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 Margin8.2%
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 Margin5.4%
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 Debt4.1 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$1.1B
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$7.8B
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
F
Free Cash Flow-$188M
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 Income196.2%
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$6.6B
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 Profit11.9%
Operating Margin8.2%
Net Margin5.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
11.9%▼
13.3%▼
22.5%▼
30.1%•
N/A
Operating Margin %
8.2%▼
9.7%▼
17.9%▼
25.3%•
N/A
Net Income %
5.4%▼
6.6%▼
13.0%▼
18.3%•
N/A
Diluted EPS
7.52▼
8.46▼
18.00▼
28.79•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$35.1B
$33.9B
$35.3B
$32.5B
N/A
Total Debt
$7.1B▲
$7.0B▲
$6.8B▲
$6.7B•
N/A
Working Capital
$7.8B▲
$7.5B▼
$11.8B▲
$10.4B•
N/A
Years to Pay Debt
4.08
3.43
1.51
0.88
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
Free Cash Flow
-$188M▼
$806M▼
$4.9B▼
$8.1B
Owner Earnings
$6.6B
$6.6B
$7.9B
$10.6B
CapEx % of Net Income
196.2%
156.5%
48.9%
25.6%
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-13,829
-27,523
0
-21,553
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
4,285,000
4,623,000
7,688,000
11,670,000
Total Unusual Items
-67,000
-137,000
0
-102,000
Total Unusual Items Excluding Goodwill
-67,000
-137,000
0
-102,000
Net Income From Continuing Operation Net Minority Interest
1,744,000
2,027,000
4,525,000
7,607,000
Reconciled Depreciation
1,480,000
1,356,000
1,169,000
1,062,000
Reconciled Cost Of Revenue
28,616,000
26,632,000
26,899,000
29,009,000
EBITDA
4,218,000
4,486,000
7,688,000
11,568,000
EBIT
2,738,000
3,130,000
6,519,000
10,506,000
Net Interest Income
-59,000
30,000
30,000
-170,000
Interest Expense
170,000
228,000
246,000
218,911
Interest Income
111,000
258,000
276,000
48,695
Normalized Income
1,797,171
2,136,477
4,525,000
7,687,447
Net Income From Continuing And Discontinued Operation
1,744,000
2,027,000
4,525,000
7,607,000
Total Expenses
29,835,000
27,755,000
28,484,000
31,006,000
Diluted Average Shares
230,900
238,500
250,412
263,176
Basic Average Shares
230,700
238,300
249,773
262,348
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,737,000
2,018,000
4,508,000
7,607,000
Average Dilution Earnings
49
115
121
Net Income Common Stockholders
1,737,000
2,018,000
4,508,000
7,607,000
Otherunder Preferred Stock Dividend
7,000
9,000
17,000
31,172
Net Income
1,744,000
2,027,000
4,525,000
7,607,000
Minority Interests
-294,000
-292,000
-388,000
-472,000
Net Income Including Noncontrolling Interests
2,038,000
2,319,000
4,913,000
8,079,000
Net Income Continuous Operations
2,038,000
2,319,000
4,913,000
8,079,000
Tax Provision
530,000
583,000
1,360,000
2,166,000
Pretax Income
2,568,000
2,902,000
6,273,000
10,245,000
Other Income Expense
-32,000
-107,000
13,000
-91,000
Special Income Charges
-67,000
-137,000
0
-102,000
Write Off
67,000
137,000
0
102,000
Impairment Of Capital Assets
0
101,756
62,161
Earnings From Equity Interest
35,000
30,000
13,000
11,000
Net Non Operating Interest Income Expense
-59,000
30,000
30,000
-170,000
Total Other Finance Cost
170,000
Interest Expense Non Operating
170,000
228,000
246,000
218,911
Interest Income Non Operating
111,000
258,000
276,000
48,695
Operating Income
2,659,000
2,979,000
6,230,000
10,506,000
Operating Expense
1,219,000
1,123,000
1,585,000
1,997,000
Selling General And Administration
1,219,000
1,123,000
1,585,000
1,997,000
Gross Profit
3,878,000
4,102,000
7,815,000
12,503,000
Cost Of Revenue
28,616,000
26,632,000
26,899,000
29,009,000
Total Revenue
32,494,000
30,734,000
34,714,000
41,512,000
Operating Revenue
32,494,000
30,734,000
34,714,000
41,512,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
151,900
147,400
135,252
126,661
Ordinary Shares Number
228,335
232,800
244,902
253,493
Share Issued
380,235
380,200
380,154
380,154
Net Debt
4,603,000
3,201,000
256,000
2,203,530
Total Debt
7,121,000
6,950,000
6,842,000
6,691,350
Tangible Book Value
13,759,000
12,872,000
13,863,000
11,172,369
Invested Capital
