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 Margin1.7%
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 Margin1.0%
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
B
Years to Pay Off Debt8.4 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$1.3B
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$5.1B
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
D
Free Cash Flow-$636M
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 Income21.4%
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$768M
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 Profit9.0%
Operating Margin1.7%
Net Margin1.0%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
9.0%▼
11.7%▼
12.7%▲
12.3%•
N/A
Operating Margin %
1.7%▼
4.2%▼
4.6%▲
4.3%•
N/A
Net Income %
1.0%▼
2.9%▼
3.2%▲
2.5%•
N/A
Diluted EPS
8.92▼
20.42▲
18.71▲
13.55•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$15.6B
$15.6B
$14.9B
$12.3B
N/A
Total Debt
$4.0B▲
$3.1B▲
$2.4B▼
$2.4B•
N/A
Working Capital
$5.1B▲
$4.9B▲
$4.4B▲
$3.2B•
N/A
Years to Pay Debt
8.37
2.64
2.19
3.02
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$636M▼
$544M▼
$1.6B▲
$682M•
N/A
Owner Earnings
$768M
$1.5B
$1.3B
$1.1B
N/A
CapEx % of Net Income
21.4%
8.5%
7.7%
11.5%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
0
0
0
-53,027
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
976,000
1,893,000
1,744,000
1,557,000
Total Unusual Items
0
0
-208,000
0
Total Unusual Items Excluding Goodwill
0
0
-208,000
0
Net Income From Continuing Operation Net Minority Interest
472,000
1,179,000
1,091,000
792,000
Reconciled Depreciation
195,000
186,000
171,000
176,000
Reconciled Cost Of Revenue
41,351,000
35,914,000
29,738,000
28,048,000
EBIT
781,000
1,707,000
1,573,000
1,173,000
Net Interest Income
-192,000
-118,000
-109,000
-110,000
Interest Expense
192,000
118,000
109,000
110,000
Normalized Income
472,000
1,179,000
1,091,000
946,973
Net Income From Continuing And Discontinued Operation
472,000
1,179,000
1,091,000
792,000
Total Expenses
44,645,000
38,943,000
32,499,000
30,593,000
Total Operating Income As Reported
781,000
1,707,000
1,573,000
1,173,000
Diluted Average Shares
52,900
57,700
58,300
58,500
Basic Average Shares
51,400
56,000
58,300
58,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
472,000
1,179,000
1,091,000
792,000
Net Income Common Stockholders
472,000
1,179,000
1,091,000
792,000
Net Income
472,000
1,179,000
1,091,000
792,000
Net Income Including Noncontrolling Interests
472,000
1,179,000
1,091,000
792,000
Net Income Continuous Operations
472,000
1,179,000
1,091,000
792,000
Tax Provision
117,000
410,000
373,000
271,000
Pretax Income
589,000
1,589,000
1,464,000
1,063,000
Other Income Expense
-208,000
-25,000
Other Non Operating Income Expenses
-25,000
Special Income Charges
0
0
-208,000
0
Write Off
208,000
0
Impairment Of Capital Assets
0
0
208,000
0
Net Non Operating Interest Income Expense
-192,000
-118,000
-109,000
-110,000
Interest Expense Non Operating
192,000
118,000
109,000
110,000
Operating Income
781,000
1,707,000
1,573,000
1,381,000
Operating Expense
3,294,000
3,029,000
2,761,000
2,545,000
Other Operating Expenses
90,000
100,000
128,000
58,000
Depreciation Amortization Depletion Income Statement
195,000
186,000
171,000
176,000
Depreciation And Amortization In Income Statement
195,000
186,000
171,000
176,000
Amortization
91,000
82,000
85,000
77,000
Amortization Of Intangibles Income Statement
91,000
82,000
85,000
77,000
Depreciation Income Statement
104,000
104,000
86,000
99,000
Selling General And Administration
3,009,000
2,743,000
2,462,000
2,311,000
General And Administrative Expense
3,009,000
2,743,000
2,462,000
2,311,000
Other Gand A
3,009,000
2,743,000
2,462,000
2,311,000
