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 Margin21.3%
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 Margin14.6%
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 Debt16.8 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-$16.4B
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$1.2B
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
F
Free Cash Flow-$400M
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 Income319.3%
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$7.7B
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 Profit51.1%
Operating Margin21.3%
Net Margin14.6%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
51.1%▲
48.9%▲
48.4%▲
48.4%•
N/A
Operating Margin %
21.3%▲
18.6%▲
17.7%▲
16.9%•
N/A
Net Income %
14.6%▲
9.3%▼
11.8%▲
9.7%•
N/A
Diluted EPS
13.76▲
8.50▼
10.31▲
7.67•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$40.1B
$35.1B
$32.7B
$30.3B
N/A
Total Debt
$22.7B▲
$19.0B▲
$17.5B▲
$16.5B•
N/A
Working Capital
$1.2B▼
$2.1B▲
$406M▼
$1.5B•
N/A
Years to Pay Debt
16.83
23.27
18.01
23.36
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$400M▼
$183M▼
$436M▼
$685M•
N/A
Owner Earnings
$7.7B
$5.9B
$5.6B
$4.7B
N/A
CapEx % of Net Income
319.3%
376.2%
287.0%
323.1%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-12,402
-51,480
-1,103
-3,889
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
4,218,000
3,755,000
3,378,000
2,948,000
Total Unusual Items
-117,000
-312,000
-8,000
-26,000
Total Unusual Items Excluding Goodwill
-117,000
-312,000
-8,000
-26,000
Net Income From Continuing Operation Net Minority Interest
1,350,000
815,000
969,000
705,000
Reconciled Depreciation
2,066,000
2,011,000
1,844,000
1,737,000
Reconciled Cost Of Revenue
4,508,000
4,467,000
4,228,000
3,751,000
EBITDA
4,101,000
3,443,000
3,370,000
2,922,000
EBIT
2,035,000
1,432,000
1,526,000
1,185,000
Net Interest Income
-334,000
-320,000
-308,000
-320,000
Interest Expense
527,000
457,000
402,000
356,000
Interest Income
193,000
137,000
94,000
36,000
Normalized Income
1,454,598
1,075,520
975,897
727,111
Net Income From Continuing And Discontinued Operation
1,350,000
815,000
969,000
705,000
Total Expenses
7,251,000
7,124,000
6,737,000
6,037,000
Total Operating Income As Reported
1,848,000
1,328,000
1,443,000
1,200,000
Diluted Average Shares
98,123
95,827
94,009
91,828
Basic Average Shares
97,883
95,457
93,615
91,569
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,350,000
815,000
969,000
705,000
Net Income Common Stockholders
1,350,000
815,000
969,000
705,000
Net Income
1,350,000
815,000
969,000
705,000
Minority Interests
2,000
1,000
0
0
Net Income Including Noncontrolling Interests
1,348,000
814,000
969,000
705,000
Net Income Continuous Operations
1,348,000
814,000
969,000
705,000
Tax Provision
160,000
161,000
155,000
124,000
Pretax Income
1,508,000
975,000
1,124,000
829,000
Other Income Expense
-124,000
-329,000
-19,000
-77,000
Other Non Operating Income Expenses
-7,000
-17,000
-11,000
-51,000
Special Income Charges
-117,000
-312,000
-8,000
-26,000
Gain On Sale Of Ppe
1,000
18,000
5,000
-4,000
Other Special Charges
-1,000
16,000
35
-327
Write Off
68,000
233,000
0
Impairment Of Capital Assets
233,000
0
0
0
Restructuring And Mergern Acquisition
51,000
81,000
13,000
22,000
Net Non Operating Interest Income Expense
-334,000
-320,000
-308,000
-320,000
Interest Expense Non Operating
527,000
457,000
402,000
356,000
Interest Income Non Operating
193,000
137,000
94,000
36,000
Operating Income
1,966,000
1,624,000
1,451,000
1,226,000
Operating Expense
2,743,000
2,657,000
2,509,000
2,286,000
