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 Margin45.8%
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 Margin33.9%
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
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 vs Long-Term Debt$1.2B
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$1.9B
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$2.6B
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 Income50.0%
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$4.7B
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 Profit52.7%
Operating Margin45.8%
Net Margin33.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
52.7%▲
36.5%▲
27.4%▲
14.9%•
N/A
Operating Margin %
45.8%▲
29.1%▲
18.0%▲
2.7%•
N/A
Net Income %
33.9%▲
18.4%▲
9.8%▲
-17.5%•
N/A
Diluted EPS
1.95▲
0.77▲
0.34▲
-0.47•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$12.4B
$10.9B
$10.5B
$10.4B
N/A
Total Debt
$738M▼
$1.4B▼
$2.2B▼
$2.6B•
N/A
Working Capital
$1.9B▲
$1.1B▼
$1.1B▲
$1.1B•
N/A
Years to Pay Debt
0.31
1.51
5.36
-4.36
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.6B▲
$1.4B▲
$507M▲
$286M•
N/A
Owner Earnings
$4.7B
$3.2B
$2.5B
$943M
N/A
CapEx % of Net Income
50.0%
113.4%
263.8%
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
0
0
0
16,879
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
4,381,500
2,679,400
1,764,400
894,500
Total Unusual Items
-27,300
64,400
81,300
Total Unusual Items Excluding Goodwill
-27,300
64,400
81,300
Net Income From Continuing Operation Net Minority Interest
2,390,100
948,800
416,300
31,100
Reconciled Depreciation
1,105,000
1,147,500
986,800
784,000
Reconciled Cost Of Revenue
3,335,300
3,270,500
3,080,100
2,939,700
EBITDA
4,381,500
2,679,400
1,764,400
958,900
EBIT
3,276,500
1,531,900
777,600
174,900
Net Interest Income
-8,800
-32,300
-28,500
-49,900
Interest Expense
81,800
50,500
69,000
68,200
Interest Income
73,000
18,200
40,500
18,300
Normalized Income
2,390,100
948,800
416,300
-16,421
Net Income From Continuing And Discontinued Operation
2,390,100
948,800
416,300
-605,200
Total Expenses
3,823,000
3,649,400
3,475,300
3,362,900
Total Operating Income As Reported
3,277,600
1,540,300
801,400
117,700
Diluted Average Shares
1,224,607
1,234,504
1,236,670
1,280,500
Basic Average Shares
1,219,466
1,228,855
1,226,985
1,280,500
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
2,390,100
948,800
416,300
-605,200
Net Income Common Stockholders
2,390,100
948,800
416,300
-605,200
Net Income
2,390,100
948,800
416,300
-605,200
Minority Interests
-79,900
-45,200
900
500
Net Income Including Noncontrolling Interests
2,470,000
994,000
415,400
-605,700
Net Income Discontinuous Operations
0
-636,300
249,400
Net Income Continuous Operations
2,470,000
994,000
415,400
30,600
Tax Provision
724,700
487,400
293,200
76,100
Pretax Income
3,194,700
1,481,400
708,600
106,700
Other Income Expense
-24,600
14,300
-27,300
64,400
Other Non Operating Income Expenses
-24,600
14,300
-27,300
-1,100
Special Income Charges
-14,800
65,500
81,300
Gain On Sale Of Ppe
-14,800
-14,300
-9,800
Other Special Charges
-79,800
-91,100
Gain On Sale Of Security
-12,500
-1,100
-5,700
Net Non Operating Interest Income Expense
-8,800
-32,300
-28,500
-49,900
Interest Expense Non Operating
81,800
50,500
69,000
68,200
Interest Income Non Operating
73,000
18,200
40,500
18,300
Operating Income
3,228,100
1,499,400
764,400
92,200
Operating Expense
487,700
378,900
395,200
423,200
Other Operating Expenses
347,800
252,700
286,500
293,400
Selling General And Administration
139,900
126,200
108,700
129,800
General And Administrative Expense
139,900
126,200
108,700
129,800
Other Gand A
139,900
126,200
108,700
129,800
Gross Profit
3,715,800
1,878,300
1,159,600
515,400
Cost Of Revenue
3,335,300
3,270,500
3,080,100
2,939,700
Total Revenue
7,051,100
5,148,800
4,239,700
3,455,100
Operating Revenue
7,051,100
5,148,800
4,239,700
3,455,100
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
1,199,843
1,229,126
1,227,838
1,221,891
Share Issued
1,199,843
1,229,126
1,227,838
1,221,891
Net Debt
624,000
1,880,200
2,174,800
1,098,400
Total Debt
738,200
1,435,400
2,232,600
2,640,500
Tangible Book Value
8,576,000
6,861,600
6,083,700
5,823,700
Invested Capital
9,314,200
8,097,100
8,316,300
8,416,600
Working Capital
1,888,900
1,066,600
