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 Margin20.1%
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
C
Years to Pay Off Debt3.6 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-$11.3B
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$5.6B
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$9.1B
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 Income6.0%
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$6.5B
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.
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 ProfitN/A
Operating Margin34.5%
Net Margin20.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
N/A•
N/A•
N/A•
N/A•
N/A
Operating Margin %
34.5%▲
31.8%▲
27.3%▼
29.9%•
N/A
Net Income %
20.1%▼
24.8%▲
20.1%▲
17.9%•
N/A
Diluted EPS
6.62▼
6.91▲
4.70▲
3.05•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$29.3B
$27.7B
$24.3B
$25.4B
N/A
Total Debt
$19.3B▲
$17.1B▲
$14.8B▲
$13.0B•
N/A
Working Capital
$5.6B▲
$4.8B▲
$3.7B▼
$7.3B•
N/A
Years to Pay Debt
3.57
2.90
3.45
4.26
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$9.1B▲
$7.9B▲
$7.0B▲
$6.2B•
N/A
Owner Earnings
$6.5B
$7.1B
$5.3B
$4.0B
N/A
CapEx % of Net Income
6.0%
7.3%
8.0%
12.0%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-363,451
-17,177
-104,172
-221,817
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
10,956,000
9,427,000
7,522,000
5,927,000
Total Unusual Items
-1,739,000
-89,000
-479,000
-1,006,000
Total Unusual Items Excluding Goodwill
-1,739,000
-89,000
-479,000
-1,006,000
Net Income From Continuing Operation Net Minority Interest
5,404,000
5,882,000
4,289,000
3,058,000
Reconciled Depreciation
768,000
751,000
665,000
607,000
EBITDA
9,217,000
9,338,000
7,043,000
4,921,000
EBIT
8,449,000
8,587,000
6,378,000
4,314,000
Net Interest Income
-696,000
-181,000
123,000
-172,000
Interest Expense
1,617,000
1,295,000
897,000
391,000
Interest Income
921,000
1,114,000
1,020,000
219,000
Normalized Income
6,779,549
5,953,823
4,663,828
3,842,183
Net Income From Continuing And Discontinued Operation
5,404,000
5,882,000
4,289,000
3,058,000
Total Expenses
17,635,000
16,184,000
15,530,000
11,988,000
Total Operating Income As Reported
8,825,000
7,555,000
5,835,000
5,102,000
Diluted Average Shares
815,975
851,600
913,250
1,001,300
Basic Average Shares
811,300
840,550
903,500
996,800
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
5,404,000
5,882,000
4,289,000
3,058,000
Net Income Common Stockholders
5,404,000
5,882,000
4,289,000
3,058,000
Net Income
5,404,000
5,882,000
4,289,000
3,058,000
Net Income Including Noncontrolling Interests
5,404,000
5,882,000
4,289,000
3,058,000
Net Income Continuous Operations
5,404,000
5,882,000
4,289,000
3,058,000
Tax Provision
1,428,000
1,410,000
1,192,000
865,000
Pretax Income
6,832,000
7,292,000
5,481,000
3,923,000
Other Income Expense
-1,754,000
-82,000
-477,000
-1,007,000
Other Non Operating Income Expenses
-15,000
7,000
2,000
-1,000
Special Income Charges
-457,000
0
0
199,000
Other Special Charges
242,000
Impairment Of Capital Assets
457,000
0
0
0
Restructuring And Mergern Acquisition
-199,000
13,000
Gain On Sale Of Security
-1,282,000
-89,000
-479,000
-1,006,000
Net Non Operating Interest Income Expense
-696,000
-181,000
123,000
-172,000
Interest Expense Non Operating
1,617,000
1,295,000
897,000
391,000
Interest Income Non Operating
