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 Margin18.8%
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 Margin11.3%
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
D
Years to Pay Off Debt12.8 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-$1.1B
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$42.4B
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$3.2B
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 Income84.1%
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$11.5B
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 Profit36.5%
Operating Margin18.8%
Net Margin11.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
36.5%▼
38.6%▲
37.0%▲
30.7%•
N/A
Operating Margin %
18.8%▼
22.6%▼
24.2%▲
17.6%•
N/A
Net Income %
11.3%▼
14.1%▼
16.9%▲
13.9%•
N/A
Diluted EPS
18.50▼
25.62▼
34.63▲
23.28•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$106.0B
$107.3B
$104.1B
$90.0B
N/A
Total Debt
$64.2B▼
$65.5B▲
$63.7B▲
$52.2B•
N/A
Working Capital
$42.4B▲
$41.7B▲
$38.6B▲
$33.6B•
N/A
Years to Pay Debt
12.78
9.22
6.27
7.32
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$3.2B▼
$4.4B▲
$4.1B▲
$911M•
N/A
Owner Earnings
$11.5B
$14.0B
$16.6B
$12.8B
N/A
CapEx % of Net Income
84.1%
67.6%
44.0%
53.1%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
11,469
17,060
-13,231
61,571
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
11,599,000
14,597,000
17,536,000
11,804,000
Total Unusual Items
57,000
75,000
-60,000
280,000
Total Unusual Items Excluding Goodwill
57,000
75,000
-60,000
280,000
Net Income From Continuing Operation Net Minority Interest
5,027,000
7,100,000
10,166,000
7,131,000
Reconciled Depreciation
2,229,000
2,118,000
2,004,000
1,895,000
Reconciled Cost Of Revenue
27,066,000
29,779,000
36,791,000
34,484,000
EBITDA
11,656,000
14,672,000
17,476,000
12,084,000
EBIT
9,427,000
12,554,000
15,472,000
10,189,000
Net Interest Income
-3,170,000
-3,348,000
-2,453,000
-1,062,000
Interest Expense
3,170,000
3,348,000
2,453,000
1,062,000
Normalized Income
4,981,469
7,042,060
10,212,769
6,912,571
Net Income From Continuing And Discontinued Operation
5,027,000
7,100,000
10,166,000
7,131,000
Total Expenses
36,249,000
39,091,000
45,657,000
42,256,000
Diluted Average Shares
271,700
277,100
293,600
306,300
Basic Average Shares
270,900
276,000
292,200
304,500
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
5,027,000
7,100,000
10,166,000
7,131,000
Net Income Common Stockholders
5,027,000
7,100,000
10,166,000
7,131,000
Net Income
5,027,000
7,100,000
10,166,000
7,131,000
Minority Interests
29,000
12,000
11,000
1,000
Net Income Including Noncontrolling Interests
4,998,000
7,088,000
10,155,000
7,130,000
Net Income Continuous Operations
4,998,000
7,088,000
10,155,000
7,130,000
Earnings From Equity Interest Net Of Tax
-24,000
7,000
10,000
21,000
Tax Provision
1,259,000
2,094,000
2,871,000
2,007,000
Pretax Income
6,257,000
9,206,000
13,019,000
9,127,000
Other Income Expense
1,011,000
1,127,000
881,000
1,163,000
Other Non Operating Income Expenses
954,000
1,052,000
941,000
883,000
Special Income Charges
9,000
19,000
33,000
72,000
Gain On Sale Of Ppe
19,000
33,000
72,000
65,000
Other Special Charges
-9,000
-19,000
-33,000
-72,000
Gain On Sale Of Security
48,000
56,000
-93,000
208,000
Net Non Operating Interest Income Expense
-3,170,000
-3,348,000
-2,453,000
-1,062,000
Interest Expense Non Operating
3,170,000
3,348,000
2,453,000
1,062,000
Operating Income
8,416,000
11,427,000
14,591,000
9,026,000
Operating Expense
7,879,000
8,068,000
7,715,000
6,704,000
Other Operating Expenses
402,000
397,000
376,000
320,000
Depreciation Amortization Depletion Income Statement
925,000
874,000
853,000
827,000
Depreciation And Amortization In Income Statement
925,000
874,000
853,000
827,000
Depreciation Income Statement
925,000
874,000
853,000
827,000
