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 Margin17.3%
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 Margin10.1%
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
F
Years to Pay Off Debt9.7 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-$32.6B
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-$1.9B
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$2.4B
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 Income92.9%
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$8.1B
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 Profit26.0%
Operating Margin17.3%
Net Margin10.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
26.0%▼
33.4%▲
28.2%▲
17.2%•
N/A
Operating Margin %
17.3%▼
23.3%▼
23.9%▲
12.5%•
N/A
Net Income %
10.1%▼
14.0%▼
15.0%▲
7.7%•
N/A
Diluted EPS
5.42▲
5.17▼
5.48▲
3.84•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$66.6B
$64.1B
$44.3B
$24.4B
N/A
Total Debt
$32.8B▲
$32.1B▲
$21.7B▲
$13.7B•
N/A
Working Capital
-$1.9B▼
-$481M▼
-$344M▲
-$503M•
N/A
Years to Pay Debt
9.67
10.57
8.15
7.96
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.4B▼
$2.9B▲
$2.8B▲
$1.7B•
N/A
Owner Earnings
$8.1B
$6.2B
$5.0B
$3.5B
N/A
CapEx % of Net Income
92.9%
66.6%
60.0%
69.8%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-18,549
-17,739
-37,862
0
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
7,868,000
6,688,000
5,290,000
3,552,000
Total Unusual Items
-81,000
-73,000
-158,000
0
Total Unusual Items Excluding Goodwill
-81,000
-73,000
-158,000
0
Net Income From Continuing Operation Net Minority Interest
3,393,000
3,035,000
2,659,000
1,722,000
Reconciled Depreciation
1,514,000
1,134,000
769,000
626,000
Reconciled Cost Of Revenue
24,887,000
14,445,000
12,698,000
18,536,000
EBITDA
7,787,000
6,615,000
5,132,000
3,552,000
EBIT
6,273,000
5,481,000
4,363,000
2,926,000
Net Interest Income
-1,783,000
-1,371,000
-866,000
-676,000
Interest Expense
1,783,000
1,371,000
866,000
676,000
Normalized Income
3,455,451
3,090,261
2,779,138
1,722,000
Net Income From Continuing And Discontinued Operation
3,393,000
3,035,000
2,659,000
1,722,000
Total Expenses
27,807,000
16,636,000
13,447,000
19,580,000
Total Operating Income As Reported
5,741,000
4,989,000
4,072,000
2,807,000
Diluted Average Shares
625,900
586,500
485,400
448,400
Basic Average Shares
624,800
584,600
484,300
447,500
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
3,393,000
3,034,000
2,658,000
1,721,000
Net Income Common Stockholders
3,393,000
3,034,000
2,658,000
1,721,000
Preferred Stock Dividends
1,000
1,000
1,000
1,000
Net Income
3,393,000
3,035,000
2,659,000
1,722,000
Minority Interests
-69,000
-77,000
0
0
Net Income Including Noncontrolling Interests
3,462,000
3,112,000
2,659,000
1,722,000
Net Income Continuous Operations
3,462,000
3,112,000
2,659,000
1,722,000
Tax Provision
1,028,000
998,000
838,000
528,000
Pretax Income
4,490,000
4,110,000
3,497,000
2,250,000
Other Income Expense
451,000
419,000
133,000
119,000
Other Non Operating Income Expenses
146,000
53,000
89,000
-29,000
Special Income Charges
-81,000
-73,000
-158,000
0
Gain On Sale Of Ppe
1,394
Other Special Charges
-2,551
-1,682
Restructuring And Mergern Acquisition
81,000
73,000
158,000
0
Earnings From Equity Interest
386,000
439,000
202,000
148,000
Net Non Operating Interest Income Expense
-1,783,000
-1,371,000
-866,000
-676,000
Interest Expense Non Operating
1,783,000
1,371,000
866,000
676,000
Operating Income
5,822,000
5,062,000
4,230,000
2,807,000
Operating Expense
2,920,000
2,191,000
749,000
1,044,000
Other Operating Expenses
-43,000
-305,000
-786,000
-105,000
Other Taxes
378,000
334,000
216,000
191,000
Gross Profit
8,742,000
7,253,000
4,979,000
3,851,000
Cost Of Revenue
24,887,000
14,445,000
12,698,000
18,536,000
Total Revenue
33,629,000
21,698,000
17,677,000
22,387,000
Operating Revenue
33,629,000
21,698,000
17,677,000
22,387,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
26,201
26,603
26,621
27,758
Ordinary Shares Number
629,708
583,111
583,093
447,158
Share Issued
655,909
609,714
609,714
474,916
Net Debt
32,738,000
31,344,000