27,799,000
27,053,000
27,579,000
24,899,076
Working Capital
7,761,000
7,498,000
11,791,000
10,361,940
Net Tangible Assets
13,759,000
12,872,000
13,863,000
11,172,369
Capital Lease Obligations
258,000
191,000
203,000
206,968
Common Stock Equity
20,936,000
20,294,000
20,940,000
18,414,694
Total Capitalization
27,611,000
25,803,000
27,400,000
24,839,995
Total Equity Gross Minority Interest
22,124,000
21,417,000
22,123,000
19,569,906
Minority Interest
1,188,000
1,123,000
1,183,000
1,155,212
Stockholders Equity
20,936,000
20,294,000
20,940,000
18,414,694
Gains Losses Not Affecting Retained Earnings
-194,000
-208,000
-162,000
-137,517
Other Equity Adjustments
-194,000
-208,000
-162,000
-137,517
Treasury Stock
12,779,000
12,144,000
9,988,000
8,498,243
Retained Earnings
31,504,000
30,271,000
28,762,000
24,754,873
Additional Paid In Capital
2,253,000
2,223,000
2,176,000
2,143,520
Capital Stock
152,000
152,000
152,000
152,061
Common Stock
152,000
152,000
152,000
152,061
Total Liabilities Net Minority Interest
12,980,000
12,523,000
13,217,000
12,909,304
Total Non Current Liabilities Net Minority Interest
8,976,000
7,546,000
8,622,000
8,579,560
Other Non Current Liabilities
2,067,000
1,863,000
1,973,000
1,965,873
Non Current Deferred Liabilities
1,965,873
1,100,455
Long Term Debt And Capital Lease Obligation
6,909,000
5,683,000
6,649,000
6,613,687
Long Term Capital Lease Obligation
234,000
174,000
189,000
188,386
Long Term Debt
6,675,000
5,509,000
6,460,000
6,425,301
Current Liabilities
4,004,000
4,977,000
4,595,000
4,329,744
Current Debt And Capital Lease Obligation
212,000
1,267,000
193,000
77,663
Current Capital Lease Obligation
24,000
17,000
14,000
18,582
Current Debt
188,000
1,250,000
179,000
59,081
Other Current Borrowings
188,000
1,250,000
179,000
59,081
Payables And Accrued Expenses
3,792,000
3,710,000
4,402,000
4,252,081
Current Accrued Expenses
1,902,000
1,878,000
2,382,000
2,602,558
Payables
1,890,000
1,832,000
2,020,000
1,649,523
Other Payable
163,600
143,800
Dividends Payable
130,500
137,600
Accounts Payable
1,890,000
1,832,000
2,020,000
1,649,523
Total Assets
35,104,000
33,940,000
35,340,000
32,479,210
Total Non Current Assets
23,339,000
21,465,000
18,954,000
17,787,526
Other Non Current Assets
856,000
800,000
827,000
928,281
Goodwill And Other Intangible Assets
7,177,000
7,422,000
7,077,000
7,242,325
Other Intangible Assets
2,880,000
3,134,000
3,108,000
3,322,265
Goodwill
4,297,000
4,288,000
3,969,000
3,920,060
Net PPE
15,306,000
13,243,000
11,050,000
9,616,920
Accumulated Depreciation
-13,378,000
-12,622,000
-11,789,000
-11,115,127
Gross PPE
28,684,000
25,865,000
22,839,000
20,732,047
Leases
96,000
96,000
Construction In Progress
4,572,000
3,758,000
2,122,000
1,815,638
Other Properties
558,486
558,336
Machinery Furniture Equipment
18,770,000
17,431,000
16,328,000
15,125,653
Buildings And Improvements
3,280,000
2,764,000
2,551,000
2,230,672
Land And Improvements
1,407,000
1,257,000
1,183,000
905,598
Current Assets
11,765,000
12,475,000
16,386,000
14,691,684
Other Current Assets
499,000
555,000
725,000
789,325
Inventory
5,462,000
5,106,000
5,578,000
5,453,531
Receivables
3,105,000
2,675,000
2,953,000
3,591,030
Accounts Receivable
3,105,000
2,675,000
2,953,000
3,591,030
Allowance For Doubtful Accounts Receivable
-81,000
-115,000
-127,000
-200,200
Gross Accounts Receivable
3,186,000
2,790,000
3,080,000
3,791,230
Cash Cash Equivalents And Short Term Investments
2,699,000
4,139,000
7,130,000
4,857,798
Other Short Term Investments
439,000
581,000
747,000
576,946
Cash And Cash Equivalents
2,260,000
3,558,000
6,383,000
4,280,852
Cash Flow
2025
2024
2023
2022
Free Cash Flow
-188,000
806,000
4,898,000
8,124,000
Repurchase Of Capital Stock
-700,000
-2,217,000
-1,554,000
-2,763,000
Repayment Of Debt
-1,015,000
-10,000
-10,000
-1,111,000
Issuance Of Debt
1,217,000
0
0
2,092,000
Capital Expenditure
-3,422,000
-3,173,000
-2,214,000
-1,948,000
End Cash Position
2,260,000
3,558,000
6,387,000
4,361,000
Beginning Cash Position
3,558,000
6,387,000
4,361,000
2,509,000
Effect Of Exchange Rate Changes
9,000
-16,000
3,000
-6,000
Changes In Cash
-1,307,000
-2,813,000
2,023,000
1,858,000
Financing Cash Flow
-1,315,000
-3,058,000
