Net Income Including Noncontrolling Interests
313,747
-278,157
-440,242
-1,131,156
Net Income Continuous Operations
313,747
-278,157
-440,242
-1,131,156
Tax Provision
9,405
-99,218
6,725
4,163
Pretax Income
323,152
-377,375
-433,517
-1,126,993
Other Income Expense
-37,269
-180,624
-125,682
-210,761
Other Non Operating Income Expenses
7,510
-6,832
-17,741
-6,204
Special Income Charges
-42,473
0
0
-76,586
Other Special Charges
42,473
76,586
Gain On Sale Of Security
-2,306
-173,792
-107,941
-127,971
Net Non Operating Interest Income Expense
-141,157
-19,866
-25,660
-131,160
Interest Expense Non Operating
252,627
141,858
121,221
155,968
Interest Income Non Operating
111,470
121,992
95,561
24,808
Operating Income
501,578
-176,885
-282,175
-785,072
Operating Expense
2,530,488
2,101,758
1,800,061
1,653,673
Research And Development
1,319,775
1,126,232
1,004,415
883,015
Selling General And Administration
1,210,713
975,526
795,646
770,658
General And Administrative Expense
1,210,713
975,526
795,646
770,658
Other Gand A
348,976
274,539
226,664
226,941
Rent And Landing Fees
193,435
169,909
145,687
131,967
Salaries And Wages
668,302
531,078
423,295
411,750
Gross Profit
3,032,066
1,924,873
1,517,886
868,601
Cost Of Revenue
681,871
323,370
310,406
168,817
Total Revenue
3,713,937
2,248,243
1,828,292
1,037,418
Operating Revenue
3,713,937
2,248,243
1,828,292
1,037,418
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
132,376
129,294
125,794
123,925
Share Issued
132,376
129,294
125,794
123,925
Net Debt
58,193
208,088
150,548
Total Debt
1,278,389
1,296,048
1,305,387
1,320,248
Tangible Book Value
789,176
67,088
-220,644
-158,223
Invested Capital
1,796,960
1,091,709
800,132
858,719
Working Capital
2,584,313
2,109,013
2,014,911
1,924,332
Net Tangible Assets
789,176
67,088
-220,644
-158,223
Capital Lease Obligations
270,605
271,427
284,611
303,306
Common Stock Equity
789,176
67,088
-220,644
-158,223
Total Capitalization
1,796,960
1,091,709
800,132
858,719
Total Equity Gross Minority Interest
789,176
67,088
-220,644
-158,223
Stockholders Equity
789,176
67,088
-220,644
-158,223
Gains Losses Not Affecting Retained Earnings
-20,097
-34,518
-23,375
-44,654
Other Equity Adjustments
-20,097
-34,518
-23,375
-44,654
Retained Earnings
-6,702,524
-7,287,748
-7,009,591
-6,569,349
Additional Paid In Capital
7,510,473
7,388,061
6,811,063
6,454,540
Capital Stock
1,324
1,293
1,259
1,240
Common Stock
1,324
1,293
1,259
1,240
Total Liabilities Net Minority Interest
4,177,155
4,172,895
4,050,524
3,704,582
Total Non Current Liabilities Net Minority Interest
2,710,806
2,986,623
3,082,738
2,936,667
Other Non Current Liabilities
1,477,935
1,339,322
1,630,686
1,464,595
Derivative Product Liabilities
0
393,139
Non Current Deferred Liabilities
0
188,175
193,791
152,360
Non Current Deferred Revenue
0
188,175
193,791
152,360
Long Term Debt And Capital Lease Obligation
1,232,871
1,254,162
1,263,877
1,278,281
Long Term Capital Lease Obligation
225,087
229,541
243,101
261,339
Long Term Debt
1,007,784
1,024,621
1,020,776
1,016,942
Current Liabilities
1,466,349
1,186,272
967,786
767,915
Other Current Liabilities
220,068
206,798
54,991
40,289
Current Deferred Liabilities
4,845
55,481
102,753
42,105
Current Deferred Revenue
4,845
55,481
102,753
42,105
Current Debt And Capital Lease Obligation
45,518
41,886
41,510
41,967
Current Capital Lease Obligation
45,518
41,886
41,510
41,967
Pensionand Other Post Retirement Benefit Plans Current
257,197
214,399
122,170
130,690
Payables And Accrued Expenses
938,721
667,708
646,362
512,864
Current Accrued Expenses
823,000
579,293
590,843
414,770
Payables
115,721
88,415
55,519
98,094
Accounts Payable
115,721
88,415
55,519
98,094
Total Assets
4,966,331
4,239,983
3,829,880
3,546,359
Total Non Current Assets
915,669
944,698
847,183
854,112
Other Non Current Assets
81,631
133,903
111,293
115,482
Non Current Deferred Assets
125,975
116,863
10,101
Non Current Deferred Taxes Assets
125,975
116,863
10,101
Net PPE
708,063
693,932
725,789
738,630
Accumulated Depreciation
-322,700
-270,364
-223,076
-173,450
Gross PPE
1,030,763
964,296
948,865
912,080
Leases
241,077
236,686
235,411
230,848
Construction In Progress
40,954
7,674
30,099
14,595
Other Properties
384,794
362,167
354,855
343,033
Machinery Furniture Equipment
57,240
54,181
47,769
45,202
Buildings And Improvements
297,618
294,508
271,651
269,322
Land And Improvements
9,080
9,080
9,080
9,080
