NYSE · Technology

Oracle Corporation

ORCL · Software - Infrastructure

$181.02

▲ 9.19 (5.35%)

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Mr. Market is currently offering Oracle Corporation at $181.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 70.5%

Operating Margin 31.5%

Net Income Margin 21.7%

Fin. Health F

Years to Pay Off Debt 8.4 yrs

Working Capital vs Long-Term Debt -$93.4B

Working Capital -$8.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 25.46x

Cash Flow F

Free Cash Flow -$394M

CapEx % of Net Income 170.5%

Owner Earnings $39.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $520.6B

Enterprise Value $622.7B

P/E (TTM) 32.50

Dividend Yield 1.16%

Exchange NYSE

Key Margins

Gross Profit 70.5%

Operating Margin 31.5%

Net Margin 21.7%

Company Info

Sector Technology

Industry Software - Infrastructure

Employees 162000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Oracle Corporation at $181.02.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $181.02, the stock trades at a 587% premium to its Graham Number of $26.35. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Oracle Corporation

Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning ERP, Oracle Fusion cloud enterprise performance management EPM, Oracle Fusion cloud supply chain and manufacturing management SCM, Oracle Fusion cloud human capital management HCM, and NetSuite applications suite, Oracle Health applications, as well as Oracle Fusion Sales, Service, and Marketing. The company also offers cloud-based industry solutions for various industries; Oracle cloud license and on-premise license; and Oracle license support services. In addition, it provides cloud and license business' infrastructure technologies, such as the Oracle Database and MySQL Database; Java, a software development language; and middleware, including development tools and others. The company's cloud and license business' infrastructure technologies also comprise cloud-based compute, storage, and networking capabilities; and Oracle autonomous database, as well as AI, Internet-of-Things, machine learning, digital assistant, and blockchain. Further, it provides hardware products and other hardware-related software offerings, including Oracle engineered systems, enterprise servers, storage solutions, industry-specific hardware, virtualization software, operating systems, management software, and related hardware support services, and consulting and advanced customer services. It markets and sells its cloud, license, hardware, support, and services offerings directly to businesses in various industries, government agencies, and educational institutions, as well as through indirect channels. Oracle Corporation has a strategic alliance with Metron, Inc. The company was founded in 1977 and is headquartered in Austin, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	70.5% ▼	71.4%	72.8%	79.1%	N/A
Operating Margin %	31.5% ▲	30.3%	27.6%	37.3%	N/A
Net Income %	21.7% ▲	19.8%	17.0%	15.8%	N/A
Diluted EPS	4.34 ▲	3.71	3.07	2.41	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$168.4B	$141.0B	$134.4B	$109.3B	N/A
Total Debt	$104.1B ↑	$93.1B	$90.5B	$75.9B	N/A
Working Capital	-$8.1B ▲	-$9.0B	-$2.1B	$12.1B	N/A
Years to Pay Debt	8.37	8.90	10.64	11.29	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$394M ▼	$11.8B	$8.5B	$5.0B	N/A
Owner Earnings	$39.8B	$23.5B	$23.3B	$14.3B	N/A
CapEx % of Net Income	170.5%	65.6%	102.3%	67.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-96,679	-136,141	-85,408	-640,500
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	24,711,000	22,643,000	19,995,000	18,776,000
Total Unusual Items	-799,000	-1,249,000	-1,256,000	-5,250,000
