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-159.9%
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-146.8%
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
C
Years to Pay Off Debt-0.5 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$4.0B
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$4.6B
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
F
Free Cash Flow-$2.1B
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.
Owner Earnings-$2.4B
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.
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 Profit54.8%
Operating Margin-159.9%
Net Margin-146.8%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
54.8%▲
54.2%▲
30.5%▼
71.3%
Operating Margin %
-159.9%▼
-123.3%▼
-62.8%▼
49.9%
Net Income %
-146.8%▼
-111.3%▼
-69.8%▼
44.3%
Diluted EPS
-7.26▲
-9.28▲
-12.33▼
20.12
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$12.3B
$14.1B
$18.4B
$25.9B
N/A
Total Debt
$1.3B▲
$747M▼
$1.2B▲
$1.2B•
N/A
Working Capital
$4.6B▼
$5.9B▼
$7.3B▼
$8.5B•
N/A
Years to Pay Debt
-0.46
-0.21
-0.26
0.14
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$2.1B▲
-$4.1B▼
-$3.8B▼
$4.6B•
N/A
Owner Earnings
-$2.4B
-$2.3B
-$3.4B
$9.1B
N/A
CapEx % of Net Income
N/A
N/A
N/A
4.8%
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
-1,050
-714
0
0
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
-2,538,000
-3,338,000
-3,618,000
9,768,000
Total Unusual Items
-5,000
-56,000
-72,000
-20,000
Total Unusual Items Excluding Goodwill
-5,000
-56,000
-72,000
-20,000
Net Income From Continuing Operation Net Minority Interest
-2,822,000
-3,561,000
-4,714,000
8,362,000
Reconciled Depreciation
215,000
189,000
621,000
348,000
Reconciled Cost Of Revenue
868,000
1,464,000
4,693,000
5,416,000
EBITDA
-2,543,000
-3,394,000
-3,618,000
9,768,000
EBIT
-2,758,000
-3,583,000
-4,239,000
9,420,000
Net Interest Income
304,000
401,000
421,000
200,000
Interest Expense
10,000
24,000
38,000
29,000
Interest Income
314,000
425,000
421,000
200,000
Normalized Income
-2,818,050
-3,505,714
-4,714,000
8,362,000
Net Income From Continuing And Discontinued Operation
-2,822,000
-3,561,000
-4,714,000
8,362,000
Total Expenses
4,996,000
7,144,000
10,993,000
9,455,000
Total Operating Income As Reported
-3,074,000
-3,945,000
-4,239,000
9,420,000
Diluted Average Shares
389,000
384,000
382,000
416,000
Basic Average Shares
389,000
384,000
382,000
394,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-2,822,000
-3,561,000
-4,714,000
8,362,000
Net Income Common Stockholders
-2,822,000
-3,561,000
-4,714,000
8,362,000
Net Income
-2,822,000
-3,561,000
-4,714,000
8,362,000
Net Income Including Noncontrolling Interests
-2,822,000
-3,561,000
-4,714,000
8,362,000
Net Income Continuous Operations
-2,822,000
-3,561,000
-4,714,000
8,362,000
Tax Provision
54,000
-46,000
772,000
1,213,000
Pretax Income
-2,768,000
-3,607,000
-3,942,000
9,575,000
Other Income Expense
2,000
-63,000
-124,000
-45,000
Other Non Operating Income Expenses
7,000
-7,000
-124,000
-45,000
Gain On Sale Of Security
-5,000
-56,000
-72,000
-20,000
Net Non Operating Interest Income Expense
304,000
401,000
421,000
200,000
Interest Expense Non Operating
10,000
24,000
38,000
29,000
Interest Income Non Operating
314,000
425,000
421,000
200,000
Operating Income
-3,074,000
-3,945,000
-4,239,000
9,420,000
