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-22.3%
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-39.6%
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 Debt-0.2 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$13.8B
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$14.0B
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
F
Free Cash Flow-$293M
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.
Owner Earnings-$4M
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.
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 Profit77.6%
Operating Margin-22.3%
Net Margin-39.6%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
77.6%▼
80.3%▼
84.3%▲
82.7%•
N/A
Operating Margin %
-22.3%▲
-25.8%▼
22.9%▼
71.1%•
N/A
Net Income %
-39.6%▼
-24.2%▼
24.4%▼
54.5%•
N/A
Diluted EPS
-4.70▼
-2.77▼
3.83▼
37.77•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$22.0B
$22.5B
$23.0B
$23.3B
N/A
Total Debt
$267M▲
$254M▲
$219M▲
$212M•
N/A
Working Capital
$14.0B▼
$16.3B▼
$17.5B▼
$19.0B•
N/A
Years to Pay Debt
-0.24
-0.38
0.24
0.02
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$293M▼
-$245M▼
$4.7B▼
$13.2B•
N/A
Owner Earnings
-$4M
$85M
$1.8B
$9.9B
N/A
CapEx % of Net Income
N/A
N/A
75.8%
3.9%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-83,475
880
68,688
182,022
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
-256,300
-411,700
1,059,000
12,427,100
Total Unusual Items
-397,500
48,900
318,000
669,200
Total Unusual Items Excluding Goodwill
-397,500
48,900
318,000
669,200
Net Income From Continuing Operation Net Minority Interest
-1,136,100
-665,300
930,300
9,434,400
Reconciled Depreciation
382,800
298,000
183,400
123,300
Reconciled Cost Of Revenue
641,800
541,300
599,800
2,995,000
EBITDA
-653,800
-362,800
1,377,000
13,096,300
EBIT
-1,036,600
-660,800
1,193,600
12,973,000
Net Interest Income
-12,600
-17,200
-7,500
-18,900
Interest Expense
14,200
16,900
7,500
18,900
Interest Income
437,600
357,600
48,500
1,500
Normalized Income
-822,075
-713,320
680,988
8,947,222
Net Income From Continuing And Discontinued Operation
-1,136,100
-665,300
930,300
9,434,400
Total Expenses
3,510,600
3,460,500
2,943,400
5,006,800
Total Operating Income As Reported
-1,404,900
-1,314,300
690,400
12,642,700
Diluted Average Shares
241,723
240,181
242,700
249,786
Basic Average Shares
241,723
240,181
240,600
243,280
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-1,136,100
-665,300
930,300
9,434,400
Net Income Common Stockholders
-1,136,100
-665,300
930,300
9,434,400
Net Income
-1,136,100
-665,300
930,300
9,434,400
Net Income Including Noncontrolling Interests
-1,136,100
-665,300
930,300
9,434,400
Net Income Continuous Operations
-1,136,100
-665,300
930,300
9,434,400
Tax Provision
85,300
-12,400
255,800
3,519,700
Pretax Income
-1,050,800
-677,700
1,186,100
12,954,100
Other Income Expense
-397,500
48,900
318,000
669,200
Special Income Charges
-780,900
-661,600
-800
-3,000
Other Special Charges
789,500
657,400
29,400
3,000
Write Off
6,400
4,200
800
Restructuring And Mergern Acquisition
-15,000
0
0
-2,200
Gain On Sale Of Security
383,400
710,500
318,800
672,200
Net Non Operating Interest Income Expense
-12,600
-17,200
-7,500
-18,900
Total Other Finance Cost
-1,600
300
7,900
2,700
Interest Expense Non Operating
14,200
16,900
7,500
18,900
Interest Income Non Operating
437,600
357,600
48,500
1,500
Operating Income
-640,700
-709,400
875,600
12,303,800
Operating Expense
2,868,800
2,919,200
2,343,600
2,011,800
Other Operating Expenses
65,700
-47,700
-26,600
-66,400
Depreciation Amortization Depletion Income Statement
7,300
Depreciation And Amortization In Income Statement
7,300
Research And Development
2,104,900
2,254,200
1,783,100
1,537,000
Selling General And Administration
698,200
712,700
587,100
541,200
Selling And Marketing Expense
110,000
67,900
62,700
59,500
General And Administrative Expense
588,200
644,800
524,400
481,700
Other Gand A
588,200
644,800
524,400
481,700
Insurance And Claims
21,300
30,400
Salaries And Wages
153,700
90,500
Gross Profit
2,228,100
2,209,800
3,219,200
14,315,600
Cost Of Revenue
641,800
541,300
599,800
2,995,000
Total Revenue
2,869,900
2,751,100
3,819,000
17,310,600
Operating Revenue
2,869,900
2,751,100
3,819,000
17,145,200
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
7,702
8,581
10,826
5,337
Ordinary Shares Number
251,325
239,971
237,726
243,215
Share Issued
259,027
248,552
248,552
248,552
Total Debt
267,400
254,200
219,100
212,200
