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 Margin18.4%
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 Margin24.4%
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 Debt10.1 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-$4.3B
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-$409M
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$386M
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 Income114.6%
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$1.4B
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 Profit61.4%
Operating Margin18.4%
Net Margin24.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
61.4%▲
61.2%▼
62.1%▼
62.8%•
N/A
Operating Margin %
18.4%▼
19.3%▼
21.0%▲
18.4%•
N/A
Net Income %
24.4%▲
10.6%▼
26.2%▼
45.9%•
N/A
Diluted EPS
3.54▲
1.50▼
3.70▼
6.04•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$9.0B
$8.9B
$9.4B
$9.3B
N/A
Total Debt
$3.9B▲
$3.5B▼
$3.7B▲
$3.7B•
N/A
Working Capital
-$409M▼
-$366M▼
-$150M▲
-$422M•
N/A
Years to Pay Debt
10.15
21.35
9.21
5.63
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$386M▲
$381M▼
$384M▲
$295M•
N/A
Owner Earnings
$1.4B
$1.1B
$1.4B
$1.7B
N/A
CapEx % of Net Income
114.6%
241.1%
101.9%
68.8%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
2,498
32
1,964
2,279
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
900,187
883,698
899,508
844,400
Total Unusual Items
247,994
1,897
222,903
510,518
Total Unusual Items Excluding Goodwill
247,994
1,897
222,903
510,518
Net Income From Continuing Operation Net Minority Interest
384,462
163,293
403,309
653,613
Reconciled Depreciation
611,025
582,014
574,813
577,020
Reconciled Cost Of Revenue
607,236
599,336
584,343
529,198
EBITDA
1,148,181
885,595
1,122,411
1,354,918
EBIT
537,156
303,581
547,598
777,898
Net Interest Income
-137,983
-125,395
-132,516
-110,405
Interest Expense
138,239
129,815
133,395
113,424
Interest Income
256
4,420
879
3,019
Normalized Income
138,966
161,428
182,370
145,374
Net Income From Continuing And Discontinued Operation
384,462
163,293
403,309
653,613
Total Expenses
1,284,638
1,246,578
1,218,211
1,161,443
Diluted Average Shares
108,434
108,539
109,399
108,388
Basic Average Shares
108,376
108,491
108,653
107,605
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
383,638
162,998
404,749
654,075
Average Dilution Earnings
0
0
2,086
1,452
Net Income Common Stockholders
383,638
162,998
402,663
652,623
Otherunder Preferred Stock Dividend
824
295
646
990
Net Income
384,462
163,293
403,309
653,613
Minority Interests
-10,436
-7,547
-7,244
-7,895
Net Income Including Noncontrolling Interests
394,898
170,840
410,553
661,508
Net Income Continuous Operations
394,898
170,840
410,553
661,508
Tax Provision
4,019
2,926
3,650
2,966
Pretax Income
398,917
173,766
414,203
664,474
Other Income Expense
247,994
1,897
222,903
513,566
Special Income Charges
-12,916
-41,909
-2,513
474,146
Other Special Charges
921
2,513
Impairment Of Capital Assets
12,916
40,988
0
0
Restructuring And Mergern Acquisition
0
0
-474,146
0
Earnings From Equity Interest
0
0
3,048
9,777
Gain On Sale Of Security
260,910
43,806
225,416
36,372
Net Non Operating Interest Income Expense
-137,983
-125,395
-132,516
-110,405
Interest Expense Non Operating
138,239
129,815
133,395
113,424
Interest Income Non Operating
256
4,420
879
3,019
Operating Income
288,906
297,264
323,816
261,313
Operating Expense
677,402
647,242
633,868
632,245
Other Operating Expenses
-12,967
-7,137
-3,451
-5,188
Depreciation Amortization Depletion Income Statement
611,025
582,014
574,813
577,020
Depreciation And Amortization In Income Statement
611,025