Selling General And Administration
2,743,000
2,657,000
2,509,000
2,286,000
Selling And Marketing Expense
903,000
891,000
855,000
787,000
General And Administrative Expense
1,840,000
1,766,000
1,654,000
1,499,000
Other Gand A
1,840,000
1,766,000
1,654,000
1,499,000
Gross Profit
4,709,000
4,281,000
3,960,000
3,512,000
Cost Of Revenue
4,508,000
4,467,000
4,228,000
3,751,000
Total Revenue
9,217,000
8,748,000
8,188,000
7,263,000
Operating Revenue
9,217,000
8,748,000
8,188,000
7,263,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
62
103
151
193
Ordinary Shares Number
98,226
97,287
94,479
92,621
Share Issued
98,288
97,390
94,630
92,814
Net Debt
17,185,000
12,130,000
11,635,000
10,855,673
Total Debt
22,726,000
18,961,000
17,454,000
16,469,554
Tangible Book Value
6,856,000
6,607,000
5,047,000
3,954,100
Invested Capital
33,068,000
28,739,000
26,220,000
24,268,060
Working Capital
1,232,000
2,098,000
406,000
1,466,957
Net Tangible Assets
6,856,000
6,607,000
5,047,000
3,954,100
Capital Lease Obligations
3,814,000
3,750,000
3,723,000
3,707,460
Common Stock Equity
14,156,000
13,528,000
12,489,000
11,505,966
Total Capitalization
31,752,000
27,535,000
25,214,000
24,258,213
Total Equity Gross Minority Interest
14,178,000
13,552,000
12,514,000
11,505,832
Minority Interest
22,000
24,000
25,000
-134
Stockholders Equity
14,156,000
13,528,000
12,489,000
11,505,966
Gains Losses Not Affecting Retained Earnings
-1,359,000
-1,735,000
-1,290,000
-1,389,446
Other Equity Adjustments
-1,359,000
-1,735,000
-1,290,000
-1,389,446
Treasury Stock
24,000
39,000
56,000
71,966
Retained Earnings
-6,103,000
-5,593,000
-4,761,000
-4,352,732
Additional Paid In Capital
21,642,000
20,895,000
18,596,000
17,320,017
Capital Stock
0
0
0
93
Common Stock
0
0
0
93
Total Liabilities Net Minority Interest
25,963,000
21,533,000
20,137,000
18,804,910
Total Non Current Liabilities Net Minority Interest
22,070,000
18,184,000
16,975,000
16,966,612
Other Non Current Liabilities
47,000
62,000
64,000
65,592
Derivative Product Liabilities
113,000
46,000
8,000
8,820
Tradeand Other Payables Non Current
61,000
55,000
68,000
70,252
Non Current Deferred Liabilities
537,000
489,000
548,000
543,691
Non Current Deferred Revenue
170,000
150,000
154,000
160,332
Non Current Deferred Taxes Liabilities
367,000
339,000
394,000
383,359
Long Term Debt And Capital Lease Obligation
21,087,000
17,424,000
16,179,000
16,168,749
Long Term Capital Lease Obligation
3,491,000
3,417,000
3,454,000
3,416,502
Long Term Debt
17,596,000
14,007,000
12,725,000
12,752,247
Long Term Provisions
225,000
108,000
108,000
109,508
Current Liabilities
3,893,000
3,349,000
3,162,000
1,838,298
Other Current Liabilities
170,000
76,000
143,000
82,401
Current Deferred Liabilities
149,000
139,000
141,000
147,986
Current Deferred Revenue
149,000
139,000
141,000
147,986
Current Debt And Capital Lease Obligation
1,639,000
1,537,000
1,275,000
300,805
Current Capital Lease Obligation
323,000
333,000
269,000
290,958
Current Debt
1,316,000
1,204,000
1,006,000
9,847
Other Current Borrowings
1,316,000
1,204,000
1,006,000
9,847
Pensionand Other Post Retirement Benefit Plans Current
473,000
421,000
438,000
413,135
Current Provisions
3,000
1,000
5,000
8,657
Payables And Accrued Expenses
1,459,000
1,175,000
1,160,000
885,314
Current Accrued Expenses
1,079,000
830,000
824,000
625,683
Interest Payable
176,000
96,000
90,000
85,052
Payables
380,000
345,000
336,000
259,631
Dividends Payable
18,000
16,000
13,000
12,302
Total Tax Payable
235,000
196,000
161,000
131,376
Income Tax Payable
114,000
109,000
Accounts Payable
