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 Margin9.6%
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 Margin5.0%
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 Debt14.3 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-$17.4B
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-$2.8B
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$2.4B
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 Income124.2%
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$5.9B
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 Profit22.8%
Operating Margin9.6%
Net Margin5.0%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
22.8%▼
26.8%▼
27.4%▲
26.0%•
N/A
Operating Margin %
9.6%▼
14.1%▼
15.3%▲
13.7%•
N/A
Net Income %
5.0%▼
10.4%▼
11.5%▲
10.2%•
N/A
Diluted EPS
1.63▼
3.31▼
3.58▲
2.83•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$32.0B
$31.3B
$29.4B
$28.0B
N/A
Total Debt
$26.6B▲
$25.8B▲
$24.6B▲
$23.8B•
N/A
Working Capital
-$2.8B▼
-$2.2B▼
-$2.0B▲
-$2.1B•
N/A
Years to Pay Debt
14.34
6.86
5.96
7.25
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$2.4B▼
$3.3B▼
$3.7B▲
$2.6B•
N/A
Owner Earnings
$5.9B
$8.1B
$7.9B
$6.7B
N/A
CapEx % of Net Income
124.2%
73.9%
56.6%
56.1%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-231,028
0
16,402
-10,304
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
5,713,400
7,124,000
7,332,800
6,290,200
Total Unusual Items
-892,000
0
69,500
-46,000
Total Unusual Items Excluding Goodwill
-892,000
0
69,500
-46,000
Net Income From Continuing Operation Net Minority Interest
1,856,400
3,760,900
4,124,500
3,281,600
Reconciled Depreciation
1,771,500
1,592,400
1,450,300
1,529,400
Reconciled Cost Of Revenue
28,630,300
26,387,300
26,041,700
23,797,700
EBITDA
4,821,400
7,124,000
7,402,300
6,244,200
EBIT
3,049,900
5,531,600
5,952,000
4,714,800
Net Interest Income
-429,300
-439,200
-468,900
-385,900
Interest Expense
542,600
562,000
550,100
482,900
Interest Income
113,300
122,800
81,200
97,000
Normalized Income
2,517,372
3,760,900
4,071,402
3,317,296
Net Income From Continuing And Discontinued Operation
1,856,400
3,760,900
4,124,500
3,281,600
Total Expenses
33,603,600
31,068,600
30,472,700
27,820,600
Rent Expense Supplemental
3,318,600
3,050,600
2,871,000
2,674,100
Total Operating Income As Reported
2,936,600
5,408,800
5,870,800
4,617,800
Diluted Average Shares
1,139,800
1,137,300
1,151,300
1,158,500
Basic Average Shares
1,136,900
1,133,500
1,142,600
1,147,900
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,856,400
3,760,900
4,124,500
3,281,600
Net Income Common Stockholders
1,856,400
3,760,900
4,124,500
3,281,600
Net Income
1,856,400
3,760,900
4,124,500
3,281,600
Minority Interests
-300
-1,400
-200
-1,800
Net Income Including Noncontrolling Interests
1,856,700
3,762,300
4,124,700
3,283,400
Net Income Continuous Operations
1,856,700
3,762,300
4,124,700
3,283,400
Tax Provision
650,600
1,207,300
1,277,200
948,500
Pretax Income
2,507,300
4,969,600
5,401,900
4,231,900
Other Income Expense
-644,200
301,200
367,900
188,100
Special Income Charges
-892,000
0
69,500
-46,000
Gain On Sale Of Ppe
0
0
91,300
0
Gain On Sale Of Business
0
0
864,500
Restructuring And Mergern Acquisition
892,000
0
21,800
46,000
Earnings From Equity Interest
247,800
301,200
298,400
234,100
Net Non Operating Interest Income Expense
-429,300
-439,200
-468,900
-385,900
Interest Expense Non Operating
542,600
562,000
550,100
482,900
Interest Income Non Operating
113,300
122,800
81,200
97,000
Operating Income
3,580,800
5,107,600
5,502,900
4,429,700
Operating Expense
4,886,500
4,601,500
4,343,300
3,941,400
Other Operating Expenses
584,600
565,600
539,400
461,500
Depreciation Amortization Depletion Income Statement