Research And Development
2,311,000
2,290,000
2,177,000
1,912,000
Selling General And Administration
4,241,000
4,507,000
4,309,000
3,645,000
General And Administrative Expense
4,241,000
4,507,000
4,309,000
3,645,000
Other Gand A
4,663,000
4,840,000
4,595,000
3,863,000
Insurance And Claims
309,000
267,000
235,000
Salaries And Wages
-422,000
-333,000
-286,000
-218,000
Gross Profit
16,295,000
19,495,000
22,306,000
15,730,000
Cost Of Revenue
28,370,000
31,023,000
37,942,000
35,552,000
Total Revenue
44,665,000
50,518,000
60,248,000
51,282,000
Operating Revenue
44,665,000
50,518,000
60,248,000
51,282,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
266,079
264,679
254,847
237,659
Ordinary Shares Number
270,352
271,752
281,584
298,772
Share Issued
536,431
536,431
536,431
536,431
Net Debt
55,621,000
57,836,000
55,928,000
47,104,000
Total Debt
64,250,000
65,463,000
63,692,000
52,201,000
Tangible Book Value
20,400,000
17,374,000
16,302,000
14,985,000
Invested Capital
89,847,000
87,996,000
85,171,000
72,140,000
Working Capital
42,447,000
41,707,000
38,587,000
33,611,000
Net Tangible Assets
20,400,000
17,374,000
16,302,000
14,985,000
Capital Lease Obligations
353,000
303,000
306,000
323,000
Common Stock Equity
25,950,000
22,836,000
21,785,000
20,262,000
Total Capitalization
69,494,000
66,065,000
60,262,000
53,858,000
Total Equity Gross Minority Interest
26,007,000
22,925,000
21,886,000
20,357,000
Minority Interest
57,000
89,000
101,000
95,000
Stockholders Equity
25,950,000
22,836,000
21,785,000
20,262,000
Gains Losses Not Affecting Retained Earnings
-3,032,000
-3,706,000
-3,114,000
-3,056,000
Other Equity Adjustments
-3,032,000
-3,706,000
-3,114,000
-3,056,000
Treasury Stock
36,362,000
35,349,000
31,335,000
24,094,000
Retained Earnings
59,676,000
56,402,000
50,931,000
42,247,000
Capital Stock
5,668,000
5,489,000
5,303,000
5,165,000
Common Stock
5,668,000
5,489,000
5,303,000
5,165,000
Total Liabilities Net Minority Interest
79,989,000
84,395,000
82,201,000
69,673,000
Total Non Current Liabilities Net Minority Interest
47,534,000
48,435,000
44,419,000
39,196,000
Other Non Current Liabilities
235,000
217,000
2,140,000
182,000
Derivative Product Liabilities
389,000
582,000
1,130,000
1,231,000
Employee Benefits
2,932,000
3,929,000
2,152,000
3,692,000
Non Current Pension And Other Postretirement Benefit Plans
1,355,000
2,004,000
1,833,000
2,164,000
Non Current Deferred Liabilities
434,000
478,000
520,000
495,000
Non Current Deferred Taxes Liabilities
434,000
478,000
520,000
495,000
Long Term Debt And Capital Lease Obligation
43,544,000
43,229,000
38,477,000
33,596,000
Long Term Capital Lease Obligation
40,000
Long Term Debt
43,544,000
43,229,000
38,477,000
33,596,000
Current Liabilities
32,455,000
35,960,000
37,782,000
30,477,000
Other Current Liabilities
1,827,000
1,130,000
1,231,000
228,000
Current Deferred Liabilities
1,371,000
1,239,000
1,127,000
956,000
Current Deferred Revenue
1,371,000
1,239,000
1,127,000
956,000
Current Debt And Capital Lease Obligation
20,706,000
22,234,000
25,215,000
18,605,000
Current Capital Lease Obligation
353,000
303,000
306,000
323,000
Current Debt
20,353,000
21,931,000
24,909,000
18,282,000
Other Current Borrowings
15,484,000
17,546,000
15,326,000
13,177,000
Commercial Paper
4,218,000
4,008,000
9,100,000
4,703,000
Current Notes Payable
651,000
377,000
483,000
402,000
Pensionand Other Post Retirement Benefit Plans Current
120,000
133,000
2,152,000
111,000
Payables And Accrued Expenses
10,258,000
10,527,000
11,440,000
10,805,000
Current Accrued Expenses
5,331,000
5,553,000
5,705,000
4,925,000
Interest Payable
524,000
455,000
434,000
288,000
Payables
4,927,000
4,974,000
5,735,000
5,880,000
Other Payable
334,000
356,000
316,000
377,000
Dueto Related Parties Current
10,000
6,000
6,000
11,000
Dividends Payable
443,000
405,000
388,000
343,000
