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 Margin41.3%
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 Margin33.1%
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
D
Years to Pay Off Debt1.3 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-$154.9B
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-$43.2B
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$29.0B
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 Income88.0%
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$214.5B
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 Profit81.0%
Operating Margin41.3%
Net Margin33.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
81.0%▼
84.7%▲
84.6%▲
83.9%
Operating Margin %
41.3%▼
44.2%▲
44.2%▲
42.3%
Net Income %
33.1%▼
34.8%▼
36.0%▲
31.4%
Diluted EPS
23.03▲
22.63▲
18.62▲
12.22
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$542.9B
$465.6B
$314.5B
$241.3B
N/A
Total Debt
$131.0B▲
$102.8B▲
$27.0B▲
$25.8B•
N/A
Working Capital
-$43.2B▲
-$55.8B▼
-$30.0B▼
-$12.7B•
N/A
Years to Pay Debt
1.28
1.02
0.32
0.46
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$29.0B▼
$69.7B▼
$70.0B▲
$64.1B•
N/A
Owner Earnings
$214.5B
$171.4B
$132.0B
$77.6B
N/A
CapEx % of Net Income
88.0%
50.8%
46.5%
26.6%
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
1,308,628
-214,254
339,489
-1,026,648
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
150,651,000
148,978,000
112,940,000
82,040,000
Total Unusual Items
6,078,000
-1,040,000
1,689,000
-5,238,000
Total Unusual Items Excluding Goodwill
6,078,000
-1,040,000
1,689,000
-5,238,000
Net Income From Continuing Operation Net Minority Interest
102,434,000
100,988,000
83,683,000
55,525,000
Reconciled Depreciation
21,982,000
19,107,000
9,413,000
7,362,000
Reconciled Cost Of Revenue
58,788,000
44,522,000
35,765,000
28,448,000
EBITDA
156,729,000
147,938,000
114,629,000
76,802,000
EBIT
134,747,000
128,831,000
105,216,000
69,440,000
Net Interest Income
-3,179,000
-91,000
330,000
-320,000
Interest Expense
4,207,000
1,640,000
542,000
378,000
Interest Income
1,269,000
1,838,000
1,069,000
239,000
Normalized Income
97,664,628
101,813,746
82,333,489
59,736,352
Net Income From Continuing And Discontinued Operation
102,434,000
100,988,000
83,683,000
55,525,000
Total Expenses
181,406,000
162,064,000
129,687,000
102,145,000
Total Operating Income As Reported
127,658,000
128,339,000
102,574,000
74,809,000
Diluted Average Shares
4,447,851
4,463,000
4,494,800
4,544,600
Basic Average Shares
4,442,064
4,453,900
4,482,800
4,530,600
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
102,434,000
100,988,000
83,683,000
55,525,000
Net Income Common Stockholders
102,434,000
100,988,000
83,683,000
55,525,000
Net Income
102,434,000
100,988,000
83,683,000
55,525,000
Net Income Including Noncontrolling Interests
102,434,000
100,988,000
83,683,000
55,525,000
Net Income Continuous Operations
102,434,000
100,988,000
83,683,000
55,525,000
Tax Provision
28,106,000
26,203,000
20,991,000
13,537,000
Pretax Income
130,540,000
127,191,000
104,674,000
69,062,000
Other Income Expense
6,061,000
-1,057,000
1,770,000
-5,427,000
Earnings From Equity Interest
-17,000
-17,000
81,000
-189,000
Gain On Sale Of Security
6,078,000
-1,040,000
1,689,000
-5,238,000
Net Non Operating Interest Income Expense
-3,179,000
-91,000
330,000
-320,000
Total Other Finance Cost
241,000
289,000
197,000
181,000
Interest Expense Non Operating
4,207,000
1,640,000
542,000
378,000
Interest Income Non Operating
1,269,000
1,838,000
1,069,000
239,000
Operating Income
127,658,000
128,339,000
102,574,000
74,809,000
Operating Expense
122,618,000
117,542,000
93,922,000
73,697,000
Other Operating Expenses
300,000
2,103,000
-119,000
-1,034,000
Research And Development
52,039,000
48,062,000
32,443,000
