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 Margin32.5%
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 Margin20.8%
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
F
Years to Pay Off Debt4.6 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-$3.6B
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-$215M
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$242M
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 Income287.6%
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$4.1B
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 Profit45.8%
Operating Margin32.5%
Net Margin20.8%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
45.8%▼
53.7%▼
57.3%▼
63.1%•
N/A
Operating Margin %
32.5%▼
40.5%▼
43.3%▼
59.4%•
N/A
Net Income %
20.8%▼
25.4%▼
30.0%▼
38.0%•
N/A
Diluted EPS
6.09▼
7.14▲
7.05▼
10.11•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$11.7B
$10.9B
$7.7B
$5.6B
N/A
Total Debt
$3.5B▲
$3.4B▲
$2.3B▲
$1.2B•
N/A
Working Capital
-$215M▼
-$68M▼
$31M▼
$496M•
N/A
Years to Pay Debt
4.59
3.86
2.68
0.99
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$242M▼
$280M▼
$318M▼
$895M•
N/A
Owner Earnings
$4.1B
$3.8B
$3.1B
$2.8B
N/A
CapEx % of Net Income
287.6%
222.2%
183.2%
89.3%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
6,530
6,021
-1,873
-33,164
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,398,148
2,383,671
1,945,631
2,359,171
Total Unusual Items
39,174
26,023
-11,038
-139,985
Total Unusual Items Excluding Goodwill
39,174
26,023
-11,038
-139,985
Net Income From Continuing Operation Net Minority Interest
759,221
885,322
846,074
1,214,206
Reconciled Depreciation
1,195,358
974,300
716,688
466,348
Reconciled Cost Of Revenue
1,982,404
1,609,560
1,202,631
1,180,105
EBITDA
2,437,322
2,409,694
1,934,593
2,219,186
EBIT
1,241,964
1,435,394
1,217,905
1,752,838
Net Interest Income
-208,520
-171,687
-121,520
-67,164
Interest Expense
208,520
171,687
121,520
67,164
Normalized Income
726,577
865,320
855,239
1,321,027
Net Income From Continuing And Discontinued Operation
759,221
885,322
846,074
1,214,206
Total Expenses
2,469,735
2,070,283
1,597,463
1,298,755
Rent Expense Supplemental
157,105
108,964
Total Operating Income As Reported
1,226,542
1,434,698
1,209,322
1,759,270
Diluted Average Shares
124,586
124,076
119,980
120,131
Basic Average Shares
124,556
123,568
119,139
118,122
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
759,221
885,322
846,074
1,214,206
Net Income Common Stockholders
759,221
885,322
846,074
1,214,206
Net Income
759,221
885,322
846,074
1,214,206
Minority Interests
-101,548
-86,021
-64,285
-72,111
Net Income Including Noncontrolling Interests
860,769
971,343
910,359
1,286,317
Net Income Continuous Operations
860,769
971,343
910,359
1,286,317
Tax Provision
172,675
292,364
186,026
399,357
Pretax Income
1,033,444
1,263,707
1,096,385
1,685,674
Other Income Expense
55,185
26,719
-2,253
-145,106
Other Non Operating Income Expenses
16,011
696
8,785
-5,121
Special Income Charges
-589
0
-202
-1,311
Gain On Sale Of Ppe
-589
0
-202
-1,311
Gain On Sale Of Security
39,763
26,023
-10,836
-138,674
Net Non Operating Interest Income Expense
-208,520
-171,687
-121,520
-67,164
Interest Expense Non Operating
208,520
171,687
121,520
67,164
Operating Income
1,186,779
1,408,675
1,220,158
1,897,944
Operating Expense
487,331
460,723
394,832
118,650
Other Operating Expenses
74,633
64,620
63,855
2,421
Other Taxes
275,629
268,649
220,604
Selling General And Administration
137,069
127,454
110,373
116,229
General And Administrative Expense
137,069
127,454
110,373
116,229
Other Gand A
137,069
127,454
110,373
116,229
Gross Profit
1,674,110
1,869,398
1,614,990
2,016,594
Cost Of Revenue
1,982,404
1,609,560
1,202,631
1,180,105
Total Revenue
3,656,514
3,478,958
2,817,621
3,196,699
Operating Revenue
3,656,514
3,478,958
2,817,621
3,196,699
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
147
53
20
5
Ordinary Shares Number
