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 Margin17.3%
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 Margin13.9%
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
F
Years to Pay Off Debt5.7 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-$2.9B
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-$641M
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$1.1B
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.
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.
Market Data
Key Margins
Gross Profit63.5%
Operating Margin17.3%
Net Margin13.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
63.5%▼
64.2%▲
63.3%▲
57.7%•
N/A
Operating Margin %
17.3%▼
17.6%▲
14.7%▼
17.3%•
N/A
Net Income %
13.9%▼
20.4%▼
22.1%▲
13.0%•
N/A
Diluted EPS
1.73▼
2.36▼
2.43▲
2.10•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$11.7B
$17.0B
$16.9B
$15.9B
N/A
Total Debt
$3.3B▼
$3.7B▼
$3.8B▲
$3.4B•
N/A
Working Capital
-$641M▼
$354M▼
$1.9B▲
-$250M•
N/A
Years to Pay Debt
5.71
4.45
4.40
4.53
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$1.1B▼
$1.5B▲
$1.4B▲
$1.2B•
N/A
Owner Earnings
N/A
$1.4B
$1.4B
$1.3B
N/A
CapEx % of Net Income
N/A
14.5%
12.5%
12.7%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
0
0
0
-2,416
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
1,160,300
1,090,000
982,800
1,455,300
Total Unusual Items
37,500
0
-17,900
-18,000
Total Unusual Items Excluding Goodwill
37,500
0
-17,900
-18,000
Net Income From Continuing Operation Net Minority Interest
532,700
482,500
408,400
755,200
Reconciled Depreciation
437,600
430,900
426,200
465,600
Reconciled Cost Of Revenue
1,518,000
1,461,800
1,436,800
2,462,300
EBITDA
1,160,300
1,090,000
982,800
1,437,400
EBIT
722,700
659,100
556,600
971,800
Net Interest Income
-120,500
-152,800
-123,500
-98,300
Interest Expense
120,500
152,800
123,500
98,300
Normalized Income
532,700
482,500
408,400
770,684
Net Income From Continuing And Discontinued Operation
579,200
832,900
865,800
755,200
Total Expenses
3,438,900
3,364,600
3,339,900
4,820,400
Total Operating Income As Reported
720,200
716,300
574,000
987,400
Diluted Average Shares
334,600
352,800
355,600
360,800
Basic Average Shares
332,000
349,200
352,500
356,400
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
579,200
832,900
865,800
757,000
Net Income Common Stockholders
579,200
832,900
865,800
757,000
Preferred Stock Dividends
-1,800
34,500
Net Income
579,200
832,900
865,800
755,200
Net Income Including Noncontrolling Interests
579,200
832,900
865,800
755,200
Net Income Discontinuous Operations
46,500
350,400
457,400
0
Net Income Continuous Operations
532,700
482,500
408,400
755,200
Tax Provision
69,500
23,800
24,700
118,300
Pretax Income
602,200
506,300
433,100
873,500
Other Income Expense
2,500
-57,200
-17,400
-33,500
Other Non Operating Income Expenses
2,500
-57,200
-17,400
-15,600
Special Income Charges
37,500
0
-17,900
-75,000
Gain On Sale Of Ppe
63,100
0
0
Gain On Sale Of Business
-25,600
0
0
0
Other Special Charges
17,900
75,000
Gain On Sale Of Security
57,000
Net Non Operating Interest Income Expense
-120,500
-152,800
-123,500
-98,300
Interest Expense Non Operating
120,500
152,800
123,500
98,300
Operating Income
720,200
716,300
574,000
1,005,300
Operating Expense
1,920,900
1,902,800
1,903,100
2,358,100
Research And Development
259,200
251,300
237,000
401,500
Selling General And Administration
1,661,700
1,651,500
1,666,100
1,956,600
Gross Profit
2,641,100
2,619,100
2,477,100
3,363,400
Cost Of Revenue
1,518,000
1,461,800
1,436,800
2,462,300
Total Revenue
4,159,100
4,080,900
3,913,900
5,825,700
Operating Revenue
4,159,100
4,080,900
3,913,900
5,825,700
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
56,200
25,400
13,000
8,600
Preferred Shares Number
1,400
1,400
1,400
Ordinary Shares Number
313,400
341,200
350,700
352,900
Share Issued
369,600
366,600
363,700
361,500
Net Debt
2,830,500
2,894,000
1,757,400
2,542,100
Total Debt
3,306,600
3,707,300
3,810,100
3,420,700
Tangible Book Value
-3,033,300
442,100
-1,962,600
-2,852,500
Invested Capital
9,659,400
13,895,900
13,965,100
12,934,700
Working Capital
-640,900
353,900
1,880,300
-250,100
Net Tangible Assets
-3,033,300
442,100
-1,962,600
-2,852,500
Capital Lease Obligations
100,600
169,600
163,900
