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 Margin46.9%
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 Margin37.0%
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 Debt5.7 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-$10.4B
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-$153M
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
A
Free Cash Flow$2.9B
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 Income16.2%
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$3.2B
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 Profit72.8%
Operating Margin46.9%
Net Margin37.0%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
72.8%▼
73.2%▼
74.6%▼
74.8%•
N/A
Operating Margin %
46.9%▼
46.9%▼
51.3%▼
51.9%•
N/A
Net Income %
37.0%▼
44.1%▼
47.6%▼
104.0%•
N/A
Diluted EPS
9.01▼
10.64▼
11.06▼
23.50•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$20.2B
$19.8B
$19.8B
$17.6B
N/A
Total Debt
$10.3B▲
$9.4B▲
$9.1B▲
$6.9B•
N/A
Working Capital
-$153M▼
-$131M▲
-$229M▼
$261M•
N/A
Years to Pay Debt
5.75
4.51
4.24
1.58
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.9B▲
$2.7B▼
$2.8B▲
$2.7B•
N/A
Owner Earnings
$3.2B
$3.6B
$3.6B
$5.7B
N/A
CapEx % of Net Income
16.2%
20.3%
21.5%
10.6%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-60,099
185
-302
7,195
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
3,481,175
3,413,616
3,402,599
3,205,132
Total Unusual Items
-235,036
92,630
-60,470
2,199,933
Total Unusual Items Excluding Goodwill
-235,036
92,630
-60,470
2,199,933
Net Income From Continuing Operation Net Minority Interest
1,784,348
2,072,011
2,148,327
4,349,147
Reconciled Depreciation
1,151,840
1,129,766
970,056
888,146
Reconciled Cost Of Revenue
1,309,975
1,258,001
1,147,946
1,052,907
EBITDA
3,246,139
3,506,246
3,342,129
5,405,065
EBIT
2,094,299
2,376,480
2,372,073
4,516,919
Net Interest Income
-267,878
-242,619
-115,542
-95,752
Interest Expense
304,495
287,401
201,132
136,319
Interest Income
36,617
44,782
85,590
40,567
Normalized Income
1,959,285
1,979,566
2,208,495
2,156,409
Net Income From Continuing And Discontinued Operation
1,784,348
2,072,011
2,148,327
4,349,147
Total Expenses
2,563,622
2,494,444
2,198,634
2,012,725
Diluted Average Shares
175,902
176,038
176,143
176,280
Basic Average Shares
175,447
175,351
175,472
175,257
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,585,585
1,872,685
1,948,741
4,142,288
Net Income Common Stockholders
1,585,585
1,872,685
1,948,741
4,142,288
Otherunder Preferred Stock Dividend
4,060
4,623
4,883
12,469
Preferred Stock Dividends
194,703
194,703
194,703
194,390
Net Income
1,784,348
2,072,011
2,148,327
4,349,147
Minority Interests
-12,684
-12,399
-11,793
-17,127
Net Income Including Noncontrolling Interests
1,797,032
2,084,410
2,160,120
4,366,274
Net Income Continuous Operations
1,797,032
2,084,410
2,160,120
4,366,274
Tax Provision
-7,228
4,669
10,821
14,326
Pretax Income
1,789,804
2,089,079
2,170,941
4,380,600
Other Income Expense
-202,809
130,526
-32,573
2,306,914
Other Non Operating Income Expenses
22,623
18,075
17,954
15,058
Special Income Charges
-24,425
-15,506
-26,451
2,100,116
Gain On Sale Of Ppe
1,503
13,683
Gain On Sale Of Business
0
0
2,128,860
0
Restructuring And Mergern Acquisition
24,425
15,506
26,451
28,744
Earnings From Equity Interest
9,604
19,821
27,897
106,981
Gain On Sale Of Security
-210,611
108,136
-34,019
99,817
Net Non Operating Interest Income Expense
-267,878
-242,619
-115,542
-95,752
Interest Expense Non Operating
304,495
287,401
201,132
136,319
Interest Income Non Operating
36,617
44,782
85,590
40,567
Operating Income
2,260,491
2,201,172
2,319,056
2,169,438
Operating Expense
1,253,647
1,236,443
1,050,688
959,818
Other Taxes
16,086
11,530
Depreciation Amortization Depletion Income Statement
1,151,840
1,129,766
970,056
888,146
Depreciation And Amortization In Income Statement
1,151,840
1,129,766
