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 Margin24.7%
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 Margin21.0%
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
D
Years to Pay Off Debt7.1 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-$46.4B
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$3.6B
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
B
Free Cash Flow$8.1B
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 Income24.1%
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$14.7B
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 Profit67.2%
Operating Margin24.7%
Net Margin21.0%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
67.2%▲
61.5%▼
70.0%▼
75.7%•
N/A
Operating Margin %
24.7%▲
21.7%▼
28.0%▼
36.3%•
N/A
Net Income %
21.0%▲
12.2%▼
23.8%▼
24.9%•
N/A
Diluted EPS
14.23▲
7.56▼
12.49▲
12.11•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$90.6B
$91.8B
$97.2B
$65.1B
N/A
Total Debt
$54.6B▼
$60.1B▼
$64.6B▲
$38.9B•
N/A
Working Capital
$3.6B▼
$5.9B▼
$11.9B▲
$6.5B•
N/A
Years to Pay Debt
7.08
14.69
9.62
5.94
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$8.1B▼
$10.4B▲
$7.4B▼
$8.8B•
N/A
Owner Earnings
$14.7B
$10.8B
$11.9B
$10.9B
N/A
CapEx % of Net Income
24.1%
26.8%
16.6%
14.3%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
16,898,000
13,356,000
14,801,000
12,169,000
Total Unusual Items
0
0
-1,505,000
Total Unusual Items Excluding Goodwill
0
0
-1,505,000
Net Income From Continuing Operation Net Minority Interest
7,711,000
4,090,000
6,717,000
6,552,000
Reconciled Depreciation
5,167,000
5,592,000
4,071,000
3,417,000
Reconciled Cost Of Revenue
12,037,000
12,858,000
8,451,000
6,406,000
EBITDA
16,898,000
13,356,000
14,801,000
12,169,000
EBIT
11,731,000
7,764,000
10,730,000
8,752,000
Net Interest Income
-2,755,000
-3,155,000
-2,875,000
-1,406,000
Interest Expense
2,755,000
3,155,000
2,875,000
1,406,000
Normalized Income
7,711,000
4,090,000
6,717,000
6,552,000
Net Income From Continuing And Discontinued Operation
7,711,000
4,090,000
6,717,000
6,552,000
Total Expenses
27,671,000
26,166,000
20,293,000
16,757,000
Total Operating Income As Reported
9,080,000
7,258,000
7,897,000
9,566,000
Diluted Average Shares
542,000
541,000
538,000
541,000
Basic Average Shares
538,000
537,000
535,000
538,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
7,711,000
4,090,000
6,717,000
6,552,000
Net Income Common Stockholders
7,711,000
4,090,000
6,717,000
6,552,000
Net Income
7,711,000
4,090,000
6,717,000
6,552,000
Net Income Including Noncontrolling Interests
7,711,000
4,090,000
6,717,000
6,552,000
Net Income Continuous Operations
7,711,000
4,090,000
6,717,000
6,552,000
Tax Provision
1,265,000
519,000
1,138,000
794,000
Pretax Income
8,976,000
4,609,000
7,855,000
7,346,000
Other Income Expense
2,651,000
506,000
2,833,000
-814,000
Other Non Operating Income Expenses
2,651,000
506,000
2,833,000
-814,000
Special Income Charges
0
0
-1,505,000
Other Special Charges
1,505,000
Net Non Operating Interest Income Expense
-2,755,000
-3,155,000
-2,875,000
-1,406,000
Interest Expense Non Operating
2,755,000
3,155,000
2,875,000
1,406,000
Operating Income
9,080,000
7,258,000
7,897,000
9,566,000
Operating Expense
15,634,000
13,308,000
11,842,000
10,351,000
Other Operating Expenses
1,312,000
248,000
879,000
503,000
Research And Development
7,272,000
5,964,000
4,784,000
4,434,000
Selling General And Administration
7,050,000
7,096,000
6,179,000
5,414,000
Gross Profit
24,714,000
20,566,000
19,739,000
19,917,000
Cost Of Revenue
12,037,000
12,858,000
8,451,000
6,406,000
Total Revenue
36,751,000
33,424,000
28,190,000
26,323,000
Operating Revenue
35,148,000
32,026,000
26,910,000
24,801,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
538,800
537,000
535,400
534,000
Share Issued
538,800
537,000
535,400
534,000
Net Debt
45,475,000
48,126,000
53,669,000
31,316,000
Total Debt
54,604,000
60,099,000
64,613,000
38,945,000
Tangible Book Value
-32,298,000
-40,459,000
-45,038,000
-27,948,000
Invested Capital
63,262,000
65,976,000
70,845,000
42,606,000
Working Capital
3,568,000
5,931,000
11,940,000
6,499,000
Net Tangible Assets
-32,298,000
-40,459,000
-45,038,000
-27,948,000
Common Stock Equity
8,658,000
5,877,000
6,232,000
3,661,000
Total Capitalization
58,663,000
