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 Margin16.9%
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 Margin12.9%
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 Debt3.3 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-$4.5B
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$279M
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$1.4B
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 Income43.4%
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$2.6B
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 Profit25.4%
Operating Margin16.9%
Net Margin12.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
25.4%▼
26.7%▲
26.2%▲
23.9%•
N/A
Operating Margin %
16.9%▼
17.5%▲
16.5%▲
14.0%•
N/A
Net Income %
12.9%▼
13.6%▲
12.4%▲
10.4%•
N/A
Diluted EPS
1.14▲
1.11▲
0.89▲
0.64•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$9.0B
$9.2B
$8.0B
$6.9B
N/A
Total Debt
$5.1B▲
$4.5B▲
$4.1B▲
$3.7B•
N/A
Working Capital
$279M▼
$612M▲
$590M▲
$254M•
N/A
Years to Pay Debt
3.31
2.96
3.30
4.15
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$1.4B▼
$1.5B▲
$1.2B▲
$844M•
N/A
Owner Earnings
$2.6B
$2.5B
$2.1B
$1.7B
N/A
CapEx % of Net Income
43.4%
38.7%
45.6%
53.3%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-18,156
-16,306
-18,223
-12,117
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,451,200
2,389,055
2,027,809
1,548,627
Total Unusual Items
-77,010
-68,846
-75,301
-50,699
Total Unusual Items Excluding Goodwill
-77,010
-68,846
-75,301
-50,699
Net Income From Continuing Operation Net Minority Interest
1,535,761
1,534,110
1,228,737
899,101
Reconciled Depreciation
361,382
335,030
319,394
286,826
Reconciled Cost Of Revenue
8,899,394
8,296,161
7,285,557
6,572,533
EBITDA
2,374,190
2,320,209
1,952,508
1,497,928
EBIT
2,012,808
1,985,179
1,633,114
1,211,102
Net Interest Income
73,721
93,897
62,693
21,128
Interest Income
73,721
93,897
62,693
21,128
Normalized Income
1,594,615
1,586,650
1,285,815
937,683
Net Income From Continuing And Discontinued Operation
1,535,761
1,534,110
1,228,737
899,101
Total Expenses
9,912,793
9,328,674
8,238,535
7,423,550
Rent Expense Supplemental
624,898
563,374
503,264
460,425
Total Operating Income As Reported
1,935,798
1,916,333
1,557,813
1,160,403
Diluted Average Shares
1,342,616
1,376,555
1,385,500
1,403,100
Basic Average Shares
1,337,336
1,368,343
1,377,750
1,392,550
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,535,761
1,534,110
1,228,737
899,101
Net Income Common Stockholders
1,535,761
1,534,110
1,228,737
899,101
Net Income
1,535,761
1,534,110
1,228,737
899,101
Net Income Including Noncontrolling Interests
1,535,761
1,534,110
1,228,737
899,101
Net Income Continuous Operations
1,535,761
1,534,110
1,228,737
899,101
Tax Provision
473,758
476,120
391,769
282,430
Pretax Income
2,009,519
2,010,230
1,620,506
1,181,531
Other Income Expense
-77,010
-68,846
-75,301
-50,699
Special Income Charges
-77,010
-68,846
-75,301
-50,699
Other Special Charges
49,507
41,897
36,931
29,560
Impairment Of Capital Assets
27,503
26,949
38,370
21,139
Net Non Operating Interest Income Expense
73,721
93,897
62,693
21,128
Interest Income Non Operating
73,721
93,897
62,693
21,128
Operating Income
2,012,808
1,985,179
1,633,114
1,211,102
Operating Expense
1,013,399
1,032,513
952,978
851,017
Other Operating Expenses
29,560
21,264
Depreciation Amortization Depletion Income Statement
361,382
335,030
319,394
286,826
Depreciation And Amortization In Income Statement
361,382
335,030
319,394
286,826
Selling General And Administration
652,017
697,483
633,584
564,191
General And Administrative Expense
652,017
697,483
633,584
564,191
Other Gand A
652,017
697,483
633,584
564,191
Gross Profit
3,026,207
3,017,692
2,586,092
2,062,119
Cost Of Revenue
8,899,394
8,296,161
7,285,557
6,572,533
Total Revenue
11,925,601
11,313,853
9,871,649
8,634,652
Operating Revenue
11,925,601
11,313,853
