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 Margin37.5%
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 Margin28.3%
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
A
Years to Pay Off Debt0.6 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$289M
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$580M
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$666M
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 Income37.7%
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 Profit44.5%
Operating Margin37.5%
Net Margin28.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
44.5%▲
30.6%▲
10.8%▲
8.6%•
N/A
Operating Margin %
37.5%▲
20.4%▲
1.9%▲
0.2%•
N/A
Net Income %
28.3%▲
5.6%▲
-12.6%▼
-9.9%•
N/A
Diluted EPS
0.95▲
0.15▲
-0.30▼
-0.28•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$4.7B
$2.3B
$2.1B
$1.8B
N/A
Total Debt
$352M▼
$602M▲
$555M▲
$527M•
N/A
Working Capital
$580M▲
-$58M▼
-$22M▼
$81M•
N/A
Years to Pay Debt
0.60
10.21
-5.36
-6.75
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$666M▲
-$9M▲
-$297M▲
-$327M•
N/A
Owner Earnings
$1.1B
$367M
$361M
$386M
N/A
CapEx % of Net Income
37.7%
311.0%
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-9,723
-9,682
-12,724
-8,660
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,030,727
346,343
118,348
111,223
Total Unusual Items
-68,472
-46,103
-60,592
-41,237
Total Unusual Items Excluding Goodwill
-68,472
-46,103
-60,592
-41,237
Net Income From Continuing Operation Net Minority Interest
585,872
58,900
-103,612
-78,107
Reconciled Depreciation
251,099
124,974
99,822
111,626
Reconciled Cost Of Revenue
1,149,536
731,166
732,718
718,156
EBITDA
962,255
300,240
57,756
69,986
EBIT
711,156
175,266
-42,066
-41,640
Net Interest Income
-30,942
-51,276
-29,099
-23,861
Interest Expense
28,618
48,916
26,390
21,809
Normalized Income
644,621
95,321
-55,744
-45,530
Net Income From Continuing And Discontinued Operation
585,872
58,900
-103,612
-78,107
Total Expenses
1,293,325
838,551
805,285
784,240
Total Operating Income As Reported
707,013
164,182
-38,715
-39,251
Diluted Average Shares
616,707
397,422
343,059
275,200
Basic Average Shares
614,700
391,709
343,059
275,200
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
585,872
58,900
-103,612
-78,107
Net Income Common Stockholders
585,872
58,900
-103,612
-78,107
Net Income
585,872
58,900
-103,612
-78,107
Net Income Including Noncontrolling Interests
585,872
58,900
-103,612
-78,107
Net Income Continuous Operations
585,872
58,900
-103,612
-78,107
Tax Provision
96,666
67,450
35,156
14,658
Pretax Income
682,538
126,350
-68,456
-63,449
Other Income Expense
-63,321
-37,829
-55,278
-40,984
Other Non Operating Income Expenses
5,151
8,274
5,314
253
Special Income Charges
-69,901
-50,856
-63,517
23,142
Gain On Sale Of Ppe
0
0
-12,318
63,789
Other Special Charges
69,901
50,856
51,199
40,647
Write Off
0
-1,651
25,982
Gain On Sale Of Security
1,429
4,753
2,925
-64,379
Net Non Operating Interest Income Expense
-30,942
-51,276
-29,099
-23,861
Total Other Finance Cost
2,324
2,360
2,709
2,052
Interest Expense Non Operating
28,618
48,916
26,390
21,809
Operating Income
776,801
215,455
15,921
1,396
Operating Expense
143,789
107,385
72,567
66,084
Other Operating Expenses
86,592
59,658
30,962
26,624
Research And Development
54,636
40,647
44,567
Selling General And Administration
57,197
47,727
41,605
39,460
General And Administrative Expense
57,197
47,727
41,605
39,460
Other Gand A
57,197
47,727
41,605
39,460
Gross Profit
920,590
322,840
88,488
67,480
Cost Of Revenue
1,149,536
731,166
732,718
718,156
Total Revenue
2,070,126
1,054,006
821,206
785,636
Operating Revenue
2,070,126
1,054,006
821,206
785,636
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
642,093
399,236
386,283
295,698
Share Issued
642,093
399,236
386,283
295,698
Net Debt
429,971
408,482
387,748
376,609
Total Debt
352,495
601,656
555,285