Total Tax Payable
1,155,000
1,509,000
1,558,000
1,255,000
Income Tax Payable
1,558,000
1,255,000
1,075,000
Accounts Payable
2,985,000
2,698,000
3,467,000
3,894,000
Total Assets
105,996,000
107,320,000
104,087,000
90,030,000
Total Non Current Assets
31,094,000
29,653,000
27,718,000
25,942,000
Other Non Current Assets
736,000
700,000
411,000
358,000
Defined Pension Benefit
3,273,000
2,921,000
3,007,000
3,730,000
Non Current Deferred Assets
2,701,000
2,498,000
2,240,000
1,207,000
Non Current Deferred Taxes Assets
2,284,000
2,086,000
1,814,000
824,000
Non Current Accounts Receivable
1,935,000
2,288,000
1,953,000
1,783,000
Financial Assets
393,000
357,000
292,000
373,000
Investments And Advances
510,000
122,000
126,000
117,000
Long Term Equity Investment
510,000
122,000
126,000
117,000
Investmentsin Associatesat Cost
510,000
122,000
126,000
117,000
Goodwill And Other Intangible Assets
5,550,000
5,462,000
5,483,000
5,277,000
Other Intangible Assets
1,362,000
1,503,000
1,583,000
1,590,000
Goodwill
4,188,000
3,959,000
3,900,000
3,687,000
Net PPE
15,996,000
15,305,000
14,206,000
13,097,000
Accumulated Depreciation
-12,011,000
-11,161,000
-10,517,000
-10,024,000
Gross PPE
28,007,000
26,466,000
24,723,000
23,121,000
Construction In Progress
2,280,000
2,455,000
2,478,000
2,160,000
Other Properties
11,900,000
11,328,000
10,559,000
10,093,000
Machinery Furniture Equipment
7,684,000
7,125,000
6,613,000
6,208,000
Buildings And Improvements
5,679,000
5,168,000
4,735,000
4,386,000
Land And Improvements
464,000
390,000
338,000
274,000
Current Assets
74,902,000
77,667,000
76,369,000
64,088,000
Hedging Assets Current
72,000
254,000
667,000
709,000
Assets Held For Sale Current
2,944,000
Restricted Cash
257,000
193,000
162,000
167,000
Prepaid Assets
259,000
238,000
167,000
185,000
Inventory
7,508,000
7,199,000
8,219,000
8,539,000
Inventories Adjustments Allowances
-2,721,000
-2,687,000
-2,365,000
-2,500,000
Other Inventories
102,000
106,000
59,000
44,000
Finished Goods
5,769,000
5,364,000
5,435,000
5,363,000
Work In Process
956,000
930,000
1,010,000
1,190,000
Raw Materials
3,402,000
3,486,000
4,080,000
4,442,000
Receivables
57,119,000
58,361,000
58,750,000
48,980,000
Receivables Adjustments Allowances
-69,000
-66,000
Other Receivables
51,406,000
53,032,000
51,008,000
42,570,000
Duefrom Related Parties Current
396,000
3,000
3,000
0
Accounts Receivable
5,386,000
5,392,000
7,739,000
6,410,000
Allowance For Doubtful Accounts Receivable
-69,000
-66,000
-35,000
-36,000
Gross Accounts Receivable
5,386,000
5,392,000
7,774,000
6,446,000
Cash Cash Equivalents And Short Term Investments
9,687,000
8,478,000
8,404,000
5,508,000
Other Short Term Investments
1,411,000
1,154,000
946,000
734,000
Cash And Cash Equivalents
8,276,000
7,324,000
7,458,000
4,774,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
3,231,000
4,429,000
4,121,000
911,000
Repurchase Of Capital Stock
-1,138,000
-4,007,000
-7,216,000
-3,597,000
Repayment Of Debt
-12,264,000
-13,232,000
-7,913,000
-8,445,000
Issuance Of Debt
13,161,000
18,096,000
15,429,000
10,358,000
Issuance Of Capital Stock
63,000
148,000
Capital Expenditure
-4,228,000
-4,802,000
-4,468,000
-3,788,000
Interest Paid Supplemental Data
3,080,000
3,298,000
2,227,000
1,101,000
Income Tax Paid Supplemental Data
1,647,000
2,518,000
3,578,000
1,940,000
End Cash Position
8,533,000
7,633,000
7,620,000
4,941,000
Beginning Cash Position
7,633,000
7,620,000
4,941,000
8,125,000
Effect Of Exchange Rate Changes
77,000
-37,000
31,000
-224,000
Changes In Cash
823,000
50,000
2,648,000
-2,960,000
Financing Cash Flow
-4,579,000
-2,717,000
2,808,000
826,000
Cash Flow From Continuing Financing Activities
-4,579,000
-2,717,000
2,808,000
826,000
Net Other Financing Charges
-79,000
-113,000
-73,000
-29,000
Cash Dividends Paid
-1,720,000
-1,605,000
-1,427,000
-1,313,000
