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 Margin9.2%
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 Margin9.7%
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
Working Capital vs Long-Term Debt$104M
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$300M
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$41M
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 Income17.9%
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$80M
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.
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 Profit76.2%
Operating Margin9.2%
Net Margin9.7%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
76.2%▲
73.8%▲
64.6%▼
69.7%•
N/A
Operating Margin %
9.2%▲
2.4%▼
6.0%▲
-13.2%•
N/A
Net Income %
9.7%▲
-14.8%▲
-17.2%▲
-139.5%•
N/A
Diluted EPS
0.09▲
-0.01▲
-0.22▲
-1.35•
N/A
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$1.2B
$1.3B
$1.4B
$1.7B
N/A
Total Debt
N/A•
$224M▼
$252M•
N/A•
N/A
Working Capital
$300M▲
$247M▲
$151M▲
$14M•
N/A
Years to Pay Debt
N/A
-2.84
-1.93
N/A
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$41M▲
$6M▲
-$24M▲
-$303M•
N/A
Owner Earnings
$80M
-$24M
-$51M
-$589M
N/A
CapEx % of Net Income
17.9%
N/A
N/A
N/A
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Effect Of Unusual Items
1,431
195
-1,020
-5,264
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
68,200
57,900
100,700
172,500
Total Unusual Items
14,600
1,300
-6,800
-263,200
Total Unusual Items Excluding Goodwill
14,600
1,300
-6,800
-263,200
Net Income From Continuing Operation Net Minority Interest
53,200
-8,500
5,600
-215,500
Reconciled Depreciation
17,800
44,700
58,500
104,700
Reconciled Cost Of Revenue
124,500
113,100
236,700
82,400
EBITDA
82,800
59,200
93,900
-90,700
EBIT
65,000
14,500
35,400
-195,400
Net Interest Income
-6,000
-6,000
-5,600
-6,400
Interest Expense
6,000
6,000
5,600
6,400
Normalized Income
40,031
-9,605
11,380
42,436
Net Income From Continuing And Discontinued Operation
53,200
-79,000
-130,200
-734,400
Total Expenses
498,700
521,800
713,500
595,900
Total Operating Income As Reported
48,300
800
11,000
-206,800
Diluted Average Shares
597,585
591,470
584,543
639,487
Basic Average Shares
592,251
591,470
584,543
578,654
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
53,200
-79,000
-130,200
-865,400
Average Dilution Earnings
0
0
-131,000
-206,000
Net Income Common Stockholders
53,200
-79,000
-130,200
-734,400
Net Income
53,200
-79,000
-130,200
-734,400
Net Income Including Noncontrolling Interests
53,200
-79,000
-130,200
-734,400
Net Income Discontinuous Operations
0
-70,500
-135,800
-518,900
Net Income Continuous Operations
53,200
-8,500
5,600
-215,500
Tax Provision
5,800
17,000
24,200
13,700
Pretax Income
59,000
8,500
29,800
-201,800
Other Income Expense
14,600
1,300
-10,300
-125,800
Other Non Operating Income Expenses
-3,500
137,400
212,000
Special Income Charges
-2,100
-12,400
-31,200
-274,600
Gain On Sale Of Ppe
0
0
6,000
0
Other Special Charges
2,800
165,000
Impairment Of Capital Assets
2,100
9,600
31,200
115,600
Gain On Sale Of Security
16,700
13,700
24,400
11,400
Net Non Operating Interest Income Expense
-6,000
-6,000
-5,600
-6,400
Interest Expense Non Operating
6,000
6,000
5,600
6,400
Operating Income
50,400
13,100
45,600
-69,600
Operating Expense
367,800
381,800
445,100
436,200
Depreciation Amortization Depletion Income Statement
11,400
17,800
26,800
27,400
Depreciation And Amortization In Income Statement
11,400
17,800
26,800
27,400
Amortization
6,300
10,700
17,700
18,000
Amortization Of Intangibles Income Statement
6,300
10,700
17,700
18,000
Depreciation Income Statement
5,100
7,100
9,100
9,400
Research And Development
113,600
108,800
127,100
134,200
Selling General And Administration
242,800
255,200
291,200
274,600
Selling And Marketing Expense
114,000
95,500
104,000
102,600
General And Administrative Expense
128,800
159,700
187,200
172,000
Other Gand A
128,800
159,700
187,200
172,000
Gross Profit
418,200
394,900
490,700
