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 Margin24.3%
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 Margin9.1%
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
F
Years to Pay Off Debt19.5 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-$103.6B
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-$8.2B
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$4.4B
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 Income233.8%
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$25.4B
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 Profit56.5%
Operating Margin24.3%
Net Margin9.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
56.5%▲
55.8%▲
54.8%▲
54.6%•
N/A
Operating Margin %
24.3%▲
24.0%▲
22.9%▲
22.7%•
N/A
Net Income %
9.1%▼
9.2%▲
8.3%▼
9.4%•
N/A
Diluted EPS
36.21▲
34.97▲
29.99▼
30.74•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$154.2B
$150.0B
$147.2B
$144.5B
N/A
Total Debt
$97.1B▲
$95.8B▼
$98.2B▲
$97.6B•
N/A
Working Capital
-$8.2B▲
-$9.3B▼
-$9.1B▼
-$8.0B•
N/A
Years to Pay Debt
19.47
18.84
21.55
19.31
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$4.4B▲
$3.2B▼
$3.3B▼
$5.5B•
N/A
Owner Earnings
$25.4B
$25.0B
$24.4B
$23.3B
N/A
CapEx % of Net Income
233.8%
221.7%
243.9%
185.5%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-106,917
-35,200
22,040
-81,925
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
21,682,000
21,564,000
20,643,000
21,300,000
Total Unusual Items
-471,000
-160,000
95,000
-379,000
Total Unusual Items Excluding Goodwill
-471,000
-160,000
95,000
-379,000
Net Income From Continuing Operation Net Minority Interest
4,987,000
5,083,000
4,557,000
5,055,000
Reconciled Depreciation
8,711,000
8,673,000
8,696,000
8,903,000
Reconciled Cost Of Revenue
23,806,000
24,349,000
24,700,000
24,511,000
EBITDA
21,211,000
21,404,000
20,738,000
20,921,000
EBIT
12,500,000
12,731,000
12,042,000
12,018,000
Net Interest Income
-5,042,000
-5,229,000
-5,188,000
-4,556,000
Interest Expense
5,042,000
5,229,000
5,188,000
4,556,000
Normalized Income
5,351,083
5,207,800
4,484,040
5,352,075
Net Income From Continuing And Discontinued Operation
4,987,000
5,083,000
4,557,000
5,055,000
Total Expenses
41,450,000
41,840,000
42,101,000
41,779,000
Total Operating Income As Reported
12,908,000
13,118,000
12,559,000
11,962,000
Diluted Average Shares
137,744
145,364
151,966
164,434
Basic Average Shares
135,155
143,061
149,208
161,501
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
4,987,000
5,083,000
4,557,000
5,055,000
Average Dilution Earnings
0
0
70,000
Net Income Common Stockholders
4,987,000
5,083,000
4,557,000
5,055,000
Net Income
4,987,000
5,083,000
4,557,000
5,055,000
Minority Interests
-779,000
-770,000
-704,000
-794,000
Net Income Including Noncontrolling Interests
5,766,000
5,853,000
5,261,000
5,849,000
Net Income Continuous Operations
5,766,000
5,853,000
5,261,000
5,849,000
Tax Provision
1,692,000
1,649,000
1,593,000
1,613,000
Pretax Income
7,458,000
7,502,000
6,854,000
7,462,000
Other Income Expense
-824,000
-514,000
-464,000
-225,000
Other Non Operating Income Expenses
4,000
-23,000
-216,000
254,000
Special Income Charges
-444,000
-126,000
50,000
-284,000
Gain On Sale Of Ppe
-130,000
12,000
251,000
-8,000
Other Special Charges
185,000
138,000
201,000
276,000
Restructuring And Mergern Acquisition
129,000
0
0
Earnings From Equity Interest
-357,000
-331,000
-343,000
-100,000
Gain On Sale Of Security
-27,000
-34,000
45,000
-95,000
Net Non Operating Interest Income Expense
-5,042,000
-5,229,000
-5,188,000
-4,556,000
Interest Expense Non Operating
5,042,000
5,229,000
5,188,000
4,556,000
Operating Income
13,324,000
13,245,000
12,506,000
12,243,000
Operating Expense
17,644,000
17,491,000
17,401,000
17,268,000
Other Operating Expenses
4,478,000
4,577,000
4,544,000
4,310,000
Depreciation Amortization Depletion Income Statement
8,711,000
8,673,000
8,696,000
8,903,000
Depreciation And Amortization In Income Statement
8,711,000
8,673,000
8,696,000
8,903,000
Selling General And Administration
4,455,000
4,241,000
4,161,000
4,055,000
Selling And Marketing Expense
3,782,000
3,590,000
3,469,000
3,585,000