62,426,000
69,402,000
41,015,000
Total Equity Gross Minority Interest
8,658,000
5,877,000
6,232,000
3,661,000
Stockholders Equity
8,658,000
5,877,000
6,232,000
3,661,000
Gains Losses Not Affecting Retained Earnings
-258,000
-66,000
-289,000
-231,000
Other Equity Adjustments
-56,000
308,000
9,000
117,000
Foreign Currency Translation Adjustments
-202,000
-374,000
-298,000
-348,000
Retained Earnings
-25,107,000
-27,590,000
-26,549,000
-28,622,000
Capital Stock
34,023,000
33,533,000
33,070,000
32,514,000
Common Stock
34,023,000
33,533,000
33,070,000
32,514,000
Total Liabilities Net Minority Interest
81,928,000
85,962,000
90,922,000
61,460,000
Total Non Current Liabilities Net Minority Interest
56,439,000
62,863,000
72,530,000
45,773,000
Other Non Current Liabilities
2,378,000
2,349,000
2,326,000
2,651,000
Tradeand Other Payables Non Current
2,690,000
2,349,000
4,680,000
5,757,000
Non Current Deferred Liabilities
1,366,000
1,616,000
2,354,000
11,000
Non Current Deferred Taxes Liabilities
1,366,000
1,616,000
2,354,000
11,000
Long Term Debt And Capital Lease Obligation
50,005,000
56,549,000
63,170,000
37,354,000
Long Term Debt
50,005,000
56,549,000
63,170,000
37,354,000
Current Liabilities
25,489,000
23,099,000
18,392,000
15,687,000
Current Debt And Capital Lease Obligation
4,599,000
3,550,000
1,443,000
1,591,000
Current Debt
4,599,000
3,550,000
1,443,000
1,591,000
Pensionand Other Post Retirement Benefit Plans Current
1,437,000
1,329,000
1,381,000
1,099,000
Current Provisions
548,000
542,000
Payables And Accrued Expenses
19,453,000
18,220,000
15,568,000
12,997,000
Current Accrued Expenses
15,349,000
12,451,000
11,109,000
9,093,000
Interest Payable
867,000
936,000
470,000
Payables
4,104,000
5,769,000
4,459,000
3,904,000
Dividends Payable
1,358,000
1,278,000
1,205,000
1,137,000
Total Tax Payable
379,000
2,583,000
1,664,000
1,195,000
Income Tax Payable
379,000
2,583,000
1,664,000
1,195,000
Accounts Payable
2,367,000
1,908,000
1,590,000
1,572,000
Total Assets
90,586,000
91,839,000
97,154,000
65,121,000
Total Non Current Assets
61,529,000
62,809,000
66,822,000
42,935,000
Other Non Current Assets
12,660,000
9,930,000
9,611,000
5,899,000
Goodwill And Other Intangible Assets
40,956,000
46,336,000
51,270,000
31,609,000
Other Intangible Assets
22,276,000
27,699,000
32,641,000
16,080,000
Goodwill
18,680,000
18,637,000
18,629,000
15,529,000
Net PPE
7,913,000
6,543,000
5,941,000
5,427,000
Accumulated Depreciation
-11,120,000
-10,388,000
-9,808,000
-9,283,000
Gross PPE
19,033,000
16,931,000
15,749,000
14,710,000
Construction In Progress
3,390,000
2,053,000
1,550,000
1,213,000
Other Properties
5,220,000
4,996,000
4,813,000
4,684,000
Machinery Furniture Equipment
5,143,000
4,733,000
4,540,000
4,320,000
Buildings And Improvements
4,932,000
4,803,000
4,507,000
4,201,000
Land And Improvements
348,000
346,000
339,000
292,000
Current Assets
29,057,000
29,030,000
30,332,000
22,186,000
Other Current Assets
1,188,000
1,138,000
281,000
355,000
Prepaid Assets
2,945,000
2,139,000
1,647,000
1,204,000
Inventory
6,225,000
6,998,000
9,518,000
4,930,000
Finished Goods
1,885,000
2,060,000
2,778,000
1,004,000
Work In Process
3,425,000
4,120,000
5,747,000
3,098,000
Raw Materials
915,000
818,000
993,000
828,000
Receivables
9,570,000
6,782,000
7,942,000
6,392,000
Duefrom Related Parties Current
521,000
502,000
700,000
780,000
Taxes Receivable
198,000
172,000
129,000
164,000
Accounts Receivable
9,570,000
6,782,000
7,268,000
5,563,000
Cash Cash Equivalents And Short Term Investments
9,129,000
11,973,000
10,944,000
9,305,000
Other Short Term Investments
0
1,676,000
48,000
Cash And Cash Equivalents
9,129,000
11,973,000
10,944,000
7,629,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
8,100,000
10,394,000
7,359,000
8,785,000
Repurchase Of Capital Stock
0
-200,000
0
-6,360,000
Repayment Of Debt
-5,000,000
-3,600,000
-1,454,000
0
Issuance Of Debt
0
0
27,777,000
6,919,000
Capital Expenditure
-1,858,000
-1,096,000
-1,112,000
-936,000
End Cash Position
9,129,000
11,973,000
10,944,000
7,629,000
Beginning Cash Position
11,973,000
10,944,000
7,629,000
7,989,000
Changes In Cash
-2,844,000
1,029,000
3,315,000
-360,000
Financing Cash Flow
-10,859,000
-9,415,000
21,048,000
-4,037,000
Cash Flow From Continuing Financing Activities
