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 Margin12.2%
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 Margin9.1%
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
A
Years to Pay Off Debt2.9 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$563M
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$564M
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$195M
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 Income42.3%
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$398M
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 Profit40.5%
Operating Margin12.2%
Net Margin9.1%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
40.5%▲
40.3%▲
39.6%▲
35.9%•
N/A
Operating Margin %
12.2%▲
11.8%▲
11.5%▲
7.8%•
N/A
Net Income %
9.1%▲
8.8%▲
8.6%▲
5.6%•
N/A
Diluted EPS
3.89▲
3.23▲
2.92▲
1.64•
N/A
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$3.0B
$2.6B
$2.3B
$2.0B
N/A
Total Debt
$686M▲
$565M▲
$489M▲
$441M•
N/A
Working Capital
$564M▼
$689M▲
$556M▲
$495M•
N/A
Years to Pay Debt
2.85
2.83
2.69
4.29
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$195M▲
$107M▼
$130M▲
$63M•
N/A
Owner Earnings
$398M
$364M
$341M
$183M
N/A
CapEx % of Net Income
42.3%
60.3%
68.6%
50.3%
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Effect Of Unusual Items
-6,067
-4,810
-3,547
-2,717
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
403,463
332,099
290,885
183,007
Total Unusual Items
-25,281
-19,319
-14,075
-11,700
Total Unusual Items Excluding Goodwill
-25,281
-19,319
-14,075
-11,700
Net Income From Continuing Operation Net Minority Interest
240,596
199,762
181,439
102,790
Reconciled Depreciation
55,236
43,958
34,936
28,689
Reconciled Cost Of Revenue
1,562,014
1,346,519
1,263,180
1,165,133
EBITDA
378,182
312,780
276,810
171,307
EBIT
322,946
268,822
241,874
142,618
Net Interest Income
18,719
16,311
14,686
2,965
Interest Income
18,719
16,311
14,686
2,965
Normalized Income
259,810
214,271
191,967
111,773
Net Income From Continuing And Discontinued Operation
240,596
199,762
181,439
102,790
Total Expenses
2,326,252
2,002,883
1,860,788
1,684,391
Total Operating Income As Reported
297,665
249,503
227,799
130,918
Diluted Average Shares
61,773
61,767
62,068
62,704
Basic Average Shares
61,322
61,339
61,741
62,495
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
240,596
199,762
181,439
102,790
Net Income Common Stockholders
240,596
199,762
181,439
102,790
Net Income
240,596
199,762
181,439
102,790
Net Income Including Noncontrolling Interests
240,596
199,762
181,439
102,790
Net Income Continuous Operations
240,596
199,762
181,439
102,790
Tax Provision
75,788
66,052
61,046
31,093
Pretax Income
316,384
265,814
242,485
133,883
Other Income Expense
-25,281
-19,319
-14,075
-11,700
Special Income Charges
-25,281
-19,319
-14,075
-11,700
Other Special Charges
25,281
19,319
14,075
11,700
Net Non Operating Interest Income Expense
18,719
16,311
14,686
2,965
Total Other Finance Cost
-14,686
-2,965
209
Interest Income Non Operating
18,719
16,311
14,686
2,965
Operating Income
322,946
268,822
241,874
142,618
Operating Expense
749,998
645,630
590,491
513,476
Other Operating Expenses
19,319
14,075
11,700
9,675
Depreciation Amortization Depletion Income Statement
40,996
33,224
27,819
22,907
Depreciation And Amortization In Income Statement
40,996
33,224
27,819
22,907
Selling General And Administration
709,002
612,406
562,672
490,569
Gross Profit
1,072,944
914,452
832,365
656,094
Cost Of Revenue
1,576,254
1,357,253
1,270,297
1,170,915
Total Revenue
2,649,198
2,271,705
2,102,662
1,827,009
Operating Revenue
2,649,198
2,271,705
2,102,662
1,827,009
Balance Sheet
2026
2025
2024
2023
2022
Treasury Shares Number
6,750
6,113
5,473
4,664
Ordinary Shares Number
61,090
61,349
61,454
62,008
Share Issued
67,840
67,462
66,927
66,672
Total Debt
685,928
564,870
488,749
441,175
Tangible Book Value
1,212,667
1,019,901
832,823
686,660
Invested Capital
1,889,619
1,696,906
1,509,893
1,363,357
Working Capital
563,617
689,450
555,877
495,011
Net Tangible Assets
1,212,667
1,019,901
832,823
686,660
Capital Lease Obligations
684,385
563,274
487,088
439,887
Common Stock Equity
1,888,076
1,695,310
1,508,232
1,362,069
Total Capitalization
1,889,050
1,696,350
1,509,254
1,362,927
Total Equity Gross Minority Interest