9,871,649
8,634,652
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
502,850
484,650
452,600
Ordinary Shares Number
1,304,360
1,358,751
1,371,300
1,381,350
Share Issued
1,304,360
1,358,751
1,874,150
1,866,000
Total Debt
5,075,814
4,540,618
4,051,625
3,731,410
Tangible Book Value
2,808,668
3,633,607
3,040,268
2,346,084
Invested Capital
2,830,607
3,655,546
3,062,207
2,368,023
Working Capital
278,811
611,819
590,088
253,957
Net Tangible Assets
2,808,668
3,633,607
3,040,268
2,346,084
Capital Lease Obligations
5,075,814
4,540,618
4,051,625
3,731,410
Common Stock Equity
2,830,607
3,655,546
3,062,207
2,368,023
Total Capitalization
2,830,607
3,655,546
3,062,207
2,368,023
Total Equity Gross Minority Interest
2,830,607
3,655,546
3,062,207
2,368,023
Stockholders Equity
2,830,607
3,655,546
3,062,207
2,368,023
Gains Losses Not Affecting Retained Earnings
-7,289
-10,282
-6,657
-7,888
Other Equity Adjustments
-7,289
-10,282
-6,657
-7,888
Treasury Stock
0
4,944,656
4,282,014
3,356,102
Retained Earnings
619,908
1,574,232
6,056,985
4,828,248
Additional Paid In Capital
1,937,794
Capital Stock
13,044
13,586
18,741
373
Common Stock
13,044
13,586
18,741
373
Total Liabilities Net Minority Interest
6,163,924
5,548,828
4,982,155
4,559,481
Total Non Current Liabilities Net Minority Interest
4,975,782
4,380,060
3,951,530
3,637,601
Other Non Current Liabilities
76,674
71,070
58,870
43,816
Non Current Deferred Liabilities
125,674
46,208
89,109
98,623
Non Current Deferred Taxes Liabilities
125,674
46,208
89,109
98,623
Long Term Debt And Capital Lease Obligation
4,773,434
4,262,782
3,803,551
3,495,162
Long Term Capital Lease Obligation
4,773,434
4,262,782
3,803,551
3,495,162
Current Liabilities
1,188,142
1,168,768
1,030,625
921,880
Current Deferred Liabilities
240,375
238,577
209,680
183,071
Current Deferred Revenue
240,375
238,577
209,680
183,071
Current Debt And Capital Lease Obligation
302,380
277,836
248,074
236,248
Current Capital Lease Obligation
302,380
277,836
248,074
236,248
Pensionand Other Post Retirement Benefit Plans Current
44,266
35,242
30,520
Current Provisions
39,149
34,404
30,169
15,227
Payables And Accrued Expenses
561,972
582,709
512,182
502,561
Current Accrued Expenses
301,634
324,808
272,465
282,428
Payables
260,338
257,901
239,717
220,133
Total Tax Payable
47,525
47,206
42,071
35,567
Accounts Payable
212,813
210,695
197,646
184,566
Total Assets
8,994,531
9,204,374
8,044,362
6,927,504
Total Non Current Assets
7,527,578
7,423,787
6,423,649
5,751,667
Other Non Current Assets
166,145
143,570
88,636
88,124
Investments And Advances
197,123
868,025
564,488
388,055
Goodwill And Other Intangible Assets
21,939
21,939
21,939
21,939
Goodwill
21,939
21,939
21,939
21,939
Net PPE
7,142,371
6,390,253
5,748,586
5,253,549
Accumulated Depreciation
-2,531,317
-2,249,301
-1,982,022
-1,734,587
Gross PPE
9,673,688
8,639,554
7,730,608
6,988,136
Leases
3,260,533
2,918,408
2,595,866
2,317,277
Construction In Progress
168,583
192,945
161,721
123,453
Other Properties
5,910,203
5,221,417
4,692,784
4,292,297
Machinery Furniture Equipment
321,426
293,841
267,294
242,166
Land And Improvements
12,943
12,943
12,943
12,943
Current Assets
1,466,953
1,780,587
1,620,713
1,175,837
Other Current Assets
22,350
17,285
19,792
86,412
Prepaid Assets
98,100
80,253
97,670
86,412
Inventory
49,508
48,942
39,309
35,668
Receivables
252,388
213,442
168,495
154,621
Taxes Receivable
91,393
67,229
52,960
47,741
Notes Receivable
4,529
2,250
Accounts Receivable
156,466
143,963
115,535
106,880
Allowance For Doubtful Accounts Receivable
-1,670
-2,953
-2,742
Gross Accounts Receivable
158,136
146,916
118,277
Cash Cash Equivalents And Short Term Investments
1,044,607
1,420,665
1,295,447
899,136
Other Short Term Investments
694,062
672,128
734,838
515,136
Cash And Cash Equivalents
350,545
748,537
560,609
384,000
Cash Equivalents
287,908
652,568
432,151
Cash Financial