1,116,800
1,101,100
Net Tangible Assets
8,576,000
6,861,600
6,083,700
5,823,700
Capital Lease Obligations
27,600
47,600
54,800
Common Stock Equity
8,576,000
6,861,600
6,083,700
5,823,700
Total Capitalization
9,314,200
8,097,100
8,316,300
8,380,600
Total Equity Gross Minority Interest
8,694,100
7,000,600
6,185,700
5,882,200
Minority Interest
118,100
139,000
102,000
58,500
Stockholders Equity
8,576,000
6,861,600
6,083,700
5,823,700
Gains Losses Not Affecting Retained Earnings
-300
-87,400
-61,300
-41,700
Other Equity Adjustments
-300
-87,400
-61,300
-41,700
Retained Earnings
-5,943,300
-8,181,300
-8,982,600
-9,251,600
Additional Paid In Capital
10,137,600
10,643,000
10,646,000
10,667,500
Capital Stock
4,382,000
4,487,300
4,481,600
4,449,500
Common Stock
4,382,000
4,487,300
4,481,600
4,449,500
Total Liabilities Net Minority Interest
3,717,000
3,865,000
4,357,600
4,514,200
Total Non Current Liabilities Net Minority Interest
2,317,400
2,804,900
3,672,100
3,762,700
Other Non Current Liabilities
64,800
78,900
99,900
125,300
Non Current Deferred Liabilities
537,800
549,000
449,700
301,500
Non Current Deferred Taxes Liabilities
537,800
549,000
449,700
301,500
Long Term Debt And Capital Lease Obligation
738,200
1,235,500
2,232,600
2,580,000
Long Term Capital Lease Obligation
17,500
23,100
35,100
Long Term Debt
738,200
1,235,500
2,232,600
2,556,900
Long Term Provisions
976,600
941,500
889,900
755,900
Current Liabilities
1,399,600
1,060,100
685,500
751,500
Other Current Liabilities
13,300
18,000
12,300
800
Current Debt And Capital Lease Obligation
199,900
10,100
60,500
59,700
Current Capital Lease Obligation
10,100
24,500
19,700
Current Debt
36,000
40,000
Other Current Borrowings
36,000
40,000
Current Provisions
74,200
62,500
48,800
50,800
Payables And Accrued Expenses
1,312,100
779,700
624,400
639,400
Current Accrued Expenses
586,800
459,100
417,800
430,900
Interest Payable
20,000
31,100
36,300
Payables
725,300
320,600
206,600
208,500
Total Tax Payable
595,700
236,700
92,900
89,400
Income Tax Payable
595,700
236,700
92,900
89,400
Accounts Payable
129,600
83,900
113,700
119,100
Total Assets
12,411,100
10,865,600
10,543,300
10,396,400
Total Non Current Assets
9,122,600
8,738,900
8,741,000
8,543,800
Other Non Current Assets
503,700
577,300
589,200
471,000
Non Current Prepaid Assets
72,600
46,600
Non Current Deferred Assets
25,000
5,300
12,500
4,600
Non Current Deferred Taxes Assets
25,000
5,300
12,500
4,600
Non Current Accounts Receivable
83,000
75,500
75,400
143,700
Financial Assets
1,500
15,100
Investments And Advances
148,900
65,600
61,200
123,000
Other Investments
98,200
Investmentin Financial Assets
99,300
51,900
54,700
116,900
Available For Sale Securities
99,300
51,900
54,700
116,900
Long Term Equity Investment
49,600
13,700
6,500
6,100
Investmentsin Joint Venturesat Cost
49,600
13,700
6,500
6,100
Goodwill And Other Intangible Assets
0
158,800
Goodwill
0
158,800
Net PPE
8,289,400
7,968,600
8,002,700
7,801,500
Accumulated Depreciation
-14,667,100
-13,717,500
-12,520,800
-11,399,300
Gross PPE
22,956,500
21,686,100
20,523,500
19,200,800
Construction In Progress
46,600
39,500
60,100
45,800
Land And Improvements
11,099,400
10,581,500
10,138,600
9,515,200
Current Assets
3,288,500
2,126,700
1,802,300
1,852,600
Other Current Assets
16,600
4,500
15,000
125,800
Hedging Assets Current
15,000
25,500
30,000
Current Deferred Assets
0
100,000
107,900
125,800
Restricted Cash
13,500
10,200
9,800
10,100
Prepaid Assets
61,600
60,100
57,600
41,700
Inventory
1,370,300
1,243,200
1,153,000
1,072,200
Finished Goods
21,700
19,400
17,300
62,000
Work In Process
202,000
186,900
139,500
82,500
Raw Materials
1,146,600
1,036,900
996,200
927,700
Receivables
84,200
97,200
106,600
159,200
Other Receivables
30,500
52,600
58,500
59,800
Taxes Receivable
53,700
44,600
48,100
99,400
Accounts Receivable
3,300
Cash Cash Equivalents And Short Term Investments
1,742,300
611,500
352,400
418,100
Cash And Cash Equivalents
1,742,300
611,500
352,400
418,100
Cash Equivalents
855,400
329,900
154,000
148,300
Cash Financial
886,800
281,600
198,400
269,800
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,566,300
1,370,900
507,000
285,900
Repurchase Of Capital Stock
-600,300
0
0
-300,800
Repayment Of Debt
-707,200
-812,100
-990,200
-363,200