1,888,076
1,695,310
1,508,232
1,362,069
Stockholders Equity
1,888,076
1,695,310
1,508,232
1,362,069
Treasury Stock
481,601
407,754
354,745
302,204
Retained Earnings
1,608,309
1,367,713
1,167,951
986,512
Additional Paid In Capital
761,300
735,284
694,959
677,694
Capital Stock
68
67
67
67
Common Stock
68
67
67
67
Total Liabilities Net Minority Interest
1,066,877
865,835
786,362
682,027
Total Non Current Liabilities Net Minority Interest
666,429
561,494
470,811
422,742
Other Non Current Liabilities
1
3
Non Current Deferred Liabilities
89,924
81,124
71,877
70,632
Non Current Deferred Taxes Liabilities
89,924
81,124
71,877
70,632
Long Term Debt And Capital Lease Obligation
576,505
480,370
398,934
352,109
Long Term Capital Lease Obligation
575,531
479,330
397,912
351,251
Long Term Debt
974
1,040
1,022
858
Current Liabilities
400,448
304,341
315,551
259,285
Other Current Liabilities
12,710
13,595
18,827
20,337
Current Deferred Liabilities
16,558
16,006
12,809
10,657
Current Deferred Revenue
16,558
16,006
12,809
10,657
Current Debt And Capital Lease Obligation
109,423
84,500
89,815
89,066
Current Capital Lease Obligation
108,854
83,944
89,176
88,636
Current Debt
569
556
639
430
Other Current Borrowings
569
556
639
430
Pensionand Other Post Retirement Benefit Plans Current
23,216
20,605
20,535
14,751
Payables And Accrued Expenses
238,541
169,635
173,565
124,474
Current Accrued Expenses
49,310
28,615
20,490
24,647
Payables
189,231
141,020
153,075
99,827
Total Tax Payable
19,886
10,741
24,978
9,623
Income Tax Payable
9,823
1,707
14,744
3,056
Accounts Payable
169,345
130,279
128,097
90,204
Total Assets
2,954,953
2,561,145
2,294,594
2,044,096
Total Non Current Assets
1,990,888
1,567,354
1,423,166
1,289,800
Other Non Current Assets
2,934
2,247
2,168
2,118
Investments And Advances
266,455
0
Goodwill And Other Intangible Assets
675,409
675,409
675,409
675,409
Other Intangible Assets
230,559
230,559
230,559
230,559
Goodwill
444,850
444,850
444,850
444,850
Net PPE
1,046,090
889,698
745,589
612,273
Accumulated Depreciation
-271,267
-226,549
-184,201
-150,386
Gross PPE
1,317,357
1,116,247
929,790
762,659
Leases
171,011
121,019
78,099
55,945
Construction In Progress
9,748
12,673
65,643
0
Other Properties
663,848
554,737
475,526
436,326
Machinery Furniture Equipment
381,762
336,842
266,020
227,838
Buildings And Improvements
77,246
77,240
34,608
34,608
Land And Improvements
13,742
13,736
9,894
7,942
Current Assets
964,065
993,791
871,428
754,296
Other Current Assets
13,692
10,228
10,173
10,627
Prepaid Assets
11,173
Inventory
650,260
552,542
505,790
470,534
Receivables
3,805
2,352
2,223
2,374
Accounts Receivable
3,805
2,352
2,223
2,374
Cash Cash Equivalents And Short Term Investments
296,308
428,669
353,242
270,761
Other Short Term Investments
36,628
223,546
86,980
60,165
Cash And Cash Equivalents
259,680
205,123
266,262
210,596
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
194,660
106,900
130,093
62,679
Repurchase Of Capital Stock
-73,847
-53,009
-52,541
-41,832
Repayment Of Debt
-1,167
-1,123
-1,027
-891
Capital Expenditure
-101,879
-120,554
-124,404
-51,667
Interest Paid Supplemental Data
457
451
419
343
Income Tax Paid Supplemental Data
59,403
70,353
48,601
26,566
End Cash Position
259,680
205,123
266,262
210,596
Beginning Cash Position
205,123
266,262
210,596
246,977
Changes In Cash
54,557
-61,139
55,666
-36,381
Financing Cash Flow
-62,057
-33,252
-48,744
-39,273
Cash Flow From Continuing Financing Activities
-62,057
-33,252
-48,744
-39,273
Net Other Financing Charges
-5,701
-3,115
-1,862
-582
Proceeds From Stock Option Exercised
18,658
23,995
6,686
4,032
Net Common Stock Issuance
-73,847
-53,009
-52,541
-41,832
Common Stock Payments
-73,847
-53,009
-52,541
-41,832
Net Issuance Payments Of Debt
-1,167
-1,123
-1,027
-891
Net Long Term Debt Issuance
-1,167
-1,123
-1,027
-891
Long Term Debt Payments
-1,167
-1,123
-1,027
-891
Investing Cash Flow
-179,925
-255,341
-150,087
-111,454
Cash Flow From Continuing Investing Activities
-179,925
-255,341
-150,087
-111,454
Net Investment Purchase And Sale
-78,346
-135,189
-26,092
-60,165
Sale Of Investment
328,337
347,501
247,430
0
Purchase Of Investment
-406,683
-482,690
-273,522
-60,165
Net PPE Purchase And Sale
300
402
409
