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 Margin13.7%
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 Margin9.9%
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
C
Years to Pay Off Debt5.0 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-$3.5B
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$3.1B
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$1.2B
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 Income49.4%
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$2.9B
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 Profit41.3%
Operating Margin13.7%
Net Margin9.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
41.3%▼
41.6%▲
40.4%▲
36.1%•
N/A
Operating Margin %
13.7%▼
14.4%▲
12.5%▲
10.7%•
N/A
Net Income %
9.9%▲
7.0%▼
7.8%▲
6.6%•
N/A
Diluted EPS
6.94▲
4.75▼
5.35▲
4.32•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$22.1B
$19.4B
$21.6B
$20.7B
N/A
Total Debt
$7.9B▲
$6.4B▼
$6.6B▼
$7.6B•
N/A
Working Capital
$3.1B▲
$1.5B▼
$2.4B▼
$2.5B•
N/A
Years to Pay Debt
5.01
5.73
5.20
7.44
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$1.2B▲
$699M▼
$1.9B▲
$477M•
N/A
Owner Earnings
$2.9B
$2.3B
$2.3B
$2.0B
N/A
CapEx % of Net Income
49.4%
64.6%
40.6%
47.4%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
1,344
-91,307
-41,745
-61,360
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,808,000
2,941,000
2,616,000
2,284,000
Total Unusual Items
6,000
-356,000
-165,000
-260,000
Total Unusual Items Excluding Goodwill
6,000
-356,000
-165,000
-260,000
Net Income From Continuing Operation Net Minority Interest
1,571,000
1,344,000
1,223,000
1,007,000
Reconciled Depreciation
528,000
492,000
514,000
502,000
Reconciled Cost Of Revenue
9,316,000
9,252,000
9,678,000
9,975,000
EBITDA
2,814,000
2,585,000
2,451,000
2,024,000
EBIT
2,286,000
2,093,000
1,937,000
1,522,000
Net Interest Income
-88,000
-64,000
-107,000
-113,000
Interest Expense
241,000
241,000
247,000
167,000
Interest Income
153,000
177,000
140,000
54,000
Normalized Income
1,566,344
1,608,693
1,346,255
1,205,640
Net Income From Continuing And Discontinued Operation
1,576,000
1,116,000
1,270,000
1,026,000
Total Expenses
13,706,000
13,558,000
14,207,000
13,948,000
Diluted Average Shares
227,100
234,900
237,200
237,300
Basic Average Shares
226,300
233,800
236,000
236,100
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,576,000
1,116,000
1,270,000
1,026,000
Net Income Common Stockholders
1,576,000
1,116,000
1,270,000
1,026,000
Net Income
1,576,000
1,116,000
1,270,000
1,026,000
Minority Interests
-16,000
-33,000
-39,000
-28,000
Net Income Including Noncontrolling Interests
1,592,000
1,149,000
1,309,000
1,054,000
Net Income Discontinuous Operations
5,000
-228,000
47,000
19,000
Net Income Continuous Operations
1,587,000
1,377,000
1,262,000
1,035,000
Tax Provision
458,000
475,000
428,000
320,000
Pretax Income
2,045,000
1,852,000
1,690,000
1,355,000
Other Income Expense
-36,000
-371,000
-238,000
-198,000
Other Non Operating Income Expenses
-61,000
-35,000
-94,000
37,000
Special Income Charges
6,000
-246,000
-165,000
-260,000
Gain On Sale Of Ppe
-23,000
4,000
44,000
Gain On Sale Of Business
18,000
129,000
-23,000
4,000
Other Special Charges
-18,000
-4,000
-16,000
-22,000
Write Off
24,000
146,000
160,000
231,000
Restructuring And Mergern Acquisition
6,000
233,000
-2,000
33,000
Earnings From Equity Interest
19,000
20,000
21,000
25,000
Gain On Sale Of Security
-110,000
-20,000
Net Non Operating Interest Income Expense
-88,000
-64,000
-107,000
-113,000
Interest Expense Non Operating
241,000
241,000
247,000
167,000
Interest Income Non Operating
153,000
177,000
140,000
54,000
Operating Income
2,169,000
