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 Margin8.0%
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 Margin4.3%
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 Debt17.4 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$4.5B
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$65.6B
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
F
Free Cash Flow-$16.4B
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 Income240.1%
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$40.4B
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 Profit43.9%
Operating Margin8.0%
Net Margin4.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
43.9%▼
50.3%▼
51.7%▲
48.3%
Operating Margin %
8.0%▼
16.0%▼
16.2%▲
12.9%
Net Income %
4.3%▼
17.8%▲
15.1%▲
6.1%
Diluted EPS
11.76▼
65.92▲
55.12▲
19.84
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$449.2B
$427.8B
$406.8B
$391.0B
N/A
Total Debt
$97.1B▲
$79.3B▼
$84.6B▼
$91.4B•
N/A
Working Capital
$65.6B▼
$87.9B▼
$153.8B▲
$133.2B•
N/A
Years to Pay Debt
17.37
3.34
4.16
12.09
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$16.4B▼
$13.0B▼
$25.3B▲
$17.8B•
N/A
Owner Earnings
$40.4B
$52.5B
$53.1B
$36.0B
N/A
CapEx % of Net Income
240.1%
34.8%
55.6%
111.0%
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
-3,446,784
166,780
86,275
-378,420
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
49,283,000
50,891,000
49,308,000
34,593,000
Total Unusual Items
-18,432,000
1,076,000
595,000
-1,484,000
Total Unusual Items Excluding Goodwill
-18,432,000
1,076,000
595,000
-1,484,000
Net Income From Continuing Operation Net Minority Interest
5,589,000
23,760,000
20,315,000
7,559,000
Reconciled Depreciation
21,351,000
20,521,000
21,457,000
20,084,000
Reconciled Cost Of Revenue
72,436,000
66,102,000
65,031,000
63,935,000
EBITDA
30,851,000
51,967,000
49,903,000
33,109,000
EBIT
9,500,000
31,446,000
28,446,000
13,025,000
Net Interest Income
5,818,000
5,138,000
4,761,000
3,332,000
Interest Expense
2,784,000
2,824,000
3,248,000
2,913,000
Interest Income
8,602,000
7,962,000
8,009,000
6,245,000
Normalized Income
20,574,216
22,850,780
19,806,275
8,664,580
Net Income From Continuing And Discontinued Operation
5,589,000
23,760,000
20,315,000
7,559,000
Total Expenses
118,712,000
111,855,000
112,742,000
107,764,000
Total Operating Income As Reported
-5,823,000
21,270,000
21,856,000
15,911,000
Diluted Average Shares
343,000
349,750
354,625
351,125
Basic Average Shares
340,750
348,750
350,875
347,750
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
4,043,000
23,067,000
19,554,000
6,968,000
Average Dilution Earnings
-620,000
-105,000
-44,000
0
Net Income Common Stockholders
4,663,000
23,172,000
19,598,000
6,968,000
Otherunder Preferred Stock Dividend
926,000
588,000
717,000
591,000
Net Income
5,589,000
23,760,000
20,315,000
7,559,000
Minority Interests
132,000
-415,000
-1,234,000
25,000
Net Income Including Noncontrolling Interests
5,457,000
24,175,000
21,549,000
7,534,000
Net Income Continuous Operations
5,457,000
24,175,000
21,549,000
7,534,000
Tax Provision
1,259,000
4,447,000
3,649,000
2,578,000
Pretax Income
6,716,000
28,622,000
25,198,000
10,112,000
Other Income Expense
-9,469,000
2,214,000
-1,419,000
-9,131,000
Other Non Operating Income Expenses
5,767,000
1,829,000
1,785,000
-5,737,000
Special Income Charges
-16,190,000
0
0
Impairment Of Capital Assets
16,190,000
0
0
Earnings From Equity Interest
3,196,000
-691,000
-3,799,000
-1,910,000
Gain On Sale Of Security
-2,242,000
1,076,000
595,000
-1,484,000
Net Non Operating Interest Income Expense
5,818,000
5,138,000
4,761,000
3,332,000
Interest Expense Non Operating
2,784,000
2,824,000
3,248,000
2,913,000
Interest Income Non Operating
8,602,000
7,962,000
8,009,000
6,245,000
Operating Income
10,367,000
21,270,000
21,856,000
15,911,000
Operating Expense
46,276,000
45,753,000
47,711,000
43,829,000
Research And Development
20,433,000