127,000
133,000
162,000
115,953
Total Assets
40,141,000
35,085,000
32,651,000
30,310,742
Total Non Current Assets
35,016,000
29,638,000
29,083,000
27,005,487
Other Non Current Assets
73,000
31,000
35,000
35,969
Non Current Prepaid Assets
895,000
231,000
194,000
130,730
Non Current Deferred Assets
747,000
602,000
595,000
506,989
Non Current Deferred Taxes Assets
100,000
48,000
62,000
44,628
Non Current Note Receivables
328,000
258,000
0
Non Current Accounts Receivable
126,000
113,000
86,000
55,405
Financial Assets
20,000
295,000
213,000
298,899
Investments And Advances
551,000
519,000
468,000
348,145
Long Term Equity Investment
551,000
519,000
468,000
348,145
Goodwill And Other Intangible Assets
7,300,000
6,921,000
7,442,000
7,551,866
Other Intangible Assets
1,316,000
1,417,000
1,705,000
1,897,649
Goodwill
5,984,000
5,504,000
5,737,000
5,654,217
Net PPE
24,976,000
20,668,000
20,050,000
18,077,484
Accumulated Depreciation
-13,388,000
-11,474,000
-10,601,000
-9,332,957
Gross PPE
38,364,000
32,142,000
30,651,000
27,410,441
Leases
2,210,000
1,980,000
2,045,000
1,991,060
Construction In Progress
2,827,000
2,204,000
1,918,000
1,195,042
Other Properties
16,928,000
14,682,000
14,373,000
13,377,189
Machinery Furniture Equipment
2,472,000
2,149,000
1,936,000
1,580,485
Buildings And Improvements
11,170,000
9,475,000
8,972,000
8,013,672
Land And Improvements
2,757,000
1,652,000
1,407,000
1,252,993
Current Assets
5,125,000
5,447,000
3,568,000
3,305,255
Other Current Assets
106,000
72,000
25,000
12,832
Hedging Assets Current
235,000
296,000
44,000
105,693
Assets Held For Sale Current
0
84,316
276,195
Restricted Cash
500
1,700
12,188
Prepaid Assets
134,000
91,000
100,000
79,191
Receivables
1,423,000
1,380,000
1,303,000
1,115,102
Other Receivables
138,000
208,000
132,000
137,556
Taxes Receivable
284,000
223,000
167,000
122,166
Accounts Receivable
1,001,000
949,000
1,004,000
855,380
Allowance For Doubtful Accounts Receivable
-16,000
-19,000
-17,000
-12,225
Gross Accounts Receivable
1,017,000
968,000
1,021,000
867,605
Cash Cash Equivalents And Short Term Investments
3,227,000
3,608,000
2,096,000
1,906,421
Other Short Term Investments
1,500,000
527,000
0
0
Cash And Cash Equivalents
1,727,000
3,081,000
2,096,000
1,906,421
Cash Equivalents
1,359,000
2,516,000
1,604,000
764,628
Cash Financial
368,000
565,000
492,000
1,141,793
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-400,000
183,000
436,000
685,000
Repayment Of Debt
-1,355,000
-1,140,000
-149,000
-722,000
Issuance Of Debt
4,311,000
2,768,000
902,000
1,871,000
Issuance Of Capital Stock
99,000
1,673,000
734,000
796,000
Capital Expenditure
-4,311,000
-3,066,000
-2,781,000
-2,278,000
Interest Paid Supplemental Data
448,000
486,000
445,000
412,000
Income Tax Paid Supplemental Data
207,000
185,000
153,000
140,000
End Cash Position
1,824,000
3,082,000
2,096,000
1,908,000
Beginning Cash Position
3,082,000
2,096,000
1,908,000
1,549,000
Effect Of Exchange Rate Changes
43,000
-49,000
-16,000
-98,000
Changes In Cash
-1,301,000
1,035,000
204,000
457,000
Financing Cash Flow
1,272,000
1,723,000
211,000
857,000
Cash Flow From Continuing Financing Activities
1,272,000
1,723,000
211,000
857,000
Net Other Financing Charges
-22,000
-26,000
12,000
-18,000
Proceeds From Stock Option Exercised
87,000
82,000
Cash Dividends Paid
-1,856,000
-1,643,000
-1,375,000
-1,152,000
Common Stock Dividend Paid
-1,856,000
-1,643,000
-1,375,000
-1,152,000
Net Common Stock Issuance
99,000
1,673,000
734,000
796,000
Common Stock Issuance
99,000
1,673,000
734,000
796,000
Net Issuance Payments Of Debt
2,956,000