Total Unusual Items Excluding Goodwill	-799,000	-1,249,000	-1,256,000	-5,250,000
Net Income From Continuing Operation Net Minority Interest	12,443,000	10,467,000	8,503,000	6,717,000
Reconciled Depreciation	6,174,000	6,139,000	6,108,000	3,122,000
Reconciled Cost Of Revenue	13,060,000	12,014,000	11,038,000	6,905,000
EBITDA	23,912,000	21,394,000	18,739,000	13,526,000
EBIT	17,738,000	15,255,000	12,631,000	10,404,000
Net Interest Income	-3,000,000	-3,063,000	-3,220,000	-2,661,000
Interest Expense	3,578,000	3,514,000	3,505,000	2,755,000
Interest Income	578,000	451,000	285,000	94,000
Normalized Income	13,145,321	11,579,859	9,673,592	11,326,500
Net Income From Continuing And Discontinued Operation	12,443,000	10,467,000	8,503,000	6,717,000
Total Expenses	39,347,000	36,890,000	36,181,000	26,610,000
Total Operating Income As Reported	17,678,000	15,353,000	13,093,000	10,926,000
Diluted Average Shares	2,866,000	2,823,000	2,766,000	2,786,000
Basic Average Shares	2,789,000	2,744,000	2,696,000	2,700,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	12,443,000	10,467,000	8,503,000	6,717,000
Net Income Common Stockholders	12,443,000	10,467,000	8,503,000	6,717,000
Net Income	12,443,000	10,467,000	8,503,000	6,717,000
Net Income Including Noncontrolling Interests	12,443,000	10,467,000	8,503,000	6,717,000
Net Income Continuous Operations	12,443,000	10,467,000	8,503,000	6,717,000
Tax Provision	1,717,000	1,274,000	623,000	932,000
Pretax Income	14,160,000	11,741,000	9,126,000	7,649,000
Other Income Expense	-892,000	-1,267,000	-1,427,000	-5,520,000
Other Non Operating Income Expenses	91,000	168,000	-6,000	-86,000
Special Income Charges	-374,000	-718,000	-680,000	-4,904,000
Restructuring And Mergern Acquisition	374,000	718,000	680,000	4,904,000
Earnings From Equity Interest	-184,000	-186,000	-165,000	-184,000
Gain On Sale Of Security	-425,000	-531,000	-576,000	-346,000
Net Non Operating Interest Income Expense	-3,000,000	-3,063,000	-3,220,000	-2,661,000
Interest Expense Non Operating	3,578,000	3,514,000	3,505,000	2,755,000
Interest Income Non Operating	578,000	451,000	285,000	94,000
Operating Income	18,052,000	16,071,000	13,773,000	15,830,000
Operating Expense	22,420,000	21,747,000	22,617,000	17,733,000
Other Operating Expenses			103,000	4,694,000	129,000
Depreciation Amortization Depletion Income Statement	2,307,000	3,010,000	3,582,000	1,150,000
Depreciation And Amortization In Income Statement	2,307,000	3,010,000	3,582,000	1,150,000
Amortization	2,307,000	3,010,000	3,582,000	1,150,000
Amortization Of Intangibles Income Statement	2,307,000	3,010,000	3,582,000	1,150,000
Research And Development	9,860,000	8,915,000	8,623,000	7,219,000
Selling General And Administration	10,253,000	9,822,000	10,412,000	9,364,000
Selling And Marketing Expense	8,651,000	8,274,000	8,833,000	8,047,000
General And Administrative Expense	1,602,000	1,548,000	1,579,000	1,317,000
Other Gand A	1,163,000	1,181,000	1,579,000	1,317,000
Salaries And Wages	439,000	367,000	363,000	245,000
Gross Profit	40,472,000	37,818,000	36,390,000	33,563,000
Cost Of Revenue	16,927,000	15,143,000	13,564,000	8,877,000
Total Revenue	57,399,000	52,961,000	49,954,000	42,440,000
Operating Revenue	57,399,000	52,961,000	49,954,000	42,440,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	2,807,000	2,755,000	2,713,000	2,665,000
Share Issued	2,807,000	2,755,000	2,713,000	2,665,000
Net Debt	81,782,000	76,415,000	80,716,000	54,476,000
Total Debt	104,104,000	93,124,000	90,481,000	75,859,000
Tangible Book Value	-46,343,000	-60,416,000	-71,025,000	-51,471,000
Invested Capital	113,019,000	95,573,000	91,554,000	69,639,000
Working Capital	-8,064,000	-8,990,000	-2,086,000	12,122,000
Net Tangible Assets	-46,343,000	-60,416,000	-71,025,000	-51,471,000
Capital Lease Obligations	11,536,000	6,255,000