22,133,000
24,192,000
23,315,000
Selling General And Administration
25,843,000
23,620,000
23,519,000
20,514,000
Gross Profit
56,643,000
67,023,000
69,567,000
59,740,000
Cost Of Revenue
72,436,000
66,102,000
65,031,000
63,935,000
Total Revenue
129,079,000
133,125,000
134,598,000
123,675,000
Operating Revenue
129,079,000
133,125,000
134,598,000
123,675,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
125,568
41,183
41,183
49,409
Ordinary Shares Number
2,722,014
2,763,575
2,805,191
2,796,585
Share Issued
2,847,582
2,804,757
2,846,374
2,845,994
Net Debt
64,906,000
46,216,000
51,216,000
30,579,000
Total Debt
97,077,000
79,324,000
84,595,000
91,354,000
Tangible Book Value
205,119,000
218,637,000
199,815,000
179,904,000
Invested Capital
355,842,000
334,668,000
320,073,000
307,213,000
Working Capital
65,642,000
87,896,000
153,804,000
133,220,000
Net Tangible Assets
205,119,000
218,637,000
199,815,000
179,904,000
Capital Lease Obligations
7,565,000
8,276,000
8,148,000
7,619,000
Common Stock Equity
266,330,000
263,620,000
243,626,000
223,478,000
Total Capitalization
327,432,000
315,563,000
300,983,000
286,661,000
Total Equity Gross Minority Interest
289,726,000
283,612,000
262,608,000
237,805,000
Minority Interest
23,396,000
19,992,000
18,982,000
14,327,000
Stockholders Equity
266,330,000
263,620,000
243,626,000
223,478,000
Gains Losses Not Affecting Retained Earnings
-1,650,000
-1,803,000
-895,000
546,000
Treasury Stock
4,693,000
6,236,000
3,818,000
5,264,000
Retained Earnings
177,694,000
180,073,000
161,240,000
148,341,000
Additional Paid In Capital
94,979,000
91,586,000
87,099,000
79,855,000
Total Liabilities Net Minority Interest
159,431,000
144,168,000
144,151,000
153,168,000
Total Non Current Liabilities Net Minority Interest
73,103,000
63,215,000
67,700,000
73,538,000
Other Non Current Liabilities
1,951,000
1,557,000
1,820,000
2,058,000
Preferred Securities Outside Stock Equity
7,148,000
Dueto Related Parties Non Current
36,000
56,000
77,000
99,000
Non Current Deferred Liabilities
5,906,000
4,686,000
3,406,000
3,388,000
Non Current Deferred Revenue
921,000
816,000
681,000
490,000
Non Current Deferred Taxes Liabilities
4,985,000
3,870,000
2,725,000
2,898,000
Long Term Debt And Capital Lease Obligation
65,210,000
56,916,000
62,397,000
67,993,000
Long Term Capital Lease Obligation
4,108,000
4,973,000
5,040,000
4,810,000
Long Term Debt
61,102,000
51,943,000
57,357,000
63,183,000
Current Liabilities
86,328,000
80,953,000
76,451,000
79,630,000
Current Deferred Liabilities
13,582,000
15,308,000
16,326,000
14,347,000
Current Deferred Revenue
13,582,000
15,308,000
16,326,000
14,347,000
Current Debt And Capital Lease Obligation
31,867,000
22,408,000
22,198,000
23,361,000
Current Capital Lease Obligation
3,457,000
3,303,000
3,108,000
2,809,000
Current Debt
28,410,000
19,105,000
19,090,000
20,552,000
Other Current Borrowings
28,410,000
19,105,000
19,090,000
20,552,000
Payables And Accrued Expenses
40,879,000
43,237,000
37,927,000
41,922,000
Current Accrued Expenses
34,764,000
33,263,000
30,119,000
30,184,000
Interest Payable
335,000
347,000
452,000
538,000
Payables
6,115,000
9,974,000
7,808,000
11,738,000
Other Payable
1,500,000
4,653,000
3,518,000
3,031,000
Dueto Related Parties Current
1,988,000
1,794,000
1,603,000
5,067,000
Total Tax Payable
2,627,000
3,527,000
2,687,000
3,640,000
Total Assets
449,157,000
427,780,000
406,759,000
390,973,000
Total Non Current Assets
297,187,000
258,931,000
176,504,000
178,123,000
Other Non Current Assets
27,556,000
16,815,000
5,766,000
2,839,000
Non Current Prepaid Assets
0
13,547,000
13,198,000
16,257,000
Non Current Deferred Assets
4,582,000
2,193,000
2,100,000
2,129,000
Non Current Deferred Taxes Assets
4,582,000
2,193,000
2,100,000
2,129,000
Duefrom Related Parties Non Current
167,000
137,000
195,000
60,000
Non Current Accounts Receivable
167,000
137,000
195,000
60,000
Investments And Advances
