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-66.5%
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-67.7%
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 Debt-1.8 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$459M
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$4.9B
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
F
Free Cash Flow-$2.5B
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.
Owner Earnings-$1.2B
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.
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 Profit2.7%
Operating Margin-66.5%
Net Margin-67.7%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
2.7%▲
-24.1%▲
-45.8%▲
-188.4%•
N/A
Operating Margin %
-66.5%▲
-94.3%▲
-129.4%▲
-413.5%•
N/A
Net Income %
-67.7%▲
-95.5%▲
-122.5%▲
-407.2%•
N/A
Diluted EPS
-3.07▲
-4.69▲
-5.74▲
-7.40•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$14.9B
$15.4B
$16.8B
$17.9B
N/A
Total Debt
$6.7B▲
$5.7B▲
$5.1B▲
$1.8B•
N/A
Working Capital
$4.9B▼
$8.3B▼
$9.8B▼
$10.7B•
N/A
Years to Pay Debt
-1.82
-1.21
-0.94
-0.27
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$2.5B▲
-$2.9B▲
-$5.9B▲
-$6.4B•
N/A
Owner Earnings
-$1.2B
-$2.6B
-$3.5B
-$4.7B
N/A
CapEx % of Net Income
N/A
N/A
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-39,060
-23,520
0
0
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
-2,376,000
-3,280,000
-4,274,000
-5,993,000
Total Unusual Items
-186,000
-112,000
0
0
Total Unusual Items Excluding Goodwill
-186,000
-112,000
0
0
Net Income From Continuing Operation Net Minority Interest
-3,646,000
-4,747,000
-5,432,000
-6,752,000
Reconciled Depreciation
784,000
1,031,000
937,000
652,000
Reconciled Cost Of Revenue
4,680,000
6,170,000
6,464,000
4,781,000
EBITDA
-2,562,000
-3,392,000
-4,274,000
-5,993,000
EBIT
-3,346,000
-4,423,000
-5,211,000
-6,645,000
Net Interest Income
19,000
67,000
302,000
90,000
Interest Expense
274,000
318,000
220,000
103,000
Interest Income
293,000
385,000
522,000
193,000
Normalized Income
-3,499,060
-4,658,520
-5,432,000
-6,752,000
Net Income From Continuing And Discontinued Operation
-3,646,000
-4,747,000
-5,432,000
-6,752,000
Total Expenses
8,972,000
9,659,000
10,173,000
8,514,000
Total Operating Income As Reported
-3,585,000
-4,689,000
-5,739,000
-6,856,000
Diluted Average Shares
1,186,000
1,013,000
947,000
913,000
Basic Average Shares
1,186,000
1,013,000
947,000
913,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-3,646,000
-4,747,000
-5,432,000
-6,752,000
Net Income Common Stockholders
-3,646,000
-4,747,000
-5,432,000
-6,752,000
Net Income
-3,646,000
-4,747,000
-5,432,000
-6,752,000
Minority Interests
-20,000
-1,000
0
Net Income Including Noncontrolling Interests
-3,626,000
-4,746,000
-5,432,000
-6,752,000
Net Income Continuous Operations
-3,626,000
-4,746,000
-5,432,000
-6,752,000
Tax Provision
6,000
5,000
1,000
4,000
Pretax Income
-3,620,000
-4,741,000
-5,431,000
-6,748,000
Other Income Expense
-54,000
-119,000
6,000
18,000
Other Non Operating Income Expenses
31,000
-7,000
6,000
18,000
Special Income Charges
-186,000
-112,000
0
0
Other Special Charges
186,000
112,000
441,000
Earnings From Equity Interest
101,000
Gain On Sale Of Security
-441,000
Net Non Operating Interest Income Expense
19,000
67,000
302,000
90,000
Interest Expense Non Operating
274,000
318,000
220,000
103,000
Interest Income Non Operating
293,000
385,000
522,000
193,000
Operating Income
-3,585,000
-4,689,000
-5,739,000
-6,856,000
Operating Expense
3,729,000
3,489,000
3,709,000
3,733,000
Other Operating Expenses
663,000
Depreciation Amortization Depletion Income Statement
221,000
Depreciation And Amortization In Income Statement
221,000
Research And Development
1,668,000
1,613,000
1,995,000
1,944,000
Selling General And Administration
1,840,000
1,876,000
1,714,000
1,789,000
General And Administrative Expense