-10,859,000
-9,415,000
21,048,000
-4,037,000
Net Other Financing Charges
-735,000
-783,000
-719,000
-400,000
Cash Dividends Paid
-5,124,000
-4,832,000
-4,556,000
-4,196,000
Common Stock Dividend Paid
-5,124,000
-4,832,000
-4,556,000
-4,196,000
Net Common Stock Issuance
0
-200,000
0
-6,360,000
Common Stock Payments
0
-200,000
0
-6,360,000
Net Issuance Payments Of Debt
-5,000,000
-3,600,000
26,323,000
6,919,000
Net Long Term Debt Issuance
-5,000,000
-3,600,000
26,323,000
6,919,000
Long Term Debt Payments
-5,000,000
-3,600,000
-1,454,000
0
Long Term Debt Issuance
0
0
27,777,000
6,919,000
Investing Cash Flow
-1,943,000
-1,046,000
-26,204,000
-6,044,000
Cash Flow From Continuing Investing Activities
-1,943,000
-1,046,000
-26,204,000
-6,044,000
Net Other Investing Changes
-32,000
50,000
224,000
100,000
Net Investment Purchase And Sale
0
0
1,673,000
-1,369,000
Sale Of Investment
0
0
1,673,000
1,218,000
Purchase Of Investment
0
-1,000
-2,587,000
-8,900,000
Net Business Purchase And Sale
-53,000
0
-26,989,000
-3,839,000
Sale Of Business
130,000
0
Purchase Of Business
-53,000
0
-26,989,000
-3,839,000
Net PPE Purchase And Sale
-1,858,000
-1,096,000
-1,112,000
-936,000
Purchase Of PPE
-1,858,000
-1,096,000
-1,112,000
-936,000
Operating Cash Flow
9,958,000
11,490,000
8,471,000
9,721,000
Cash Flow From Continuing Operating Activities
9,958,000
11,490,000
8,471,000
9,721,000
Change In Working Capital
-1,978,000
2,365,000
-484,000
-733,000
Change In Other Working Capital
499,000
92,000
953,000
Change In Other Current Liabilities
-156,000
-51,000
-222,000
-182,000
Change In Other Current Assets
-1,267,000
-652,000
-564,000
258,000
Change In Payables And Accrued Expense
736,000
3,000
-127,000
679,000
Change In Accrued Expense
2,065,000
1,194,000
935,000
943,000
Change In Payable
-1,329,000
-1,191,000
-1,062,000
-264,000
Change In Account Payable
428,000
312,000
-402,000
154,000
Change In Tax Payable
-1,757,000
-1,503,000
-660,000
-418,000
Change In Income Tax Payable
-1,757,000
-1,503,000
-660,000
-418,000
Change In Inventory
886,000
2,532,000
491,000
-742,000
Change In Receivables
-2,676,000
441,000
-1,015,000
-746,000
Changes In Account Receivables
-2,676,000
441,000
-1,015,000
-746,000
Other Non Cash Items
149,000
-177,000
-277,000
-303,000
Stock Based Compensation
494,000
530,000
431,000
401,000
Asset Impairment Charge
1,200,000
159,000
851,000
Deferred Tax
-721,000
-1,228,000
-1,273,000
-1,198,000
Deferred Income Tax
-721,000
-1,228,000
-1,273,000
-1,198,000
Depreciation Amortization Depletion
5,167,000
5,592,000
4,071,000
3,417,000
Depreciation And Amortization
5,167,000
5,592,000
4,071,000
3,417,000
Depreciation
5,167,000
5,592,000
4,071,000
3,417,000
Operating Gains Losses
-2,064,000
159,000
-1,565,000
1,585,000
Earnings Losses From Equity Investments
-10,000
11,000
891,000
33,000
Gain Loss On Investment Securities
-2,064,000
159,000
-1,565,000
127,000
Gain Loss On Sale Of Business
0
0
567,000
0
Net Income From Continuing Operations
7,711,000
4,090,000
6,717,000
6,552,000
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: $8.7B
Warren's Owner Earnings
$14.7B
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.
$36.8B
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.
1.14x
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 $12.11 to $14.23 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.
+17.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $36.8Bvs > $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 — 1.14xvs 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 $12.11 to $14.23 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 AMGN 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
11.0%
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
24.1%
26.8%
16.6%
14.3%
N/A
Repurchase of Capital Stock
$0M
-$200M
$0M
-$6.4B
N/A
Free Cash Flow
$8.1B▼
$10.4B▲
$7.4B▼
$8.8B•
N/A•
Warren's Owner Earnings
$14.7B
$10.8B
$11.9B
$10.9B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare AMGN 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
AMGN (AMGN) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 67.2%. Operating margin: 24.7%. Net margin: 21.0%. 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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