527,493
Tangible Book Value
2,687,239
1,123,252
1,023,903
889,016
Invested Capital
3,603,843
1,608,310
1,494,018
1,338,228
Working Capital
579,533
-57,721
-22,358
81,072
Net Tangible Assets
2,687,239
1,123,252
1,023,903
889,016
Capital Lease Obligations
61,703
116,598
85,170
78,281
Common Stock Equity
3,313,051
1,123,252
1,023,903
889,016
Total Capitalization
3,603,843
1,608,310
1,494,018
1,338,228
Total Equity Gross Minority Interest
3,313,051
1,123,252
1,023,903
889,016
Stockholders Equity
3,313,051
1,123,252
1,023,903
889,016
Gains Losses Not Affecting Retained Earnings
0
1,331
12,343
-1,212
Other Equity Adjustments
1,331
12,343
-1,212
Retained Earnings
-2,476,389
-3,062,261
-3,121,161
-3,017,549
Additional Paid In Capital
5,783,019
4,181,521
4,139,870
3,891,265
Capital Stock
6,421
3,992
3,863
2,957
Common Stock
6,421
3,992
3,863
2,957
Total Liabilities Net Minority Interest
1,382,631
1,178,495
1,056,945
957,127
Total Non Current Liabilities Net Minority Interest
989,487
847,675
767,332
737,767
Other Non Current Liabilities
80,519
38,201
29,239
35,318
Non Current Deferred Liabilities
322,983
7,258
12,360
14,459
Non Current Deferred Taxes Liabilities
322,983
7,258
12,360
14,459
Long Term Debt And Capital Lease Obligation
323,537
558,678
522,674
491,355
Long Term Capital Lease Obligation
32,745
73,620
52,559
42,143
Long Term Debt
290,792
485,058
470,115
449,212
Long Term Provisions
262,448
243,538
203,059
196,635
Current Liabilities
393,144
330,820
289,613
219,360
Other Current Liabilities
124
923
7,544
10
Current Deferred Liabilities
5,512
52,507
55,547
25,736
Current Deferred Revenue
683
42,863
55,547
25,736
Current Debt And Capital Lease Obligation
28,958
42,978
32,611
36,138
Current Capital Lease Obligation
28,958
42,978
32,611
36,138
Current Provisions
15,063
16,954
10,954
5,796
Payables And Accrued Expenses
343,487
217,458
182,957
151,680
Current Accrued Expenses
60,920
49,600
50,760
44,365
Interest Payable
6,060
8,122
7,957
8,256
Payables
282,567
167,858
132,197
107,315
Total Tax Payable
133,695
41,981
17,087
11,192
Income Tax Payable
116,230
36,490
11,766
7,874
Accounts Payable
148,872
125,877
115,110
96,123
Total Assets
4,695,682
2,301,747
2,080,848
1,846,143
Total Non Current Assets
3,723,005
2,028,648
1,813,593
1,545,711
Other Non Current Assets
192,073
187,817
102,165
121,813
Non Current Deferred Assets
140,553
4,466
834
7,677
Non Current Deferred Taxes Assets
140,553
3,632
Non Current Accounts Receivable
19,683
18,749
22,306
14,346
Investments And Advances
0
12,120
132,197
Investmentin Financial Assets
0
12,120
132,197
Available For Sale Securities
12,120
132,197
Goodwill And Other Intangible Assets
625,812
0
Goodwill
625,812
0
Net PPE
2,744,884
1,817,616
1,688,288
1,389,755
Accumulated Depreciation
-2,477,231
-2,190,307
-2,048,431
-2,009,960
Gross PPE
5,222,115
4,007,923
3,736,719
3,399,715
Construction In Progress
129,662
145,732
612,865
236,019
Other Properties
148,174
115,652
Machinery Furniture Equipment
1,741,055
1,517,170
947,435
800,957
Land And Improvements
9,961
9,000
8,318
8,242
Current Assets
972,677
273,099
267,255
300,432
Other Current Assets
29,129
16,741
18,526
25,814
Hedging Assets Current
834
0
615
4,059
Assets Held For Sale Current
0
54,240
Prepaid Assets
25,814
13,847
Inventory
320,791
171,341
156,061
144,789
Other Inventories
157,461
92,724
79,400
82,958
Finished Goods
104,121
25,470
24,001
15,505
Raw Materials
59,209
53,147
52,660
46,326
Receivables
68,326
29,930
30,420
32,274
Other Receivables
1,114
919
721
586
Taxes Receivable
49,031
21,193
25,841
20,460
Notes Receivable
0
4,926
0
Accounts Receivable
18,181
7,818
3,858
6,302
Cash Cash Equivalents And Short Term Investments
553,597
55,087
61,633
93,496
Other Short Term Investments
0
32,032
0
Cash And Cash Equivalents
553,597
55,087
61,633
61,464
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
665,717
-8,954