366,600
Cost Of Revenue
130,900
140,000
268,400
159,700
Total Revenue
549,100
534,900
759,100
526,300
Operating Revenue
549,100
534,900
759,100
526,300
Balance Sheet
2026
2025
2024
2023
2022
Ordinary Shares Number
587,431
596,231
589,233
582,157
Share Issued
587,431
596,231
589,233
582,157
Net Debt
19,000
72,000
129,000
Total Debt
224,000
251,500
Tangible Book Value
226,800
200,200
243,100
59,000
Invested Capital
942,500
915,200
969,200
1,224,000
Working Capital
300,100
247,200
150,600
14,000
Net Tangible Assets
226,800
200,200
243,100
59,000
Capital Lease Obligations
18,800
28,700
57,400
76,000
Common Stock Equity
746,000
719,900
775,100
857,000
Total Capitalization
942,500
915,200
969,200
857,000
Total Equity Gross Minority Interest
746,000
719,900
775,100
857,000
Stockholders Equity
746,000
719,900
775,100
857,000
Gains Losses Not Affecting Retained Earnings
-11,200
-19,200
-14,300
-24,000
Other Equity Adjustments
-11,200
-19,200
-14,300
-24,000
Retained Earnings
-2,167,200
-2,237,300
-2,158,300
-2,028,000
Capital Stock
2,924,400
2,976,400
2,947,700
2,909,000
Common Stock
2,924,400
2,976,400
2,947,700
2,909,000
Total Liabilities Net Minority Interest
499,200
575,700
619,900
822,000
Total Non Current Liabilities Net Minority Interest
231,100
231,400
263,000
93,000
Other Non Current Liabilities
1,700
1,800
3,200
1,000
Liabilities Heldfor Sale Non Current
0
13,300
Non Current Deferred Liabilities
14,100
5,600
14,600
40,000
Non Current Deferred Revenue
14,100
5,600
14,600
40,000
Long Term Debt And Capital Lease Obligation
215,300
224,000
231,900
52,000
Long Term Capital Lease Obligation
18,800
28,700
37,800
52,000
Long Term Debt
196,500
195,300
194,100
507,000
Current Liabilities
268,100
344,300
356,900
729,000
Other Current Liabilities
49,300
Current Deferred Liabilities
138,500
161,500
148,700
175,000
Current Deferred Revenue
138,500
161,500
148,700
175,000
Current Debt And Capital Lease Obligation
15,000
19,600
391,000
28,000
Current Capital Lease Obligation
15,000
19,600
24,000
28,000
Current Debt
367,000
Other Current Borrowings
367,000
Pensionand Other Post Retirement Benefit Plans Current
36,500
31,400
15,100
3,000
Payables And Accrued Expenses
93,100
151,400
124,200
160,000
Current Accrued Expenses
75,200
94,800
79,000
116,000
Payables
17,900
56,600
45,200
44,000
Total Tax Payable
12,400
25,500
28,400
20,000
Income Tax Payable
12,400
25,500
28,400
20,000
Accounts Payable
5,500
31,100
16,800
24,000
Total Assets
1,245,200
1,295,600
1,395,000
1,679,000
Total Non Current Assets
677,000
704,100
887,500
936,000
Other Non Current Assets
70,500
90,100
266,800
35,000
Investments And Advances
58,300
58,900
35,700
34,000
Investmentin Financial Assets
34,000
30,000
Available For Sale Securities
34,000
30,000
Goodwill And Other Intangible Assets
519,200
519,700
532,000
798,000
Other Intangible Assets
40,100
47,300
57,500
203,000
Goodwill
479,100
472,400
474,500
595,000
Net PPE
29,000
35,400
53,000
69,000
Accumulated Depreciation
-85,900
-84,500
-88,100
-89,000
Gross PPE
114,900
119,900
141,100
158,000
Leases
12,900
10,500
15,200
19,000
Other Properties
97,200
104,800
119,600
130,000
Machinery Furniture Equipment
4,800
4,600
6,300
9,000
Current Assets
568,200
591,500
507,500
743,000
Other Current Assets
42,200
30,000
35,100
182,000
Assets Held For Sale Current
0
11,600
Receivables
166,100
223,700
223,700
135,000
Other Receivables
7,500
48,400
21,400
12,000
Taxes Receivable
2,600
1,600
3,600
3,000
Accounts Receivable
156,000
173,700
198,700
120,000
Allowance For Doubtful Accounts Receivable
-3,400
-6,600
-6,000
-1,000
Gross Accounts Receivable
159,400
180,300
204,700
121,000
Cash Cash Equivalents And Short Term Investments
359,900
337,800
237,100
426,000
Other Short Term Investments
85,200
71,100
62,000
131,000
Cash And Cash Equivalents
274,700
266,700
175,100
295,000
Cash Equivalents
106,100
43,000
78,900
208,000
Cash Financial
168,600
223,700
96,200
87,000
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
40,800
6,400