Common Stock Equity	20,451,000	8,704,000	1,073,000	-6,220,000
Total Capitalization	105,748,000	84,968,000	87,493,000	65,890,000
Total Equity Gross Minority Interest	20,969,000	9,239,000	1,556,000	-5,768,000
Minority Interest	518,000	535,000	483,000	452,000
Stockholders Equity	20,451,000	8,704,000	1,073,000	-6,220,000
Gains Losses Not Affecting Retained Earnings	-1,175,000	-1,432,000	-1,522,000	-1,692,000
Other Equity Adjustments	-1,175,000	-1,432,000	-1,522,000	-1,692,000
Retained Earnings	-15,481,000	-22,628,000	-27,620,000	-31,336,000
Capital Stock	37,107,000	32,764,000	30,215,000	26,808,000
Common Stock	37,107,000	32,764,000	30,215,000	26,808,000
Total Liabilities Net Minority Interest	147,392,000	131,737,000	132,828,000	115,065,000
Total Non Current Liabilities Net Minority Interest	114,749,000	100,193,000	109,738,000	95,554,000
Other Non Current Liabilities	7,647,000	6,857,000	6,469,000	5,203,000
Derivative Product Liabilities			-52,000	-23,000
Tradeand Other Payables Non Current	10,269,000	10,817,000	11,077,000	12,210,000
Non Current Deferred Liabilities		3,692,000	5,772,000	6,031,000	7,864,000
Non Current Deferred Taxes Liabilities		3,692,000	5,772,000	6,031,000	7,864,000
Long Term Debt And Capital Lease Obligation	96,833,000	82,519,000	86,420,000	72,110,000
Long Term Capital Lease Obligation	11,536,000	6,255,000
Long Term Debt	85,297,000	76,264,000	86,420,000	72,110,000
Current Liabilities	32,643,000	31,544,000	23,090,000	19,511,000
Other Current Liabilities	8,629,000	7,353,000	6,802,000	4,144,000
Current Deferred Liabilities	9,387,000	9,313,000	8,970,000	8,357,000
Current Deferred Revenue	9,387,000	9,313,000	8,970,000	8,357,000
Current Debt And Capital Lease Obligation	7,271,000	10,605,000	4,061,000	3,749,000
Current Debt	7,271,000	10,605,000	4,061,000	3,749,000
Other Current Borrowings			4,061,000	3,749,000	8,250,000
Pensionand Other Post Retirement Benefit Plans Current	2,243,000	1,916,000	2,053,000	1,944,000
Payables And Accrued Expenses	5,113,000	2,357,000	1,204,000	1,317,000
Payables	5,113,000	2,357,000	1,204,000	1,317,000
Accounts Payable	5,113,000	2,357,000	1,204,000	1,317,000
Total Assets	168,361,000	140,976,000	134,384,000	109,297,000
Total Non Current Assets	143,782,000	118,422,000	113,380,000	77,664,000
Other Non Current Assets	21,589,000	15,493,000	11,987,000	9,915,000
Non Current Deferred Assets	11,877,000	12,273,000	12,226,000	12,782,000
Non Current Deferred Taxes Assets	11,877,000	12,273,000	12,226,000	12,782,000
Goodwill And Other Intangible Assets	66,794,000	69,120,000	72,098,000	45,251,000
Other Intangible Assets	4,587,000	6,890,000	9,837,000	1,440,000
Goodwill	62,207,000	62,230,000	62,261,000	43,811,000
Net PPE	43,522,000	21,536,000	17,069,000	9,716,000
Accumulated Depreciation	-16,032,000	-13,282,000	-11,605,000	-9,958,000
Gross PPE	59,554,000	34,818,000	28,674,000	19,674,000
Construction In Progress	16,510,000	5,634,000	3,846,000	512,000
Machinery Furniture Equipment	30,811,000	21,452,000	17,705,000	13,267,000
Buildings And Improvements	10,881,000	6,493,000	5,880,000	4,729,000
Land And Improvements	1,352,000	1,239,000	1,243,000	1,166,000
Current Assets	24,579,000	22,554,000	21,004,000	31,633,000
Other Current Assets	4,818,000	4,019,000	3,902,000	3,778,000
Prepaid Assets				3,778,000	3,604,000
Receivables	8,558,000	7,874,000	6,915,000	5,953,000
Accounts Receivable	8,558,000	7,874,000	6,915,000	5,953,000
Allowance For Doubtful Accounts Receivable	-557,000	-485,000	-428,000	-362,000
Gross Accounts Receivable	9,115,000	8,359,000	7,343,000	6,315,000
Cash Cash Equivalents And Short Term Investments	11,203,000	10,661,000	10,187,000	21,902,000
Other Short Term Investments	417,000	207,000	422,000	519,000