582,014
574,813
577,020
Selling General And Administration
79,344
72,365
62,506
60,413
General And Administrative Expense
79,344
72,365
62,506
60,413
Other Gand A
79,344
72,365
62,506
60,413
Gross Profit
966,308
944,506
957,684
893,558
Cost Of Revenue
607,236
599,336
584,343
529,198
Total Revenue
1,573,544
1,543,842
1,542,027
1,422,756
Operating Revenue
1,573,544
1,543,842
1,542,027
1,422,756
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
11,373
11,050
8,860
9,090
Ordinary Shares Number
106,365
106,688
106,800
106,500
Share Issued
117,738
117,738
115,660
115,590
Net Debt
3,875,587
3,464,546
3,455,750
3,670,213
Total Debt
3,900,790
3,485,591
3,715,436
3,680,900
Tangible Book Value
4,362,523
4,675,198
4,980,757
4,986,620
Invested Capital
8,263,313
8,160,789
8,696,193
8,667,520
Working Capital
-409,314
-366,057
-149,591
-421,747
Net Tangible Assets
4,362,523
4,675,198
4,980,757
4,986,620
Common Stock Equity
4,362,523
4,675,198
4,980,757
4,986,620
Total Capitalization
8,263,313
8,160,789
8,696,193
8,625,520
Total Equity Gross Minority Interest
4,438,253
4,747,189
5,051,771
5,056,921
Minority Interest
75,730
71,991
71,014
70,301
Stockholders Equity
4,362,523
4,675,198
4,980,757
4,986,620
Gains Losses Not Affecting Retained Earnings
2,165
974
-1,252
-1,774
Other Equity Adjustments
2,165
974
-1,252
-1,774
Treasury Stock
620,497
359,732
320,364
328,684
Retained Earnings
-969,240
-897,931
-613,651
-581,532
Additional Paid In Capital
5,948,938
5,930,729
5,914,868
5,897,454
Capital Stock
1,157
1,158
1,156
1,156
Common Stock
1,157
1,158
1,156
1,156
Total Liabilities Net Minority Interest
4,604,736
4,104,955
4,331,966
4,271,014
Total Non Current Liabilities Net Minority Interest
4,149,296
3,697,698
3,902,423
3,818,465
Other Non Current Liabilities
248,506
212,107
186,987
179,565
Long Term Debt And Capital Lease Obligation
3,900,790
3,485,591
3,715,436
3,638,900
Long Term Debt
3,900,790
3,485,591
3,715,436
3,638,900
Current Liabilities
455,440
407,257
429,543
452,549
Current Debt And Capital Lease Obligation
42,000
Current Debt
42,000
Line Of Credit
0
42,000
Payables And Accrued Expenses
455,440
407,257
429,543
410,549
Payables
455,440
407,257
429,543
410,549
Dividends Payable
114,971
113,549
110,427
103,628
Total Tax Payable
92,382
78,529
96,517
95,551
Accounts Payable
248,087
215,179
222,599
211,370
Total Assets
9,042,989
8,852,144
9,383,737
9,327,935
Total Non Current Assets
8,996,863
8,810,944
9,103,785
9,297,133
Other Non Current Assets
293,292
234,838
244,182
229,371
Investments And Advances
0
13,730
Long Term Equity Investment
0
13,730
Investmentsin Joint Venturesat Cost
0
13,730
Investment Properties
8,703,571
8,576,106
8,859,603
9,067,762
Current Assets
46,126
41,200
279,952
30,802
Restricted Cash
12,039
11,164
8,361
6,751
Receivables
8,884
8,991
11,905
13,364
Accounts Receivable
8,884
8,991
11,905
13,364
Cash Cash Equivalents And Short Term Investments
25,203
21,045
259,686
10,687
Cash And Cash Equivalents
25,203
21,045
259,686
10,687
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
386,219
381,142
384,016
295,281
Repurchase Of Capital Stock
-270,654
-49,997
0
0
Repayment Of Debt
-766,000
-1,208,000
-1,814,749
-1,066,000
Issuance Of Debt
1,176,108
981,952
1,833,235
1,058,000
Issuance Of Capital Stock
0
0
516,758
759,209
Capital Expenditure
-440,402
-393,735
-410,934
-449,431
Interest Paid Supplemental Data
139,625
129,637
128,870
111,069
Income Tax Paid Supplemental Data
3,482
2,816
3,591
3,216
End Cash Position
37,242
32,209
268,047
17,438
Beginning Cash Position
32,209
268,047
17,438
618,980
Changes In Cash
5,033
-235,838