21,329,000
13,401,000
Total Debt
32,816,000
32,077,000
21,667,000
13,701,000
Tangible Book Value
11,526,000
5,906,000
10,216,000
5,741,000
Invested Capital
55,301,000
49,113,000
38,151,000
20,115,000
Working Capital
-1,877,000
-481,000
-344,000
-503,000
Net Tangible Assets
11,526,000
5,906,000
10,216,000
5,741,000
Capital Lease Obligations
97,000
80,000
89,419
Common Stock Equity
22,485,000
17,036,000
16,484,000
6,494,000
Total Capitalization
53,240,000
48,054,000
37,667,000
19,190,000
Total Equity Gross Minority Interest
22,569,000
22,133,000
16,484,000
6,494,000
Minority Interest
84,000
5,097,000
0
Stockholders Equity
22,485,000
17,036,000
16,484,000
6,494,000
Gains Losses Not Affecting Retained Earnings
-27,000
-96,000
-33,000
-108,000
Other Equity Adjustments
-27,000
-96,000
-33,000
-108,000
Treasury Stock
829,000
807,000
677,000
706,000
Retained Earnings
2,373,000
1,579,000
868,000
50,000
Additional Paid In Capital
20,961,000
16,354,000
16,320,000
7,253,000
Capital Stock
7,000
6,000
6,000
5,000
Common Stock
7,000
6,000
6,000
5,000
Total Liabilities Net Minority Interest
44,072,000
41,936,000
27,782,000
17,885,000
Total Non Current Liabilities Net Minority Interest
37,707,000
37,217,000
24,330,000
14,834,000
Non Current Deferred Liabilities
6,952,000
6,199,000
3,147,000
2,070,000
Non Current Deferred Taxes Liabilities
6,349,000
5,451,000
2,594,000
1,739,000
Long Term Debt And Capital Lease Obligation
30,755,000
31,018,000
21,183,000
12,764,000
Long Term Capital Lease Obligation
74,000
68,000
75,636
Long Term Debt
30,755,000
31,018,000
21,183,000
12,696,000
Current Liabilities
6,365,000
4,719,000
3,452,000
3,051,000
Other Current Liabilities
967,000
962,000
808,000
386,000
Current Debt And Capital Lease Obligation
2,061,000
1,059,000
484,000
937,000
Current Capital Lease Obligation
23,000
12,000
13,783
Current Debt
2,061,000
1,059,000
484,000
925,000
Other Current Borrowings
2,061,000
1,059,000
484,000
925,000
Payables And Accrued Expenses
3,337,000
2,698,000
2,160,000
1,728,000
Current Accrued Expenses
499,000
511,000
381,000
233,000
Interest Payable
499,000
511,000
381,000
233,000
Payables
2,838,000
2,187,000
1,779,000
1,495,000
Total Tax Payable
221,000
215,000
136,000
97,537
Accounts Payable
2,838,000
2,187,000
1,564,000
1,359,000
Total Assets
66,641,000
64,069,000
44,266,000
24,379,000
Total Non Current Assets
62,153,000
59,831,000
41,158,000
21,831,000
Other Non Current Assets
444,000
450,000
319,000
324,000
Investments And Advances
2,889,000
2,316,000
1,874,000
802,000
Long Term Equity Investment
2,889,000
2,316,000
1,874,000
802,000
Investmentsin Associatesat Cost
797,613
Goodwill And Other Intangible Assets
10,959,000
11,130,000
6,268,000
753,000
Other Intangible Assets
2,901,000
3,039,000
1,316,000
225,000
Goodwill
8,058,000
8,091,000
4,952,000
528,000
Net PPE
47,861,000
45,935,000
32,697,000
19,952,000
Accumulated Depreciation
-7,628,000
-6,339,000
-5,757,000
-5,063,000
Gross PPE
55,489,000
52,274,000
38,454,000
25,015,000
Construction In Progress
2,563,000
1,318,000
1,528,000
1,839,000
Machinery Furniture Equipment
1,171,000
1,316,000
1,002,000
806,000
Land And Improvements
416,000
592,000
375,000
160,000
Current Assets
4,488,000
4,238,000
3,108,000
2,548,000
Other Current Assets
452,000
431,000
426,000
172,000
Hedging Assets Current
26,000
43,000
39,609
Inventory
948,000
748,000
639,000
581,000
Other Inventories
748,000
639,000
432,000
Finished Goods
431,740
427,880
Raw Materials
148,000
149,000
153,019
Receivables
3,010,000
2,326,000
1,705,000
1,532,000
Accounts Receivable
3,010,000
2,326,000
1,705,000
1,532,000
Cash Cash Equivalents And Short Term Investments
78,000
733,000
338,000
220,000
Cash And Cash Equivalents
78,000
733,000
338,000
220,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,447,000
2,867,000
2,826,000
1,704,000
Repurchase Of Capital Stock
-75,000
-524,000
0
0
Repayment Of Debt
-2,979,000
-2,003,000
-1,300,000
-896,000
Issuance Of Debt
3,809,000
7,094,000
5,298,000
869,000
Issuance Of Capital Stock
32,442
32,791
Capital Expenditure
-3,152,000
-2,021,000
-1,595,000