Cash And Cash Equivalents	10,786,000	10,454,000	9,765,000	21,383,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-394,000	11,807,000	8,470,000	5,028,000
Repurchase Of Capital Stock	-1,500,000	-3,242,000	-2,503,000	-17,341,000
Repayment Of Debt	-15,841,000	-3,500,000	-21,050,000	-8,250,000
Issuance Of Debt	19,548,000	0	33,494,000	0
Issuance Of Capital Stock	653,000	742,000	1,192,000	482,000
Capital Expenditure	-21,215,000	-6,866,000	-8,695,000	-4,511,000
Interest Paid Supplemental Data	3,374,000	3,655,000	3,250,000	2,735,000
Income Tax Paid Supplemental Data	4,020,000	3,560,000	3,009,000	2,567,000
End Cash Position	10,786,000	10,454,000	9,765,000	21,383,000
Beginning Cash Position	10,454,000	9,765,000	21,383,000	30,098,000
Effect Of Exchange Rate Changes	124,000	-70,000	-209,000	-348,000
Changes In Cash	208,000	759,000	-11,409,000	-8,367,000
Financing Cash Flow	1,098,000	-10,554,000	7,910,000	-29,126,000
Cash Flow From Continuing Financing Activities	1,098,000	-10,554,000	7,910,000	-29,126,000
Net Other Financing Charges	1,092,000	4,000	-55,000	-560,000
Cash Dividends Paid	-4,743,000	-4,391,000	-3,668,000	-3,457,000
Common Stock Dividend Paid	-4,743,000	-4,391,000	-3,668,000	-3,457,000
Net Common Stock Issuance	-847,000	-2,500,000	-1,311,000	-16,859,000
Common Stock Payments	-1,500,000	-3,242,000	-2,503,000	-17,341,000
Common Stock Issuance	653,000	742,000	1,192,000	482,000
Net Issuance Payments Of Debt	5,596,000	-3,667,000	12,944,000	-8,250,000
Net Short Term Debt Issuance	1,889,000	-167,000	500,000	0
Short Term Debt Issuance			500,000	0	0
Net Long Term Debt Issuance	3,707,000	-3,500,000	12,444,000	-8,250,000
Long Term Debt Payments	-15,841,000	-3,500,000	-21,050,000	-8,250,000
Long Term Debt Issuance	19,548,000	0	33,494,000	0
Investing Cash Flow	-21,711,000	-7,360,000	-36,484,000	11,220,000
Cash Flow From Continuing Investing Activities	-21,711,000	-7,360,000	-36,484,000	11,220,000
Net Investment Purchase And Sale	-496,000	-431,000	-68,000	15,879,000
Sale Of Investment	776,000	572,000	1,113,000	26,151,000
Purchase Of Investment	-1,272,000	-1,003,000	-1,181,000	-10,272,000
Net Business Purchase And Sale	0	-63,000	-27,721,000	-148,000
Purchase Of Business	0	-63,000	-27,721,000	-148,000
Capital Expenditure Reported	-21,215,000	-6,866,000	-8,695,000	-4,511,000
Operating Cash Flow	20,821,000	18,673,000	17,165,000	9,539,000
Cash Flow From Continuing Operating Activities	20,821,000	18,673,000	17,165,000	9,539,000
Change In Working Capital	-1,500,000	-488,000	513,000	-1,987,000
Change In Other Working Capital	154,000	656,000	781,000	7,000
Change In Payables And Accrued Expense	-1,267,000	-721,000	-434,000	-1,131,000
Change In Payable	-1,267,000	-721,000	-434,000	-1,131,000
Change In Account Payable	-608,000	-594,000	-281,000	-733,000
Change In Tax Payable	-659,000	-127,000	-153,000	-398,000
Change In Income Tax Payable	-659,000	-127,000	-153,000	-398,000
Change In Prepaid Assets	266,000	542,000	317,000	11,000
Change In Receivables	-653,000	-965,000	-151,000	-874,000
Changes In Account Receivables	-653,000	-965,000	-151,000	-874,000
Other Non Cash Items	667,000	720,000	661,000	220,000
Stock Based Compensation	4,674,000	3,974,000	3,547,000	2,613,000
Provisionand Write Offof Assets					192,000
Deferred Tax	-1,637,000	-2,139,000	-2,167,000	-1,146,000
Deferred Income Tax	-1,637,000	-2,139,000	-2,167,000	-1,146,000
Depreciation Amortization Depletion	6,174,000	6,139,000	6,108,000	3,122,000
Depreciation And Amortization	6,174,000	6,139,000	6,108,000	3,122,000
Amortization Cash Flow	2,307,000	3,010,000	3,582,000	1,150,000
Amortization Of Intangibles	2,307,000	3,010,000	3,582,000	1,150,000
Depreciation	3,867,000	3,129,000	2,526,000	1,972,000
Net Income From Continuing Operations	12,443,000	10,467,000	8,503,000	6,717,000