250,609
-601,542
Financing Cash Flow
-322,049
-725,485
-417,214
109,930
Cash Flow From Continuing Financing Activities
-322,049
-725,485
-417,214
109,930
Net Other Financing Charges
-553
1,525
-825
-2,006
Cash Dividends Paid
-460,950
-450,965
-434,875
-396,822
Common Stock Dividend Paid
-460,950
-450,965
-434,875
-396,822
Net Common Stock Issuance
-270,654
-49,997
0
516,758
Common Stock Payments
-270,654
-49,997
0
0
Common Stock Issuance
0
0
516,758
759,209
Net Issuance Payments Of Debt
410,108
-226,048
18,486
-8,000
Net Short Term Debt Issuance
588,108
0
0
0
Short Term Debt Issuance
588,108
0
0
0
Net Long Term Debt Issuance
-178,000
-226,048
18,486
-8,000
Long Term Debt Payments
-766,000
-1,208,000
-1,814,749
-1,066,000
Long Term Debt Issuance
588,000
981,952
1,833,235
1,058,000
Investing Cash Flow
-499,539
-285,230
-127,127
-1,456,184
Cash Flow From Continuing Investing Activities
-499,539
-285,230
-127,127
-1,456,184
Net Other Investing Changes
-5,817
-5,969
-6,856
-11,238
Net Investment Properties Purchase And Sale
-53,320
114,474
290,663
-995,515
Sale Of Investment Properties
365,906
114,474
290,663
70,536
Purchase Of Investment Properties
-419,226
0
0
-1,066,051
Capital Expenditure Reported
-440,402
-393,735
-410,934
-449,431
Operating Cash Flow
826,621
774,877
794,950
744,712
Cash Flow From Continuing Operating Activities
826,621
774,877
794,950
744,712
Dividend Received Cfo
0
0
3,015
9,645
Change In Working Capital
51,733
8,754
17,975
3,913
Change In Other Working Capital
5,466
3,880
3,301
4,159
Change In Other Current Liabilities
6,879
34,717
2,018
-6,207
Change In Other Current Assets
3,449
-8,731
-1,951
-13,950
Change In Payables And Accrued Expense
35,939
-21,112
14,607
19,911
Change In Payable
35,939
-21,112
14,607
19,911
Change In Account Payable
18,293
-3,336
13,639
-2,990
Change In Tax Payable
17,646
-17,776
968
22,901
Change In Income Tax Payable
17,646
-17,776
968
22,901
Other Non Cash Items
-474,146
Stock Based Compensation
16,959
15,166
14,512
12,822
Asset Impairment Charge
12,916
40,988
0
0
Depreciation Amortization Depletion
611,025
582,014
574,813
577,020
Depreciation And Amortization
611,025
582,014
574,813
577,020
Operating Gains Losses
-260,910
-42,885
-222,903
-39,420
Earnings Losses From Equity Investments
0
0
-3,048
-9,777
Gain Loss On Investment Securities
-260,910
-43,806
-225,416
-36,372
Net Income From Continuing Operations
394,898
170,840
410,553
661,508
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: $4.4B
Warren's Owner Earnings
$1.4B
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.
$1.6B
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.
0.10x
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 $6.04 to $3.54 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.
-41.4% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $1.6Bvs > $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 — 0.10xvs 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 $6.04 to $3.54 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 CPT 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
2.7%
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
114.6%
241.1%
101.9%
68.8%
N/A
Repurchase of Capital Stock
-$271M
-$50M
$0M
$0M
N/A
Free Cash Flow
$386M▲
$381M▼
$384M▲
$295M•
N/A•
Warren's Owner Earnings
$1.4B
$1.1B
$1.4B
$1.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare CPT 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
CPT (CPT) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 61.4%. Operating margin: 18.4%. Net margin: 24.4%. 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.