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 Margin12.8%
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 Margin9.3%
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
C
Years to Pay Off Debt2.4 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-$447M
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$5.0B
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
C
Free Cash Flow$2.5B
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 Income49.2%
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$5.0B
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 Profit23.6%
Operating Margin12.8%
Net Margin9.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
23.6%▲
23.3%▲
23.1%▲
20.8%•
N/A
Operating Margin %
12.8%▲
12.2%▲
10.4%▲
8.9%•
N/A
Net Income %
9.3%▼
10.7%▲
7.6%▲
-2.8%•
N/A
Diluted EPS
2.60▼
2.98▲
1.91▲
-0.61•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$40.9B
$38.4B
$36.9B
$34.2B
N/A
Total Debt
$6.1B▲
$6.0B▲
$6.0B▼
$6.7B•
N/A
Working Capital
$5.0B▲
$4.2B▲
$3.3B▼
$3.5B•
N/A
Years to Pay Debt
2.35
2.02
3.10
-11.08
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.5B▲
$2.1B▲
$1.8B▲
$899M•
N/A
Owner Earnings
$5.0B
$5.4B
$4.3B
$1.4B
N/A
CapEx % of Net Income
49.2%
42.9%
63.0%
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-37,400
7,979
57,534
-148,050
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
4,712,000
4,498,000
3,735,000
2,040,000
Total Unusual Items
-425,000
101,000
223,000
-705,000
Total Unusual Items Excluding Goodwill
-425,000
101,000
223,000
-705,000
Net Income From Continuing Operation Net Minority Interest
2,588,000
2,979,000
1,943,000
-601,000
Reconciled Depreciation
1,188,000
1,136,000
1,087,000
1,061,000
Reconciled Cost Of Revenue
21,189,000
21,346,000
19,604,000
16,756,000
EBITDA
4,287,000
4,599,000
3,958,000
1,335,000
EBIT
3,099,000
3,463,000
2,871,000
274,000
Net Interest Income
-222,000
-198,000
-216,000
-252,000
Interest Expense
222,000
198,000
216,000
252,000
Normalized Income
2,975,600
2,885,979
1,777,534
-44,050
Net Income From Continuing And Discontinued Operation
2,588,000
2,979,000
1,943,000
-601,000
Total Expenses
24,176,000
24,447,000
22,866,000
19,266,000
Total Operating Income As Reported
3,081,000
2,317,000
1,185,000
1,310,000
Diluted Average Shares
994,000
1,001,000
1,015,000
987,000
Basic Average Shares
988,000
994,000
1,008,000
987,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
2,588,000
2,979,000
1,943,000
-601,000
Net Income Common Stockholders
2,588,000
2,979,000
1,943,000
-601,000
Net Income
2,588,000
2,979,000
1,943,000
-601,000
Minority Interests
-36,000
-29,000
-27,000
-23,000
Net Income Including Noncontrolling Interests
2,624,000
3,008,000
1,970,000
-578,000
Net Income Continuous Operations
2,624,000
3,008,000
1,970,000
-578,000
Tax Provision
253,000
257,000
685,000
600,000
Pretax Income
2,877,000
3,265,000
2,655,000
22,000
Other Income Expense
-458,000
75,000
231,000
-1,616,000
Other Non Operating Income Expenses
-33,000
-26,000
8,000
-911,000
Special Income Charges
-322,000
-266,000
-332,000
-705,000
Other Special Charges
40,000
36,000
45,000
Impairment Of Capital Assets
53,000
77,000
-2,000
0
Restructuring And Mergern Acquisition
229,000
153,000
289,000
705,000
Gain On Sale Of Security
-103,000
367,000
555,000
Net Non Operating Interest Income Expense
-222,000
-198,000
-216,000
-252,000
Interest Expense Non Operating
222,000
198,000
216,000
252,000
Operating Income
3,557,000
3,382,000
2,640,000
1,890,000
Operating Expense
2,987,000
3,101,000
3,262,000
2,510,000
Research And Development
600,000
643,000
651,000
Selling General And Administration
2,387,000
2,458,000
2,611,000
2,510,000
Gross Profit
6,544,000
6,483,000
5,902,000
4,400,000
Cost Of Revenue
21,189,000
21,346,000
19,604,000
16,756,000
Total Revenue
27,733,000
27,829,000
25,506,000
21,156,000
Operating Revenue
27,733,000
27,829,000
25,506,000
21,156,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
986,774
989,526
998,000
1,006,000
Share Issued
986,774
989,526
998,000
1,006,000
Net Debt
2,372,000
2,659,000
3,375,000
4,170,000
Total Debt
6,087,000
6,023,000
6,021,000
6,658,000
Tangible Book Value
8,669,000
6,866,000
5,138,000
4,285,000
Invested Capital
24,921,000