24,047,000
Selling General And Administration
70,279,000
67,377,000
61,598,000
50,684,000
Selling And Marketing Expense
64,310,000
62,101,000
56,743,000
46,217,000
General And Administrative Expense
5,969,000
5,276,000
4,855,000
4,467,000
Other Gand A
5,969,000
5,276,000
4,855,000
4,467,000
Gross Profit
250,276,000
245,881,000
196,496,000
148,506,000
Cost Of Revenue
58,788,000
44,522,000
35,765,000
28,448,000
Total Revenue
309,064,000
290,403,000
232,261,000
176,954,000
Operating Revenue
729,423,000
680,563,000
608,645,000
455,692,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
21,521
23,660
51,712
60,200
Ordinary Shares Number
4,443,479
4,441,340
4,458,288
4,499,800
Share Issued
4,465,000
4,465,000
4,510,000
4,560,000
Net Debt
95,922,000
80,366,000
6,888,000
8,602,000
Total Debt
130,958,000
102,787,000
27,006,000
25,784,000
Tangible Book Value
63,994,000
32,665,000
46,155,000
32,547,000
Invested Capital
316,433,000
239,507,000
127,841,000
104,741,000
Working Capital
-43,208,000
-55,826,000
-30,009,000
-12,746,000
Net Tangible Assets
63,994,000
32,665,000
46,155,000
32,547,000
Capital Lease Obligations
8,572,000
6,766,000
5,726,000
4,529,000
Common Stock Equity
194,047,000
143,486,000
106,561,000
83,486,000
Total Capitalization
305,752,000
227,732,000
122,537,000
104,261,000
Total Equity Gross Minority Interest
194,047,000
143,486,000
106,561,000
83,486,000
Stockholders Equity
194,047,000
143,486,000
106,561,000
83,486,000
Gains Losses Not Affecting Retained Earnings
-1,695,000
-1,406,000
1,276,000
2,449,000
Other Equity Adjustments
-1,695,000
-1,406,000
1,276,000
2,449,000
Treasury Stock
2,000
2,000
5,000
6,000
Retained Earnings
195,298,000
144,448,000
104,839,000
80,587,000
Capital Stock
446,000
446,000
451,000
456,000
Common Stock
446,000
446,000
451,000
456,000
Total Liabilities Net Minority Interest
348,855,000
322,144,000
207,925,000
157,771,000
Total Non Current Liabilities Net Minority Interest
133,194,000
104,530,000
38,270,000
36,831,000
Other Non Current Liabilities
23,000
189,000
100,000
360,000
Employee Benefits
861,000
903,000
742,000
762,000
Non Current Pension And Other Postretirement Benefit Plans
861,000
903,000
742,000
762,000
Tradeand Other Payables Non Current
1,051,000
1,456,000
189,000
100,000
Non Current Deferred Liabilities
6,611,000
5,515,000
10,162,000
7,061,000
Non Current Deferred Taxes Liabilities
6,611,000
5,515,000
10,162,000
7,061,000
Long Term Debt And Capital Lease Obligation
118,941,000
89,674,000
20,528,000
24,318,000
Long Term Capital Lease Obligation
7,236,000
5,428,000
4,552,000
3,543,000
Long Term Debt
111,705,000
84,246,000
15,976,000
20,775,000
Long Term Provisions
5,730,000
6,982,000
6,649,000
4,590,000
Current Liabilities
215,661,000
217,614,000
169,655,000
120,940,000
Other Current Liabilities
41,747,000
42,903,000
29,977,000
26,509,000
Current Debt And Capital Lease Obligation
12,017,000
13,113,000
6,478,000
1,466,000
Current Capital Lease Obligation
1,336,000
1,338,000
1,174,000
986,000
Current Debt
10,681,000
11,775,000
5,304,000
480,000
Other Current Borrowings
9,753,000
5,983,000
4,848,000
12,503,000
Line Of Credit
183,000
449,000
456,000
480,000
Commercial Paper
745,000
5,343,000
0
Current Provisions
374,000
289,000
100,478,000
70,287,000
Payables And Accrued Expenses
161,523,000
161,309,000
32,722,000
22,678,000
Payables
161,523,000
161,309,000
32,722,000
22,678,000
Total Tax Payable
8,416,000
9,716,000
7,116,000
7,091,000
Accounts Payable
153,107,000
151,593,000
25,606,000
15,587,000
Total Assets
542,902,000
465,630,000
314,486,000
241,257,000
Total Non Current Assets
370,449,000
303,842,000
174,840,000
133,063,000
Non Current Deferred Assets
23,647,000
24,648,000
20,380,000
13,904,000
Non Current Deferred Taxes Assets
23,647,000
24,648,000