124,262
125,048
119,459
118,949
Share Issued
124,410
125,101
119,478
118,953
Net Debt
3,386,788
3,302,375
2,153,965
655,066
Total Debt
3,487,111
3,417,772
2,268,632
1,207,220
Tangible Book Value
5,658,141
5,089,149
3,910,862
3,110,797
Invested Capital
9,060,243
8,414,557
6,117,489
4,271,042
Working Capital
-214,941
-68,012
30,597
495,959
Net Tangible Assets
5,658,141
5,089,149
3,910,862
3,110,797
Capital Lease Obligations
85,009
92,364
62,005
46,975
Common Stock Equity
5,658,141
5,089,149
3,910,862
3,110,797
Total Capitalization
9,060,243
8,414,557
6,117,489
4,271,042
Total Equity Gross Minority Interest
5,996,652
5,457,432
4,127,688
3,317,091
Minority Interest
338,511
368,283
216,826
206,294
Stockholders Equity
5,658,141
5,089,149
3,910,862
3,110,797
Treasury Stock
5,333
2,336
45
34
Retained Earnings
3,153,112
2,556,987
1,776,541
1,007,642
Additional Paid In Capital
2,509,118
2,533,247
2,133,172
2,101,999
Capital Stock
1,244
1,251
1,194
1,190
Common Stock
1,244
1,251
1,194
1,190
Total Liabilities Net Minority Interest
5,713,917
5,392,677
3,599,308
2,237,414
Total Non Current Liabilities Net Minority Interest
4,682,408
4,397,320
2,914,033
1,661,541
Other Non Current Liabilities
120,312
110,009
38,482
19,960
Non Current Deferred Liabilities
1,015,931
847,666
581,439
428,351
Non Current Deferred Taxes Liabilities
1,015,931
847,666
581,439
428,351
Long Term Debt And Capital Lease Obligation
3,402,102
3,325,408
2,206,627
1,160,245
Long Term Debt
3,402,102
3,325,408
2,206,627
1,160,245
Long Term Provisions
144,063
114,237
87,485
52,985
Current Liabilities
1,031,509
995,357
685,275
575,873
Other Current Liabilities
75,658
64,987
40,617
52,857
Current Deferred Liabilities
64,169
83,338
19,954
52,357
Current Debt And Capital Lease Obligation
85,009
92,364
62,005
46,975
Current Capital Lease Obligation
85,009
92,364
62,005
46,975
Pensionand Other Post Retirement Benefit Plans Current
33,162
30,544
Current Provisions
6,309
8,431
4,605
756
Payables And Accrued Expenses
767,202
715,693
558,094
422,928
Current Accrued Expenses
226,273
331,626
288,838
202,421
Interest Payable
32,157
34,769
22,857
10,461
Payables
540,929
384,067
269,256
220,507
Other Payable
361,592
236,928
172,383
128,856
Dueto Related Parties Current
30,544
28,688
32,803
27,324
Accounts Payable
179,337
147,139
68,185
58,848
Total Assets
11,710,569
10,850,109
7,726,996
5,554,505
Total Non Current Assets
10,894,001
9,922,764
7,011,124
4,482,673
Other Non Current Assets
162,703
158,668
54,125
64,476
Financial Assets
0
558
0
0
Net PPE
10,731,298
9,764,096
6,956,441
4,418,197
Accumulated Depreciation
-7,395,142
-6,203,263
-5,228,963
-4,512,275
Gross PPE
18,126,440
15,967,359
12,185,404
8,930,472
Leases
22,028
19,242
14,149
11,365
Other Properties
1,963,059
1,683,334
1,318,015
1,057,668
Machinery Furniture Equipment
31,171
28,290
26,226
21,482
Current Assets
816,568
927,345
715,872
1,071,832
Other Current Assets
129,368
123,437
92,700
51,570
Hedging Assets Current
34,052
15,968
2,112
3,930
Restricted Cash
64,163
71,709
53,636
42,151
Prepaid Assets
28,810
Inventory
43,842
38,469
41,808
15,184
Receivables
529,829
654,729
472,954
453,818
Other Receivables
103,628
62,584
35,102
48,011
Accounts Receivable
426,201
592,145
437,852
405,807
Cash Cash Equivalents And Short Term Investments
15,314
23,033
52,662
505,179
Cash And Cash Equivalents
15,314
23,033
52,662
505,179
Cash Financial
15,314
23,033
52,662
505,179
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
241,644
280,039
318,018
894,755
Repurchase Of Capital Stock
-55,849
0
0
Repayment Of Debt
-2,712,500
-5,401,691
-3,203,000
-794,302
Issuance Of Debt
2,783,000
6,541,000
4,254,800
430,000
Issuance Of Capital Stock
0
344,663
0
0
Capital Expenditure
-2,183,371
-1,966,846
-1,549,810
-1,083,984
Interest Paid Supplemental Data
196,368
160,273
111,742
72,561
Income Tax Paid Supplemental Data
50,500
30,004
4,597
63,500
End Cash Position
79,477
