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 Margin36.7%
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 Margin28.2%
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
F
Years to Pay Off Debt14.2 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-$5.4B
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-$416M
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$652M
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.
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.
Market Data
Key Margins
Gross Profit75.2%
Operating Margin36.7%
Net Margin28.2%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
75.2%▼
75.3%▲
74.3%▼
74.4%•
N/A
Operating Margin %
36.7%▲
36.6%▲
35.8%▼
36.5%•
N/A
Net Income %
28.2%▲
26.4%▲
24.5%▼
29.1%•
N/A
Diluted EPS
1.25▲
1.11▲
1.01▼
1.17•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$9.1B
$8.9B
$8.3B
$8.4B
N/A
Total Debt
$5.5B▲
$5.3B▲
$4.9B▼
$5.0B•
N/A
Working Capital
-$416M▼
-$396M▲
-$743M▼
-$633M•
N/A
Years to Pay Debt
14.23
15.74
16.17
14.22
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$652M▲
$625M▲
$589M▲
$566M•
N/A
Owner Earnings
N/A
N/A
N/A
N/A
N/A
CapEx % of Net Income
N/A
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
23,167
18,533
11,051
22,246
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
915,556
848,415
805,472
785,419
Total Unusual Items
110,318
88,251
52,625
105,932
Total Unusual Items Excluding Goodwill
110,318
88,251
52,625
105,932
Net Income From Continuing Operation Net Minority Interest
386,228
339,274
305,087
354,193
Reconciled Depreciation
398,052
370,229
349,513
332,575
Reconciled Cost Of Revenue
357,394
328,283
332,754
323,947
EBITDA
1,025,874
936,666
858,097
891,351
EBIT
610,944
555,270
495,820
546,620
Net Interest Income
-224,689
-215,994
-190,733
-192,427
Interest Expense
224,689
215,994
190,733
192,427
Interest Income
666
314
299
Normalized Income
299,077
269,556
263,513
270,507
Net Income From Continuing And Discontinued Operation
386,228
339,274
305,087
354,193
Total Expenses
868,115
814,875
799,395
773,747
Diluted Average Shares
307,866
304,038
302,376
301,742
Basic Average Shares
307,181
303,130
300,977
299,938
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
385,553
338,719
304,259
353,191
Net Income Common Stockholders
385,553
338,719
304,259
353,191
Otherunder Preferred Stock Dividend
675
555
828
1,002
Net Income
386,228
339,274
305,087
354,193
Minority Interests
-27
-2
0
0
Net Income Including Noncontrolling Interests
386,255
339,276
305,087
354,193
Net Income Continuous Operations
386,255
339,276
305,087
354,193
Pretax Income
386,255
339,276
305,087
354,193
Other Income Expense
107,462
85,091
50,179
102,293
Other Non Operating Income Expenses
-2,856
-3,160
-2,446
-3,639
Special Income Charges
-20,757
-10,589
-13,480
-5,945
Other Special Charges
296
-554
-4,356
221
Impairment Of Capital Assets
20,461
11,143
17,836
5,724
Gain On Sale Of Security
131,075
98,840
66,105
111,877
Net Non Operating Interest Income Expense
-224,689
-215,994
-190,733
-192,427
Interest Expense Non Operating
224,689
215,994
190,733
192,427
Interest Income Non Operating
666
314
299
Operating Income
503,482
470,179
445,641
444,327
Operating Expense
527,599
497,759
479,405
461,956
Depreciation Amortization Depletion Income Statement
414,930
381,396
362,277
344,731
Depreciation And Amortization In Income Statement
414,930
381,396
362,277
344,731
Selling General And Administration
112,669
116,363
117,128
117,225
General And Administrative Expense