Gross Profit
4,075,000
4,736,000
4,334,000
3,926,000
Cost Of Revenue
41,351,000
35,914,000
29,738,000
28,048,000
Total Revenue
45,426,000
40,650,000
34,072,000
31,974,000
Operating Revenue
43,052,000
38,627,000
32,529,000
30,883,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
51,400
56,000
58,300
58,000
Share Issued
51,400
56,000
58,300
58,000
Total Debt
3,950,000
3,118,000
2,385,000
2,391,000
Tangible Book Value
1,874,000
2,558,000
2,766,000
1,574,000
Invested Capital
7,835,000
7,419,000
6,395,000
5,140,000
Working Capital
5,072,000
4,877,000
4,374,000
3,229,000
Net Tangible Assets
1,874,000
2,558,000
2,766,000
1,574,000
Capital Lease Obligations
184,000
195,000
205,000
215,000
Common Stock Equity
4,069,000
4,496,000
4,215,000
2,964,000
Total Capitalization
7,835,000
7,419,000
6,395,000
5,140,000
Total Equity Gross Minority Interest
4,069,000
4,496,000
4,215,000
2,964,000
Stockholders Equity
4,069,000
4,496,000
4,215,000
2,964,000
Gains Losses Not Affecting Retained Earnings
15,000
-57,000
-82,000
-160,000
Other Equity Adjustments
15,000
-57,000
-82,000
-160,000
Retained Earnings
3,602,000
4,091,000
3,887,000
2,796,000
Additional Paid In Capital
452,000
462,000
410,000
328,000
Total Liabilities Net Minority Interest
11,495,000
11,134,000
10,677,000
9,350,000
Total Non Current Liabilities Net Minority Interest
4,123,000
3,238,000
2,509,000
2,495,000
Other Non Current Liabilities
173,000
120,000
124,000
104,000
Long Term Debt And Capital Lease Obligation
3,950,000
3,118,000
2,385,000
2,391,000
Long Term Capital Lease Obligation
184,000
195,000
205,000
215,000
Long Term Debt
3,766,000
2,923,000
2,180,000
2,176,000
Current Liabilities
7,372,000
7,896,000
8,168,000
6,855,000
Current Deferred Liabilities
66,000
51,000
418,000
359,000
Current Deferred Revenue
66,000
51,000
418,000
359,000
Payables And Accrued Expenses
7,306,000
7,845,000
7,750,000
6,496,000
Payables
7,306,000
7,845,000
7,750,000
6,496,000
Other Payable
6,213,000
6,514,000
6,498,000
5,607,000
Accounts Payable
1,093,000
1,331,000
1,252,000
889,000
Total Assets
15,564,000
15,630,000
14,892,000
12,314,000
Total Non Current Assets
3,120,000
2,857,000
2,350,000
2,230,000
Other Non Current Assets
446,000
424,000
404,000
361,000
Non Current Deferred Assets
178,000
207,000
227,000
220,000
Non Current Deferred Taxes Assets
178,000
207,000
227,000
220,000
Goodwill And Other Intangible Assets
2,195,000
1,938,000
1,449,000
1,390,000
Other Intangible Assets
237,000
267,000
208,000
275,000
Goodwill
1,958,000
1,671,000
1,241,000
1,115,000
Net PPE
301,000
288,000
270,000
259,000
Accumulated Depreciation
-875,000
-806,000
-729,000
-695,000
Gross PPE
1,176,000
1,094,000
999,000
954,000
Other Properties
261,000
270,000
266,000
293,000
Machinery Furniture Equipment
876,000
788,000
687,000
615,000
Buildings And Improvements
38,000
35,000
41,000
41,000
Land And Improvements
1,000
1,000
5,000
5,000
Current Assets
12,444,000
12,773,000
12,542,000
10,084,000
Other Current Assets
655,000
487,000
331,000
277,000
Prepaid Assets
247,000
Receivables
3,533,000
3,299,000
3,104,000
2,302,000
Other Receivables
420,000
309,000
335,000
Accounts Receivable
3,533,000
3,299,000
3,104,000
1,993,000
Cash Cash Equivalents And Short Term Investments
8,256,000
8,987,000
9,107,000
7,505,000
Other Short Term Investments
4,008,000
4,325,000
4,259,000
3,499,000
Cash And Cash Equivalents
4,248,000
4,662,000
4,848,000
4,006,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-636,000
544,000
1,578,000
682,000
Repurchase Of Capital Stock
-1,000,000
-1,000,000
0
-400,000
Repayment Of Debt
-1,100,000
-300,000
0
0
Issuance Of Debt
1,938,000
1,040,000
0
0
Capital Expenditure
-101,000
-100,000
-84,000
-91,000