-297,329
-326,738
Repurchase Of Capital Stock
-9,625
0
0
Repayment Of Debt
-417,886
-398,348
-528,541
-338,721
Issuance Of Debt
166,500
391,500
598,000
320,000
Issuance Of Capital Stock
10,005
22,823
168,964
147,408
Capital Expenditure
-221,162
-183,188
-364,617
-352,354
End Cash Position
555,705
56,874
63,378
63,169
Beginning Cash Position
56,874
63,378
63,169
58,289
Effect Of Exchange Rate Changes
425
-1,115
567
401
Changes In Cash
498,406
-5,389
-358
4,479
Financing Cash Flow
-260,631
13,890
236,053
125,026
Cash Flow From Continuing Financing Activities
-260,631
13,890
236,053
125,026
Net Other Financing Charges
-9,625
-2,085
-2,370
-3,661
Net Common Stock Issuance
380
22,823
168,964
147,408
Common Stock Payments
-9,625
0
0
Common Stock Issuance
10,005
22,823
168,964
147,408
Net Issuance Payments Of Debt
-251,386
-6,848
69,459
-18,721
Net Long Term Debt Issuance
-251,386
-6,848
69,459
-18,721
Long Term Debt Payments
-417,886
-398,348
-528,541
-338,721
Long Term Debt Issuance
166,500
391,500
598,000
320,000
Investing Cash Flow
-127,842
-193,513
-303,699
-146,163
Cash Flow From Continuing Investing Activities
-127,842
-193,513
-303,699
-146,163
Net Other Investing Changes
-315
-325
13,307
165,722
Net Investment Purchase And Sale
0
0
47,611
40,469
Sale Of Investment
0
0
47,611
40,469
Purchase Of Investment
0
0
-1,955
Net Business Purchase And Sale
93,635
-10,000
0
0
Sale Of Business
93,635
Purchase Of Business
-10,000
0
0
Capital Expenditure Reported
-221,162
-183,188
-364,617
-352,354
Operating Cash Flow
886,879
174,234
67,288
25,616
Cash Flow From Continuing Operating Activities
886,879
174,234
67,288
25,616
Change In Working Capital
115,322
11,875
8,461
-46,246
Change In Payables And Accrued Expense
101,174
79,242
55,581
510
Change In Prepaid Assets
72,634
2,777
-461
240
Change In Inventory
-51,798
-69,640
-47,592
-51,448
Change In Receivables
-6,688
-504
933
4,452
Other Non Cash Items
75,937
-31,871
-5,872
-495
Stock Based Compensation
19,209
12,022
11,361
10,030
Unrealized Gain Loss On Investment Securities
342
0
-3,384
63,529
Asset Impairment Charge
0
3,235
40,247
45,978
Deferred Tax
-161,015
-8,734
-1,495
-18,450
Deferred Income Tax
-161,015
-8,734
-1,495
-18,450
Depreciation Amortization Depletion
251,099
124,974
99,822
111,626
Depreciation And Amortization
251,099
124,974
99,822
111,626
Amortization Cash Flow
251,099
124,974
99,822
111,626
Amortization Of Intangibles
251,099
124,974
99,822
111,626
Operating Gains Losses
113
3,833
21,760
-62,249
Gain Loss On Investment Securities
-9,933
Gain Loss On Sale Of Business
0
0
-62,249
0
Net Income From Continuing Operations
585,872
58,900
-103,612
-78,107
3/5
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: $3.3B
Warren's Owner Earnings
$1.1B
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.
$2.1B
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.
2.47x
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 $0.15 to $0.95 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.
+533.3% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $2.1Bvs > $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 — 2.47xvs 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 $0.15 to $0.95 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 CDE 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
14.3%
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
37.7%
311.0%
N/A
N/A
N/A
Repurchase of Capital Stock
-$10M
$0M
$0M
N/A
N/A
Free Cash Flow
$666M▲
-$9M▲
-$297M▲
-$327M•
N/A•
Warren's Owner Earnings
$1.1B
$367M
$361M
$386M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare CDE 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
CDE (CDE) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 44.5%. Operating margin: 37.5%. Net margin: 28.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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