921,000
1,114,000
1,020,000
219,000
Operating Income
9,282,000
7,555,000
5,835,000
5,102,000
Operating Expense
17,635,000
16,184,000
15,530,000
11,988,000
Other Operating Expenses
1,113,000
805,000
655,000
327,000
Depreciation Amortization Depletion Income Statement
623,000
591,000
504,000
451,000
Depreciation And Amortization In Income Statement
623,000
591,000
504,000
451,000
Selling General And Administration
15,899,000
14,788,000
14,371,000
11,210,000
Selling And Marketing Expense
11,639,000
10,398,000
9,517,000
7,979,000
General And Administrative Expense
4,260,000
4,390,000
4,854,000
3,231,000
Other Gand A
857,000
1,036,000
1,560,000
766,000
Salaries And Wages
3,403,000
3,354,000
3,294,000
2,465,000
Total Revenue
26,917,000
23,739,000
21,365,000
17,090,000
Operating Revenue
26,917,000
23,739,000
21,365,000
17,090,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
815,676
783,232
741,259
647,939
Ordinary Shares Number
797,353
823,672
859,941
946,574
Share Issued
1,613,029
1,606,903
1,601,200
1,594,513
Net Debt
1,533,000
434,000
2,077,000
264,000
Total Debt
19,293,000
17,081,000
14,783,000
13,037,000
Tangible Book Value
-9,165,000
-8,201,000
-7,183,000
-1,854,000
Invested Capital
13,158,000
12,578,000
11,440,000
15,267,000
Working Capital
5,566,000
4,844,000
3,704,000
7,324,000
Net Tangible Assets
-9,165,000
-8,201,000
-7,183,000
-1,854,000
Capital Lease Obligations
557,000
483,000
599,000
552,000
Common Stock Equity
-5,578,000
-4,020,000
-2,744,000
2,782,000
Total Capitalization
11,278,000
10,833,000
9,479,000
14,767,000
Total Equity Gross Minority Interest
-5,578,000
-4,020,000
-2,744,000
2,782,000
Stockholders Equity
-5,578,000
-4,020,000
-2,744,000
2,782,000
Gains Losses Not Affecting Retained Earnings
-290,000
-375,000
-323,000
-267,000
Other Equity Adjustments
-290,000
-375,000
-323,000
-267,000
Treasury Stock
54,315,000
47,877,000
41,426,000
30,983,000
Retained Earnings
40,670,000
36,525,000
31,830,000
27,541,000
Additional Paid In Capital
8,356,000
7,707,000
7,175,000
6,491,000
Capital Stock
1,000
0
0
0
Common Stock
1,000
0
0
0
Total Liabilities Net Minority Interest
34,842,000
31,728,000
27,086,000
22,579,000
Total Non Current Liabilities Net Minority Interest
18,144,000
16,081,000
13,756,000
14,105,000
Other Non Current Liabilities
714,000
199,000
161,000
172,000
Tradeand Other Payables Non Current
0
257,000
515,000
711,000
Non Current Deferred Liabilities
17,000
289,000
258,000
685,000
Non Current Deferred Taxes Liabilities
17,000
289,000
258,000
685,000
Long Term Debt And Capital Lease Obligation
17,413,000
15,336,000
12,822,000
12,537,000
Long Term Capital Lease Obligation
557,000
483,000
599,000
552,000
Long Term Debt
16,856,000
14,853,000
12,223,000
11,985,000
Current Liabilities
16,698,000
15,647,000
13,330,000
8,474,000
Current Deferred Liabilities
5,270,000
4,031,000
3,254,000
2,223,000
Current Deferred Revenue
5,270,000
4,031,000
3,254,000
2,223,000
Current Debt And Capital Lease Obligation
1,880,000
1,745,000
1,961,000
500,000
Current Debt
1,880,000
1,745,000
1,961,000
500,000
Current Notes Payable
500,000
1,989,000
Payables And Accrued Expenses
9,548,000
9,871,000
8,115,000
5,751,000
Current Accrued Expenses
4,454,000
6,047,000
4,741,000
3,244,000
Payables
5,094,000
3,824,000
3,374,000
2,507,000
Accounts Payable
5,094,000
3,824,000