62,637
95,969
128,458
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,447,590
1,511,473
1,222,746
844,015
Repurchase Of Capital Stock
-2,425,516
-1,001,559
-592,349
-830,140
Capital Expenditure
-666,336
-593,603
-560,731
-479,164
Income Tax Paid Supplemental Data
423,481
532,862
400,229
275,796
End Cash Position
385,909
778,379
586,163
408,966
Beginning Cash Position
778,379
586,163
408,966
846,230
Effect Of Exchange Rate Changes
-416
-1,635
381
-1,007
Changes In Cash
-392,054
193,851
176,816
-436,257
Financing Cash Flow
-2,470,898
-1,073,699
-660,652
-929,404
Cash Flow From Continuing Financing Activities
-2,470,898
-1,073,699
-660,652
-929,404
Net Other Financing Charges
-45,382
-72,140
-68,303
-99,264
Net Common Stock Issuance
-2,425,516
-1,001,559
-592,349
-830,140
Common Stock Payments
-2,425,516
-1,001,559
-592,349
-830,140
Investing Cash Flow
-35,082
-837,526
-946,009
-830,032
Cash Flow From Continuing Investing Activities
-35,082
-837,526
-946,009
-830,032
Net Investment Purchase And Sale
631,254
-264,036
-385,278
-350,868
Sale Of Investment
659,476
722,637
729,853
263,548
Purchase Of Investment
-28,222
-986,673
-1,115,131
-614,416
Net PPE Purchase And Sale
-666,336
-573,490
-560,731
-479,164
Sale Of PPE
0
20,113
0
0
Purchase Of PPE
-666,336
-593,603
-560,731
-479,164
Operating Cash Flow
2,113,926
2,105,076
1,783,477
1,323,179
Cash Flow From Continuing Operating Activities
2,113,926
2,105,076
1,783,477
1,323,179
Change In Working Capital
6,499
125,818
95,320
78,641
Change In Other Working Capital
16,585
31,776
30,448
79,636
Change In Other Current Liabilities
-262,420
-214,636
-205,046
-203,333
Change In Other Current Assets
327,530
267,897
258,445
233,927
Change In Payables And Accrued Expense
-30,061
70,608
65,549
108
Change In Accrued Expense
-22,612
62,141
60,236
-18,100
Change In Payable
-7,449
8,467
5,313
18,208
Change In Account Payable
-7,449
8,467
5,313
18,208
Change In Prepaid Assets
-33,042
9,244
-39,211
-14,660
Change In Inventory
-710
-9,797
-3,649
-3,011
Change In Receivables
-11,383
-29,274
-11,216
-14,026
Changes In Account Receivables
-11,383
-29,274
-11,216
-14,026
Other Non Cash Items
-14,661
-3,472
-13,080
-16,202
Stock Based Compensation
119,543
131,730
124,016
98,030
Provisionand Write Offof Assets
-657
215
1,570
-760
Asset Impairment Charge
26,576
24,582
37,025
20,738
Deferred Tax
79,483
-42,937
-9,505
-43,195
Deferred Income Tax
79,483
-42,937
-9,505
-43,195
Depreciation Amortization Depletion
361,382
335,030
319,394
286,826
Depreciation And Amortization
361,382
335,030
319,394
286,826
Net Income From Continuing Operations
1,535,761
1,534,110
1,228,737
899,101
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: $2.8B
Warren's Owner Earnings
$2.6B
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.
$11.9B
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.
1.23x
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 $0.64 to $1.14 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.
+77.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $11.9Bvs > $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 — 1.23xvs 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 $0.64 to $1.14 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 CMG 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
20.4%
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
43.4%
38.7%
45.6%
53.3%
N/A
Repurchase of Capital Stock
-$2.4B
-$1.0B
-$592M
-$830M
N/A
Free Cash Flow
$1.4B▼
$1.5B▲
$1.2B▲
$844M•
N/A•
Warren's Owner Earnings
$2.6B
$2.5B
$2.1B
$1.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare CMG 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
CMG (CMG) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 25.4%. Operating margin: 16.9%. Net margin: 12.9%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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