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 Margin8.5%
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 Margin29.4%
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
A
Years to Pay Off Debt1.8 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$1.2B
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$2.4B
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$375M
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 Income20.7%
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$1.1B
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 Profit51.9%
Operating Margin8.5%
Net Margin29.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
51.9%▼
53.7%▲
53.4%▼
55.9%•
N/A
Operating Margin %
8.5%▼
10.5%▼
12.6%▼
17.0%•
N/A
Net Income %
29.4%▲
-71.9%▼
-23.9%▲
-129.5%•
N/A
Diluted EPS
27.85▲
-65.36▼
-21.82▲
-121.79•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$10.6B
$9.4B
$12.3B
$13.5B
N/A
Total Debt
$1.4B▲
$1.4B▼
$1.4B▲
$1.4B•
N/A
Working Capital
$2.4B▼
$2.6B▲
$2.5B▼
$2.6B•
N/A
Years to Pay Debt
1.82
-0.75
-2.21
-0.38
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$375M▲
$266M▲
$218M▲
$80M•
N/A
Owner Earnings
$1.1B
-$1.5B
-$335M
-$3.4B
N/A
CapEx % of Net Income
20.7%
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
172,576
-562,904
-310,450
-1,191,166
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
480,700
504,200
587,000
672,800
Total Unusual Items
729,200
-2,646,200
-1,241,800
-5,201,600
Total Unusual Items Excluding Goodwill
729,200
-2,646,200
-1,241,800
-5,201,600
Net Income From Continuing Operation Net Minority Interest
759,900
-1,844,200
-637,300
-3,627,500
Reconciled Depreciation
165,400
151,600
145,900
137,300
Reconciled Cost Of Revenue
1,243,300
1,187,600
1,244,300
1,234,900
EBITDA
1,209,900
-2,142,000
-654,800
-4,528,800
EBIT
1,044,500
-2,293,600
-800,700
-4,666,100
Net Interest Income
46,500
33,100
51,500
20,000
Interest Expense
49,000
48,900
49,400
38,100
Interest Income
95,500
82,000
100,900
58,100
Normalized Income
203,276
239,096
294,050
382,934
Net Income From Continuing And Discontinued Operation
759,900
-1,844,200
-637,300
-3,627,500
Total Expenses
2,364,600
2,297,500
2,333,400
2,327,100
Total Operating Income As Reported
47,200
269,000
337,800
482,600
Diluted Average Shares
27,281
28,214
29,209
29,785
Basic Average Shares
27,263
28,214
29,209
29,785
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
759,900
-1,844,200
-637,300
-3,627,500
Net Income Common Stockholders
759,900
-1,844,200
-637,300
-3,627,500
Net Income
759,900
-1,844,200
-637,300
-3,627,500
Net Income Including Noncontrolling Interests
759,900
-1,844,200
-637,300
-3,627,500
Net Income Continuous Operations
759,900
-1,844,200
-637,300
-3,627,500
Tax Provision
235,600
-498,300
-212,800
-1,076,700
Pretax Income
995,500
-2,342,500
-850,100
-4,704,200
Other Income Expense
730,400
-2,644,600
-1,239,400
-5,199,300
Other Non Operating Income Expenses
1,200
1,600
2,400
2,300
Special Income Charges
-178,800
0
2,500
-10,500
Gain On Sale Of Business
0
2,500
1,400
0
Other Special Charges
-2,500
Write Off
6,000
0
0
11,900
Impairment Of Capital Assets
172,800
0
0
Gain On Sale Of Security
908,000
-2,646,200
-1,244,300
-5,191,100
Net Non Operating Interest Income Expense
46,500
33,100
51,500
20,000
Interest Expense Non Operating
49,000
48,900
49,400
38,100
Interest Income Non Operating
95,500
82,000
100,900
58,100
Operating Income
218,600
269,000
337,800
475,100
Operating Expense
1,121,300
1,109,900
1,089,100
1,092,200
Other Operating Expenses
7,500
Provision For Doubtful Accounts
1,400
0
0
7,500
Research And Development
275,600
295,900
247,400
256,900
Selling General And Administration
844,300
814,000
841,700
827,800
Gross Profit
1,339,900
1,378,900
1,426,900
1,567,300
Cost Of Revenue
1,243,300
1,187,600
1,244,300
1,234,900
Total Revenue
2,583,200
2,566,500
2,671,200
2,802,200
Operating Revenue
2,583,200
2,566,500
2,671,200
2,802,200
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
3,275
2,255
1,747
640
Ordinary Shares Number
26,990
28,011
28,518
29,596
Share Issued
30,266