General And Administrative Expense
673,000
651,000
692,000
470,000
Salaries And Wages
673,000
651,000
692,000
470,000
Gross Profit
30,968,000
30,736,000
29,907,000
29,511,000
Cost Of Revenue
23,806,000
24,349,000
24,700,000
24,511,000
Total Revenue
54,774,000
55,085,000
54,607,000
54,022,000
Operating Revenue
51,363,000
52,043,000
51,811,000
51,848,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
16,541
4,035
5,389
Ordinary Shares Number
126,632
141,946
145,225
152,651
Share Issued
126,632
145,981
150,614
152,651
Net Debt
96,644,000
95,304,000
97,493,000
96,958,000
Total Debt
97,121,000
95,763,000
98,202,000
97,603,000
Tangible Book Value
-81,567,000
-82,524,000
-87,723,000
-90,579,000
Invested Capital
113,175,000
111,350,000
109,288,000
106,722,000
Working Capital
-8,162,000
-9,253,000
-9,082,000
-8,048,000
Net Tangible Assets
-81,567,000
-82,524,000
-87,723,000
-90,579,000
Capital Lease Obligations
295,000
269,000
Common Stock Equity
16,054,000
15,587,000
11,086,000
9,119,000
Total Capitalization
111,507,000
108,793,000
106,863,000
105,212,000
Total Equity Gross Minority Interest
20,519,000
19,707,000
14,718,000
12,549,000
Minority Interest
4,465,000
4,120,000
3,632,000
3,430,000
Stockholders Equity
16,054,000
15,587,000
11,086,000
9,119,000
Retained Earnings
-5,393,000
-7,750,000
-12,260,000
-14,821,000
Additional Paid In Capital
21,447,000
23,337,000
23,346,000
23,940,000
Total Liabilities Net Minority Interest
133,694,000
130,313,000
132,475,000
131,974,000
Total Non Current Liabilities Net Minority Interest
120,388,000
116,827,000
119,261,000
119,909,000
Other Non Current Liabilities
5,094,000
4,776,000
4,530,000
4,758,000
Non Current Deferred Liabilities
19,841,000
18,845,000
18,954,000
19,058,000
Non Current Deferred Taxes Liabilities
19,841,000
18,845,000
18,954,000
19,058,000
Long Term Debt And Capital Lease Obligation
95,453,000
93,206,000
95,777,000
96,093,000
Long Term Debt
95,453,000
93,206,000
95,777,000
96,093,000
Current Liabilities
13,306,000
13,486,000
13,214,000
12,065,000
Other Current Liabilities
2,166,000
1,889,000
2,377,000
2,240,000
Current Deferred Liabilities
422,000
456,000
509,000
511,000
Current Deferred Revenue
422,000
456,000
509,000
511,000
Current Debt And Capital Lease Obligation
1,668,000
2,557,000
2,425,000
1,510,000
Current Capital Lease Obligation
295,000
269,000
Current Debt
1,668,000
2,557,000
2,425,000
1,510,000
Other Current Borrowings
1,668,000
2,557,000
2,425,000
1,510,000
Payables And Accrued Expenses
9,050,000
8,584,000
7,903,000
7,804,000
Current Accrued Expenses
7,495,000
7,055,000
6,291,000
6,185,000
Interest Payable
1,259,000
1,208,000
1,328,000
1,165,000
Payables
1,555,000
1,529,000
1,612,000
1,619,000
Total Tax Payable
521,000
649,000
681,000
667,000
Accounts Payable
1,034,000
880,000
931,000
952,000
Total Assets
154,213,000
150,020,000
147,193,000
144,523,000
Total Non Current Assets
149,069,000
145,787,000
143,061,000
140,506,000
Other Non Current Assets
5,004,000
4,763,000
4,732,000
4,769,000
Goodwill And Other Intangible Assets
97,621,000
98,111,000
98,809,000
99,698,000
Other Intangible Assets
67,911,000
68,437,000
69,141,000
70,135,000
Goodwill
29,710,000
29,674,000
29,668,000
29,563,000
Net PPE
46,444,000
42,913,000
39,520,000
36,039,000
Accumulated Depreciation
-41,514,000
-39,409,000
-37,751,000
-36,164,000
Gross PPE
87,958,000
82,322,000
77,271,000
72,203,000
Other Properties
71,688,000
66,481,000
61,604,000
56,802,000
Machinery Furniture Equipment
10,193,000
9,875,000
9,757,000
9,568,000
Buildings And Improvements
6,077,000
5,966,000
5,910,000
5,833,000
Current Assets
5,144,000
4,233,000
4,132,000
4,017,000
Other Current Assets
987,000
677,000
458,000
451,000
Prepaid Assets
386,000
Receivables
3,680,000
3,097,000
2,965,000
2,921,000
Accounts Receivable
3,680,000
3,097,000
2,965,000
2,921,000
Allowance For Doubtful Accounts Receivable
-219,000
-204,000
-268,000
-219,000
Gross Accounts Receivable
3,899,000
3,301,000
3,233,000
3,140,000
Cash Cash Equivalents And Short Term Investments
477,000
459,000
709,000
645,000
Cash And Cash Equivalents
477,000
459,000
709,000