169,400
Common Stock Equity
6,453,400
10,188,600
10,318,900
9,683,400
Total Capitalization
8,759,900
13,519,700
13,965,100
11,935,000
Total Equity Gross Minority Interest
6,461,100
10,195,600
10,325,300
9,688,600
Minority Interest
7,700
7,000
6,400
5,200
Stockholders Equity
6,453,400
10,188,600
10,318,900
9,683,400
Gains Losses Not Affecting Retained Earnings
41,000
-465,400
-326,100
-325,700
Other Equity Adjustments
41,000
-465,400
-326,100
-325,700
Treasury Stock
3,229,800
1,612,300
715,800
442,900
Retained Earnings
5,428,500
8,227,600
7,505,900
6,742,100
Additional Paid In Capital
4,210,000
4,035,000
3,851,300
3,706,300
Capital Stock
3,700
3,700
3,600
3,600
Common Stock
3,700
3,700
3,600
3,600
Total Liabilities Net Minority Interest
5,276,600
6,820,500
6,586,500
6,202,000
Total Non Current Liabilities Net Minority Interest
3,030,000
4,582,100
4,795,200
3,474,900
Other Non Current Liabilities
9,500
847,200
9,700
18,200
Liabilities Heldfor Sale Non Current
0
403,800
Employee Benefits
71,200
137,200
142,400
126,200
Non Current Pension And Other Postretirement Benefit Plans
26,600
80,700
88,700
77,900
Non Current Accrued Expenses
15,600
15,800
16,400
16,100
Tradeand Other Payables Non Current
545,100
894,400
809,000
893,500
Non Current Deferred Liabilities
24,100
58,900
45,800
38,000
Non Current Deferred Revenue
24,100
58,900
45,800
38,000
Long Term Debt And Capital Lease Obligation
2,380,100
3,331,100
3,772,500
2,382,600
Long Term Capital Lease Obligation
73,600
132,800
126,300
131,000
Long Term Debt
2,306,500
3,331,100
3,646,200
2,251,600
Current Liabilities
2,246,600
2,238,400
1,791,300
2,727,100
Other Current Liabilities
133,000
568,500
143,800
132,500
Current Deferred Liabilities
440,300
553,200
544,600
509,600
Current Deferred Revenue
440,300
553,200
544,600
509,600
Current Debt And Capital Lease Obligation
926,500
376,200
37,600
1,038,100
Current Capital Lease Obligation
27,000
36,800
37,600
38,400
Current Debt
899,500
376,200
999,700
2,151,700
Other Current Borrowings
899,500
376,200
999,700
2,151,700
Pensionand Other Post Retirement Benefit Plans Current
190,000
249,000
283,500
246,100
Current Provisions
40,100
44,600
Payables And Accrued Expenses
556,800
1,293,700
781,800
800,800
Current Accrued Expenses
868,300
43,400
45,300
50,200
Payables
556,800
425,400
738,400
755,500
Total Tax Payable
120,400
145,800
129,800
132,500
Accounts Payable
436,400
425,400
608,600
623,000
Total Assets
11,737,700
17,016,100
16,911,800
15,890,600
Total Non Current Assets
10,132,000
14,423,800
13,240,200
13,413,600
Other Non Current Assets
375,500
4,444,400
518,900
455,800
Goodwill And Other Intangible Assets
9,486,700
9,746,500
12,281,500
12,535,900
Other Intangible Assets
2,188,400
2,530,500
3,159,800
3,487,400
Goodwill
7,298,300
7,216,000
9,121,700
9,048,500
Net PPE
269,800
232,900
439,800
421,900
Accumulated Depreciation
-430,200
-392,200
-809,000
-754,500
Gross PPE
700,000
625,100
1,248,800
1,176,400
Other Properties
175,600
Machinery Furniture Equipment
555,900
475,000
877,200
809,800
Buildings And Improvements
135,400
140,900
317,200
312,300
Land And Improvements
8,700
9,200
54,400
54,300
Current Assets
1,605,700
2,592,300
3,671,600
2,477,000
Other Current Assets
234,000
233,600
285,100
272,600
Assets Held For Sale Current
20,800
614,300
0
Prepaid Assets
252,700
Inventory
291,800
269,800
536,900
536,700
Finished Goods
169,900
151,900
214,100
215,300
Work In Process
12,300
15,300
108,900
96,400
Raw Materials
109,600
102,600
213,900
225,000
Receivables
683,600
661,300
960,800
958,500
Accounts Receivable
683,600
661,300
960,800
958,500
Allowance For Doubtful Accounts Receivable
-18,800
-19,400
-39,200
-43,900
Gross Accounts Receivable
702,400
680,700
1,000,000
1,002,400
Cash Cash Equivalents And Short Term Investments
375,500
813,300
1,888,800
709,200
Cash And Cash Equivalents
375,500
813,300
1,888,800
709,200
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,083,200
1,526,800
1,353,600
1,207,400
Repurchase Of Capital Stock
-1,610,100
-889,600
-272,900
-442,900
Repayment Of Debt
-715,700
-1,000,000
-1,000,000
-2,156,500
Issuance Of Debt
0
1,733,500
549,300
1,394,100
Capital Expenditure
-120,400
-107,800
-95,800
-50,000
End Cash Position
375,500
813,300
1,888,800
709,200