30,266
30,266
30,236
Net Debt
674,500
713,500
795,800
763,950
Total Debt
1,386,100
1,374,700
1,405,500
1,388,098
Tangible Book Value
6,699,500
5,865,200
8,007,100
8,876,652
Invested Capital
8,657,900
7,770,900
9,940,800
10,813,417
Working Capital
2,389,200
2,562,500
2,525,500
2,589,268
Net Tangible Assets
6,699,500
5,865,200
8,007,100
8,876,652
Capital Lease Obligations
181,800
173,100
205,900
189,933
Common Stock Equity
7,453,600
6,569,300
8,741,200
9,615,252
Total Capitalization
8,656,600
7,769,700
9,940,300
10,812,952
Total Equity Gross Minority Interest
7,453,600
6,569,300
8,741,200
9,615,252
Stockholders Equity
7,453,600
6,569,300
8,741,200
9,615,252
Gains Losses Not Affecting Retained Earnings
-189,100
-538,200
-336,000
-466,822
Other Equity Adjustments
-189,100
-538,200
-336,000
-466,822
Treasury Stock
1,009,600
772,100
632,500
263,586
Retained Earnings
8,176,300
7,416,400
9,260,600
9,898,203
Additional Paid In Capital
476,000
463,200
449,100
447,454
Capital Stock
0
0
0
3
Common Stock
0
0
0
3
Total Liabilities Net Minority Interest
3,122,900
2,794,800
3,557,900
3,886,414
Total Non Current Liabilities Net Minority Interest
2,605,900
2,327,000
3,035,100
3,317,706
Other Non Current Liabilities
197,800
177,200
195,000
195,928
Non Current Deferred Liabilities
1,059,400
818,000
1,475,500
1,770,481
Non Current Deferred Taxes Liabilities
1,059,400
818,000
1,475,500
1,770,481
Long Term Debt And Capital Lease Obligation
1,348,700
1,331,800
1,364,600
1,351,297
Long Term Capital Lease Obligation
145,700
131,400
165,500
153,597
Long Term Debt
1,203,000
1,200,400
1,199,100
1,197,700
Current Liabilities
517,000
467,800
522,800
568,708
Other Current Liabilities
141,700
147,200
161,600
169,648
Current Deferred Liabilities
52,211
50,852
Current Deferred Revenue
52,211
50,852
Current Debt And Capital Lease Obligation
37,400
42,900
40,900
36,801
Current Capital Lease Obligation
36,100
41,700
40,400
36,336
Current Debt
1,300
1,200
500
465
Other Current Borrowings
1,300
1,200
500
465
Payables And Accrued Expenses
337,900
277,700
320,300
362,259
Current Accrued Expenses
172,300
124,200
139,900
194,790
Payables
165,600
153,500
180,400
167,469
Total Tax Payable
36,600
31,200
35,800
32,428
Income Tax Payable
11,929
10,319
Accounts Payable
129,000
122,300
144,600
135,041
Total Assets
10,576,500
9,364,100
12,299,100
13,501,666
Total Non Current Assets
7,670,300
6,333,800
9,250,800
10,343,643
Other Non Current Assets
102,700
101,900
94,900
94,599
Investments And Advances
6,103,600
4,839,200
7,698,100
8,830,892
Other Investments
6,103,600
4,839,200
7,698,100
8,830,892
Goodwill And Other Intangible Assets
754,100
704,100
734,100
738,600
Other Intangible Assets
174,300
293,600
320,500
332,100
Goodwill
579,800
410,500
413,600
406,500
Net PPE
709,900
688,600
723,700
679,552
Accumulated Depreciation
-1,261,000
-1,109,200
-1,066,700
-1,009,400
Gross PPE
1,970,900
1,797,800
1,790,400
1,688,952
Other Properties
1,492,600
1,343,700
1,342,200
1,267,552
Buildings And Improvements
449,400
426,300
419,800
393,600
Land And Improvements
28,900
27,800
28,400
27,800
Current Assets
2,906,200
3,030,300
3,048,300
3,157,976
Other Current Assets
27,700
30,700
26,100
23,604
Restricted Cash
0
5,600
5,560
5,560
Prepaid Assets
136,500
122,600
140,000
124,179
Inventory
740,700
760,000
780,500
719,316
Other Inventories
17
16
39
Finished Goods
293,300
294,800
302,900
269,600
Work In Process
234,900
243,200
246,000
220,900
Raw Materials
212,500
222,000
231,600
228,800
Receivables
460,600
452,500
489,000
494,645
Accounts Receivable
460,600
452,500
489,000
494,645
Allowance For Doubtful Accounts Receivable
-5,500
-9,200
-14,900
-15,029
Gross Accounts Receivable
466,100
461,700
503,900
509,674
Cash Cash Equivalents And Short Term Investments
1,540,700
1,664,500
1,607,100
1,790,672
Other Short Term Investments
1,010,900
1,176,400
1,203,300
1,356,457
Cash And Cash Equivalents
529,800
488,100
403,800
434,215
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
374,600
266,200
218,200
80,100
Repurchase Of Capital Stock
-295,500
-203,600
-428,700
-215,700