22,918,000
21,389,000
21,052,000
Working Capital
4,951,000
4,220,000
3,310,000
3,516,000
Net Tangible Assets
8,669,000
6,866,000
5,138,000
4,285,000
Common Stock Equity
18,834,000
16,895,000
15,368,000
14,394,000
Total Capitalization
24,232,000
22,865,000
21,241,000
20,374,000
Total Equity Gross Minority Interest
19,010,000
17,055,000
15,519,000
14,525,000
Minority Interest
176,000
160,000
151,000
131,000
Stockholders Equity
18,834,000
16,895,000
15,368,000
14,394,000
Gains Losses Not Affecting Retained Earnings
-2,652,000
-3,161,000
-2,796,000
-2,971,000
Other Equity Adjustments
-2,652,000
-3,161,000
-2,796,000
-2,971,000
Retained Earnings
-3,252,000
-5,840,000
-8,819,000
-10,761,000
Additional Paid In Capital
24,738,000
25,896,000
26,983,000
28,126,000
Total Liabilities Net Minority Interest
21,871,000
21,308,000
21,426,000
19,656,000
Total Non Current Liabilities Net Minority Interest
7,994,000
8,317,000
8,435,000
8,580,000
Other Non Current Liabilities
1,446,000
1,276,000
1,408,000
1,411,000
Employee Benefits
1,066,000
988,000
978,000
960,000
Non Current Pension And Other Postretirement Benefit Plans
1,066,000
988,000
978,000
960,000
Non Current Deferred Liabilities
84,000
83,000
176,000
229,000
Non Current Deferred Taxes Liabilities
84,000
83,000
176,000
229,000
Long Term Debt And Capital Lease Obligation
5,398,000
5,970,000
5,873,000
5,980,000
Long Term Debt
5,398,000
5,970,000
5,873,000
5,980,000
Current Liabilities
13,877,000
12,991,000
12,991,000
11,076,000
Other Current Liabilities
2,705,000
2,724,000
2,830,000
2,278,000
Current Deferred Liabilities
5,904,000
5,672,000
5,542,000
3,822,000
Current Deferred Revenue
5,904,000
5,672,000
5,542,000
3,822,000
Current Debt And Capital Lease Obligation
689,000
53,000
148,000
678,000
Current Debt
689,000
53,000
148,000
678,000
Other Current Borrowings
90,000
53,000
39,000
29,000
Current Notes Payable
599,000
0
109,000
649,000
Payables And Accrued Expenses
4,579,000
4,542,000
4,471,000
4,298,000
Payables
4,579,000
4,542,000
4,471,000
4,298,000
Accounts Payable
4,579,000
4,542,000
4,471,000
4,298,000
Total Assets
40,881,000
38,363,000
36,945,000
34,181,000
Total Non Current Assets
22,053,000
21,152,000
20,643,000
19,588,000
Other Non Current Assets
2,985,000
2,982,000
3,043,000
2,781,000
Non Current Deferred Assets
1,957,000
1,284,000
722,000
657,000
Non Current Deferred Taxes Assets
1,957,000
1,284,000
722,000
657,000
Non Current Accounts Receivable
1,620,000
1,730,000
1,756,000
1,503,000
Goodwill And Other Intangible Assets
10,165,000
10,029,000
10,230,000
10,109,000
Other Intangible Assets
4,097,000
3,951,000
4,093,000
4,179,000
Goodwill
6,068,000
6,078,000
6,137,000
5,930,000
Net PPE
5,326,000
5,127,000
4,892,000
4,538,000
Accumulated Depreciation
-6,686,000
-6,056,000
-5,678,000
-5,121,000
Gross PPE
12,012,000
11,183,000
10,570,000
9,659,000
Machinery Furniture Equipment
9,184,000
8,539,000
7,974,000
7,192,000
Buildings And Improvements
2,531,000
2,347,000
2,264,000
2,120,000
Land And Improvements
297,000
297,000
332,000
347,000
Current Assets
18,828,000
17,211,000
16,301,000
14,592,000
Other Current Assets
3,518,000
1,771,000
1,486,000
1,559,000
Inventory
4,954,000
4,954,000
5,094,000
4,587,000
Finished Goods
2,381,000
2,494,000
2,626,000
2,419,000
Work In Process
2,573,000
2,460,000
2,468,000
2,168,000
Receivables
6,641,000
7,122,000
7,075,000
5,958,000
Receivables Adjustments Allowances
-277,000
-232,000
-350,000
-341,000
Other Receivables
1,360,000
1,409,000
1,392,000
1,216,000
Duefrom Related Parties Current
0
481,000
Accounts Receivable
5,558,000
5,945,000
6,033,000
5,083,000
Cash Cash Equivalents And Short Term Investments
3,715,000
3,364,000
2,646,000
2,488,000
Cash And Cash Equivalents
3,715,000
3,364,000
2,646,000
2,488,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,537,000
2,054,000
1,838,000
899,000
Repurchase Of Capital Stock
-384,000
-484,000
-538,000
-828,000
Repayment Of Debt
0
-143,000
-651,000
0
Issuance Of Debt
0
0
1,250,000
Capital Expenditure
-1,273,000
-1,278,000
-1,224,000
-989,000
Interest Paid Supplemental Data
294,000
298,000
309,000
291,000
Income Tax Paid Supplemental Data
1,156,000
1,040,000
595,000
498,000
End Cash Position
3,715,000
