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 Margin19.5%
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 Margin15.6%
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
A
Years to Pay Off Debt0.3 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$458M
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
A
Free Cash Flow$156M
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 Income13.7%
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$231M
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
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 Profit37.0%
Operating Margin19.5%
Net Margin15.6%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
Gross Profit %
37.0%▲
37.0%▲
36.0%▲
33.8%
Operating Margin %
19.5%▼
19.6%▲
18.3%▲
15.9%
Net Income %
15.6%▲
15.6%▲
14.8%▲
12.1%
Diluted EPS
1.96▼
1.99▲
1.89▲
1.52
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$852M
$673M
$770M
$574M
N/A
Total Debt
$59M▼
$72M▲
$55M▲
$42M•
N/A
Working Capital
$458M▲
$266M▼
$399M▲
$222M•
N/A
Years to Pay Debt
0.32
0.39
0.31
0.29
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$156M▼
$170M▲
$168M▲
$140M•
N/A
Owner Earnings
$231M
$244M
$227M
$184M
N/A
CapEx % of Net Income
13.7%
19.4%
17.1%
15.5%
N/A
Income Statement
2026
2025
2024
2023
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
252,785
256,260
238,671
206,725
Net Income From Continuing Operation Net Minority Interest
183,648
186,821
176,732
142,164
Reconciled Depreciation
22,675
20,801
20,161
20,041
Reconciled Cost Of Revenue
743,290
757,413
763,243
776,143
EBITDA
252,785
256,260
238,671
206,725
EBIT
230,110
235,459
218,510
186,684
Net Interest Income
10,600
9,300
12,200
2,300
Interest Income
10,600
9,300
12,200
2,300
Normalized Income
183,648
186,821
176,732
142,164
Net Income From Continuing And Discontinued Operation
183,648
186,821
176,732
142,164
Total Expenses
950,442
965,895
973,184
986,248
Total Operating Income As Reported
230,110
235,459
218,510
186,684
Diluted Average Shares
93,672
93,685
93,630
93,608
Basic Average Shares
93,617
93,607
93,429
93,347
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
183,648
186,821
176,732
142,164
Net Income Common Stockholders
183,648
186,821
176,732
142,164
Net Income
183,648
186,821
176,732
142,164
Net Income Including Noncontrolling Interests
183,648
186,821
176,732
142,164
Net Income Continuous Operations
183,648
186,821
176,732
142,164
Tax Provision
56,923
57,743
53,116
44,278
Pretax Income
240,571
244,564
229,848
186,442
Other Income Expense
-139
-195
11,338
-242
Other Non Operating Income Expenses
-139
-195
11,338
-242
Net Non Operating Interest Income Expense
10,600
9,300
12,200
2,300
Interest Income Non Operating
10,600
9,300
12,200
2,300
Operating Income
230,110
235,459
218,510
186,684
Operating Expense
207,152
208,482
209,941
210,105
Selling General And Administration
207,152
208,482
209,941
210,105
Gross Profit
437,262
443,941
428,451
396,789
Cost Of Revenue
743,290
757,413
763,243
776,143
Total Revenue
1,180,552
1,201,354
1,191,694
1,172,932
Operating Revenue
1,180,552
1,201,354
1,191,694
1,172,932
Balance Sheet
2026
2025
2024
2023
2022
Treasury Shares Number
8,394
8,374
8,374
8,374
Ordinary Shares Number
93,612
93,620
93,569
93,354
Share Issued
102,006
101,994
101,943
101,728
Total Debt
58,936
72,124
54,767
41,527
Tangible Book Value
620,804
429,089
544,602
357,577
Invested Capital
635,564
443,849
559,362
372,337
Working Capital
457,845
266,426
398,945
222,084
Net Tangible Assets
620,954
429,239
544,752
357,727
Capital Lease Obligations
58,936
72,124
54,767
41,527
Common Stock Equity
635,564
443,849
559,362
372,337
Preferred Stock Equity
150
150
150
150
Total Capitalization
635,714
443,999
559,512
372,487
Total Equity Gross Minority Interest
635,714
443,999
559,512
372,487
Stockholders Equity
635,714
443,999
559,512
372,487
Gains Losses Not Affecting Retained Earnings
13,654
5,604
4,911
-3,185
Treasury Stock
24,906
24,233
24,233
24,233
Retained Earnings
601,398
417,750
535,077
358,345
Additional Paid In Capital
44,398
43,708
42,588
40,393
Capital Stock
1,170
1,170
1,169
1,167
Common Stock
1,020
1,020
1,019
1,017
Preferred Stock
150
150
150
150
Total Liabilities Net Minority Interest
215,933
228,861
210,641
201,855
Total Non Current Liabilities Net Minority Interest
80,719
88,359
72,714
57,534
Other Non Current Liabilities
7,052
7,758
7,779
7,938
Non Current Deferred Liabilities
29,188
23,010
23,247
19,814
Non Current Deferred Taxes Liabilities
29,188
23,010
23,247
19,814
Long Term Debt And Capital Lease Obligation
44,479
57,591
41,688
29,782
Long Term Capital Lease Obligation
44,479
57,591
41,688
29,782
Long Term Debt
30,000
Current Liabilities
135,214
140,502
137,927
144,321
Current Deferred Liabilities
5,123
3,729
Current Debt And Capital Lease Obligation
14,457
14,533
13,079
11,745
Current Capital Lease Obligation
14,457
14,533
13,079
11,745
Pensionand Other Post Retirement Benefit Plans Current
22,362
30,094
32,746
28,901
Payables And Accrued Expenses
98,395
95,875
92,102
103,675
Current Accrued Expenses
10,946
13,427
13,819
18,417