2,287,000
2,035,000
1,666,000
Operating Expense
4,390,000
4,306,000
4,529,000
3,973,000
Other Operating Expenses
-8,000
-8,000
Depreciation Amortization Depletion Income Statement
528,000
492,000
514,000
502,000
Depreciation And Amortization In Income Statement
528,000
492,000
514,000
502,000
Amortization
125,000
132,000
154,000
145,000
Amortization Of Intangibles Income Statement
125,000
132,000
154,000
145,000
Depreciation Income Statement
403,000
360,000
360,000
357,000
Research And Development
423,000
423,000
424,000
434,000
Selling General And Administration
3,439,000
3,391,000
3,591,000
3,037,000
General And Administrative Expense
3,439,000
3,391,000
3,591,000
3,037,000
Other Gand A
3,439,000
3,391,000
3,401,000
3,037,000
Salaries And Wages
0
0
190,000
0
Gross Profit
6,559,000
6,593,000
6,564,000
5,639,000
Cost Of Revenue
9,316,000
9,252,000
9,678,000
9,975,000
Total Revenue
15,875,000
15,845,000
16,242,000
15,614,000
Operating Revenue
15,875,000
15,845,000
16,242,000
15,614,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
357,719
351,218
345,935
346,072
Ordinary Shares Number
223,427
229,928
235,211
235,074
Share Issued
581,146
581,146
581,146
581,146
Net Debt
5,145,000
4,545,000
4,561,000
5,717,000
Total Debt
7,896,000
6,395,000
6,599,000
7,635,000
Tangible Book Value
-179,000
-827,000
-544,000
-1,900,000
Invested Capital
15,249,000
12,600,000
13,886,000
13,408,000
Working Capital
3,059,000
1,543,000
2,377,000
2,452,000
Net Tangible Assets
-179,000
-827,000
-544,000
-1,900,000
Capital Lease Obligations
588,000
580,000
545,000
819,000
Common Stock Equity
7,941,000
6,785,000
7,832,000
6,592,000
Total Capitalization
14,543,000
11,661,000
13,580,000
13,095,000
Total Equity Gross Minority Interest
8,097,000
6,962,000
8,023,000
6,709,000
Minority Interest
156,000
177,000
191,000
117,000
Stockholders Equity
7,941,000
6,785,000
7,832,000
6,592,000
Gains Losses Not Affecting Retained Earnings
-2,176,000
-3,108,000
-2,239,000
-2,810,000
Other Equity Adjustments
-2,176,000
-3,108,000
-2,239,000
-2,810,000
Treasury Stock
15,119,000
14,342,000
13,600,000
13,525,000
Retained Earnings
22,942,000
21,994,000
21,500,000
20,828,000
Additional Paid In Capital
1,325,000
1,272,000
1,202,000
1,130,000
Capital Stock
969,000
969,000
969,000
969,000
Common Stock
969,000
969,000
969,000
969,000
Total Liabilities Net Minority Interest
14,001,000
12,471,000
13,624,000
14,035,000
Total Non Current Liabilities Net Minority Interest
9,101,000
7,457,000
8,570,000
9,314,000
Other Non Current Liabilities
650,000
754,000
867,000
632,000
Employee Benefits
942,000
968,000
1,038,000
1,042,000
Non Current Pension And Other Postretirement Benefit Plans
942,000
968,000
1,038,000
1,042,000
Non Current Deferred Liabilities
457,000
405,000
500,000
501,000
Non Current Deferred Taxes Liabilities
457,000
405,000
500,000
501,000
Long Term Debt And Capital Lease Obligation
7,052,000
5,330,000
6,165,000
7,139,000
Long Term Capital Lease Obligation
450,000
454,000
417,000
636,000
Long Term Debt
6,602,000
4,876,000
5,748,000
6,503,000
Current Liabilities
4,900,000
5,014,000
5,054,000
4,721,000
Other Current Liabilities
90,000
375,000
Current Debt And Capital Lease Obligation
844,000
1,065,000
434,000
496,000
Current Capital Lease Obligation
138,000
126,000
128,000
183,000
Current Debt
706,000
939,000
306,000
313,000
Other Current Borrowings
706,000
939,000
306,000
313,000
Pensionand Other Post Retirement Benefit Plans Current
75,000
76,000
96,000
77,000
Current Provisions
99,000
128,000
84,000
138,000
Payables And Accrued Expenses
3,882,000
3,655,000
4,065,000
4,010,000
Current Accrued Expenses
549,000
490,000