112,669
116,363
117,128
117,225
Other Gand A
112,669
116,363
117,128
117,225
Gross Profit
1,031,081
967,938
925,046
906,283
Cost Of Revenue
340,516
317,116
319,990
311,791
Total Revenue
1,371,597
1,285,054
1,245,036
1,218,074
Operating Revenue
1,369,465
1,283,421
1,243,844
1,217,362
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
9,127
9,127
9,127
9,127
Ordinary Shares Number
306,105
305,492
300,596
299,916
Share Issued
315,232
314,619
309,723
299,916
Net Debt
5,160,331
4,962,135
4,932,659
5,019,009
Total Debt
5,494,753
5,339,751
4,933,525
5,035,501
Tangible Book Value
3,009,814
2,983,678
2,850,301
2,865,010
Invested Capital
8,504,567
8,323,429
7,783,826
7,900,511
Working Capital
-415,656
-395,537
-742,723
-633,492
Net Tangible Assets
3,009,814
2,983,678
2,850,301
2,865,010
Common Stock Equity
3,009,814
2,983,678
2,850,301
2,865,010
Total Capitalization
8,014,747
7,828,004
7,272,400
7,484,925
Total Equity Gross Minority Interest
3,010,056
2,983,922
2,850,301
2,865,010
Minority Interest
242
244
0
Stockholders Equity
3,009,814
2,983,678
2,850,301
2,865,010
Gains Losses Not Affecting Retained Earnings
1,722
8,218
-2,700
8,851
Other Equity Adjustments
1,722
8,218
-2,700
8,851
Retained Earnings
-432,822
-458,638
-460,595
-446,336
Additional Paid In Capital
3,437,853
3,431,043
3,310,590
3,299,496
Capital Stock
3,061
3,055
3,006
2,999
Common Stock
3,061
3,055
3,006
2,999
Total Liabilities Net Minority Interest
6,123,081
5,924,992
5,482,415
5,570,920
Total Non Current Liabilities Net Minority Interest
5,004,933
4,844,326
4,422,099
4,619,915
Long Term Debt And Capital Lease Obligation
5,004,933
4,844,326
4,422,099
4,619,915
Long Term Debt
5,004,933
4,844,326
4,422,099
4,619,915
Current Liabilities
1,118,148
1,080,666
1,060,316
951,005
Current Debt And Capital Lease Obligation
489,820
495,425
511,426
415,586
Current Debt
489,820
495,425
511,426
415,586
Line Of Credit
489,820
495,425
511,426
415,586
Payables And Accrued Expenses
628,328
585,241
548,890
535,419
Total Assets
9,133,137
8,908,914
8,332,716
8,435,930
Total Non Current Assets
8,430,645
8,223,785
8,015,123
8,118,417
Other Non Current Assets
62,468
57,827
54,155
62,684
Non Current Deferred Assets
169,326
167,080
164,061
154,141
Investment Properties
8,198,851
7,998,878
7,796,907
7,901,592
Current Assets
702,492
685,129
317,593
317,513
Assets Held For Sale Current
4,551
4,189
0
10,439
Restricted Cash
27,108
1,076
18,038
4,767
Receivables
315,128
281,947
278,775
264,146
Accounts Receivable
315,128
281,947
278,775
264,146
Cash Cash Equivalents And Short Term Investments
355,705
397,917
20,780
38,161
Other Short Term Investments
21,283
20,301
19,914
21,669
Cash And Cash Equivalents
334,422
377,616
866
16,492
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
652,010
624,687
588,794
566,382
Repurchase Of Capital Stock
-449
0
0
Repayment Of Debt
-1,292,312
-465,949
-826,254
-925,000
Issuance Of Debt
1,458,720
876,152
725,500
800,000
Issuance Of Capital Stock
114,651
0
53,100
5,146
Interest Paid Supplemental Data
219,839
189,266
186,957
187,293
Income Tax Paid Supplemental Data
2,398
2,278
2,323
1,951
End Cash Position
361,530
378,692
18,904
21,259
Beginning Cash Position
378,692
18,904
21,259
297,743
Changes In Cash
-17,162
359,788
-2,355
-276,484
Financing Cash Flow
-216,940
172,122
-428,069
-380,413
Cash Flow From Continuing Financing Activities
-216,940
172,122
-428,069
-380,413
Net Other Financing Charges
-16,404
-7,472
-783
-8,387
Proceeds From Stock Option Exercised