3,374,000
2,507,000
Total Assets
29,264,000
27,708,000
24,342,000
25,361,000
Total Non Current Assets
7,000,000
7,217,000
7,308,000
9,563,000
Other Non Current Assets
1,392,000
1,109,000
940,000
824,000
Investments And Advances
582,000
536,000
440,000
2,789,000
Investmentin Financial Assets
582,000
536,000
440,000
2,789,000
Held To Maturity Securities
565,000
Available For Sale Securities
582,000
536,000
440,000
2,789,000
Goodwill And Other Intangible Assets
3,587,000
4,181,000
4,439,000
4,636,000
Other Intangible Assets
918,000
1,382,000
1,613,000
1,829,000
Goodwill
2,669,000
2,799,000
2,826,000
2,807,000
Net PPE
1,439,000
1,391,000
1,489,000
1,314,000
Accumulated Depreciation
-1,643,000
-1,392,000
-1,219,000
-1,324,000
Gross PPE
3,082,000
2,783,000
2,708,000
2,638,000
Leases
202,000
216,000
228,000
277,000
Construction In Progress
0
328,000
Other Properties
632,000
559,000
705,000
645,000
Machinery Furniture Equipment
2,248,000
2,008,000
1,775,000
1,716,000
Current Assets
22,264,000
20,491,000
17,034,000
15,798,000
Other Current Assets
630,000
541,000
454,000
1,173,000
Prepaid Assets
611,000
587,000
644,000
404,000
Receivables
3,820,000
3,199,000
3,253,000
2,229,000
Accounts Receivable
3,820,000
3,199,000
3,253,000
2,229,000
Allowance For Doubtful Accounts Receivable
-137,000
-146,000
-137,000
-117,000
Gross Accounts Receivable
3,957,000
3,345,000
3,390,000
2,346,000
Cash Cash Equivalents And Short Term Investments
17,203,000
16,164,000
12,683,000
12,396,000
Other Short Term Investments
0
576,000
175,000
25,000
Cash And Cash Equivalents
17,203,000
16,164,000
12,107,000
12,221,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
9,087,000
7,894,000
6,999,000
6,186,000
Repurchase Of Capital Stock
-6,440,000
-6,509,000
-10,377,000
-6,621,000
Repayment Of Debt
-4,970,000
-1,312,000
-500,000
-1,880,000
Issuance Of Debt
3,681,000
4,836,000
1,893,000
3,621,000
Capital Expenditure
-322,000
-429,000
-345,000
-368,000
Interest Paid Supplemental Data
1,100,000
953,000
842,000
380,000
Income Tax Paid Supplemental Data
1,789,000
600,000
735,000
End Cash Position
17,269,000
16,193,000
12,135,000
12,251,000
Beginning Cash Position
16,193,000
12,135,000
12,251,000
11,152,000
Effect Of Exchange Rate Changes
895,000
-190,000
-37,000
-40,000
Changes In Cash
181,000
4,248,000
-79,000
1,139,000
Financing Cash Flow
-8,915,000
-4,204,000
-8,909,000
-4,897,000
Cash Flow From Continuing Financing Activities
-8,915,000
-4,204,000
-8,909,000
-4,897,000
Net Other Financing Charges
47,000
-59,000
-59,000
-24,000
Proceeds From Stock Option Exercised
15,000
14,000
134,000
7,000
Cash Dividends Paid
-1,248,000
-1,174,000
0
0
Common Stock Dividend Paid
-1,248,000
-1,174,000
0
0
Net Common Stock Issuance
-6,440,000
-6,509,000
-10,377,000
-6,621,000
Common Stock Payments
-6,440,000
-6,509,000
-10,377,000
-6,621,000
Net Issuance Payments Of Debt
-1,289,000
3,524,000
1,393,000
1,741,000
Net Long Term Debt Issuance
-1,289,000
3,524,000
1,393,000
1,741,000
Long Term Debt Payments
-4,970,000
-1,312,000
-500,000
-1,880,000
Long Term Debt Issuance
3,681,000
4,836,000
1,893,000
3,621,000
Investing Cash Flow
-313,000
129,000
1,486,000
-518,000
Cash Flow From Continuing Investing Activities
-313,000
129,000
1,486,000
-518,000
Net Other Investing Changes
9,000
1,000
3,000
-15,000
Net Investment Purchase And Sale
0