Issuance Of Debt
0
588,100
1,297,600
200,000
Capital Expenditure
-1,194,200
-1,075,500
-1,098,300
-764,200
End Cash Position
1,742,300
611,500
352,400
418,100
Beginning Cash Position
611,500
352,400
418,100
531,500
Effect Of Exchange Rate Changes
1,700
-1,500
200
-800
Changes In Cash
1,129,100
260,600
-65,900
-112,600
Cash Flow From Discontinued Operation
0
1,600
500
Financing Cash Flow
-1,628,000
-1,005,900
-549,000
437,500
Cash Flow From Continuing Financing Activities
-1,628,000
-1,005,900
-549,000
437,500
Net Other Financing Charges
-103,200
-10,700
53,600
10,300
Interest Paid Cff
-65,200
-35,600
-53,200
-52,400
Cash Dividends Paid
-152,100
-147,500
-147,300
-154,000
Common Stock Dividend Paid
-152,100
-147,500
-147,300
-154,000
Net Common Stock Issuance
-600,300
0
0
-300,800
Common Stock Payments
-600,300
0
0
-300,800
Net Issuance Payments Of Debt
-707,200
-812,100
-402,100
934,400
Net Long Term Debt Issuance
-707,200
-812,100
-402,100
934,400
Long Term Debt Payments
-707,200
-812,100
-990,200
-363,200
Long Term Debt Issuance
0
588,100
1,297,600
200,000
Investing Cash Flow
-1,003,400
-1,179,900
-1,122,200
-1,601,800
Cash From Discontinued Investing Activities
53,400
10,000
45,000
296,200
Cash Flow From Continuing Investing Activities
-1,056,800
-1,189,900
-1,167,200
-1,898,000
Net Other Investing Changes
-3,300
-400
25,300
-4,200
Interest Received Cfi
23,000
-75,600
-95,900
-34,900
Net Investment Purchase And Sale
117,700
-38,400
1,700
-67,200
Sale Of Investment
189,800
4,800
Purchase Of Investment
-72,100
-43,200
-67,200
-66,300
Net Business Purchase And Sale
0
-1,027,500
0
Purchase Of Business
0
-1,027,500
0
Net PPE Purchase And Sale
-1,194,200
-1,075,500
-1,098,300
-764,200
Sale Of PPE
1,300
Purchase Of PPE
-1,194,200
-1,075,500
-1,098,300
-764,200
Capital Expenditure Reported
-43,700
-47,800
Operating Cash Flow
3,760,500
2,446,400
1,605,300
1,050,100
Cash From Discontinued Operating Activities
0
47,600
440,100
Cash Flow From Continuing Operating Activities
3,760,500
2,446,400
1,605,300
1,002,500
Taxes Refund Paid
-418,400
-178,200
-137,400
-140,700
Change In Working Capital
39,700
67,800
72,800
-113,300
Change In Payables And Accrued Expense
114,100
26,000
95,500
130,400
Change In Inventory
-83,900
14,300
-91,400
-261,600
Change In Receivables
9,500
27,500
68,700
17,900
Changes In Account Receivables
9,500
27,500
68,700
17,900
Other Non Cash Items
-200
6,800
86,800
117,200
Stock Based Compensation
13,100
9,000
6,700
9,300
Asset Impairment Charge
-116,100
-74,100
38,900
350,000
Deferred Tax
724,700
487,400
143,900
-56,200
Deferred Income Tax
724,700
487,400
143,900
-56,200
Depreciation Amortization Depletion
1,105,000
1,147,500
986,800
784,000
Operating Gains Losses
-57,300
-13,800
-8,600
21,600
Net Foreign Currency Exchange Gain Loss
5,700
-13,800
-8,600
21,600
Gain Loss On Sale Of Business
-63,000
0
Net Income From Continuing Operations
2,470,000
994,000
415,400
30,600
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: $8.7B
Warren's Owner Earnings
$4.7B
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.
$7.1B
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.
2.35x
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.
1 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 $0.34 to $1.95 over 2 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.
+473.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $7.1Bvs > $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 — 2.35xvs 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 — 1 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 $0.34 to $1.95 over 2 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 KGC 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
23.2%
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
50.0%
113.4%
263.8%
N/A
N/A
Repurchase of Capital Stock
-$600M
$0M
$0M
-$301M
N/A
Free Cash Flow
$2.6B▲
$1.4B▲
$507M▲
$286M•
N/A•
Warren's Owner Earnings
$4.7B
$3.2B
$2.5B
$943M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare KGC 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
KGC (KGC) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 52.7%. Operating margin: 45.8%. Net margin: 33.9%. 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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