1,684,700
1,512,600
1,362,600
1,447,900
Depreciation And Amortization In Income Statement
1,684,700
1,512,600
1,362,600
1,447,900
Selling General And Administration
2,617,200
2,523,300
2,441,300
2,032,000
General And Administrative Expense
2,617,200
2,523,300
2,441,300
2,032,000
Other Gand A
2,617,200
2,523,300
2,441,300
2,032,000
Gross Profit
8,467,300
9,709,100
9,846,200
8,371,100
Cost Of Revenue
28,717,100
26,467,100
26,129,400
23,879,200
Total Revenue
37,184,400
36,176,200
35,975,600
32,250,300
Operating Revenue
35,095,200
34,271,000
33,975,000
30,231,600
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
1,136,900
1,133,500
1,142,600
1,147,900
Share Issued
1,136,900
1,133,500
1,142,600
1,147,900
Net Debt
12,855,000
12,282,200
11,848,200
12,225,500
Total Debt
26,611,500
25,803,100
24,599,800
23,804,800
Tangible Book Value
-11,632,300
-10,865,500
-11,333,600
-12,146,000
Invested Capital
7,978,200
8,119,500
7,404,900
6,337,300
Working Capital
-2,828,100
-2,222,600
-2,041,900
-2,133,100
Net Tangible Assets
-11,632,300
-10,865,500
-11,333,600
-12,146,000
Capital Lease Obligations
10,536,700
10,234,700
9,200,100
8,760,900
Common Stock Equity
-8,096,600
-7,448,900
-7,994,800
-8,706,600
Total Capitalization
6,479,300
6,870,600
5,552,800
4,413,300
Total Equity Gross Minority Interest
-8,089,200
-7,441,600
-7,987,800
-8,698,700
Minority Interest
7,400
7,300
7,000
7,900
Stockholders Equity
-8,096,600
-7,448,900
-7,994,800
-8,706,600
Gains Losses Not Affecting Retained Earnings
-459,300
-428,800
-778,200
-463,200
Other Equity Adjustments
-459,300
-428,800
-778,200
-463,200
Retained Earnings
-8,272,500
-7,343,800
-7,255,800
-8,449,800
Additional Paid In Capital
634,100
322,600
38,100
205,300
Capital Stock
1,100
1,100
1,100
1,100
Common Stock
1,100
1,100
1,100
1,100
Total Liabilities Net Minority Interest
40,108,900
38,780,900
37,433,300
36,677,100
Total Non Current Liabilities Net Minority Interest
29,898,500
29,710,900
28,088,000
27,525,300
Other Non Current Liabilities
577,800
656,200
513,800
610,500
Non Current Deferred Liabilities
5,772,600
5,963,600
6,101,800
6,279,700
Non Current Deferred Revenue
5,772,600
5,963,600
6,101,800
6,279,700
Long Term Debt And Capital Lease Obligation
23,548,100
23,091,100
21,472,400
20,635,100
Long Term Capital Lease Obligation
8,972,200
8,771,600
7,924,800
7,515,200
Long Term Debt
14,575,900
14,319,500
13,547,600
13,119,900
Current Liabilities
10,210,400
9,070,000
9,345,300
9,151,800
Current Deferred Liabilities
1,840,600
1,781,200
1,700,200
1,641,900
Current Deferred Revenue
1,840,600
1,781,200
1,700,200
1,641,900
Current Debt And Capital Lease Obligation
3,063,400
2,712,000
3,127,400
3,169,700
Current Capital Lease Obligation
1,564,500
1,463,100
1,275,300
1,245,700
Current Debt
1,498,900
1,248,900
1,852,100
1,924,000
Other Current Borrowings
1,498,900
1,248,900
1,852,100
1,924,000
Current Provisions
282,300
244,300
233,500
232,300
Payables And Accrued Expenses
5,024,100
4,332,500
4,284,200
4,107,900
Current Accrued Expenses
2,080,400
1,711,100
1,686,700
1,724,400
Payables
2,943,700
2,621,400
2,597,500
2,383,500
Dividends Payable
704,800
691,200
651,200
608,300
Total Tax Payable
386,100
334,700
402,000
333,800
Income Tax Payable
150,300
123,500
189,300
139,200
Accounts Payable
1,852,800
1,595,500
1,544,300
1,441,400
Total Assets
32,019,700
31,339,300
29,445,500
27,978,400
Total Non Current Assets
24,637,400
24,491,900
22,142,100
20,959,700
Other Non Current Assets
752,500
617,000
546,500
554,200
Non Current Deferred Assets
1,826,900
1,766,700
1,769,800
1,799,700
Non Current Deferred Taxes Assets
1,826,900
1,766,700
1,769,800
1,799,700
Investments And Advances