Payables
87,449
82,448
78,283
85,258
Total Tax Payable
0
152
387
Income Tax Payable
0
152
387
Accounts Payable
87,449
82,448
78,283
85,106
Total Assets
851,647
672,860
770,153
574,342
Total Non Current Assets
258,588
265,932
233,281
207,937
Other Non Current Assets
4,970
5,300
5,293
5,248
Goodwill And Other Intangible Assets
14,760
14,760
14,760
14,760
Other Intangible Assets
1,615
1,615
1,615
1,615
Goodwill
13,145
13,145
13,145
13,145
Net PPE
238,858
245,872
213,228
187,929
Accumulated Depreciation
-265,125
-244,185
-235,938
-221,594
Gross PPE
503,983
490,057
449,166
409,523
Other Properties
56,698
70,286
53,498
39,506
Machinery Furniture Equipment
333,975
328,172
314,079
289,567
Buildings And Improvements
103,475
81,764
71,754
70,615
Land And Improvements
9,835
9,835
9,835
9,835
Current Assets
593,059
406,928
536,872
366,405
Other Current Assets
43,695
23,827
22,385
9,835
Prepaid Assets
29,560
Inventory
95,520
85,109
84,603
93,578
Other Inventories
20
9
3
78
Finished Goods
60,400
44,000
50,300
54,300
Raw Materials
35,100
41,100
34,300
39,200
Receivables
104,301
104,157
102,837
104,918
Accounts Receivable
104,301
104,157
102,837
104,918
Allowance For Doubtful Accounts Receivable
-1,162
-1,224
-868
-523
Gross Accounts Receivable
105,463
105,381
103,705
105,441
Cash Cash Equivalents And Short Term Investments
349,543
193,835
327,047
158,074
Cash And Cash Equivalents
349,543
193,835
327,047
158,074
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
156,112
170,415
167,607
139,686
Repurchase Of Capital Stock
-673
0
0
0
Repayment Of Debt
0
0
-30,000
-20,000
Issuance Of Debt
0
0
50,000
Capital Expenditure
-25,142
-36,281
-30,300
-21,979
Interest Paid Supplemental Data
278
116
228
315
Income Tax Paid Supplemental Data
58,431
55,993
55,971
37,831
End Cash Position
349,543
193,835
327,047
158,074
Beginning Cash Position
193,835
327,047
158,074
48,050
Changes In Cash
155,708
-133,212
168,973
110,024
Financing Cash Flow
-422
-303,633
1,314
-29,689
Cash Flow From Continuing Financing Activities
-422
-303,633
1,314
-29,689
Proceeds From Stock Option Exercised
251
515
1,314
311
Cash Dividends Paid
0
-304,148
0
0
Common Stock Dividend Paid
0
-304,148
0
0
Net Common Stock Issuance
-673
0
0
0
Common Stock Payments
-673
0
0
0
Net Issuance Payments Of Debt
0
0
-30,000
30,000
Net Long Term Debt Issuance
0
0
-30,000
30,000
Long Term Debt Payments
0
0
-30,000
-20,000
Long Term Debt Issuance
0
0
50,000
Investing Cash Flow
-25,124
-36,275
-30,248
-21,952
Cash Flow From Continuing Investing Activities
-25,124
-36,275
-30,248
-21,952
Net PPE Purchase And Sale
-25,124
-36,275
-30,248
-21,952
Sale Of PPE
18
6
52
27
Purchase Of PPE
-25,142
-36,281
-30,300
-21,979
Operating Cash Flow
181,254
206,696
197,907
161,665
Cash Flow From Continuing Operating Activities
181,254
206,696
197,907
161,665
Change In Working Capital
-45,935
-16,517
-14,825
-13,777
Change In Other Current Liabilities
-15,094
-13,984
-14,792
-13,214
Change In Other Current Assets
-23,495
-6,054
Change In Payables And Accrued Expense
-8,931
-186
-2,938
-7,252
Change In Accrued Expense
-12,686
-4,351
3,885
2,941
Change In Payable
3,755
4,165
-6,823
-10,193
Change In Account Payable
3,755
4,165
-6,823
-10,193
Change In Prepaid Assets
-11,355
-521
-8,151
8,275
Change In Inventory
-10,411
-506
8,975
9,740
Change In Receivables
-144
-1,320
2,081
-11,326
Changes In Account Receivables
-144
-1,320
2,081
-11,326
Other Non Cash Items
16,735
15,434
14,051
13,381
Stock Based Compensation
439
606
881
677
Deferred Tax
3,692
-449
907
-821
Deferred Income Tax
3,692
-449
907
-821
Depreciation Amortization Depletion
22,675
20,801
20,161
20,041
Depreciation And Amortization
22,675
20,801
20,161
20,041
Depreciation
33,281
31,802
Operating Gains Losses
12
141
-7
Gain Loss On Sale Of PPE
12
141
-7
Net Income From Continuing Operations
183,648
186,821
176,732
142,164
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: $636M
Warren's Owner Earnings
$231M
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.
$1.2B
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.
4.39x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $1.52 to $1.96 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.
+28.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $1.2Bvs > $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 — 4.39xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $1.52 to $1.96 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 FIZZ 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
25.4%
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
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
13.7%
19.4%
17.1%
15.5%
N/A
Repurchase of Capital Stock
-$1M
$0M
$0M
N/A
$0M
Free Cash Flow
$156M▼
$170M▲
$168M▲
$140M•
N/A•
Warren's Owner Earnings
$231M
$244M
$227M
$184M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare FIZZ 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
FIZZ (FIZZ) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 37.0%. Operating margin: 19.5%. Net margin: 15.6%. 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.