Operating Expense
4,128,000
5,680,000
6,300,000
4,039,000
Other Operating Expenses
-22,000
-37,000
-94,000
-388,000
Research And Development
3,132,000
4,543,000
4,845,000
3,295,000
Selling General And Administration
1,018,000
1,174,000
1,549,000
1,132,000
Gross Profit
1,054,000
1,735,000
2,061,000
13,459,000
Cost Of Revenue
868,000
1,464,000
4,693,000
5,416,000
Total Revenue
1,922,000
3,199,000
6,754,000
18,875,000
Operating Revenue
3,304,000
4,517,000
8,203,000
18,435,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
394,000
386,000
382,000
385,000
Share Issued
394,000
386,000
382,000
385,000
Total Debt
1,305,000
747,000
1,243,000
1,200,000
Tangible Book Value
8,553,000
10,809,000
13,758,000
19,123,000
Invested Capital
9,240,000
10,901,000
13,854,000
19,123,000
Working Capital
4,557,000
5,893,000
7,310,000
8,508,000
Net Tangible Assets
8,553,000
10,809,000
13,758,000
19,123,000
Capital Lease Obligations
715,000
747,000
1,243,000
1,200,000
Common Stock Equity
8,650,000
10,901,000
13,854,000
19,123,000
Total Capitalization
9,240,000
10,901,000
13,854,000
19,123,000
Total Equity Gross Minority Interest
8,650,000
10,901,000
13,854,000
19,123,000
Stockholders Equity
8,650,000
10,901,000
13,854,000
19,123,000
Gains Losses Not Affecting Retained Earnings
45,000
-10,000
-123,000
-370,000
Other Equity Adjustments
45,000
-10,000
-123,000
-370,000
Retained Earnings
7,223,000
10,045,000
13,606,000
18,320,000
Additional Paid In Capital
1,382,000
866,000
371,000
1,173,000
Total Liabilities Net Minority Interest
3,688,000
3,241,000
4,572,000
6,735,000
Total Non Current Liabilities Net Minority Interest
1,701,000
1,035,000
1,557,000
1,812,000
Other Non Current Liabilities
36,000
36,000
21,000
135,000
Tradeand Other Payables Non Current
249,000
231,000
235,000
Non Current Deferred Liabilities
153,000
58,000
83,000
673,000
Non Current Deferred Revenue
153,000
58,000
83,000
673,000
Long Term Debt And Capital Lease Obligation
1,263,000
710,000
1,218,000
1,004,000
Long Term Capital Lease Obligation
673,000
710,000
1,218,000
1,004,000
Long Term Debt
590,000
Current Liabilities
1,987,000
2,206,000
3,015,000
4,923,000
Other Current Liabilities
143,000
184,000
41,000
53,000
Current Deferred Liabilities
99,000
153,000
568,000
2,038,000
Current Deferred Revenue
99,000
153,000
568,000
2,038,000
Current Debt And Capital Lease Obligation
42,000
37,000
25,000
196,000
Current Capital Lease Obligation
42,000
37,000
25,000
196,000
Pensionand Other Post Retirement Benefit Plans Current
420,000
312,000
245,000
190,000
Current Provisions
509,000
370,000
556,000
Payables And Accrued Expenses
774,000
1,150,000
1,580,000
2,446,000
Current Accrued Expenses
457,000
745,000
997,000
1,911,000
Payables
317,000
405,000
583,000
535,000
Total Tax Payable
3,000
63,000
48,000
876,000
Income Tax Payable
3,000
63,000
48,000
876,000
Accounts Payable
317,000
405,000
520,000
487,000
Total Assets
12,338,000
14,142,000
18,426,000
25,858,000
Total Non Current Assets
5,794,000
6,043,000
8,101,000
12,427,000
Other Non Current Assets
160,000
171,000
181,000
946,000
Non Current Prepaid Assets
100,000
139,000
342,000
0
Non Current Deferred Assets
81,000
81,000
81,000
982,000
Non Current Deferred Taxes Assets
81,000
81,000
81,000
982,000
Non Current Accounts Receivable
161,000
97,000
Investments And Advances
2,342,000
2,508,000