-12,271
-14,057
-11,245
-10,494
Cash Dividends Paid
-354,224
-331,203
-315,287
-289,632
Common Stock Dividend Paid
-354,224
-331,203
-315,287
-289,632
Net Common Stock Issuance
-449
114,651
0
53,100
Common Stock Payments
-449
0
0
Common Stock Issuance
114,651
0
53,100
5,146
Net Issuance Payments Of Debt
166,408
410,203
-100,754
-125,000
Net Short Term Debt Issuance
-106,500
125,000
0
Short Term Debt Payments
-632,000
-675,000
0
Short Term Debt Issuance
525,500
800,000
0
Net Long Term Debt Issuance
166,408
410,203
-100,754
-125,000
Long Term Debt Payments
-1,292,312
-465,949
-826,254
-925,000
Long Term Debt Issuance
1,458,720
876,152
725,500
800,000
Investing Cash Flow
-452,232
-437,021
-163,080
-462,453
Cash Flow From Continuing Investing Activities
-452,232
-437,021
-163,080
-462,453
Net Investment Purchase And Sale
-743
-35
2,091
-2,224
Sale Of Investment
14,792
30,041
23,437
23,070
Purchase Of Investment
-15,535
-30,076
-21,346
-25,294
Net Investment Properties Purchase And Sale
-451,489
-436,986
-165,171
-460,229
Sale Of Investment Properties
289,157
210,134
182,255
279,815
Purchase Of Investment Properties
-740,646
-647,120
-347,426
-740,044
Operating Cash Flow
652,010
624,687
588,794
566,382
Cash Flow From Continuing Operating Activities
652,010
624,687
588,794
566,382
Change In Working Capital
-54,304
-42,045
-42,418
-46,289
Change In Other Working Capital
-37,197
-33,479
-40,497
-38,445
Change In Other Current Assets
362
-551
-845
-551
Change In Payables And Accrued Expense
17,854
27
15,436
24,658
Change In Payable
17,854
27
15,436
24,658
Change In Account Payable
17,854
27
15,436
24,658
Change In Receivables
-35,323
-8,042
-16,512
-31,951
Other Non Cash Items
6,973
6,765
7,794
8,114
Stock Based Compensation
17,616
17,937
20,777
23,407
Asset Impairment Charge
20,461
11,143
17,836
5,724
Depreciation Amortization Depletion
398,052
370,229
349,513
332,575
Depreciation And Amortization
398,052
370,229
349,513
332,575
Amortization Cash Flow
-16,878
-11,167
-12,764
-12,156
Amortization Of Intangibles
-16,878
-11,167
-12,764
-12,156
Depreciation
414,930
381,396
362,277
344,731
Operating Gains Losses
-123,043
-78,618
-69,795
-111,342
Gain Loss On Investment Securities
-123,339
-78,064
-65,439
-111,563
Net Income From Continuing Operations
386,255
339,276
305,087
354,193
1/5
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: $3.0B
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/5 — 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.
$1.4B
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.
0.63x
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 $1.17 to $1.25 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.
+6.8% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $1.4Bvs > $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 — 0.63xvs 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 $1.17 to $1.25 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 BRX 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
5.0%
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
N/A
N/A
N/A
Repurchase of Capital Stock
-$0M
N/A
N/A
$0M
$0M
Free Cash Flow
$652M▲
$625M▲
$589M▲
$566M•
N/A•
Warren's Owner Earnings
N/A
N/A
N/A
N/A
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare BRX 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
BRX (BRX) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 75.2%. Operating margin: 36.7%. Net margin: 28.2%. 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.