557,000
1,828,000
-736,000
Sale Of Investment
0
590,000
1,840,000
32,000
Purchase Of Investment
0
-33,000
-12,000
-768,000
Net Business Purchase And Sale
0
0
-1,185,000
Purchase Of Business
0
0
-1,185,000
Net PPE Purchase And Sale
-322,000
-429,000
-345,000
233,000
Sale Of PPE
0
0
601,000
0
Purchase Of PPE
-322,000
-429,000
-345,000
-368,000
Operating Cash Flow
9,409,000
8,323,000
7,344,000
6,554,000
Cash Flow From Continuing Operating Activities
9,409,000
8,323,000
7,344,000
6,554,000
Change In Working Capital
535,000
367,000
1,709,000
1,795,000
Change In Other Working Capital
1,165,000
885,000
2,884,000
3,240,000
Change In Prepaid Assets
100,000
-12,000
155,000
-217,000
Change In Receivables
-730,000
-506,000
-1,330,000
-1,228,000
Changes In Account Receivables
-730,000
-506,000
-1,330,000
-1,228,000
Other Non Cash Items
-14,000
7,000
5,000
38,000
Stock Based Compensation
617,000
599,000
530,000
404,000
Provisionand Write Offof Assets
416,000
412,000
330,000
232,000
Asset Impairment Charge
457,000
0
0
0
Deferred Tax
-516,000
98,000
-478,000
-257,000
Deferred Income Tax
-516,000
98,000
-478,000
-257,000
Depreciation Amortization Depletion
768,000
751,000
665,000
607,000
Depreciation And Amortization
768,000
751,000
665,000
607,000
Amortization Cash Flow
204,000
221,000
222,000
224,000
Amortization Of Intangibles
204,000
221,000
222,000
224,000
Depreciation
564,000
530,000
443,000
383,000
Operating Gains Losses
1,742,000
207,000
294,000
677,000
Gain Loss On Investment Securities
314,000
733,000
131,000
963,000
Net Foreign Currency Exchange Gain Loss
1,428,000
-526,000
163,000
-46,000
Gain Loss On Sale Of PPE
0
0
-240,000
0
Net Income From Continuing Operations
5,404,000
5,882,000
4,289,000
3,058,000
3/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
Negative book value — Graham's formula requires positive equity (BVPS). Common in companies with heavy buybacks (MCD, AAPL). Not a flaw in the business, but the formula cannot produce a fair value.
Margin of Safety
—
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$5.6B
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Warren's Owner Earnings
$6.5B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — 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.
$26.9B
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.
1.33x
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 $3.05 to $6.62 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.
+116.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $26.9Bvs > $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 — 1.33xvs 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 $3.05 to $6.62 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 BKNG 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
58.4%
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
6.0%
7.3%
8.0%
12.0%
N/A
Repurchase of Capital Stock
-$6.4B
-$6.5B
-$10.4B
-$6.6B
N/A
Free Cash Flow
$9.1B▲
$7.9B▲
$7.0B▲
$6.2B•
N/A•
Warren's Owner Earnings
$6.5B
$7.1B
$5.3B
$4.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BKNG 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
BKNG (BKNG) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: N/A. Operating margin: 34.5%. Net margin: 20.1%. 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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