Repayment Of Debt
-500
-400
-500
-500
Issuance Of Debt
0
0
1,186,200
0
Capital Expenditure
-157,600
-189,000
-156,700
-114,300
End Cash Position
532,200
489,800
404,400
434,500
Beginning Cash Position
489,800
404,400
434,500
471,100
Effect Of Exchange Rate Changes
-16,900
9,200
400
3,000
Changes In Cash
59,300
76,200
-30,500
-39,600
Financing Cash Flow
-283,200
-218,800
-425,600
973,600
Cash Flow From Continuing Financing Activities
-283,200
-218,800
-425,600
973,600
Net Other Financing Charges
-3,000
-34,000
-14,900
-14,000
Proceeds From Stock Option Exercised
15,800
19,200
18,500
17,600
Net Common Stock Issuance
-295,500
-203,600
-428,700
-215,700
Common Stock Payments
-295,500
-203,600
-428,700
-215,700
Net Issuance Payments Of Debt
-500
-400
-500
1,185,700
Net Long Term Debt Issuance
-500
-400
-500
1,185,700
Long Term Debt Payments
-500
-400
-500
-500
Long Term Debt Issuance
0
0
1,186,200
0
Investing Cash Flow
-189,700
-160,200
20,200
-1,207,600
Cash Flow From Continuing Investing Activities
-189,700
-160,200
20,200
-1,207,600
Net Other Investing Changes
-453,440
Net Investment Purchase And Sale
186,300
28,700
174,200
-994,200
Sale Of Investment
855,600
1,305,300
863,200
1,066,000
Purchase Of Investment
-669,300
-1,276,600
-689,000
-2,060,200
Net Business Purchase And Sale
-218,500
0
2,500
-99,300
Sale Of Business
0
0
2,500
1,400
Purchase Of Business
-218,500
0
0
-100,700
Net Intangibles Purchase And Sale
0
-23,400
0
-1,500
Purchase Of Intangibles
0
-23,400
0
-1,500
Net PPE Purchase And Sale
-157,500
-165,500
-156,500
-112,600
Sale Of PPE
100
100
200
200
Purchase Of PPE
-157,600
-165,600
-156,700
-112,800
Operating Cash Flow
532,200
455,200
374,900
194,400
Cash Flow From Continuing Operating Activities
532,200
455,200
374,900
194,400
Change In Working Capital
272,400
-620,800
-432,800
-1,610,000
Change In Other Working Capital
170,500
-626,800
-322,600
-1,241,600
Change In Other Current Liabilities
-200
5,600
-4,100
5,600
Change In Other Current Assets
12,200
-7,500
1,900
-32,400
Change In Payables And Accrued Expense
1,400
-16,800
-73,100
-95,400
Change In Payable
1,400
-16,800
-73,100
-95,400
Change In Account Payable
-100
-40,900
-51,800
-94,200
Change In Tax Payable
1,500
24,100
-21,300
-1,200
Change In Income Tax Payable
1,500
24,100
-21,300
-1,200
Change In Inventory
68,900
8,500
-46,300
-158,800
Change In Receivables
19,600
16,200
11,400
-87,400
Changes In Account Receivables
19,600
16,200
11,400
-87,400
Other Non Cash Items
-3,300
49,500
-12,000
22,100
Stock Based Compensation
58,000
62,300
61,300
60,900
Unrealized Gain Loss On Investment Securities
-900,400
2,656,800
1,252,300
5,193,600
Provisionand Write Offof Assets
1,400
0
0
7,500
Asset Impairment Charge
178,800
0
0
11,900
Depreciation Amortization Depletion
165,400
151,600
145,900
137,300
Depreciation And Amortization
165,400
151,600
145,900
137,300
Operating Gains Losses
-2,500
-1,400
Gain Loss On Sale Of Business
0
0
-2,500
-1,400
Net Income From Continuing Operations
759,900
-1,844,200
-637,300
-3,627,500
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: $7.5B
Warren's Owner Earnings
$1.1B
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.
$2.6B
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.
5.62x
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 — $2.6Bvs > $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 — 5.62xvs 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 BIO 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
1.7%
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
20.7%
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
-$296M
-$204M
-$429M
-$216M
N/A
Free Cash Flow
$375M▲
$266M▲
$218M▲
$80M•
N/A•
Warren's Owner Earnings
$1.1B
-$1.5B
-$335M
-$3.4B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BIO 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
BIO (BIO) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 51.9%. Operating margin: 8.5%. Net margin: 29.4%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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