-1,202,000
Interest Paid Supplemental Data
1,732,000
1,297,000
653,000
582,000
Income Tax Paid Supplemental Data
74,000
102,000
37,000
59,000
End Cash Position
78,000
733,000
338,000
220,000
Beginning Cash Position
733,000
338,000
220,000
146,000
Changes In Cash
-655,000
395,000
118,000
74,000
Financing Cash Flow
-2,503,000
2,119,000
2,101,000
-1,693,000
Cash Flow From Continuing Financing Activities
-2,503,000
2,119,000
2,101,000
-1,693,000
Net Other Financing Charges
-675,000
-135,000
-58,000
6,000
Cash Dividends Paid
-2,583,000
-2,313,000
-1,839,000
-1,672,000
Common Stock Dividend Paid
-2,583,000
-2,313,000
-1,839,000
-1,672,000
Net Preferred Stock Issuance
0
-365,000
0
0
Preferred Stock Payments
0
-365,000
0
0
Net Common Stock Issuance
-75,000
-159,000
0
0
Common Stock Payments
-75,000
-159,000
0
0
Common Stock Issuance
32,442
32,791
Net Issuance Payments Of Debt
830,000
5,091,000
3,998,000
-27,000
Net Short Term Debt Issuance
820,000
0
0
0
Short Term Debt Issuance
820,000
0
0
Net Long Term Debt Issuance
10,000
5,091,000
3,998,000
-27,000
Long Term Debt Payments
-2,979,000
-2,003,000
-1,300,000
-896,000
Long Term Debt Issuance
2,989,000
7,094,000
5,298,000
869,000
Investing Cash Flow
-3,751,000
-6,612,000
-6,404,000
-1,139,000
Cash Flow From Continuing Investing Activities
-3,751,000
-6,612,000
-6,404,000
-1,139,000
Net Other Investing Changes
48,000
149,000
413,000
46,000
Dividends Received Cfi
52,000
50,000
20,000
19,000
Net Business Purchase And Sale
-647,000
-4,740,000
-5,222,000
-3,000
Sale Of Business
0
1,200,000
0
0
Purchase Of Business
-647,000
-5,940,000
-5,222,000
-3,000
Capital Expenditure Reported
-3,152,000
-2,021,000
-1,595,000
-1,202,000
Operating Cash Flow
5,599,000
4,888,000
4,421,000
2,906,000
Cash Flow From Continuing Operating Activities
5,599,000
4,888,000
4,421,000
2,906,000
Dividend Received Cfo
397,000
390,000
202,000
147,000
Change In Working Capital
-380,000
-43,000
358,000
-58,000
Change In Other Working Capital
-105,000
-223,000
195,000
178,000
Change In Payables And Accrued Expense
671,000
114,000
-62,000
-26,000
Change In Payable
671,000
114,000
-62,000
-26,000
Change In Account Payable
671,000
114,000
-62,000
-26,000
Change In Inventory
-263,000
17,000
118,000
-62,000
Change In Receivables
-683,000
49,000
107,000
-148,000
Changes In Account Receivables
-683,000
49,000
107,000
-148,000
Other Non Cash Items
35,000
72,000
-194,000
153,000
Deferred Tax
957,000
889,000
829,000
464,000
Deferred Income Tax
957,000
889,000
829,000
464,000
Depreciation Amortization Depletion
1,514,000
1,134,000
769,000
626,000
Depreciation And Amortization
1,514,000
1,134,000
769,000
626,000
Operating Gains Losses
-386,000
-666,000
-202,000
-148,000
Earnings Losses From Equity Investments
-386,000
-439,000
-202,000
-148,000
Gain Loss On Sale Of Business
0
-227,000
0
0
Net Income From Continuing Operations
3,462,000
3,112,000
2,659,000
1,722,000
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: $22.6B
Warren's Owner Earnings
$8.1B
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.
$33.6B
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.
0.71x
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 $3.84 to $5.42 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.
+41.1% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $33.6Bvs > $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 — 0.71xvs 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 $3.84 to $5.42 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 OKE 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
7.6%
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
92.9%
66.6%
60.0%
69.8%
N/A
Repurchase of Capital Stock
-$75M
-$524M
$0M
$0M
N/A
Free Cash Flow
$2.4B▼
$2.9B▲
$2.8B▲
$1.7B•
N/A•
Warren's Owner Earnings
$8.1B
$6.2B
$5.0B
$3.5B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare OKE 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
OKE (OKE) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 26.0%. Operating margin: 17.3%. Net margin: 10.1%. 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.