168,780,000
140,256,000
72,623,000
78,926,000
Investmentin Financial Assets
144,199,000
118,358,000
46,993,000
48,370,000
Available For Sale Securities
144,199,000
118,358,000
46,993,000
48,370,000
Long Term Equity Investment
24,581,000
21,898,000
25,630,000
30,556,000
Investments In Other Ventures Under Equity Method
24,581,000
21,898,000
25,630,000
30,556,000
Goodwill And Other Intangible Assets
61,211,000
44,983,000
43,811,000
43,574,000
Other Intangible Assets
24,428,000
22,397,000
21,225,000
21,097,000
Goodwill
36,783,000
22,586,000
22,586,000
22,477,000
Net PPE
34,891,000
41,000,000
38,811,000
34,338,000
Accumulated Depreciation
-51,104,000
-38,977,000
-35,899,000
-32,287,000
Gross PPE
85,995,000
79,977,000
74,710,000
66,625,000
Leases
505,000
549,000
540,000
490,000
Construction In Progress
563,000
621,000
285,000
291,000
Other Properties
8,610,000
10,898,000
10,851,000
10,365,000
Machinery Furniture Equipment
66,526,000
58,378,000
53,671,000
46,159,000
Buildings And Improvements
9,791,000
9,531,000
9,363,000
9,320,000
Current Assets
151,970,000
168,849,000
230,255,000
212,850,000
Other Current Assets
5,102,000
4,133,000
3,112,000
1,615,000
Restricted Cash
225,000
11,697,000
11,503,000
11,330,000
Prepaid Assets
8,395,000
5,310,000
3,723,000
3,548,000
Inventory
6,200,000
5,989,000
1,396,000
1,227,000
Receivables
16,781,000
14,280,000
16,620,000
21,135,000
Other Receivables
3,048,000
3,386,000
4,348,000
3,970,000
Duefrom Related Parties Current
761,000
790,000
1,424,000
5,432,000
Accounts Receivable
12,972,000
10,104,000
10,848,000
11,733,000
Allowance For Doubtful Accounts Receivable
-5,001,000
-3,517,000
-3,176,000
-2,554,000
Gross Accounts Receivable
17,973,000
13,621,000
14,024,000
14,287,000
Cash Cash Equivalents And Short Term Investments
115,267,000
127,440,000
193,901,000
173,995,000
Other Short Term Investments
90,661,000
102,608,000
168,670,000
120,839,000
Cash And Cash Equivalents
24,606,000
24,832,000
25,231,000
53,156,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-16,430,000
12,975,000
25,320,000
17,777,000
Repurchase Of Capital Stock
-5,536,000
-6,324,000
-4,764,000
-1,925,000
Repayment Of Debt
-26,351,000
-31,111,000
-33,566,000
-16,535,000
Issuance Of Debt
46,644,000
23,574,000
20,473,000
9,722,000
Issuance Of Capital Stock
0
0
19,873,000
Capital Expenditure
-13,417,000
-8,259,000
-11,295,000
-8,393,000
Interest Paid Supplemental Data
2,007,000
2,237,000
2,764,000
2,690,000
Income Tax Paid Supplemental Data
3,254,000
3,684,000
3,666,000
3,525,000
End Cash Position
24,831,000
36,589,000
37,574,000
65,236,000
Beginning Cash Position
36,589,000
37,574,000
65,236,000
47,671,000
Effect Of Exchange Rate Changes
-751,000
95,000
282,000
1,729,000
Changes In Cash
-11,007,000
-1,080,000
-27,944,000
15,836,000
Financing Cash Flow
17,142,000
-13,759,000
-14,162,000
-6,390,000
Cash Flow From Continuing Financing Activities
17,142,000
-13,759,000
-14,162,000
-6,390,000
Net Other Financing Charges
2,292,000
55,000
3,592,000
2,148,000
Proceeds From Stock Option Exercised
93,000
47,000
103,000
200,000
Net Common Stock Issuance
-5,536,000
-6,324,000
-4,764,000
-1,925,000
Common Stock Payments
-5,536,000
-6,324,000
-4,764,000
-1,925,000
Common Stock Issuance
0
0
19,873,000
Net Issuance Payments Of Debt
20,293,000
-7,537,000
-13,093,000
-6,813,000
Net Short Term Debt Issuance
-3,039,000
415,000
4,902,000
1,189,000
Short Term Debt Payments
-15,035,000
-22,039,000
-11,026,000
-5,084,000
Short Term Debt Issuance
11,996,000
22,454,000
15,928,000
6,273,000
Net Long Term Debt Issuance
23,332,000
-7,952,000
-17,995,000
-8,002,000
Long Term Debt Payments
-11,316,000
-9,072,000
-22,540,000
-11,451,000
Long Term Debt Issuance
34,648,000
1,120,000
4,545,000
3,449,000
Investing Cash Flow
-25,136,000
-8,555,000
-50,397,000
-3,944,000
Cash Flow From Continuing Investing Activities
-25,136,000
-8,555,000
-50,397,000
-3,944,000
