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 Margin15.8%
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 Margin9.9%
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 Debt6.6 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-$19.8B
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-$4.8B
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
B
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 Income23.2%
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$3.8B
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 Profit19.9%
Operating Margin15.8%
Net Margin9.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
19.9%▲
19.8%▼
21.0%▼
21.9%•
N/A
Operating Margin %
15.8%▲
15.3%▼
16.5%▼
16.7%•
N/A
Net Income %
9.9%▲
9.5%▼
13.0%▲
11.4%•
N/A
Diluted EPS
9.51▲
8.33▼
10.18▲
7.24•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$27.5B
$26.2B
$25.7B
$24.8B
N/A
Total Debt
$17.1B▲
$15.2B▲
$12.8B▲
$11.1B•
N/A
Working Capital
-$4.8B▲
-$5.2B▼
-$4.5B▼
-$4.0B•
N/A
Years to Pay Debt
6.57
6.42
4.14
4.71
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.6B▲
$2.0B▼
$2.7B▲
$2.0B•
N/A
Owner Earnings
$3.8B
$3.6B
$4.0B
$3.1B
N/A
CapEx % of Net Income
23.2%
31.6%
14.7%
14.1%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
468
-18,942
-5,220
-2,916
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
4,800,000
4,415,000
4,439,000
3,929,000
Total Unusual Items
2,000
-77,000
-60,000
-12,000
Total Unusual Items Excluding Goodwill
2,000
-77,000
-60,000
-12,000
Net Income From Continuing Operation Net Minority Interest
2,601,000
2,375,000
3,083,000
2,358,000
Reconciled Depreciation
599,000
492,000
436,000
400,000
Reconciled Cost Of Revenue
20,578,000
19,819,000
18,486,000
16,008,000
EBITDA
4,802,000
4,338,000
4,379,000
3,917,000
EBIT
4,203,000
3,846,000
3,943,000
3,517,000
Net Interest Income
-767,000
-655,000
-535,000
-377,000
Interest Expense
809,000
695,000
565,000
403,000
Interest Income
42,000
40,000
30,000
26,000
Normalized Income
2,599,468
2,433,058
3,137,780
2,367,084
Net Income From Continuing And Discontinued Operation
2,601,000
2,375,000
3,083,000
2,358,000
Total Expenses
22,047,000
21,256,000
19,789,000
17,299,000
Total Operating Income As Reported
4,141,000
3,767,000
3,864,000
3,462,000
Diluted Average Shares
273,600
285,200
302,900
325,800
Basic Average Shares
272,900
284,200
301,500
324,400
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
2,601,000
2,375,000
3,083,000
2,358,000
Net Income Common Stockholders
2,601,000
2,375,000
3,083,000
2,358,000
Net Income
2,601,000
2,375,000
3,083,000
2,358,000
Net Income Including Noncontrolling Interests
2,601,000
2,375,000
3,083,000
2,358,000
Net Income Continuous Operations
2,601,000
2,375,000
3,083,000
2,358,000
Tax Provision
793,000
776,000
295,000
756,000
Pretax Income
3,394,000
3,151,000
3,378,000
3,114,000
Other Income Expense
22,000
-38,000
-11,000
17,000
Other Non Operating Income Expenses
9,000
31,000
40,000
11,000
Special Income Charges
2,000
-77,000
-60,000
-12,000
Other Special Charges
164,000
Restructuring And Mergern Acquisition
-2,000
77,000
60,000
12,000
Earnings From Equity Interest
11,000
8,000
9,000
18,000
Net Non Operating Interest Income Expense
-767,000
-655,000
-535,000
-377,000
Interest Expense Non Operating
809,000
695,000
565,000
403,000
Interest Income Non Operating
42,000
40,000
30,000
26,000
Operating Income
4,139,000
3,844,000
3,924,000
3,474,000
Operating Expense
1,083,000
1,128,000
1,056,000
1,084,000
Depreciation Amortization Depletion Income Statement
213,000
183,000
189,000
193,000
Depreciation And Amortization In Income Statement
213,000
183,000
189,000
193,000
Selling General And Administration
870,000
945,000
867,000
891,000
General And Administrative Expense
870,000
945,000
867,000
891,000
Other Gand A
870,000
945,000
867,000
891,000
Gross Profit
5,222,000
4,972,000
4,980,000
4,558,000
Cost Of Revenue
20,964,000
20,128,000
18,733,000
16,215,000
Total Revenue
26,186,000
25,100,000
23,713,000
20,773,000
Operating Revenue
7,117,000
6,721,000
6,388,000