Interest Paid Supplemental Data
181,000
121,000
108,000
108,000
Income Tax Paid Supplemental Data
275,000
379,000
405,000
340,000
End Cash Position
4,348,000
4,741,000
4,908,000
4,048,000
Beginning Cash Position
4,741,000
4,908,000
4,048,000
4,506,000
Changes In Cash
-393,000
-167,000
860,000
-458,000
Financing Cash Flow
-170,000
-347,000
-58,000
-441,000
Cash Flow From Continuing Financing Activities
-170,000
-347,000
-58,000
-441,000
Net Other Financing Charges
-8,000
-87,000
-58,000
-41,000
Net Common Stock Issuance
-1,000,000
-1,000,000
0
-400,000
Common Stock Payments
-1,000,000
-1,000,000
0
-400,000
Net Issuance Payments Of Debt
838,000
740,000
0
0
Net Long Term Debt Issuance
838,000
740,000
0
0
Long Term Debt Payments
-1,100,000
-300,000
0
0
Long Term Debt Issuance
1,938,000
1,040,000
0
0
Investing Cash Flow
312,000
-464,000
-744,000
-790,000
Cash Flow From Continuing Investing Activities
312,000
-464,000
-744,000
-790,000
Net Other Investing Changes
1,000
1,000
4,000
-50,000
Net Investment Purchase And Sale
657,000
-21,000
-661,000
-515,000
Sale Of Investment
1,408,000
1,111,000
772,000
1,398,000
Purchase Of Investment
-751,000
-1,132,000
-1,433,000
-1,913,000
Net Business Purchase And Sale
-245,000
-344,000
-3,000
-134,000
Purchase Of Business
-245,000
-344,000
-3,000
-134,000
Net PPE Purchase And Sale
-101,000
-100,000
-84,000
-91,000
Purchase Of PPE
-101,000
-100,000
-84,000
-91,000
Operating Cash Flow
-535,000
644,000
1,662,000
773,000
Cash Flow From Continuing Operating Activities
-535,000
644,000
1,662,000
773,000
Change In Working Capital
-1,289,000
-898,000
314,000
-448,000
Change In Other Working Capital
-252,000
-385,000
57,000
-9,000
Change In Payables And Accrued Expense
-944,000
-378,000
1,104,000
-220,000
Change In Payable
-944,000
-378,000
1,104,000
-220,000
Change In Account Payable
-221,000
115,000
328,000
55,000
Change In Prepaid Assets
52,000
-57,000
-69,000
-124,000
Change In Receivables
-145,000
-78,000
-778,000
-95,000
Other Non Cash Items
-3,000
8,000
2,000
8,000
Stock Based Compensation
47,000
116,000
115,000
103,000
Asset Impairment Charge
0
0
208,000
0
Deferred Tax
43,000
53,000
-31,000
-66,000
Deferred Income Tax
43,000
53,000
-31,000
-66,000
Depreciation And Amortization
195,000
186,000
171,000
176,000
Amortization Cash Flow
188,000
170,000
161,000
159,000
Amortization Of Intangibles
188,000
170,000
161,000
159,000
Depreciation
7,000
16,000
10,000
17,000
Operating Gains Losses
25,000
Net Income From Continuing Operations
472,000
1,179,000
1,091,000
792,000
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: $4.1B
Warren's Owner Earnings
$768M
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.
$45.4B
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.
1.69x
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 $13.55 to $8.92 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.
-34.2% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $45.4Bvs > $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 — 1.69xvs 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 $13.55 to $8.92 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 MOH 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
7.5%
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
21.4%
8.5%
7.7%
11.5%
N/A
Repurchase of Capital Stock
-$1.0B
-$1.0B
$0M
-$400M
N/A
Free Cash Flow
-$636M▼
$544M▼
$1.6B▲
$682M•
N/A•
Warren's Owner Earnings
$768M
$1.5B
$1.3B
$1.1B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare MOH 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
MOH (MOH) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 9.0%. Operating margin: 1.7%. Net margin: 1.0%. 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.