Net Other Investing Changes
-806,000
-2,366,000
2,577,000
-761,000
Net Investment Purchase And Sale
-13,044,000
-6,368,000
-46,961,000
6,598,000
Sale Of Investment
302,488,000
298,554,000
155,032,000
188,119,000
Purchase Of Investment
-315,532,000
-304,922,000
-201,993,000
-181,521,000
Net Business Purchase And Sale
2,131,000
8,438,000
5,282,000
-1,388,000
Sale Of Business
3,965,000
9,233,000
6,884,000
2,254,000
Purchase Of Business
-1,834,000
-795,000
-1,602,000
-3,642,000
Net Intangibles Purchase And Sale
-1,344,000
-125,000
-105,000
-107,000
Purchase Of Intangibles
-1,344,000
-125,000
-105,000
-107,000
Net PPE Purchase And Sale
-12,073,000
-8,134,000
-11,190,000
-8,286,000
Purchase Of PPE
-12,073,000
-8,134,000
-11,190,000
-8,286,000
Operating Cash Flow
-3,013,000
21,234,000
36,615,000
26,170,000
Cash Flow From Continuing Operating Activities
-3,013,000
21,234,000
36,615,000
26,170,000
Change In Working Capital
-42,048,000
-27,512,000
-13,067,000
-16,758,000
Change In Other Working Capital
-1,874,000
513,000
1,918,000
-444,000
Change In Other Current Assets
-33,984,000
-30,522,000
-14,000,000
-12,570,000
Change In Payables And Accrued Expense
-1,687,000
2,390,000
-1,005,000
-1,639,000
Change In Payable
-1,687,000
2,390,000
-1,005,000
-1,639,000
Change In Account Payable
-1,844,000
2,298,000
-858,000
-1,450,000
Change In Receivables
-4,503,000
107,000
20,000
-2,105,000
Changes In Account Receivables
-4,509,000
327,000
216,000
-2,369,000
Other Non Cash Items
1,893,000
-1,549,000
-950,000
-132,000
Stock Based Compensation
3,605,000
4,784,000
6,345,000
6,788,000
Provisionand Write Offof Assets
1,984,000
1,074,000
693,000
701,000
Asset Impairment Charge
16,678,000
630,000
910,000
3,058,000
Deferred Tax
-1,271,000
1,040,000
-163,000
-99,000
Deferred Income Tax
-1,271,000
1,040,000
-163,000
-99,000
Depreciation Amortization Depletion
21,351,000
20,521,000
21,457,000
20,084,000
Depreciation And Amortization
21,351,000
20,521,000
21,457,000
20,084,000
Amortization Cash Flow
13,605,000
13,677,000
14,067,000
13,607,000
Amortization Of Intangibles
13,605,000
13,677,000
14,067,000
13,607,000
Depreciation
7,746,000
6,844,000
7,390,000
6,477,000
Operating Gains Losses
-10,662,000
-1,929,000
-159,000
4,994,000
Earnings Losses From Equity Investments
-3,196,000
691,000
3,799,000
1,910,000
Gain Loss On Investment Securities
-7,455,000
-2,598,000
-3,765,000
4,010,000
Gain Loss On Sale Of PPE
-11,000
-44,000
-36,000
-58,000
Net Income From Continuing Operations
5,457,000
24,175,000
21,549,000
7,534,000
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: $289.7B
Warren's Owner Earnings
$40.4B
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.
$129.1B
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.
1.76x
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.
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 $19.84 to $11.76 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.
-40.7% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $129.1Bvs > $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 — 1.76xvs 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 — 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 $19.84 to $11.76 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 BIDU 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
2.3%
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
240.1%
34.8%
55.6%
111.0%
N/A
Repurchase of Capital Stock
-$5.5B
-$6.3B
-$4.8B
-$1.9B
N/A
Free Cash Flow
-$16.4B▼
$13.0B▼
$25.3B▲
$17.8B•
N/A•
Warren's Owner Earnings
$40.4B
$52.5B
$53.1B
$36.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BIDU 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
BIDU (BIDU) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 43.9%. Operating margin: 8.0%. Net margin: 4.3%. 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
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.