970,056
888,146
Research And Development
17,540
8,403
Selling General And Administration
101,807
106,677
80,632
71,672
General And Administrative Expense
101,807
106,677
80,632
71,672
Other Gand A
76,844
77,969
80,632
71,672
Salaries And Wages
24,963
28,708
25,399
37,865
Gross Profit
3,514,138
3,437,615
3,369,744
3,129,256
Cost Of Revenue
1,309,975
1,258,001
1,147,946
1,052,907
Total Revenue
4,824,113
4,695,616
4,517,690
4,182,163
Operating Revenue
4,824,113
4,695,616
4,517,690
4,182,163
Balance Sheet
2025
2024
2023
2022
2021
Preferred Shares Number
174,000
174,000
174,000
174,000
Ordinary Shares Number
175,500
175,408
175,671
175,266
Share Issued
175,500
175,408
175,671
175,266
Net Debt
9,935,786
8,905,618
8,733,275
6,095,573
Total Debt
10,253,881
9,353,034
9,103,277
6,870,826
Tangible Book Value
4,646,515
5,080,419
5,275,911
5,490,885
Invested Capital
15,152,009
14,715,640
14,766,455
12,594,228
Working Capital
-152,686
-130,856
-228,991
260,573
Net Tangible Assets
8,996,515
9,430,419
9,625,911
9,840,885
Common Stock Equity
4,898,128
5,362,606
5,663,178
5,723,402
Preferred Stock Equity
4,350,000
4,350,000
4,350,000
4,350,000
Total Capitalization
19,502,009
19,065,640
19,116,455
16,944,228
Total Equity Gross Minority Interest
9,341,834
9,813,652
10,106,946
10,166,801
Minority Interest
93,706
101,046
93,768
93,399
Stockholders Equity
9,248,128
9,712,606
10,013,178
10,073,402
Gains Losses Not Affecting Retained Earnings
-47,799
-71,965
-67,239
-80,317
Other Equity Adjustments
-47,799
-71,965
-67,239
-80,317
Retained Earnings
-1,219,273
-699,083
-267,910
-110,231
Additional Paid In Capital
6,147,650
6,116,113
5,980,760
5,896,423
Capital Stock
4,367,550
4,367,541
4,367,567
4,367,527
Common Stock
17,550
17,541
17,567
17,527
Preferred Stock
4,350,000
4,350,000
4,350,000
4,350,000
Total Liabilities Net Minority Interest
10,866,770
9,941,282
9,702,270
7,385,506
Total Non Current Liabilities Net Minority Interest
10,253,881
9,353,034
9,103,277
6,870,826
Long Term Debt And Capital Lease Obligation
10,253,881
9,353,034
9,103,277
6,870,826
Long Term Debt
10,253,881
9,353,034
9,103,277
6,870,826
Current Liabilities
612,889
588,248
598,993
514,680
Payables And Accrued Expenses
612,889
588,248
598,993
514,680
Current Accrued Expenses
612,889
588,248
598,993
514,680
Total Assets
20,208,604
19,754,934
19,809,216
17,552,307
Total Non Current Assets
19,748,401
19,297,542
19,439,214
16,777,054
Other Non Current Assets
303,644
272,212
275,050
230,822
Investments And Advances
388,586
382,490
390,180
275,752
Long Term Equity Investment
388,586
382,490
390,180
275,752
Investment Properties
18,610,203
18,052,552
18,041,264
15,664,971
Goodwill And Other Intangible Assets
251,613
282,187
387,267
232,517
Other Intangible Assets
85,770
116,344
221,424
66,674
Goodwill
165,843
165,843
165,843
165,843
Net PPE
194,355
308,101
345,453
372,992
Gross PPE
194,355
308,101
345,453
372,992
Construction In Progress
194,355
308,101
345,453
372,992
Current Assets
460,203
457,392
370,002
775,253
Receivables
142,108
9,976
Notes Receivable
142,108
9,976
Cash Cash Equivalents And Short Term Investments
318,095
447,416
370,002
775,253
Cash And Cash Equivalents
318,095
447,416
370,002
775,253
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,897,071
2,708,231
2,785,511
2,657,368
Repurchase Of Capital Stock
0
-200,000
0
0
Repayment Of Debt
-651,517
-808,505
-8,259
-513,495
Issuance Of Debt
1,356,420
1,151,022
2,181,273
0
Issuance Of Capital Stock
9,412
107,599
53,131
278,103
Capital Expenditure
-289,378
-420,024
-461,137
-459,773
Interest Paid Supplemental Data
273,007
269,498
146,213
127,711
Income Tax Paid Supplemental Data
6,350
6,877
11,056
11,293
End Cash Position
318,095
447,416
400,375
805,157
Beginning Cash Position
447,416
400,375
805,157
761,290
Effect Of Exchange Rate Changes
0
0
505
Changes In Cash
-129,321
47,041
-404,782
43,867