1,628,000
753,000
1,149,000
Net Long Term Debt Issuance
2,956,000
1,628,000
753,000
1,149,000
Long Term Debt Payments
-1,355,000
-1,140,000
-149,000
-722,000
Long Term Debt Issuance
4,311,000
2,768,000
902,000
1,871,000
Investing Cash Flow
-6,484,000
-3,937,000
-3,224,000
-3,363,000
Cash Flow From Continuing Investing Activities
-6,484,000
-3,937,000
-3,224,000
-3,363,000
Net Other Investing Changes
35,000
73,000
77,000
250,000
Dividends Received Cfi
59,000
11,000
0
0
Net Investment Purchase And Sale
-962,000
-520,000
0
22,000
Sale Of Investment
1,005,000
0
0
22,000
Purchase Of Investment
-1,967,000
-520,000
0
0
Net Investment Properties Purchase And Sale
-994,000
-337,000
-384,000
-248,000
Purchase Of Investment Properties
-994,000
-337,000
-384,000
-248,000
Net Business Purchase And Sale
-311,000
-98,000
-136,000
-1,109,000
Purchase Of Business
-311,000
-98,000
-136,000
-1,109,000
Net PPE Purchase And Sale
-4,311,000
-3,066,000
-2,781,000
-2,278,000
Purchase Of PPE
-4,311,000
-3,066,000
-2,781,000
-2,278,000
Operating Cash Flow
3,911,000
3,249,000
3,217,000
2,963,000
Cash Flow From Continuing Operating Activities
3,911,000
3,249,000
3,217,000
2,963,000
Change In Working Capital
-101,000
-340,000
-77,000
25,000
Change In Other Working Capital
-91,000
-459,000
-99,000
-8,000
Change In Other Current Liabilities
-156,000
-153,000
-128,000
-24,000
Change In Other Current Assets
161,000
150,000
139,000
97,000
Change In Payables And Accrued Expense
25,000
95,000
161,000
114,000
Change In Payable
25,000
95,000
161,000
Change In Account Payable
25,000
95,000
161,000
Change In Receivables
-40,000
27,000
-150,000
-154,000
Changes In Account Receivables
-40,000
27,000
-150,000
-154,000
Other Non Cash Items
33,000
87,000
79,000
81,000
Stock Based Compensation
498,000
462,000
407,000
404,000
Provisionand Write Offof Assets
21,000
14,835
7,000
10,016
Asset Impairment Charge
68,000
233,000
0
0
Depreciation Amortization Depletion
2,066,000
2,011,000
1,844,000
1,737,000
Depreciation And Amortization
2,066,000
2,011,000
1,844,000
1,737,000
Amortization Cash Flow
208,000
209,063
205,000
205,484
Amortization Of Intangibles
208,000
209,063
205,000
205,484
Depreciation
2,066,000
2,011,000
1,844,000
1,532,000
Operating Gains Losses
-1,000
-18,000
-5,000
4,000
Net Income From Continuing Operations
1,348,000
814,000
969,000
705,000
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: $14.2B
Warren's Owner Earnings
$7.7B
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.
$9.2B
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.
1.32x
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 $7.67 to $13.76 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.
+79.4% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $9.2Bvs > $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 — 1.32xvs 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 $7.67 to $13.76 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 EQIX 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
4.3%
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
319.3%
376.2%
287.0%
323.1%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
-$400M▼
$183M▼
$436M▼
$685M•
N/A•
Warren's Owner Earnings
$7.7B
$5.9B
$5.6B
$4.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare EQIX 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
EQIX (EQIX) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 51.1%. Operating margin: 21.3%. Net margin: 14.6%. 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
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