630,000
501,000
Payables
3,333,000
3,165,000
3,435,000
3,509,000
Total Tax Payable
118,000
130,000
128,000
37,000
Income Tax Payable
118,000
130,000
128,000
37,000
Accounts Payable
3,215,000
3,035,000
3,307,000
3,472,000
Total Assets
22,098,000
19,433,000
21,647,000
20,744,000
Total Non Current Assets
14,139,000
12,876,000
14,216,000
13,571,000
Other Non Current Assets
597,000
569,000
1,293,000
583,000
Non Current Deferred Assets
481,000
303,000
272,000
95,000
Non Current Deferred Taxes Assets
481,000
303,000
272,000
95,000
Investments And Advances
332,000
331,000
254,000
244,000
Other Investments
102,000
105,000
39,000
49,000
Investmentin Financial Assets
79,000
85,000
74,000
61,000
Available For Sale Securities
79,000
85,000
74,000
61,000
Long Term Equity Investment
151,000
141,000
141,000
134,000
Investmentsin Associatesat Cost
151,000
141,000
141,000
134,000
Goodwill And Other Intangible Assets
8,120,000
7,612,000
8,376,000
8,492,000
Other Intangible Assets
1,971,000
1,922,000
2,261,000
2,414,000
Goodwill
6,149,000
5,690,000
6,115,000
6,078,000
Net PPE
4,609,000
4,061,000
4,021,000
4,157,000
Accumulated Depreciation
-4,724,000
-4,217,000
-4,505,000
-4,649,000
Gross PPE
9,333,000
8,278,000
8,526,000
8,806,000
Construction In Progress
756,000
735,000
669,000
492,000
Other Properties
2,068,000
1,704,000
1,693,000
2,032,000
Machinery Furniture Equipment
3,977,000
3,545,000
3,862,000
3,960,000
Buildings And Improvements
1,939,000
1,769,000
1,761,000
1,774,000
Land And Improvements
593,000
525,000
541,000
548,000
Current Assets
7,959,000
6,557,000
7,431,000
7,173,000
Other Current Assets
408,000
368,000
922,000
444,000
Inventory
1,996,000
1,846,000
1,934,000
2,272,000
Finished Goods
1,067,000
949,000
1,032,000
1,209,000
Work In Process
251,000
235,000
233,000
238,000
Raw Materials
678,000
662,000
669,000
825,000
Receivables
3,336,000
2,985,000
3,007,000
3,303,000
Other Receivables
553,000
508,000
385,000
479,000
Accounts Receivable
2,783,000
2,477,000
2,622,000
2,824,000
Allowance For Doubtful Accounts Receivable
-25,000
-31,000
-31,000
Gross Accounts Receivable
2,906,000
2,855,000
2,718,000
Cash Cash Equivalents And Short Term Investments
2,219,000
1,358,000
1,568,000
1,154,000
Other Short Term Investments
56,000
88,000
75,000
55,000
Cash And Cash Equivalents
2,163,000
1,270,000
1,493,000
1,099,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,163,000
699,000
1,895,000
477,000
Repurchase Of Capital Stock
-790,000
-752,000
-86,000
-190,000
Repayment Of Debt
-1,039,000
-300,000
-1,400,000
-300,000
Issuance Of Debt
1,942,000
274,000
550,000
1,116,000
Issuance Of Capital Stock
47,000
Capital Expenditure
-778,000
-721,000
-516,000
-486,000
Interest Paid Supplemental Data
210,000
247,000
213,000
156,000
Income Tax Paid Supplemental Data
438,000
653,000
488,000
452,000
End Cash Position
2,163,000
1,270,000
1,493,000
1,083,000
Other Cash Adjustment Outside Changein Cash
0
0
-5,000
-3,000
Beginning Cash Position
1,270,000
1,493,000
1,083,000
992,000
Effect Of Exchange Rate Changes
197,000
-325,000
110,000
1,000
Changes In Cash
696,000
102,000
305,000
93,000
Financing Cash Flow
-545,000
-1,425,000
-1,550,000
-409,000
Cash Flow From Continuing Financing Activities
-545,000
-1,425,000
-1,550,000
-409,000
Net Other Financing Charges
-30,000
-25,000
-16,000
-26,000
Cash Dividends Paid
-628,000
-622,000
-598,000
-570,000
Common Stock Dividend Paid
-628,000
-622,000
-598,000
-570,000
Net Common Stock Issuance
-790,000
-752,000
-86,000
-190,000
Common Stock Payments
-790,000
-752,000
-86,000
-190,000
Common Stock Issuance
47,000
Net Issuance Payments Of Debt
903,000
-26,000
-850,000
377,000