20,380,000
13,904,000
Non Current Accounts Receivable
5,864,000
4,016,000
1,430,000
206,000
Investments And Advances
2,507,000
2,677,000
1,663,000
1,343,000
Investmentin Financial Assets
2,141,000
2,277,000
1,253,000
1,016,000
Available For Sale Securities
2,141,000
2,277,000
1,253,000
1,016,000
Long Term Equity Investment
366,000
400,000
410,000
327,000
Investmentsin Associatesat Cost
366,000
400,000
410,000
327,000
Goodwill And Other Intangible Assets
130,053,000
110,821,000
60,406,000
50,939,000
Other Intangible Assets
110,208,000
90,804,000
55,942,000
46,324,000
Goodwill
19,845,000
20,017,000
4,464,000
4,615,000
Net PPE
208,378,000
161,680,000
90,961,000
66,671,000
Accumulated Depreciation
-58,936,000
-52,396,000
-47,622,000
-44,755,000
Gross PPE
267,314,000
214,076,000
138,583,000
111,426,000
Construction In Progress
130,622,000
85,497,000
39,663,000
22,361,000
Other Properties
11,113,000
10,166,000
8,979,000
8,114,000
Machinery Furniture Equipment
60,020,000
57,039,000
40,951,000
37,548,000
Properties
65,559,000
61,374,000
48,990,000
43,403,000
Current Assets
172,453,000
161,788,000
139,646,000
108,194,000
Hedging Assets Current
6,682,000
6,326,000
2,344,000
2,727,000
Inventory
49,623,000
40,849,000
31,811,000
24,388,000
Inventories Adjustments Allowances
-5,661,000
-3,728,000
-2,514,000
-1,715,000
Finished Goods
11,990,000
8,873,000
7,224,000
6,038,000
Work In Process
25,858,000
22,335,000
17,601,000
13,673,000
Raw Materials
17,436,000
13,369,000
9,500,000
6,392,000
Receivables
89,186,000
88,305,000
75,261,000
57,505,000
Other Receivables
13,482,000
13,503,000
8,068,000
6,005,000
Taxes Receivable
4,848,000
2,853,000
2,423,000
940,000
Accounts Receivable
70,856,000
71,949,000
64,770,000
50,560,000
Allowance For Doubtful Accounts Receivable
-1,987,000
-2,127,000
-1,794,000
-1,520,000
Gross Accounts Receivable
72,843,000
74,076,000
66,564,000
52,080,000
Cash Cash Equivalents And Short Term Investments
26,962,000
26,308,000
30,230,000
23,574,000
Other Short Term Investments
498,000
10,653,000
15,838,000
10,921,000
Cash And Cash Equivalents
26,464,000
15,655,000
14,392,000
12,653,000
Cash Financial
26,464,000
15,655,000
14,392,000
12,653,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
28,989,000
69,659,000
70,012,000
64,134,000
Repurchase Of Capital Stock
-1,388,000
-20,181,000
-29,924,000
-24,086,000
Repayment Of Debt
-79,188,000
-6,335,000
-1,467,000
-13,623,000
Issuance Of Debt
103,931,000
79,391,000
0
11,215,000
Capital Expenditure
-90,113,000
-51,309,000
-38,896,000
-14,753,000
End Cash Position
26,464,000
15,655,000
14,392,000
12,653,000
Beginning Cash Position
15,655,000
14,392,000
12,653,000
10,719,000
Effect Of Exchange Rate Changes
-727,000
455,000
-119,000
-238,000
Changes In Cash
11,536,000
808,000
1,858,000
2,172,000
Financing Cash Flow
-28,408,000
8,735,000
-63,158,000
-51,797,000
Cash Flow From Continuing Financing Activities
-28,408,000
8,735,000
-63,158,000
-51,797,000
Cash Dividends Paid
-51,763,000
-44,140,000
-31,767,000
-25,303,000
Net Common Stock Issuance
-1,388,000
-20,181,000
-29,924,000
-24,086,000
Common Stock Payments
-1,388,000
-20,181,000
-29,924,000
-24,086,000
Net Issuance Payments Of Debt
24,743,000
73,056,000
-1,467,000
-2,408,000
Net Long Term Debt Issuance
24,743,000
73,056,000
-1,467,000
-2,408,000
Long Term Debt Payments
-79,188,000
-6,335,000
-1,467,000
-13,623,000
Long Term Debt Issuance
103,931,000
79,391,000
0
11,215,000
Investing Cash Flow
-79,158,000
-128,895,000
-43,892,000
-24,918,000
Cash Flow From Continuing Investing Activities
-79,158,000
-128,895,000
-43,892,000
-24,918,000
Dividends Received Cfi
0
0
4,000
Net Investment Purchase And Sale
9,951,000
4,577,000
-4,996,000
-3,090,000
Sale Of Investment
10,674,000
24,391,000
8,293,000
6,645,000