Current Assets
4,050,662
3,295,285
2,982,697
2,692,247
Other Current Assets
281,892
116,964
126,382
132,916
Prepaid Assets
88,078
Inventory
82,719
78,509
89,146
128,962
Inventories Adjustments Allowances
-32,700
-36,300
Other Inventories
-42
-38
Finished Goods
25,606
7,005
Work In Process
113,783
100,942
Raw Materials
22,315
14,754
Receivables
777,567
405,308
327,787
237,963
Accounts Receivable
777,567
405,308
327,787
237,963
Cash Cash Equivalents And Short Term Investments
2,908,484
2,694,504
2,439,382
2,192,406
Other Short Term Investments
1,251,234
1,728,076
1,626,694
1,326,012
Cash And Cash Equivalents
1,657,250
966,428
812,688
866,394
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
465,383
-42,589
41,945
-613,333
Repayment Of Debt
-1,190,224
0
0
-762,107
Issuance Of Debt
645,692
0
0
1,016,111
Capital Expenditure
-58,697
-34,277
-62,211
-72,059
Interest Paid Supplemental Data
218,707
67,578
32,118
45,235
Income Tax Paid Supplemental Data
14,360
6,021
2,654
End Cash Position
1,658,807
968,652
814,884
868,556
Beginning Cash Position
968,652
814,884
868,556
822,153
Effect Of Exchange Rate Changes
34,936
-15,239
6,391
-7,430
Changes In Cash
655,219
169,007
-60,063
53,833
Financing Cash Flow
-305,190
294,159
172,131
425,753
Cash Flow From Continuing Financing Activities
-305,190
294,159
172,131
425,753
Net Other Financing Charges
-10,686
-8,792
24,667
-87,611
Proceeds From Stock Option Exercised
250,028
302,951
147,464
259,360
Net Issuance Payments Of Debt
-544,532
0
0
254,004
Net Long Term Debt Issuance
-544,532
0
0
254,004
Long Term Debt Payments
-1,190,224
0
0
-762,107
Long Term Debt Issuance
645,692
0
0
1,016,111
Investing Cash Flow
436,329
-116,840
-336,350
169,354
Cash Flow From Continuing Investing Activities
436,329
-116,840
-336,350
169,354
Net Other Investing Changes
-2,150
-19,317
-4,438
-13,194
Net Investment Purchase And Sale
497,176
-63,246
-269,701
254,607
Sale Of Investment
1,802,257
1,571,665
1,553,800
2,231,568
Purchase Of Investment
-1,305,081
-1,634,911
-1,823,501
-1,976,961
Net PPE Purchase And Sale
-58,697
-34,277
-62,211
-72,059
Purchase Of PPE
-58,697
-34,277
-62,211
-72,059
Operating Cash Flow
524,080
-8,312
104,156
-541,274
Cash Flow From Continuing Operating Activities
524,080
-8,312
104,156
-541,274
Change In Working Capital
-444,782
-214,084
57,261
7,618
Change In Other Working Capital
-50,635
-235,446
55,022
-65,911
Change In Other Current Liabilities
-46,502
-43,171
-40,352
Change In Payables And Accrued Expense
75,066
91,093
80,840
191,769
Change In Payable
75,066
91,093
80,840
191,769
Change In Account Payable
75,066
91,093
80,840
191,769
Change In Prepaid Assets
-117,724
3,229
-9,029
-38,507
Change In Inventory
8,474
13,590
18,367
-34,136
Change In Receivables
-359,963
-86,550
-87,939
-45,597
Changes In Account Receivables
-359,963
-86,550
-87,939
-45,597
Other Non Cash Items
251,114
88,145
104,175
104,023
Stock Based Compensation
348,235
272,084
221,680
230,649
Deferred Tax
-2,198
-106,762
-713
-1,433
Deferred Income Tax
-2,198
-106,762
-713
-1,433
Depreciation Amortization Depletion
55,658
56,670
54,054
44,468
Depreciation And Amortization
55,658
56,670
54,054
44,468
Depreciation
97,031
85,550
89,694
Operating Gains Losses
2,306
173,792
107,941
204,557
Gain Loss On Investment Securities
2,306
173,792
107,941
127,971
Net Income From Continuing Operations
313,747
-278,157
-440,242
-1,131,156
2/4
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: $789M
Warren's Owner Earnings
$428M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/4 — 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.
$3.7B
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.
2.76x
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 — $3.7Bvs > $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 — 2.76xvs 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 ALNY 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
11.3%
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
18.7%
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
$465M▲
-$43M▼
$42M▲
-$613M•
N/A•
Warren's Owner Earnings
$428M
-$187M
-$324M
-$1.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare ALNY 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
ALNY (ALNY) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 81.6%. Operating margin: 13.5%. Net margin: 8.4%. 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.