713,100
739,900
687,300
590,300
Investmentin Financial Assets
246,900
276,000
247,400
279,100
Available For Sale Securities
246,900
276,000
247,400
279,100
Long Term Equity Investment
466,200
463,900
439,900
311,200
Investmentsin Joint Venturesat Cost
418,900
424,100
415,700
283,100
Investments In Other Ventures Under Equity Method
47,300
39,800
24,200
28,100
Goodwill And Other Intangible Assets
3,535,700
3,416,600
3,338,800
3,439,400
Other Intangible Assets
166,800
100,900
120,500
155,900
Goodwill
3,368,900
3,315,700
3,218,300
3,283,500
Net PPE
17,809,200
17,951,700
15,799,700
14,576,100
Accumulated Depreciation
-11,349,200
-10,775,500
-9,923,100
-9,049,300
Gross PPE
29,158,400
28,727,200
25,722,800
23,625,400
Leases
11,762,400
11,453,900
10,133,700
9,066,800
Construction In Progress
334,300
750,900
607,500
558,700
Other Properties
14,261,500
13,955,500
12,604,500
11,872,300
Machinery Furniture Equipment
2,071,600
1,825,200
1,664,500
1,526,100
Buildings And Improvements
673,700
684,800
666,500
555,400
Land And Improvements
54,900
56,900
46,100
46,100
Current Assets
7,382,300
6,847,400
7,303,400
7,018,700
Other Current Assets
452,200
313,100
359,900
483,700
Prepaid Assets
386,600
401,500
Inventory
2,185,600
1,777,300
1,806,400
2,176,600
Finished Goods
741,700
636,500
644,900
741,200
Raw Materials
1,443,900
1,140,800
1,161,500
1,435,400
Receivables
1,277,500
1,213,800
1,184,100
1,175,500
Other Receivables
69,400
172,400
Taxes Receivable
27,700
20,700
Accounts Receivable
1,277,500
1,213,800
1,184,100
1,175,500
Allowance For Doubtful Accounts Receivable
-24,000
-21,200
-23,800
-27,200
Gross Accounts Receivable
1,301,500
1,235,000
1,207,900
1,202,700
Cash Cash Equivalents And Short Term Investments
3,467,000
3,543,200
3,953,000
3,182,900
Other Short Term Investments
247,200
257,000
401,500
364,500
Cash And Cash Equivalents
3,219,800
3,286,200
3,551,500
2,818,400
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
2,442,000
3,318,100
3,675,100
2,556,000
Repurchase Of Capital Stock
0
-1,266,700
-984,400
-4,013,000
Repayment Of Debt
-1,257,800
-1,982,600
-1,253,800
-1,036,600
Issuance Of Debt
1,750,900
2,119,100
1,612,400
1,709,700
Issuance Of Capital Stock
77,000
108,000
167,400
101,600
Capital Expenditure
-2,305,500
-2,777,500
-2,333,600
-1,841,300
Interest Paid Supplemental Data
588,300
570,700
524,300
474,700
Income Tax Paid Supplemental Data
715,600
1,373,300
1,294,200
1,157,600
End Cash Position
3,219,800
3,286,200
3,551,500
2,818,400
Beginning Cash Position
3,286,200
3,551,500
2,818,400
6,455,700
Effect Of Exchange Rate Changes
-30,500
56,500
-14,200
-250,300
Changes In Cash
-35,900
-321,800
747,300
-3,387,000
Financing Cash Flow
-2,298,000
-3,718,200
-2,990,600
-5,638,000
Cash Flow From Continuing Financing Activities
-2,298,000
-3,718,200
-2,990,600
-5,638,000
Net Other Financing Charges
-96,700
-111,000
-100,400
-136,400
Cash Dividends Paid
-2,771,400
-2,585,000
-2,431,800
-2,263,300
Common Stock Dividend Paid
-2,771,400
-2,585,000
-2,431,800
-2,263,300
Net Common Stock Issuance
77,000
-1,158,700
-817,000
-3,911,400
Common Stock Payments
0
-1,266,700
-984,400
-4,013,000
Common Stock Issuance
77,000
108,000
167,400
101,600
Net Issuance Payments Of Debt
493,100
136,500
358,600
673,100
Net Short Term Debt Issuance
-5,400
-33,700
-139,200
175,000
Short Term Debt Payments
-7,800
-157,500
-253,800
-36,600
Short Term Debt Issuance
2,400
123,800
114,600
211,600
Net Long Term Debt Issuance
498,500
170,200
497,800
498,100
Long Term Debt Payments
-1,250,000
-1,825,100
-1,000,000
-1,000,000
Long Term Debt Issuance
1,748,500
1,995,300
1,497,800
1,498,100
Investing Cash Flow
-2,485,400
-2,699,200
-2,270,800