3,364,000
2,646,000
2,488,000
Beginning Cash Position
3,364,000
2,646,000
2,488,000
3,853,000
Effect Of Exchange Rate Changes
67,000
-71,000
-59,000
-97,000
Changes In Cash
284,000
789,000
217,000
-1,268,000
Financing Cash Flow
-1,482,000
-1,527,000
-2,028,000
-1,592,000
Cash Flow From Continuing Financing Activities
-1,482,000
-1,527,000
-2,028,000
-1,592,000
Net Other Financing Charges
-188,000
-64,000
-53,000
-38,000
Cash Dividends Paid
-910,000
-836,000
-786,000
-726,000
Common Stock Dividend Paid
-910,000
-836,000
-786,000
-726,000
Net Common Stock Issuance
-384,000
-484,000
-538,000
-828,000
Common Stock Payments
-384,000
-484,000
-538,000
-828,000
Net Issuance Payments Of Debt
0
-143,000
-651,000
0
Net Short Term Debt Issuance
0
-28,000
-832,000
Short Term Debt Payments
0
-28,000
-832,000
Net Long Term Debt Issuance
0
-143,000
-651,000
0
Long Term Debt Payments
0
-143,000
-651,000
0
Long Term Debt Issuance
0
0
1,250,000
Investing Cash Flow
-2,044,000
-1,016,000
-817,000
-1,564,000
Cash Flow From Continuing Investing Activities
-2,044,000
-1,016,000
-817,000
-1,564,000
Net Other Investing Changes
58,000
170,000
43,000
166,000
Net Investment Purchase And Sale
1,000
92,000
372,000
26,000
Sale Of Investment
1,000
92,000
372,000
26,000
Net Business Purchase And Sale
-830,000
0
-8,000
-767,000
Sale Of Business
0
0
293,000
0
Purchase Of Business
-830,000
0
-301,000
-767,000
Capital Expenditure Reported
-1,273,000
-1,278,000
-1,224,000
-989,000
Operating Cash Flow
3,810,000
3,332,000
3,062,000
1,888,000
Cash Flow From Continuing Operating Activities
3,810,000
3,332,000
3,062,000
1,888,000
Change In Working Capital
394,000
24,000
462,000
211,000
Change In Other Working Capital
-377,000
290,000
2,059,000
1,192,000
Change In Other Current Liabilities
-72,000
Change In Payables And Accrued Expense
11,000
91,000
61,000
605,000
Change In Payable
11,000
91,000
61,000
605,000
Change In Account Payable
11,000
91,000
61,000
605,000
Change In Inventory
79,000
-102,000
-461,000
-885,000
Change In Receivables
681,000
-255,000
-1,197,000
-701,000
Changes In Account Receivables
358,000
-159,000
-986,000
-625,000
Stock Based Compensation
203,000
202,000
197,000
207,000
Asset Impairment Charge
77,000
34,000
166,000
7,000
Deferred Tax
-702,000
-671,000
-59,000
105,000
Deferred Income Tax
-702,000
-671,000
-59,000
105,000
Depreciation Amortization Depletion
1,188,000
1,136,000
1,087,000
1,061,000
Depreciation And Amortization
1,188,000
1,136,000
1,087,000
1,061,000
Amortization Cash Flow
250,000
266,000
257,000
222,000
Amortization Of Intangibles
250,000
266,000
257,000
222,000
Depreciation
938,000
870,000
830,000
839,000
Operating Gains Losses
103,000
-367,000
-595,000
716,000
Gain Loss On Investment Securities
103,000
-367,000
-555,000
265,000
Gain Loss On Sale Of Business
0
0
-40,000
451,000
Net Income From Continuing Operations
2,624,000
3,008,000
1,970,000
-578,000
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: $19.0B
Warren's Owner Earnings
$5.0B
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.
$27.7B
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.
1.36x
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.
1 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 $1.91 to $2.60 over 2 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.
+36.1% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $27.7Bvs > $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 — 1.36xvs 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 — 1 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 $1.91 to $2.60 over 2 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 BKR 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
10.4%
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
49.2%
42.9%
63.0%
N/A
N/A
Repurchase of Capital Stock
-$384M
-$484M
-$538M
-$828M
N/A
Free Cash Flow
$2.5B▲
$2.1B▲
$1.8B▲
$899M•
N/A•
Warren's Owner Earnings
$5.0B
$5.4B
$4.3B
$1.4B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BKR 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
BKR (BKR) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 23.6%. Operating margin: 12.8%. Net margin: 9.3%. 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.