These metrics estimate what Oracle Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$26.35

Margin of Safety

Market Cap ÷ Company Value

5.04

P/B Ratio

25.46

Warren's Owner Earnings

$39.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$57.4B

vs > $1.5B revenue

❌ Strong Financial Condition

0.75x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.16%

vs Uninterrupted dividends

✅ Earnings Growth

+80.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

32.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

25.46x P/B (P/E×P/B: 827.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-42.70

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$69.74

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	170.5%	65.6%	102.3%	67.2%	N/A
Repurchase of Capital Stock	-$1.5B	-$3.2B	-$2.5B	-$17.3B	N/A
Free Cash Flow	-$394M ▼	$11.8B ▲	$8.5B ▲	$5.0B •	N/A •
Warren's Owner Earnings	$39.8B	$23.5B	$23.3B	$14.3B	N/A

Peers & Industry

No auto-detected peers for Software - Infrastructure. You can manually compare ORCL 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

40.55%

High — management has strong skin in the game

Return on Equity (ROE)

60.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+11.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Lawrence Ellison

Co-Founder, Chairman & CTO

Age 81

Pay: $5,643,948

0.045% of net income

Jeffrey Henley

Executive Vice Chairman of the Board

Age 80

Pay: $658,717

0.005% of net income

Michael Sicilia

Chief Executive Officer & Director

Age 53

Clayton Magouyrk

Chief Executive Officer & Director

Age 38

Hilary Barbara Maxson Sc.,

Chief Financial Officer

Age 47

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	6.08%	174,802,084
Blackrock Inc.	5.14%	147,858,649
State Street Corporation	2.66%	76,527,759
JPMORGAN CHASE & CO	1.43%	41,223,455
Geode Capital Management, LLC	1.31%	37,734,944
Capital Research Global Investors	1.05%	30,137,126
FMR, LLC	1.02%	29,272,284
Morgan Stanley	0.94%	27,125,099

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

1.54

High volatility — moves more than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

4.15x

High leverage — significant financial risk

Current Ratio

1.35x

Adequate liquidity

52-Week Price Range

Low: $134.57 Current: $181.02 High: $345.72

Currently at 22% of 52-week range

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