-2,146,300
Cash Flow From Continuing Investing Activities
-2,485,400
-2,699,200
-2,270,800
-2,146,300
Net Other Investing Changes
-62,100
-72,700
53,900
-126,300
Net Investment Purchase And Sale
59,300
151,000
8,900
-238,000
Sale Of Investment
392,900
778,500
619,400
139,900
Purchase Of Investment
-333,600
-627,500
-610,500
-377,900
Net Business Purchase And Sale
-177,100
0
0
59,300
Sale Of Business
0
0
59,300
1,175,000
Purchase Of Business
-177,100
0
0
Net PPE Purchase And Sale
-2,305,500
-2,777,500
-2,333,600
-1,841,300
Purchase Of PPE
-2,305,500
-2,777,500
-2,333,600
-1,841,300
Operating Cash Flow
4,747,500
6,095,600
6,008,700
4,397,300
Cash Flow From Continuing Operating Activities
4,747,500
6,095,600
6,008,700
4,397,300
Dividend Received Cfo
294,400
333,300
222,800
231,200
Change In Working Capital
-1,494,400
-1,048,800
-1,133,400
-2,133,000
Change In Other Working Capital
215,600
218,800
-204,500
263,800
Change In Other Current Liabilities
-1,576,700
-1,294,900
-1,443,800
-1,625,600
Change In Payables And Accrued Expense
364,800
-33,900
152,600
195,900
Change In Payable
364,800
-33,900
152,600
195,900
Change In Account Payable
261,000
28,000
100,100
345,500
Change In Tax Payable
103,800
-61,900
52,500
-149,600
Change In Income Tax Payable
103,800
-61,900
52,500
-149,600
Change In Prepaid Assets
251,100
Change In Inventory
-408,400
42,800
366,400
-641,000
Change In Receivables
-89,700
18,400
-4,100
-326,100
Changes In Account Receivables
-89,700
18,400
-4,100
-326,100
Other Non Cash Items
1,531,100
1,346,800
1,392,700
1,429,900
Stock Based Compensation
318,300
308,300
302,700
271,500
Deferred Tax
-90,600
-13,800
-59,400
-37,800
Deferred Income Tax
-90,600
-13,800
-59,400
-37,800
Depreciation Amortization Depletion
1,771,500
1,592,400
1,450,300
1,529,400
Depreciation And Amortization
1,771,500
1,592,400
1,450,300
1,529,400
Operating Gains Losses
560,500
-184,900
-291,700
-177,300
Earnings Losses From Equity Investments
-274,200
-306,400
-301,800
-268,700
Gain Loss On Sale Of Business
0
0
-864,500
Net Income From Continuing Operations
1,856,700
3,762,300
4,124,700
3,283,400
2/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
Negative book value — Graham's formula requires positive equity (BVPS). Common in companies with heavy buybacks (MCD, AAPL). Not a flaw in the business, but the formula cannot produce a fair value.
Margin of Safety
—
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$8.1B
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Warren's Owner Earnings
$5.9B
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.
$37.2B
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.
0.72x
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 $2.83 to $1.63 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.
-42.4% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $37.2Bvs > $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 — 0.72xvs 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 $2.83 to $1.63 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 SBUX 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
13.0%
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
124.2%
73.9%
56.6%
56.1%
N/A
Repurchase of Capital Stock
$0M
-$1.3B
-$984M
-$4.0B
N/A
Free Cash Flow
$2.4B▼
$3.3B▼
$3.7B▲
$2.6B•
N/A•
Warren's Owner Earnings
$5.9B
$8.1B
$7.9B
$6.7B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare SBUX 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
SBUX (SBUX) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 22.8%. Operating margin: 9.6%. Net margin: 5.0%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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