378
Sale Of PPE
300
402
409
378
Purchase Of PPE
-124,404
-51,667
-34,989
Capital Expenditure Reported
-101,879
-120,554
-124,404
-51,667
Operating Cash Flow
296,539
227,454
254,497
114,346
Cash Flow From Continuing Operating Activities
296,539
227,454
254,497
114,346
Change In Working Capital
-19,950
-43,502
25,400
-31,468
Change In Payables And Accrued Expense
83,464
3,565
60,164
-27,613
Change In Accrued Expense
36,772
12,549
10,226
-7,734
Change In Payable
46,692
-8,984
49,938
-19,879
Change In Account Payable
38,576
4,053
38,250
-20,379
Change In Tax Payable
8,116
-13,037
11,688
500
Change In Income Tax Payable
8,116
-13,037
11,688
500
Change In Prepaid Assets
-4,243
-186
341
375
Change In Inventory
-97,718
-46,752
-35,256
-3,228
Change In Receivables
-1,453
-129
151
-1,002
Changes In Account Receivables
-1,453
-129
151
-1,002
Other Non Cash Items
-1,139
-1,325
-456
256
Stock Based Compensation
13,060
19,445
12,237
9,951
Deferred Tax
8,800
9,247
1,245
4,453
Deferred Income Tax
8,800
9,247
1,245
4,453
Depreciation Amortization Depletion
55,236
43,958
34,936
28,689
Depreciation And Amortization
55,236
43,958
34,936
28,689
Depreciation
55,236
43,958
34,936
28,689
Operating Gains Losses
-64
-131
-304
-325
Net Income From Continuing Operations
240,596
199,762
181,439
102,790
4/5
Graham Score
Enterprising Investor
Requires deeper research. Suited for active investors.
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: $1.9B
Warren's Owner Earnings
$398M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
4/5 — Enterprising 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.
$2.6B
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.
2.41x
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 $1.64 to $3.89 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.
+137.2% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $2.6Bvs > $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 — 2.41xvs 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 $1.64 to $3.89 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 OLLI 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
10.0%
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
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
42.3%
60.3%
68.6%
50.3%
N/A
Repurchase of Capital Stock
-$74M
-$53M
-$53M
-$42M
N/A
Free Cash Flow
$195M▲
$107M▼
$130M▲
$63M•
N/A•
Warren's Owner Earnings
$398M
$364M
$341M
$183M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare OLLI 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
Capital Allocation & Alignment
Insider Ownership
0.34%
Low — management has little skin in the game
Return on Equity (ROE)
12.7%
Adequate — returns are moderate
Return on Assets (ROA)
8.1%
Strong — management uses assets efficiently
Share Buybacks (Latest Year)
$74M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+21.4% YoY
Debt is growing — management is leveraging up
Leadership Team
John Swygert Jr.
Executive Chairman
Age 56
Pay: $1,250,837
0.520% of net income
Eric van der Valk
President, CEO & Director
Age 55
Pay: $1,836,717
0.763% of net income
Robert Helm
Executive VP & CFO
Age 45
Pay: $1,070,175
0.445% of net income
Christopher Zender
Executive VP & COO
Age 61
Pay: $919,129
0.382% of net income
Tom Kuypers
Senior Vice President of Marketing & Advertising
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
14.75%
8,762,326
Blackrock Inc.
9.42%
5,595,790
Wasatch Advisors LP
7.34%
4,362,067
Vanguard Capital Management LLC
4.60%
2,734,735
Vanguard Portfolio Management LLC
4.29%
2,545,897
Capital Research Global Investors
4.08%
2,422,774
State Street Corporation
3.34%
1,986,882
Dimensional Fund Advisors LP
2.92%
1,734,053
Risk Analysis
Beta (Market Risk)
0.50
Low volatility — more stable than the market
Short Interest
15.0% of float
Moderate short interest
Debt-to-Equity
0.38x
Conservative balance sheet — low financial risk
Current Ratio
2.23x
Strong liquidity — Graham approved
52-Week Price Range
Low: $60.29Current: $79.71High: $136.41
Currently at 26% of 52-week range
OLLI (OLLI) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 40.5%. Operating margin: 12.2%. Net margin: 9.1%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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