1,840,000
Other Gand A
1,516,000
Salaries And Wages
324,000
Gross Profit
144,000
-1,200,000
-2,030,000
-3,123,000
Cost Of Revenue
5,243,000
6,170,000
6,464,000
4,781,000
Total Revenue
5,387,000
4,970,000
4,434,000
1,658,000
Operating Revenue
5,387,000
4,970,000
4,434,000
1,658,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
1,240,000
1,131,000
933,825
926,000
Share Issued
1,240,000
1,131,000
933,825
926,000
Net Debt
861,000
Total Debt
6,651,000
5,737,000
5,116,000
1,812,000
Tangible Book Value
4,566,000
6,558,000
9,141,000
13,799,000
Invested Capital
9,006,000
10,999,000
13,572,000
15,030,000
Working Capital
4,899,000
8,332,000
9,826,000
10,706,000
Net Tangible Assets
4,566,000
6,558,000
9,141,000
13,799,000
Capital Lease Obligations
2,211,000
1,296,000
685,000
581,000
Common Stock Equity
4,566,000
6,558,000
9,141,000
13,799,000
Total Capitalization
9,006,000
10,999,000
13,572,000
15,030,000
Total Equity Gross Minority Interest
4,594,000
6,562,000
9,141,000
13,799,000
Minority Interest
28,000
4,000
0
Stockholders Equity
4,566,000
6,558,000
9,141,000
13,799,000
Gains Losses Not Affecting Retained Earnings
8,000
-4,000
3,000
-2,000
Other Equity Adjustments
8,000
-4,000
3,000
-2,000
Retained Earnings
-26,951,000
-23,305,000
-18,558,000
-13,126,000
Additional Paid In Capital
31,508,000
29,866,000
27,695,000
26,926,000
Capital Stock
1,000
1,000
1,000
1,000
Common Stock
1,000
1,000
1,000
1,000
Total Liabilities Net Minority Interest
10,270,000
8,848,000
7,637,000
4,077,000
Total Non Current Liabilities Net Minority Interest
6,577,000
6,597,000
5,150,000
1,653,000
Other Non Current Liabilities
1,586,000
1,777,000
395,000
111,000
Long Term Debt And Capital Lease Obligation
4,991,000
4,820,000
4,755,000
1,542,000
Long Term Capital Lease Obligation
551,000
379,000
324,000
311,000
Long Term Debt
4,440,000
4,441,000
4,431,000
1,231,000
Current Liabilities
3,693,000
2,251,000
2,487,000
2,424,000
Current Deferred Liabilities
74,000
Current Deferred Revenue
74,000
Current Debt And Capital Lease Obligation
1,660,000
917,000
361,000
270,000
Current Capital Lease Obligation
1,660,000
917,000
361,000
270,000
Payables And Accrued Expenses
2,033,000
1,334,000
2,126,000
2,154,000
Current Accrued Expenses
1,438,000
835,000
1,145,000
1,154,000
Payables
595,000
499,000
981,000
1,000,000
Accounts Payable
595,000
499,000
981,000
1,000,000
Total Assets
14,864,000
15,410,000
16,778,000
17,876,000
Total Non Current Assets
6,272,000
4,827,000
4,465,000
4,746,000
Other Non Current Assets
582,000
446,000
235,000
658,000
Net PPE
5,690,000
4,381,000
4,230,000
4,088,000
Accumulated Depreciation
-3,339,000
-2,778,000
-1,796,000
-883,000
Gross PPE
9,029,000
7,159,000
6,026,000
4,971,000
Leases
634,000
502,000
417,000
297,000
Construction In Progress
1,712,000
621,000
698,000
843,000
Other Properties
571,000
416,000
356,000
330,000
Machinery Furniture Equipment
4,851,000
4,535,000
3,583,000
2,865,000
Land And Improvements
1,261,000
1,085,000
972,000
636,000
Current Assets
8,592,000
10,583,000
12,313,000
13,130,000
Other Current Assets
361,000
192,000
164,000
112,000
Inventory
1,594,000
2,248,000
2,620,000
1,348,000
Finished Goods
797,000
897,000
1,036,000
399,000
Raw Materials
797,000
1,351,000
1,584,000
949,000
Receivables
555,000
443,000
161,000
102,000
Accounts Receivable
555,000
443,000
161,000
102,000
Cash Cash Equivalents And Short Term Investments
6,082,000
7,700,000
9,368,000
11,568,000
Other Short Term Investments
2,503,000
2,406,000
1,511,000
0
Cash And Cash Equivalents
3,579,000
5,294,000
7,857,000
11,568,000
Cash Equivalents
2,209,000
4,137,000
6,612,000
8,964,000
Cash Financial
1,370,000
1,157,000
1,245,000
2,604,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-2,489,000
-2,857,000
-5,892,000
-6,421,000
Repayment Of Debt
-1,250,000
0
0
-86,000