Tangible Book Value
17,250,300
18,240,100
19,079,300
19,835,900
Invested Capital
19,491,600
19,665,300
20,465,000
20,267,800
Working Capital
14,004,300
16,280,300
17,456,800
18,971,400
Net Tangible Assets
17,250,300
18,240,100
19,079,300
19,835,900
Common Stock Equity
19,224,200
19,411,100
20,245,900
20,055,600
Total Capitalization
19,439,400
19,625,800
20,436,900
20,231,800
Total Equity Gross Minority Interest
19,224,200
19,411,100
20,245,900
20,055,600
Stockholders Equity
19,224,200
19,411,100
20,245,900
20,055,600
Gains Losses Not Affecting Retained Earnings
-1,462,300
-1,325,500
-984,600
-848,900
Other Equity Adjustments
-1,462,300
-1,325,500
-984,600
-848,900
Treasury Stock
7,700
8,600
10,800
5,300
Retained Earnings
17,961,900
19,098,000
19,763,300
18,833,000
Additional Paid In Capital
2,473,300
1,398,600
1,229,400
1,828,200
Capital Stock
259,000
248,600
248,600
248,600
Common Stock
259,000
248,600
248,600
248,600
Total Liabilities Net Minority Interest
2,764,400
3,118,600
2,760,400
3,223,500
Total Non Current Liabilities Net Minority Interest
622,100
595,400
689,900
272,900
Other Non Current Liabilities
199,100
134,400
51,900
23,100
Tradeand Other Payables Non Current
0
10,400
4,400
Non Current Deferred Liabilities
172,300
225,400
438,200
54,600
Non Current Deferred Revenue
88,000
183,000
398,500
48,400
Non Current Deferred Taxes Liabilities
84,300
42,400
39,700
6,200
Long Term Debt And Capital Lease Obligation
215,200
214,700
191,000
176,200
Long Term Debt
215,200
214,700
191,000
176,200
Long Term Provisions
35,500
20,900
8,800
8,600
Current Liabilities
2,142,300
2,523,200
2,070,500
2,950,600
Other Current Liabilities
589,400
1,612,800
540,300
1,645,900
Current Deferred Liabilities
754,900
294,900
353,300
77,100
Current Deferred Revenue
754,900
294,900
353,300
77,100
Current Debt And Capital Lease Obligation
52,200
39,500
28,100
36,000
Current Debt
52,200
39,500
28,100
36,000
Other Current Borrowings
52,200
39,500
28,100
36,000
Current Provisions
145,300
144,800
269,300
391,600
Payables And Accrued Expenses
600,500
431,200
879,500
800,000
Payables
600,500
431,200
879,500
800,000
Total Tax Payable
65,600
4,500
525,500
595,900
Income Tax Payable
65,600
4,500
525,500
595,900
Accounts Payable
534,900
426,700
354,000
204,100
Total Assets
21,988,600
22,529,700
23,006,300
23,279,100
Total Non Current Assets
5,842,000
3,726,200
3,479,000
1,357,100
Other Non Current Assets
7,300
26,300
83,400
6,500
Non Current Deferred Assets
13,500
81,700
81,300
229,600
Non Current Deferred Taxes Assets
13,500
81,700
81,300
229,600
Non Current Accounts Receivable
2,000
9,800
Investments And Advances
2,554,200
1,254,000
1,176,100
80,200
Investmentin Financial Assets
2,554,200
1,254,000
1,176,100
80,200
Available For Sale Securities
2,554,200
1,254,000
1,176,100
80,200
Goodwill And Other Intangible Assets
1,973,900
1,171,000
1,166,600
219,700
Other Intangible Assets
1,606,000
790,400
804,100
158,500
Goodwill
367,900
380,600
362,500
61,200
Net PPE
1,291,100
1,183,400
971,600
821,100
Accumulated Depreciation
-475,500
-322,400
-211,800
-116,300
Gross PPE
1,766,600
1,505,800
1,183,400
937,400
Construction In Progress
478,500
460,600
389,500
235,500
Other Properties
499,500
437,600
348,700
278,400
Machinery Furniture Equipment
100
Buildings And Improvements
202,200
238,200
209,800
206,500
Land And Improvements
586,400
369,400
235,400
217,000
Current Assets
16,146,600
18,803,500
19,527,300
21,922,000
Other Current Assets
173,800
212,700
280,900
271,900
Current Deferred Assets
48,500
Inventory
110,700
283,300
357,700
439,600
Finished Goods
5,900
7,900
6,200
8,900
Work In Process
6,700
7,300
4,000
21,000
Raw Materials
98,100
268,100
347,500
409,700
Receivables
984,900
1,523,900
2,339,700
7,146,000
Other Receivables
8,100
10,000
4,900
Taxes Receivable
52,600
50,000
179,100
400
Accounts Receivable
924,200
1,463,900
2,155,700
7,145,600
Cash Cash Equivalents And Short Term Investments
14,877,200
16,783,600
16,549,000
14,064,500
Other Short Term Investments
7,201,800
7,021,700
4,885,300
189,400
Cash And Cash Equivalents
7,675,400
9,761,900
11,663,700
13,875,100
Cash Equivalents
6,848,200
9,311,900
11,210,600
12,549,900
Cash Financial
827,200
450,000
453,100
1,325,200
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-293,000
-244,600
4,665,900
13,214,100
Repurchase Of Capital Stock
0
0
-738,500
-986,400
Repayment Of Debt
-57,600
-45,900
-40,400
-59,900
Issuance Of Debt
6,700
0
300
800
Issuance Of Capital Stock