4,743,000
8,360,000
Investmentin Financial Assets
2,336,000
2,494,000
4,677,000
8,318,000
Available For Sale Securities
2,336,000
2,494,000
4,677,000
8,318,000
Long Term Equity Investment
6,000
14,000
66,000
42,000
Goodwill And Other Intangible Assets
97,000
92,000
96,000
0
Other Intangible Assets
45,000
40,000
44,000
Goodwill
52,000
52,000
52,000
0
Net PPE
2,853,000
2,955,000
2,658,000
2,139,000
Accumulated Depreciation
-737,000
-527,000
-433,000
-658,000
Gross PPE
3,590,000
3,482,000
3,091,000
2,797,000
Leases
403,000
207,000
522,000
460,000
Construction In Progress
298,000
1,057,000
860,000
281,000
Other Properties
1,393,000
1,235,000
1,587,000
1,986,000
Machinery Furniture Equipment
235,000
181,000
100,000
59,000
Buildings And Improvements
1,183,000
743,000
0
Land And Improvements
78,000
59,000
22,000
11,000
Current Assets
6,544,000
8,099,000
10,325,000
13,431,000
Other Current Assets
45,000
58,000
88,000
44,000
Hedging Assets Current
21,000
Prepaid Assets
263,000
307,000
350,000
851,000
Inventory
153,000
117,000
202,000
949,000
Finished Goods
33,000
28,000
24,000
169,000
Work In Process
29,000
26,000
15,000
205,000
Raw Materials
91,000
63,000
163,000
575,000
Receivables
284,000
592,000
1,081,000
1,685,000
Other Receivables
13,000
58,000
61,000
53,000
Taxes Receivable
45,000
117,000
69,000
150,000
Accrued Interest Receivable
42,000
59,000
59,000
61,000
Notes Receivable
0
36,000
0
Accounts Receivable
184,000
358,000
892,000
1,385,000
Allowance For Doubtful Accounts Receivable
-184,000
-340,000
-692,000
0
Gross Accounts Receivable
368,000
698,000
1,584,000
1,385,000
Cash Cash Equivalents And Short Term Investments
5,799,000
7,025,000
8,604,000
9,902,000
Other Short Term Investments
3,204,000
5,098,000
5,697,000
6,697,000
Cash And Cash Equivalents
2,595,000
1,927,000
2,907,000
3,205,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-2,075,000
-4,055,000
-3,825,000
4,581,000
Repurchase Of Capital Stock
0
-1,153,000
-3,329,000
-857,000
Repayment Of Debt
-22,000
0
0
-140,000
Issuance Of Debt
600,000
0
0
Issuance Of Capital Stock
35,000
66,000
46,000
65,000
Capital Expenditure
-202,000
-1,051,000
-707,000
-400,000
Interest Paid Supplemental Data
10,000
24,000
39,000
25,000
Income Tax Paid Supplemental Data
26,000
197,000
2,729,000
480,000
End Cash Position
2,597,000
1,929,000
2,928,000
3,217,000
Beginning Cash Position
1,929,000
2,928,000
3,217,000
6,860,000
Effect Of Exchange Rate Changes
2,000
0
0
Changes In Cash
666,000
-999,000
-289,000
-3,643,000
Financing Cash Flow
593,000
56,000
-1,377,000
-3,448,000
Cash Flow From Continuing Financing Activities
593,000
56,000
-1,377,000
-3,448,000
Net Other Financing Charges
-2,000
-1,153,000
Proceeds From Stock Option Exercised
46,000
65,000
124,000
Net Common Stock Issuance
35,000
66,000
46,000
-3,264,000
Common Stock Payments
0
-1,153,000
-3,329,000
-857,000
Common Stock Issuance
35,000
66,000
46,000
65,000
Net Issuance Payments Of Debt
560,000
-10,000
-270,000
-184,000
Net Long Term Debt Issuance
560,000
-10,000
-270,000
-184,000
Long Term Debt Payments
-22,000
0
0
-140,000
Long Term Debt Issuance
600,000
0
0
Investing Cash Flow
1,946,000
1,949,000
4,206,000
-5,176,000
Cash Flow From Continuing Investing Activities
1,946,000
1,949,000
4,206,000
-5,176,000
Net Other Investing Changes
-23,000
-40,000
-30,000