5,445,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
265,865
276,672
290,540
310,600
Share Issued
265,865
276,672
290,540
310,600
Net Debt
15,846,000
14,051,000
11,535,000
9,557,000
Total Debt
17,083,000
15,241,000
12,760,000
11,098,000
Tangible Book Value
-23,014,000
-21,211,000
-18,758,000
-17,051,000
Invested Capital
12,433,000
11,455,000
11,191,000
10,632,000
Working Capital
-4,814,000
-5,164,000
-4,451,000
-4,026,000
Net Tangible Assets
-23,014,000
-21,211,000
-18,758,000
-17,051,000
Capital Lease Obligations
879,000
794,000
887,000
1,034,000
Common Stock Equity
-3,771,000
-2,992,000
-682,000
568,000
Total Capitalization
11,224,000
10,146,000
10,638,000
9,948,000
Total Equity Gross Minority Interest
-3,771,000
-2,992,000
-682,000
568,000
Stockholders Equity
-3,771,000
-2,992,000
-682,000
568,000
Gains Losses Not Affecting Retained Earnings
-642,000
-1,063,000
-647,000
-729,000
Other Equity Adjustments
-642,000
-1,063,000
-647,000
-729,000
Treasury Stock
27,900,000
24,644,000
20,929,000
17,015,000
Retained Earnings
18,414,000
16,531,000
14,838,000
12,342,000
Additional Paid In Capital
6,352,000
6,179,000
6,051,000
5,965,000
Capital Stock
5,000
5,000
5,000
5,000
Common Stock
5,000
5,000
5,000
5,000
Total Liabilities Net Minority Interest
31,311,000
29,174,000
26,356,000
24,247,000
Total Non Current Liabilities Net Minority Interest
22,913,000
20,525,000
18,594,000
16,908,000
Other Non Current Liabilities
5,760,000
5,409,000
5,160,000
5,122,000
Non Current Deferred Liabilities
1,279,000
1,184,000
1,227,000
1,372,000
Non Current Deferred Revenue
1,200,000
1,103,000
1,018,000
1,059,000
Non Current Deferred Taxes Liabilities
79,000
81,000
209,000
313,000
Long Term Debt And Capital Lease Obligation
15,874,000
13,932,000
12,207,000
10,414,000
Long Term Capital Lease Obligation
879,000
794,000
887,000
1,034,000
Long Term Debt
14,995,000
13,138,000
11,320,000
9,380,000
Current Liabilities
8,398,000
8,649,000
7,762,000
7,339,000
Other Current Liabilities
3,497,000
3,487,000
3,328,000
3,314,000
Current Debt And Capital Lease Obligation
1,209,000
1,309,000
553,000
684,000
Current Debt
1,209,000
1,309,000
553,000
684,000
Payables And Accrued Expenses
3,692,000
3,853,000
3,881,000
3,341,000
Current Accrued Expenses
2,878,000
3,090,000
3,143,000
2,595,000
Payables
814,000
763,000
738,000
746,000
Accounts Payable
814,000
763,000
738,000
746,000
Total Assets
27,540,000
26,182,000
25,674,000
24,815,000
Total Non Current Assets
23,956,000
22,697,000
22,363,000
21,502,000
Other Non Current Assets
799,000
716,000
658,000
584,000
Non Current Deferred Assets
570,000
650,000
673,000
240,000
Non Current Deferred Taxes Assets
570,000
650,000
673,000
240,000
Non Current Note Receivables
151,000
136,000
138,000
152,000
Investments And Advances
298,000
298,000
308,000
335,000
Long Term Equity Investment
298,000
298,000
308,000
335,000
Goodwill And Other Intangible Assets
19,243,000
18,219,000
18,076,000
17,619,000
Other Intangible Assets
10,336,000
9,488,000
9,190,000
8,747,000
Goodwill
8,907,000
8,731,000
8,886,000
8,872,000
Net PPE
2,895,000
2,678,000
2,510,000
2,572,000
Accumulated Depreciation
-947,000
-881,000
-890,000
-874,000
Gross PPE
3,842,000
3,559,000
3,400,000
3,446,000
Construction In Progress
149,000
89,000
72,000
36,000
Other Properties
941,000
845,000
929,000
987,000
Machinery Furniture Equipment
643,000
619,000
622,000
649,000
Buildings And Improvements
1,337,000
1,238,000
1,108,000
1,086,000
Land And Improvements
772,000
768,000
669,000
688,000
Current Assets
3,584,000
3,485,000
3,311,000
3,313,000
Other Current Assets
317,000
294,000
261,000
235,000
Prepaid Assets
251,000
Receivables
2,909,000
2,795,000
2,712,000
2,571,000
Accounts Receivable
2,909,000
2,795,000
2,712,000
2,571,000
Allowance For Doubtful Accounts Receivable
-212,000
-199,000
-197,000
-191,000
Gross Accounts Receivable
3,121,000
2,994,000
2,909,000
2,762,000
Cash Cash Equivalents And Short Term Investments
358,000
396,000
338,000
507,000
Cash And Cash Equivalents
358,000
396,000
338,000