Net Short Term Debt Issuance
0
0
-439,000
190,000
Short Term Debt Payments
-439,000
0
Short Term Debt Issuance
0
190,000
Net Long Term Debt Issuance
903,000
-26,000
-850,000
816,000
Long Term Debt Payments
-1,039,000
-300,000
-1,400,000
-300,000
Long Term Debt Issuance
1,942,000
274,000
550,000
1,116,000
Investing Cash Flow
-700,000
107,000
-556,000
-461,000
Cash From Discontinued Investing Activities
0
506,000
-31,000
-31,000
Cash Flow From Continuing Investing Activities
-700,000
-399,000
-525,000
-430,000
Net Other Investing Changes
36,000
28,000
64,000
53,000
Net Business Purchase And Sale
42,000
294,000
-73,000
3,000
Sale Of Business
43,000
325,000
36,000
117,000
Purchase Of Business
-1,000
-31,000
-109,000
-114,000
Net PPE Purchase And Sale
47,000
Sale Of PPE
47,000
Capital Expenditure Reported
-778,000
-721,000
-516,000
-486,000
Operating Cash Flow
1,941,000
1,420,000
2,411,000
963,000
Cash From Discontinued Operating Activities
5,000
29,000
117,000
-37,000
Cash Flow From Continuing Operating Activities
1,936,000
1,391,000
2,294,000
1,000,000
Change In Working Capital
-304,000
-601,000
288,000
-432,000
Change In Other Working Capital
-40,000
-73,000
-50,000
-112,000
Change In Other Current Assets
-1,000
-30,000
-41,000
-59,000
Change In Payables And Accrued Expense
-38,000
-290,000
222,000
164,000
Change In Payable
-38,000
-290,000
222,000
164,000
Change In Account Payable
67,000
-259,000
151,000
21,000
Change In Tax Payable
-105,000
-31,000
71,000
143,000
Change In Income Tax Payable
-105,000
-31,000
71,000
143,000
Change In Inventory
-35,000
-27,000
145,000
-177,000
Change In Receivables
-190,000
-181,000
12,000
-248,000
Other Non Cash Items
82,000
32,000
11,000
-219,000
Stock Based Compensation
46,000
42,000
56,000
34,000
Provisionand Write Offof Assets
0
0
-133,000
Asset Impairment Charge
24,000
146,000
160,000
231,000
Deferred Tax
-27,000
-97,000
-187,000
-151,000
Deferred Income Tax
-27,000
-97,000
-187,000
-151,000
Depreciation Amortization Depletion
528,000
492,000
514,000
502,000
Depreciation And Amortization
528,000
492,000
514,000
502,000
Amortization Cash Flow
125,000
132,000
154,000
Amortization Of Intangibles
125,000
132,000
154,000
Depreciation
403,000
360,000
360,000
Operating Gains Losses
190,000
50,000
Pension And Employee Benefit Expense
0
0
190,000
0
Gain Loss On Sale Of PPE
-34,000
Net Income From Continuing Operations
1,587,000
1,377,000
1,262,000
1,035,000
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: $8.1B
Warren's Owner Earnings
$2.9B
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.
$15.9B
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.
1.62x
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 $4.32 to $6.94 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.
+60.6% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $15.9Bvs > $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 — 1.62xvs 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 $4.32 to $6.94 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 PPG 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
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
49.4%
64.6%
40.6%
47.4%
N/A
Repurchase of Capital Stock
-$790M
-$752M
-$86M
-$190M
N/A
Free Cash Flow
$1.2B▲
$699M▼
$1.9B▲
$477M•
N/A•
Warren's Owner Earnings
$2.9B
$2.3B
$2.3B
$2.0B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare PPG 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
PPG (PPG) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 41.3%. Operating margin: 13.7%. Net margin: 9.9%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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