Beginning Cash Position
813,300
1,888,800
709,200
819,300
Effect Of Exchange Rate Changes
1,000
-13,600
-10,900
-37,800
Changes In Cash
-438,800
-1,061,900
1,190,500
-72,300
Financing Cash Flow
-1,386,600
-792,700
32,300
-1,273,000
Cash From Discontinued Financing Activities
-160,300
0
0
0
Cash Flow From Continuing Financing Activities
-1,226,300
-792,700
32,300
-1,273,000
Net Other Financing Charges
1,190,800
71,100
18,000
-6,700
Cash Dividends Paid
-92,200
-111,200
-102,000
-99,500
Preferred Stock Dividend Paid
0
0
-34,500
Common Stock Dividend Paid
-92,200
-111,200
-102,000
-99,500
Net Common Stock Issuance
-1,610,100
-889,600
-272,900
-442,900
Common Stock Payments
-1,610,100
-889,600
-272,900
-442,900
Net Issuance Payments Of Debt
-714,800
137,000
389,200
-723,900
Net Short Term Debt Issuance
900
-596,500
839,900
38,500
Short Term Debt Issuance
839,900
38,500
364,900
Net Long Term Debt Issuance
-715,700
733,500
-450,700
-762,400
Long Term Debt Payments
-715,700
-1,000,000
-1,000,000
-2,156,500
Long Term Debt Issuance
0
1,733,500
549,300
1,394,100
Investing Cash Flow
-135,400
-1,796,000
-195,400
-102,500
Cash From Discontinued Investing Activities
-15,800
-1,707,200
-22,400
0
Cash Flow From Continuing Investing Activities
-119,600
-88,800
-173,000
-102,500
Net Other Investing Changes
11,200
900
1,400
-3,500
Net Business Purchase And Sale
-130,800
-89,700
-174,400
-3,200
Sale Of Business
0
0
9,600
0
Purchase Of Business
-130,800
-89,700
-174,400
-12,800
Net PPE Purchase And Sale
-59,200
-100,400
-95,800
-45,500
Sale Of PPE
61,200
7,400
0
4,500
Purchase Of PPE
-120,400
-107,800
-95,800
-50,000
Operating Cash Flow
1,083,200
1,526,800
1,353,600
1,303,200
Cash From Discontinued Operating Activities
47,500
498,300
520,200
0
Cash Flow From Continuing Operating Activities
1,035,700
1,028,500
833,400
1,303,200
Change In Working Capital
-51,400
-14,400
-113,000
-37,900
Change In Other Working Capital
-49,900
-24,800
-83,600
-62,100
Change In Payables And Accrued Expense
25,400
24,300
28,900
123,200
Change In Accrued Expense
13,000
-26,800
26,700
41,900
Change In Payable
12,400
51,100
2,200
81,300
Change In Account Payable
12,400
51,100
2,200
81,300
Change In Prepaid Assets
-15,600
9,500
-65,300
-6,600
Change In Inventory
-20,000
-7,900
7,700
-40,300
Change In Receivables
8,700
-15,500
-700
-52,100
Changes In Account Receivables
8,700
-15,500
-700
-52,100
Other Non Cash Items
9,200
-29,900
Stock Based Compensation
116,800
90,100
94,500
93,800
Depreciation Amortization Depletion
437,600
430,900
426,200
465,600
Depreciation And Amortization
437,600
430,900
426,200
465,600
Amortization Cash Flow
367,500
369,300
366,900
382,100
Amortization Of Intangibles
367,500
369,300
366,900
382,100
Depreciation
70,100
61,600
59,300
83,500
Operating Gains Losses
39,400
17,300
17,300
47,200
Earnings Losses From Equity Investments
0
39,400
17,300
17,300
Gain Loss On Sale Of PPE
-63,100
0
0
0
Gain Loss On Sale Of Business
25,600
0
0
-57,000
Net Income From Continuing Operations
532,700
482,500
408,400
755,200
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: $6.5B
Warren's Owner Earnings
N/A
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.
$4.2B
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.
0.71x
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 $2.10 to $1.73 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.
-17.6% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $4.2Bvs > $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 — 0.71xvs 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 $2.10 to $1.73 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 FTV 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
6.0%
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
N/A
14.5%
12.5%
12.7%
N/A
Repurchase of Capital Stock
-$1.6B
-$890M
-$273M
-$443M
N/A
Free Cash Flow
$1.1B▼
$1.5B▲
$1.4B▲
$1.2B•
N/A•
Warren's Owner Earnings
N/A
$1.4B
$1.4B
$1.3B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare FTV 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
FTV (FTV) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 63.5%. Operating margin: 17.3%. Net margin: 13.9%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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