Issuance Of Debt
1,250,000
1,000,000
3,195,000
0
Issuance Of Capital Stock
750,000
0
0
102,000
Capital Expenditure
-1,710,000
-1,141,000
-1,026,000
-1,369,000
Interest Paid Supplemental Data
222,000
279,000
169,000
88,000
End Cash Position
3,579,000
5,294,000
7,857,000
12,099,000
Beginning Cash Position
5,294,000
7,857,000
12,099,000
18,423,000
Effect Of Exchange Rate Changes
6,000
-3,000
5,000
-2,000
Changes In Cash
-1,721,000
-2,560,000
-4,247,000
-6,322,000
Financing Cash Flow
886,000
1,136,000
3,130,000
99,000
Cash Flow From Continuing Financing Activities
886,000
1,136,000
3,130,000
99,000
Net Other Financing Charges
75,000
74,000
-17,000
-3,000
Proceeds From Stock Option Exercised
61,000
62,000
-48,000
0
Net Common Stock Issuance
750,000
0
0
102,000
Common Stock Issuance
750,000
0
0
102,000
Net Issuance Payments Of Debt
0
1,000,000
3,195,000
0
Net Long Term Debt Issuance
0
1,000,000
3,195,000
0
Long Term Debt Payments
-1,250,000
0
0
-86,000
Long Term Debt Issuance
1,250,000
1,000,000
3,195,000
0
Investing Cash Flow
-1,828,000
-1,980,000
-2,511,000
-1,369,000
Cash Flow From Continuing Investing Activities
-1,828,000
-1,980,000
-2,511,000
-1,369,000
Net Investment Purchase And Sale
-118,000
-839,000
-1,485,000
0
Sale Of Investment
3,088,000
3,553,000
925,000
0
Purchase Of Investment
-3,206,000
-4,392,000
-2,410,000
0
Capital Expenditure Reported
-1,710,000
-1,141,000
-1,026,000
-1,369,000
Operating Cash Flow
-779,000
-1,716,000
-4,866,000
-5,052,000
Cash Flow From Continuing Operating Activities
-779,000
-1,716,000
-4,866,000
-5,052,000
Change In Working Capital
1,440,000
1,167,000
-1,414,000
-941,000
Change In Other Working Capital
503,000
1,619,000
149,000
61,000
Change In Other Current Liabilities
-53,000
316,000
141,000
144,000
Change In Other Current Assets
9,000
-221,000
-146,000
-36,000
Change In Payables And Accrued Expense
571,000
-572,000
105,000
623,000
Change In Inventory
522,000
307,000
-1,604,000
-1,657,000
Change In Receivables
-112,000
-282,000
-59,000
-76,000
Changes In Account Receivables
-112,000
-282,000
-59,000
-76,000
Other Non Cash Items
-17,000
28,000
222,000
82,000
Stock Based Compensation
741,000
692,000
821,000
987,000
Asset Impairment Charge
0
107,000
920,000
95,000
Depreciation Amortization Depletion
784,000
1,031,000
937,000
652,000
Depreciation And Amortization
784,000
1,031,000
937,000
652,000
Operating Gains Losses
-101,000
112,000
441,000
Earnings Losses From Equity Investments
-101,000
0
0
Gain Loss On Investment Securities
-101,000
112,000
441,000
Net Income From Continuing Operations
-3,626,000
-4,746,000
-5,432,000
-6,752,000
2/4
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $4.6B
Warren's Owner Earnings
-$1.2B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/4 — 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.
$5.4B
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.
2.33x
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.
4 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
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $5.4Bvs > $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 — 2.33xvs 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 — 4 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."
These metrics estimate what RIVN 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
-25.4%
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
N/A
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
-$2.5B▲
-$2.9B▲
-$5.9B▲
-$6.4B•
N/A•
Warren's Owner Earnings
-$1.2B
-$2.6B
-$3.5B
-$4.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare RIVN 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
RIVN (RIVN) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 2.7%. Operating margin: -66.5%. Net margin: -67.7%. 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.