645,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
4,418,000
3,161,000
3,318,000
5,549,000
Repurchase Of Capital Stock
-5,132,000
-1,213,000
-3,215,000
-10,277,000
Repayment Of Debt
-14,797,000
-29,660,000
-21,938,000
-19,311,000
Issuance Of Debt
15,860,000
26,967,000
22,062,000
25,643,000
Capital Expenditure
-11,659,000
-11,269,000
-11,115,000
-9,376,000
Interest Paid Supplemental Data
4,983,000
5,334,000
5,020,000
4,509,000
Income Tax Paid Supplemental Data
1,581,000
1,470,000
1,321,000
157,000
End Cash Position
598,000
506,000
709,000
645,000
Beginning Cash Position
506,000
709,000
645,000
601,000
Changes In Cash
92,000
-203,000
64,000
44,000
Financing Cash Flow
-4,365,000
-3,979,000
-3,242,000
-5,767,000
Cash Flow From Continuing Financing Activities
-4,365,000
-3,979,000
-3,242,000
-5,767,000
Net Other Financing Charges
-316,000
-105,000
-173,000
-1,827,000
Proceeds From Stock Option Exercised
20,000
32,000
22,000
5,000
Net Common Stock Issuance
-5,132,000
-1,213,000
-3,215,000
-10,277,000
Common Stock Payments
-5,132,000
-1,213,000
-3,215,000
-10,277,000
Net Issuance Payments Of Debt
1,063,000
-2,693,000
124,000
6,332,000
Net Long Term Debt Issuance
1,063,000
-2,693,000
124,000
6,332,000
Long Term Debt Payments
-14,797,000
-29,660,000
-21,938,000
-19,311,000
Long Term Debt Issuance
15,860,000
26,967,000
22,062,000
25,643,000
Investing Cash Flow
-11,620,000
-10,654,000
-11,127,000
-9,114,000
Cash Flow From Continuing Investing Activities
-11,620,000
-10,654,000
-11,127,000
-9,114,000
Net Other Investing Changes
39,000
615,000
-12,000
262,000
Net Investment Properties Purchase And Sale
-128,000
Purchase Of Investment Properties
-128,000
Net PPE Purchase And Sale
-11,659,000
-11,269,000
-11,115,000
-9,376,000
Purchase Of PPE
-11,659,000
-11,269,000
-11,115,000
-9,376,000
Capital Expenditure Reported
1,096,000
172,000
553,000
80,000
Operating Cash Flow
16,077,000
14,430,000
14,433,000
14,925,000
Cash Flow From Continuing Operating Activities
16,077,000
14,430,000
14,433,000
14,925,000
Change In Working Capital
-653,000
-1,048,000
-447,000
-396,000
Change In Payables And Accrued Expense
280,000
-310,000
169,000
148,000
Change In Payable
280,000
-310,000
169,000
148,000
Change In Account Payable
280,000
-310,000
169,000
148,000
Change In Prepaid Assets
-517,000
-609,000
-572,000
-202,000
Change In Receivables
-416,000
-129,000
-44,000
-342,000
Changes In Account Receivables
-416,000
-129,000
-44,000
-342,000
Other Non Cash Items
567,000
388,000
311,000
12,000
Stock Based Compensation
673,000
651,000
692,000
470,000
Deferred Tax
1,013,000
-87,000
-80,000
87,000
Deferred Income Tax
1,013,000
-87,000
-80,000
87,000
Depreciation Amortization Depletion
8,711,000
8,673,000
8,696,000
8,903,000
Depreciation And Amortization
8,711,000
8,673,000
8,696,000
8,903,000
Net Income From Continuing Operations
5,766,000
5,853,000
5,261,000
5,849,000
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: $20.5B
Warren's Owner Earnings
$25.4B
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.
$54.8B
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.
0.39x
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 $30.74 to $36.21 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.
+17.8% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $54.8Bvs > $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 — 0.39xvs 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 $30.74 to $36.21 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 CHTR 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
7.5%
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
233.8%
221.7%
243.9%
185.5%
N/A
Repurchase of Capital Stock
-$5.1B
-$1.2B
-$3.2B
-$10.3B
N/A
Free Cash Flow
$4.4B▲
$3.2B▼
$3.3B▼
$5.5B•
N/A•
Warren's Owner Earnings
$25.4B
$25.0B
$24.4B
$23.3B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare CHTR 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
CHTR (CHTR) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 56.5%. Operating margin: 24.3%. Net margin: 9.1%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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