Financing Cash Flow
-1,630,681
-2,078,576
-112,928
-4,193,270
Cash Flow From Continuing Financing Activities
-1,630,681
-2,078,576
-112,928
-4,193,270
Net Other Financing Charges
-41,615
-26,757
-33,751
-49,381
Proceeds From Stock Option Exercised
53,131
35,271
95,860
Cash Dividends Paid
-2,303,381
-2,301,935
-2,305,322
-3,908,497
Net Preferred Stock Issuance
0
0
242,832
-27,545
Preferred Stock Payments
0
0
-1,175,000
Preferred Stock Issuance
0
0
242,832
1,147,455
Net Common Stock Issuance
9,412
-92,401
53,131
35,271
Common Stock Payments
0
-200,000
0
0
Common Stock Issuance
9,412
107,599
53,131
35,271
Net Issuance Payments Of Debt
704,903
342,517
2,173,014
-513,495
Net Long Term Debt Issuance
704,903
342,517
2,173,014
-513,495
Long Term Debt Payments
-651,517
-808,505
-8,259
-513,495
Long Term Debt Issuance
1,356,420
1,151,022
2,181,273
0
Investing Cash Flow
-1,685,089
-1,002,638
-3,538,502
1,119,996
Cash Flow From Continuing Investing Activities
-1,685,089
-1,002,638
-3,538,502
1,119,996
Net Other Investing Changes
-131,227
-9,960
Dividends Received Cfi
0
13,285
10,975
13,670
Net Investment Properties Purchase And Sale
-1,264,484
-585,939
-910,189
-1,069,912
Sale Of Investment Properties
8,151
8,388
39,986
1,543
Purchase Of Investment Properties
-1,272,635
-594,327
-950,175
-1,071,455
Net Business Purchase And Sale
0
0
-2,178,151
2,636,011
Sale Of Business
0
0
2,636,011
0
Purchase Of Business
0
0
-2,178,151
0
Capital Expenditure Reported
-289,378
-420,024
-461,137
-459,773
Operating Cash Flow
3,186,449
3,128,255
3,246,648
3,117,141
Cash Flow From Continuing Operating Activities
3,186,449
3,128,255
3,246,648
3,117,141
Dividend Received Cfo
1,823
11,039
29,333
134,769
Change In Working Capital
1,801
-29,785
18,901
-9,051
Change In Other Current Assets
-24,639
-44,968
-16,365
-29,638
Change In Payables And Accrued Expense
26,440
15,183
35,266
20,587
Change In Accrued Expense
26,440
15,183
35,266
20,587
Other Non Cash Items
15,251
11,410
20,508
15,207
Stock Based Compensation
39,902
44,747
41,566
56,703
Asset Impairment Charge
4,348
0
0
Depreciation Amortization Depletion
1,151,840
1,129,766
970,056
888,146
Depreciation And Amortization
1,151,840
1,129,766
970,056
888,146
Operating Gains Losses
174,452
-123,332
6,164
-2,334,907
Earnings Losses From Equity Investments
-9,604
-19,821
-27,897
-106,981
Gain Loss On Investment Securities
-1,113
-1,537
-17,178
-1,503
Net Foreign Currency Exchange Gain Loss
185,169
-101,974
51,239
-97,563
Gain Loss On Sale Of Business
0
0
-2,128,860
0
Net Income From Continuing Operations
1,797,032
2,084,410
2,160,120
4,366,274
2/5
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: $9.3B
Warren's Owner Earnings
$3.2B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/5 — 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.
$4.8B
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.
0.75x
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 $23.50 to $9.01 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.
-61.7% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $4.8Bvs > $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 — 0.75xvs 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 $23.50 to $9.01 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 PSA 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
9.1%
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
16.2%
20.3%
21.5%
10.6%
N/A
Repurchase of Capital Stock
$0M
-$200M
$0M
$0M
N/A
Free Cash Flow
$2.9B▲
$2.7B▼
$2.8B▲
$2.7B•
N/A•
Warren's Owner Earnings
$3.2B
$3.6B
$3.6B
$5.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare PSA 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
PSA (PSA) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 72.8%. Operating margin: 46.9%. Net margin: 37.0%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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