Common Stock Dividend Paid
-1,720,000
-1,605,000
-1,427,000
-1,313,000
Net Common Stock Issuance
-1,138,000
-4,007,000
-7,216,000
-3,597,000
Common Stock Payments
-1,138,000
-4,007,000
-7,216,000
-3,597,000
Common Stock Issuance
63,000
148,000
Net Issuance Payments Of Debt
-1,642,000
3,008,000
11,524,000
5,765,000
Net Short Term Debt Issuance
-2,539,000
-1,856,000
4,008,000
3,852,000
Short Term Debt Issuance
4,008,000
3,852,000
818,000
Net Long Term Debt Issuance
897,000
4,864,000
7,516,000
1,913,000
Long Term Debt Payments
-12,264,000
-13,232,000
-7,913,000
-8,445,000
Long Term Debt Issuance
13,161,000
18,096,000
15,429,000
10,358,000
Investing Cash Flow
-2,057,000
-6,464,000
-8,749,000
-8,485,000
Cash Flow From Continuing Investing Activities
-2,057,000
-6,464,000
-8,749,000
-8,485,000
Net Other Investing Changes
572,000
-3,368,000
-5,875,000
-6,121,000
Net Investment Purchase And Sale
-217,000
-223,000
-305,000
-171,000
Sale Of Investment
486,000
832,000
186,000
79,000
Purchase Of Investment
-703,000
-1,055,000
-491,000
-250,000
Net Business Purchase And Sale
-101,000
-82,000
-498,000
-244,000
Purchase Of Business
-101,000
-82,000
-498,000
-244,000
Net PPE Purchase And Sale
-2,311,000
-2,873,000
-2,487,000
-1,695,000
Sale Of PPE
1,917,000
1,929,000
1,981,000
2,093,000
Purchase Of PPE
-4,228,000
-4,802,000
-4,468,000
-3,788,000
Operating Cash Flow
7,459,000
9,231,000
8,589,000
4,699,000
Cash Flow From Continuing Operating Activities
7,459,000
9,231,000
8,589,000
4,699,000
Change In Working Capital
-443,000
-181,000
-3,337,000
-4,315,000
Change In Other Working Capital
-1,001,000
-350,000
-193,000
-874,000
Change In Payables And Accrued Expense
-251,000
-1,040,000
830,000
1,133,000
Change In Inventory
-275,000
788,000
279,000
-2,091,000
Change In Receivables
1,084,000
421,000
-4,253,000
-2,483,000
Changes In Account Receivables
1,084,000
421,000
-4,253,000
-2,483,000
Other Non Cash Items
475,000
-143,000
252,000
16,000
Stock Based Compensation
151,000
208,000
130,000
85,000
Provisionand Write Offof Assets
296,000
310,000
-16,000
192,000
Asset Impairment Charge
41,000
125,000
191,000
88,000
Deferred Tax
-288,000
-294,000
-790,000
-66,000
Deferred Income Tax
-288,000
-294,000
-790,000
-66,000
Depreciation Amortization Depletion
2,229,000
2,118,000
2,004,000
1,895,000
Depreciation And Amortization
2,229,000
2,118,000
2,004,000
1,895,000
Operating Gains Losses
-326,000
2,000
Earnings Losses From Equity Investments
-326,000
2,000
Net Income From Continuing Operations
4,998,000
7,088,000
10,155,000
7,130,000
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: $26.0B
Warren's Owner Earnings
$11.5B
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.
$44.7B
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.
2.31x
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 $23.28 to $18.50 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.
-20.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $44.7Bvs > $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 — 2.31xvs 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 $23.28 to $18.50 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 DE 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
9.0%
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
84.1%
67.6%
44.0%
53.1%
N/A
Repurchase of Capital Stock
-$1.1B
-$4.0B
-$7.2B
-$3.6B
N/A
Free Cash Flow
$3.2B▼
$4.4B▲
$4.1B▲
$911M•
N/A•
Warren's Owner Earnings
$11.5B
$14.0B
$16.6B
$12.8B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare DE 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
DE (DE) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 36.5%. Operating margin: 18.8%. Net margin: 11.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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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.