507,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,608,000
1,999,000
2,718,000
2,031,000
Repurchase Of Capital Stock
-3,300,000
-3,762,000
-3,953,000
-2,566,000
Repayment Of Debt
-1,309,000
-558,000
-684,000
-804,000
Issuance Of Debt
3,436,000
2,948,000
1,918,000
983,000
Issuance Of Capital Stock
92,000
73,000
29,000
0
Capital Expenditure
-604,000
-750,000
-452,000
-332,000
End Cash Position
371,000
425,000
366,000
525,000
Beginning Cash Position
425,000
366,000
525,000
1,421,000
Changes In Cash
-54,000
59,000
-159,000
-896,000
Financing Cash Flow
-2,318,000
-1,956,000
-2,864,000
-2,962,000
Cash Flow From Continuing Financing Activities
-2,318,000
-1,956,000
-2,864,000
-2,962,000
Net Other Financing Charges
-116,000
-138,000
-133,000
-72,000
Cash Dividends Paid
-718,000
-682,000
-587,000
-321,000
Common Stock Dividend Paid
-718,000
-682,000
-587,000
-321,000
Net Common Stock Issuance
-3,208,000
-3,689,000
-3,924,000
-2,566,000
Common Stock Payments
-3,300,000
-3,762,000
-3,953,000
-2,566,000
Common Stock Issuance
92,000
73,000
29,000
0
Net Issuance Payments Of Debt
1,724,000
2,553,000
1,780,000
-3,000
Net Short Term Debt Issuance
-403,000
163,000
546,000
-182,000
Net Long Term Debt Issuance
2,127,000
2,390,000
1,234,000
179,000
Long Term Debt Payments
-1,309,000
-558,000
-684,000
-804,000
Long Term Debt Issuance
3,436,000
2,948,000
1,918,000
983,000
Investing Cash Flow
-948,000
-734,000
-465,000
-297,000
Cash Flow From Continuing Investing Activities
-948,000
-734,000
-465,000
-297,000
Net Other Investing Changes
-353,000
-84,000
34,000
-16,000
Net Business Purchase And Sale
-101,000
0
0
Purchase Of Business
-101,000
0
0
Net PPE Purchase And Sale
9,000
16,000
71,000
1,000
Sale Of PPE
9,000
16,000
71,000
1,000
Capital Expenditure Reported
-604,000
-750,000
-452,000
-332,000
Operating Cash Flow
3,212,000
2,749,000
3,170,000
2,363,000
Cash Flow From Continuing Operating Activities
3,212,000
2,749,000
3,170,000
2,363,000
Change In Working Capital
-147,000
-82,000
69,000
-542,000
Other Non Cash Items
200,000
-101,000
-11,000
-325,000
Stock Based Compensation
236,000
237,000
205,000
192,000
Deferred Tax
-277,000
-172,000
-612,000
280,000
Deferred Income Tax
-277,000
-172,000
-612,000
280,000
Depreciation Amortization Depletion
599,000
492,000
436,000
400,000
Depreciation And Amortization
599,000
492,000
436,000
400,000
Depreciation
599,000
492,000
436,000
400,000
Operating Gains Losses
164,000
Net Income From Continuing Operations
2,601,000
2,375,000
3,083,000
2,358,000
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
Negative book value — Graham's formula requires positive equity (BVPS). Common in companies with heavy buybacks (MCD, AAPL). Not a flaw in the business, but the formula cannot produce a fair value.
Margin of Safety
—
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$3.8B
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Warren's Owner Earnings
$3.8B
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.
$26.2B
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.
0.43x
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 $7.24 to $9.51 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.
+31.4% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $26.2Bvs > $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 — 0.43xvs 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 $7.24 to $9.51 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 MAR 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
17.1%
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
23.2%
31.6%
14.7%
14.1%
N/A
Repurchase of Capital Stock
-$3.3B
-$3.8B
-$4.0B
-$2.6B
N/A
Free Cash Flow
$2.6B▲
$2.0B▼
$2.7B▲
$2.0B•
N/A•
Warren's Owner Earnings
$3.8B
$3.6B
$4.0B
$3.1B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare MAR 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
MAR (MAR) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 19.9%. Operating margin: 15.8%. Net margin: 9.9%. 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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