-2,593,000
-2,511,000
Cash Flow From Continuing Financing Activities
-1,315,000
-3,058,000
-2,593,000
-2,511,000
Net Other Financing Charges
-208,000
-418,000
-501,000
-159,000
Proceeds From Stock Option Exercised
5,000
4,000
12,000
23,000
Cash Dividends Paid
-512,000
-522,000
-515,000
-534,000
Common Stock Dividend Paid
-512,000
-522,000
-515,000
-534,000
Net Common Stock Issuance
-700,000
-2,217,000
-1,554,000
-2,763,000
Common Stock Payments
-700,000
-2,217,000
-1,554,000
-2,763,000
Net Issuance Payments Of Debt
100,000
95,000
-35,000
922,000
Net Short Term Debt Issuance
-102,000
105,000
-25,000
-59,000
Net Long Term Debt Issuance
202,000
-10,000
-10,000
981,000
Long Term Debt Payments
-1,015,000
-10,000
-10,000
-1,111,000
Long Term Debt Issuance
1,217,000
0
0
2,092,000
Investing Cash Flow
-3,226,000
-3,734,000
-2,496,000
-5,703,000
Cash Flow From Continuing Investing Activities
-3,226,000
-3,734,000
-2,496,000
-5,703,000
Net Other Investing Changes
-1,000
-12,000
-36,000
-10,000
Net Investment Purchase And Sale
155,000
191,000
-155,000
-324,000
Sale Of Investment
1,140,000
1,487,000
1,317,000
590,000
Purchase Of Investment
-985,000
-1,296,000
-1,472,000
-914,000
Net Business Purchase And Sale
-3,000
-757,000
-106,000
-3,453,000
Sale Of Business
0
1,000
0
100,000
Purchase Of Business
-3,000
-758,000
-106,000
-3,553,000
Net PPE Purchase And Sale
45,000
17,000
15,000
32,000
Sale Of PPE
45,000
17,000
15,000
32,000
Capital Expenditure Reported
-3,422,000
-3,173,000
-2,214,000
-1,948,000
Operating Cash Flow
3,234,000
3,979,000
7,112,000
10,072,000
Cash Flow From Continuing Operating Activities
3,234,000
3,979,000
7,112,000
10,072,000
Dividend Received Cfo
46,000
25,000
34,000
57,000
Change In Working Capital
-636,000
156,000
858,000
693,000
Change In Other Working Capital
76,000
25,000
199,000
-429,000
Change In Payables And Accrued Expense
82,000
-706,000
70,000
-341,000
Change In Accrued Expense
2,000
-385,000
-291,000
155,000
Change In Payable
80,000
-321,000
361,000
-496,000
Change In Account Payable
80,000
-321,000
361,000
-496,000
Change In Inventory
-366,000
518,000
-75,000
962,000
Change In Receivables
-428,000
319,000
664,000
501,000
Changes In Account Receivables
-428,000
319,000
664,000
501,000
Stock Based Compensation
133,000
132,000
130,000
137,000
Deferred Tax
161,000
-116,000
21,000
-47,000
Deferred Income Tax
161,000
-116,000
21,000
-47,000
Depreciation Amortization Depletion
1,480,000
1,356,000
1,169,000
1,062,000
Depreciation And Amortization
1,480,000
1,356,000
1,169,000
1,062,000
Amortization Cash Flow
254,000
262,000
238,000
235,000
Amortization Of Intangibles
254,000
262,000
238,000
235,000
Depreciation
1,226,000
1,094,000
931,000
827,000
Operating Gains Losses
12,000
107,000
-13,000
91,000
Earnings Losses From Equity Investments
-35,000
-30,000
-13,000
-11,000
Net Income From Continuing Operations
2,038,000
2,319,000
4,913,000
8,079,000
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: $22.1B
Warren's Owner Earnings
$6.6B
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.
$32.5B
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.
2.94x
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 $28.79 to $7.52 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.
-73.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $32.5Bvs > $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 — 2.94xvs 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 $28.79 to $7.52 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 NUE 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
6.8%
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
Capital Expenditure % of Net Income
196.2%
156.5%
48.9%
25.6%
Repurchase of Capital Stock
-$700M
-$2.2B
-$1.6B
-$2.8B
Free Cash Flow
-$188M▼
$806M▼
$4.9B▼
$8.1B•
Warren's Owner Earnings
$6.6B
$6.6B
$7.9B
$10.6B
Peers & Industry
No auto-detected peers for this industry. You can manually compare NUE 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
NUE (NUE) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 11.9%. Operating margin: 8.2%. Net margin: 5.4%. 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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