94,742
106,298
547,330
Beginning Cash Position
94,742
106,298
547,330
86,920
Changes In Cash
-15,265
-11,556
-441,032
460,410
Financing Cash Flow
-282,598
1,413,673
902,332
-480,852
Cash Flow From Continuing Financing Activities
-282,598
1,413,673
902,332
-480,852
Net Other Financing Charges
-134,153
34,577
-72,293
-81,304
Proceeds From Stock Option Exercised
1,335
Cash Dividends Paid
-163,096
-104,876
-77,175
-35,246
Common Stock Dividend Paid
-35,246
-14,581
Net Common Stock Issuance
-55,849
344,663
0
0
Common Stock Payments
-55,849
0
0
Common Stock Issuance
0
344,663
0
0
Net Issuance Payments Of Debt
70,500
1,139,309
1,051,800
-364,302
Net Short Term Debt Issuance
51,000
Short Term Debt Payments
-84,000
Short Term Debt Issuance
135,000
Net Long Term Debt Issuance
70,500
1,139,309
1,051,800
-364,302
Long Term Debt Payments
-2,712,500
-5,401,691
-3,203,000
-794,302
Long Term Debt Issuance
2,783,000
6,541,000
4,254,800
430,000
Investing Cash Flow
-2,157,682
-3,672,114
-3,211,192
-1,037,477
Cash Flow From Continuing Investing Activities
-2,157,682
-3,672,114
-3,211,192
-1,037,477
Net Other Investing Changes
22,426
12,370
-1,661,382
46,507
Net Business Purchase And Sale
3,263
-1,717,638
0
0
Sale Of Business
3,263
113,576
0
0
Purchase Of Business
0
-1,831,214
0
0
Net PPE Purchase And Sale
-339,126
-454,443
-187,655
-230,890
Purchase Of PPE
-339,126
-454,443
-187,655
-230,890
Capital Expenditure Reported
-1,844,245
-1,512,403
-1,362,155
-853,094
Operating Cash Flow
2,425,015
2,246,885
1,867,828
1,978,739
Cash Flow From Continuing Operating Activities
2,425,015
2,246,885
1,867,828
1,978,739
Change In Working Capital
176,189
13,080
50,027
-117,935
Change In Other Working Capital
-19,170
63,384
-32,402
34,283
Change In Other Current Liabilities
2,131
4,774
-402
-7,962
Change In Other Current Assets
-10
4,052
646
175
Change In Payables And Accrued Expense
114,266
89,941
37,083
86,794
Change In Payable
114,266
89,941
37,083
86,794
Change In Account Payable
-8,930
33,748
2,810
63,455
Change In Prepaid Assets
-11,757
-22,952
-11,786
Change In Inventory
-35,313
-10,934
-3,034
-2,847
Change In Receivables
114,285
-138,137
48,136
-228,378
Changes In Account Receivables
114,285
-138,137
48,136
-228,378
Other Non Cash Items
26,869
21,174
3,728
3,215
Stock Based Compensation
18,327
14,982
13,661
15,123
Deferred Tax
165,587
265,305
172,104
344,480
Deferred Income Tax
165,587
265,305
172,104
344,480
Depreciation Amortization Depletion
1,195,358
974,300
716,688
466,348
Operating Gains Losses
-18,084
-13,299
1,261
-18,809
Gain Loss On Investment Securities
-18,084
-13,299
1,261
-18,809
Net Income From Continuing Operations
860,769
971,343
910,359
1,286,317
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: $6.0B
Warren's Owner Earnings
$4.1B
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.
$3.7B
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.
0.79x
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 $10.11 to $6.09 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.
-39.8% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $3.7Bvs > $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 — 0.79xvs 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 $10.11 to $6.09 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 MTDR 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
8.8%
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
287.6%
222.2%
183.2%
89.3%
N/A
Repurchase of Capital Stock
-$56M
$0M
$0M
N/A
N/A
Free Cash Flow
$242M▼
$280M▼
$318M▼
$895M•
N/A•
Warren's Owner Earnings
$4.1B
$3.8B
$3.1B
$2.8B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare MTDR 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
MTDR (MTDR) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 45.8%. Operating margin: 32.5%. Net margin: 20.8%. 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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