Purchase Of Investment
-723,000
-19,814,000
-13,289,000
-9,735,000
Net Business Purchase And Sale
1,004,000
-82,163,000
0
-7,075,000
Sale Of Business
1,004,000
0
0
0
Purchase Of Business
0
-82,163,000
0
-7,075,000
Net Intangibles Purchase And Sale
-29,973,000
-4,145,000
-13,090,000
-2,607,000
Purchase Of Intangibles
-29,973,000
-4,145,000
-13,090,000
-2,607,000
Net PPE Purchase And Sale
-60,140,000
-47,164,000
-25,806,000
-12,146,000
Purchase Of PPE
-60,140,000
-47,164,000
-25,806,000
-12,146,000
Operating Cash Flow
119,102,000
120,968,000
108,908,000
78,887,000
Cash Flow From Continuing Operating Activities
119,102,000
120,968,000
108,908,000
78,887,000
Taxes Refund Paid
-32,014,000
-29,636,000
-25,897,000
-14,515,000
Interest Received Cfo
1,398,000
1,884,000
1,072,000
276,000
Interest Paid Cfo
-3,419,000
-612,000
-491,000
-272,000
Change In Working Capital
3,737,000
2,589,000
19,713,000
-5,535,000
Change In Other Working Capital
2,510,000
-1,235,000
1,160,000
74,000
Change In Other Current Liabilities
9,122,000
5,099,000
3,746,000
2,595,000
Change In Payables And Accrued Expense
-280,000
7,587,000
5,150,000
3,138,000
Change In Payable
-280,000
7,587,000
5,150,000
3,138,000
Change In Account Payable
3,240,000
10,019,000
6,717,000
3,153,000
Change In Inventory
-9,038,000
-7,423,000
-4,767,000
-1,085,000
Change In Receivables
-14,309,000
-16,273,000
-10,824,000
-13,785,000
Changes In Account Receivables
-7,179,000
-14,210,000
-9,917,000
-12,909,000
Other Non Cash Items
-3,122,000
445,000
424,000
2,367,000
Stock Based Compensation
2,289,000
2,149,000
1,539,000
1,040,000
Provisionand Write Offof Assets
21,030,000
32,230,000
18,465,000
Asset Impairment Charge
10,562,000
809,000
Deferred Tax
28,106,000
26,203,000
20,991,000
13,537,000
Deferred Income Tax
28,106,000
26,203,000
20,991,000
13,537,000
Depreciation Amortization Depletion
21,982,000
19,107,000
9,413,000
7,362,000
Depreciation And Amortization
21,982,000
19,107,000
9,413,000
7,362,000
Amortization Cash Flow
2,512,000
1,599,000
Amortization Of Intangibles
2,512,000
1,599,000
Depreciation
21,982,000
19,107,000
9,413,000
7,362,000
Operating Gains Losses
-11,027,000
32,268,000
138,000
16,265,000
Pension And Employee Benefit Expense
-119,000
32,243,000
615,000
16,581,000
Earnings Losses From Equity Investments
17,000
-81,000
189,000
24,000
Gain Loss On Investment Securities
-5,079,000
106,000
2,572,000
-340,000
Net Foreign Currency Exchange Gain Loss
-5,846,000
2,277,000
-3,238,000
Net Income From Continuing Operations
102,434,000
100,988,000
83,683,000
55,525,000
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: $194.0B
Warren's Owner Earnings
$214.5B
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.
$309.1B
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.
0.80x
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 $12.22 to $23.03 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.
+88.5% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $309.1Bvs > $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 — 0.80xvs 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 $12.22 to $23.03 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 NVO 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
30.8%
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
88.0%
50.8%
46.5%
26.6%
N/A
Repurchase of Capital Stock
-$1.4B
-$20.2B
-$29.9B
-$24.1B
N/A
Free Cash Flow
$29.0B▼
$69.7B▼
$70.0B▲
$64.1B•
N/A•
Warren's Owner Earnings
$214.5B
$171.4B
$132.0B
$77.6B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare NVO 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
NVO (NVO) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 81.0%. Operating margin: 41.3%. Net margin: 33.1%. 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.