Net Investment Purchase And Sale
2,148,000
3,000,000
4,998,000
-4,736,000
Sale Of Investment
7,916,000
9,529,000
8,781,000
6,699,000
Purchase Of Investment
-5,768,000
-6,529,000
-3,783,000
-11,435,000
Net Business Purchase And Sale
0
0
-85,000
0
Purchase Of Business
0
0
-85,000
0
Net Intangibles Purchase And Sale
-10,000
0
0
Purchase Of Intangibles
-10,000
0
0
Net PPE Purchase And Sale
-192,000
-1,051,000
-707,000
-400,000
Purchase Of PPE
-192,000
-1,051,000
-707,000
-400,000
Operating Cash Flow
-1,873,000
-3,004,000
-3,118,000
4,981,000
Cash Flow From Continuing Operating Activities
-1,873,000
-3,004,000
-3,118,000
4,981,000
Change In Working Capital
233,000
-78,000
689,000
-4,014,000
Change In Other Working Capital
41,000
-439,000
-2,060,000
-4,157,000
Change In Other Current Liabilities
-27,000
106,000
639,000
-754,000
Change In Other Current Assets
38,000
-53,000
-605,000
21,000
Change In Payables And Accrued Expense
-94,000
-454,000
-327,000
852,000
Change In Accrued Expense
-2,000
-385,000
-340,000
612,000
Change In Payable
-92,000
-69,000
13,000
240,000
Change In Account Payable
-92,000
-69,000
13,000
240,000
Change In Tax Payable
15,000
-828,000
876,000
Change In Income Tax Payable
15,000
-828,000
876,000
Change In Prepaid Assets
153,000
145,000
1,802,000
-2,258,000
Change In Inventory
-34,000
83,000
747,000
492,000
Change In Receivables
156,000
534,000
493,000
1,790,000
Changes In Account Receivables
156,000
534,000
493,000
1,790,000
Other Non Cash Items
77,000
60,000
7,000
28,000
Stock Based Compensation
483,000
429,000
305,000
226,000
Amortization Of Securities
-67,000
-95,000
-61,000
31,000
Deferred Tax
828,000
-559,000
-318,000
Deferred Income Tax
828,000
-559,000
-318,000
Depreciation Amortization Depletion
215,000
189,000
621,000
348,000
Depreciation And Amortization
215,000
189,000
621,000
348,000
Operating Gains Losses
8,000
52,000
35,000
Earnings Losses From Equity Investments
8,000
52,000
35,000
0
Net Income From Continuing Operations
-2,822,000
-3,561,000
-4,714,000
8,362,000
2/4
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $8.7B
Warren's Owner Earnings
-$2.4B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/4 — 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.
$1.9B
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.
3.29x
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.
3 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
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $1.9Bvs > $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 — 3.29xvs 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 — 3 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."
These metrics estimate what MRNA 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
-23.5%
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
N/A
N/A
N/A
4.8%
N/A
Repurchase of Capital Stock
N/A
$0M
-$1.2B
-$3.3B
-$857M
Free Cash Flow
-$2.1B▲
-$4.1B▼
-$3.8B▼
$4.6B•
N/A•
Warren's Owner Earnings
-$2.4B
-$2.3B
-$3.4B
$9.1B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare MRNA 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
MRNA (MRNA) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 54.8%. Operating margin: -159.9%. Net margin: -146.8%. 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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