0
0
110,500
160,900
Capital Expenditure
-749,000
-452,300
-705,500
-363,300
End Cash Position
7,675,400
9,761,900
11,663,700
13,875,100
Other Cash Adjustment Outside Changein Cash
5,900
2,800
164,800
-500
Beginning Cash Position
9,761,900
11,663,700
13,875,100
1,692,700
Effect Of Exchange Rate Changes
-27,000
14,800
-14,500
60,100
Changes In Cash
-2,065,400
-1,919,400
-2,361,700
12,122,800
Financing Cash Flow
-52,900
-45,900
-778,600
-1,419,300
Cash Flow From Continuing Financing Activities
-52,900
-45,900
-778,600
-1,419,300
Net Other Financing Charges
-2,000
Cash Dividends Paid
0
0
-484,300
0
Net Common Stock Issuance
0
0
-738,500
-875,900
Common Stock Payments
0
0
-738,500
-986,400
Common Stock Issuance
0
0
110,500
160,900
Net Issuance Payments Of Debt
-50,900
-45,900
-40,100
-59,100
Net Long Term Debt Issuance
-50,900
-45,900
-40,100
-59,100
Long Term Debt Payments
-57,600
-45,900
-40,400
-59,900
Long Term Debt Issuance
6,700
0
300
800
Investing Cash Flow
-2,468,500
-2,081,200
-6,954,500
-35,300
Cash Flow From Continuing Investing Activities
-2,468,500
-2,081,200
-6,954,500
-35,300
Net Investment Purchase And Sale
-1,910,300
-1,630,100
-5,912,100
327,400
Sale Of Investment
9,512,200
10,740,200
1,216,300
375,200
Purchase Of Investment
-11,422,500
-12,370,300
-7,128,400
-47,800
Net Business Purchase And Sale
186,300
0
-336,900
0
Sale Of Business
186,300
0
Purchase Of Business
0
-336,900
0
-20,800
Net Intangibles Purchase And Sale
-573,900
-165,800
-455,400
-34,100
Purchase Of Intangibles
-573,900
-165,800
-455,400
-34,100
Net PPE Purchase And Sale
-170,600
-285,300
-250,100
-328,600
Sale Of PPE
4,500
1,200
600
3,400
Purchase Of PPE
-175,100
-286,500
-250,100
-329,200
Operating Cash Flow
456,000
207,700
5,371,400
13,577,400
Cash Flow From Continuing Operating Activities
456,000
207,700
5,371,400
13,577,400
Taxes Refund Paid
3,800
-389,200
-482,900
-4,222,100
Interest Received Cfo
337,000
474,900
258,200
29,300
Interest Paid Cfo
-11,000
-13,500
-5,400
-21,500
Change In Working Capital
537,800
1,220,600
5,574,800
4,518,500
Change In Payables And Accrued Expense
-723,800
758,400
118,900
85,700
Change In Payable
-723,800
758,400
118,900
85,700
Change In Account Payable
-723,800
758,400
118,900
85,700
Change In Inventory
177,900
74,500
81,900
62,900
Change In Receivables
1,083,700
387,700
5,374,000
4,369,900
Changes In Account Receivables
4,369,900
-11,808,100
Other Non Cash Items
169,700
-701,100
-1,275,500
-297,900
Stock Based Compensation
106,200
100,900
51,400
108,600
Depreciation Amortization Depletion
382,800
298,000
183,400
123,300
Depreciation And Amortization
382,800
298,000
183,400
123,300
Amortization Cash Flow
40,500
22,000
16,800
Amortization Of Intangibles
40,500
22,000
16,800
Depreciation
382,800
298,000
183,400
123,300
Operating Gains Losses
-19,500
-105,200
-118,700
385,100
Gain Loss On Investment Securities
-10,400
4,600
175,500
-241,000
Net Foreign Currency Exchange Gain Loss
-6,600
-109,500
-298,000
625,500
Gain Loss On Sale Of PPE
-2,500
-300
3,800
600
Net Income From Continuing Operations
-1,050,800
-677,700
1,186,100
12,954,100
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $19.2B
Warren's Owner Earnings
-$4M
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.
$2.9B
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.
7.54x
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.
2 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 $37.77 to $3.83 over 1 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.
-89.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $2.9Bvs > $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 — 7.54xvs 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 — 2 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 $37.77 to $3.83 over 1 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 BNTX 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
-2.6%
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
N/A
N/A
75.8%
3.9%
N/A
Repurchase of Capital Stock
$0M
$0M
-$738M
-$986M
N/A
Free Cash Flow
-$293M▼
-$245M▼
$4.7B▼
$13.2B•
N/A•
Warren's Owner Earnings
-$4M
$85M
$1.8B
$9.9B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BNTX 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
BNTX (BNTX) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 77.6%. Operating margin: -22.3%. Net margin: -39.6%. 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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