-24,400
-303,100
Repurchase Of Capital Stock
-60,700
0
0
Repayment Of Debt
0
0
-515,000
-100
Issuance Of Debt
0
0
344,000
0
Issuance Of Capital Stock
2,500
3,100
5,900
6,100
Capital Expenditure
-9,500
-10,100
-20,900
-40,900
End Cash Position
288,900
280,300
200,500
322,300
Beginning Cash Position
280,300
200,500
322,300
406,200
Effect Of Exchange Rate Changes
900
-500
200
-2,900
Changes In Cash
7,700
80,300
-122,000
-81,000
Financing Cash Flow
-58,200
3,100
-165,100
6,000
Cash Flow From Continuing Financing Activities
-58,200
3,100
-165,100
6,000
Net Common Stock Issuance
-58,200
3,100
5,900
6,100
Common Stock Payments
-60,700
0
0
Common Stock Issuance
2,500
3,100
5,900
6,100
Net Issuance Payments Of Debt
0
0
-171,000
-100
Net Short Term Debt Issuance
0
0
-171,000
0
Short Term Debt Payments
0
0
-515,000
0
Short Term Debt Issuance
0
0
344,000
0
Net Long Term Debt Issuance
0
0
-100
0
Long Term Debt Payments
0
0
-100
0
Investing Cash Flow
15,600
60,700
46,600
175,200
Cash From Discontinued Investing Activities
38,100
79,800
0
0
Cash Flow From Continuing Investing Activities
-22,500
-19,100
46,600
175,200
Net Other Investing Changes
24,000
Net Investment Purchase And Sale
-13,000
-9,000
67,500
199,000
Sale Of Investment
140,600
145,900
223,500
716,300
Purchase Of Investment
-153,600
-154,900
-156,000
-517,300
Net Intangibles Purchase And Sale
-5,700
-7,000
-13,800
-33,600
Purchase Of Intangibles
-5,700
-7,000
-13,800
-33,600
Net PPE Purchase And Sale
-3,800
-3,100
-7,100
9,800
Sale Of PPE
0
0
17,100
0
Purchase Of PPE
-3,800
-3,100
-7,100
-7,300
Operating Cash Flow
50,300
16,500
-3,500
-262,200
Cash Flow From Continuing Operating Activities
50,300
16,500
-3,500
-262,200
Change In Working Capital
-35,900
34,500
-154,300
6,200
Change In Other Working Capital
-14,500
-5,900
7,500
-29,400
Change In Other Current Assets
8,200
-16,000
-54,300
-500
Change In Payables And Accrued Expense
-49,100
17,700
-19,000
-100
Change In Accrued Expense
-9,500
6,400
-20,300
-11,800
Change In Payable
-39,600
11,300
1,300
11,700
Change In Account Payable
-26,500
14,200
-7,400
2,900
Change In Tax Payable
-13,100
-2,900
8,700
8,800
Change In Income Tax Payable
-13,100
-2,900
8,700
8,800
Change In Receivables
19,500
38,700
-88,500
36,200
Changes In Account Receivables
17,700
25,000
-78,800
17,800
Other Non Cash Items
-10,100
-18,900
-11,400
-9,100
Stock Based Compensation
23,200
25,600
33,100
33,900
Unrealized Gain Loss On Investment Securities
0
0
3,500
-137,400
Asset Impairment Charge
2,100
9,600
50,100
479,900
Depreciation Amortization Depletion
17,800
44,700
58,500
104,700
Depreciation And Amortization
17,800
44,700
58,500
104,700
Amortization Cash Flow
17,800
44,700
58,500
104,700
Amortization Of Intangibles
17,800
44,700
58,500
104,700
Operating Gains Losses
147,200
-6,000
-22,000
Gain Loss On Investment Securities
-22,000
Gain Loss On Sale Of PPE
0
0
147,200
-6,000
Net Income From Continuing Operations
53,200
-79,000
-130,200
-734,400
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: $746M
Warren's Owner Earnings
$80M
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.
$549M
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.
2.12x
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 — $549Mvs > $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 — 2.12xvs 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 BB 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
4.1%
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
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
17.9%
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
-$61M
$0M
$0M
N/A
N/A
Free Cash Flow
$41M▲
$6M▲
-$24M▲
-$303M•
N/A•
Warren's Owner Earnings
$80M
-$24M
-$51M
-$589M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BB 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
BB (BB) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 76.2%. Operating margin: 9.2%. Net margin: 9.7%. 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.