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 Margin30.2%
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 Margin19.7%
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
F
Years to Pay Off Debt14.7 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-$1.7B
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-$124M
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$295M
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.
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.
Market Data
Key Margins
Gross Profit69.7%
Operating Margin30.2%
Net Margin19.7%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
69.7%▼
69.8%▲
68.7%▲
67.5%•
N/A
Operating Margin %
30.2%▲
28.6%▼
28.8%▲
26.0%•
N/A
Net Income %
19.7%▲
18.7%▼
21.4%▲
18.5%•
N/A
Diluted EPS
0.99▲
0.88▼
0.92▲
0.77•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$2.7B
$2.4B
$2.3B
$2.2B
N/A
Total Debt
$1.7B▲
$1.5B▼
$1.5B▲
$1.5B•
N/A
Working Capital
-$124M▼
-$61M▲
-$110M▼
$160M•
N/A
Years to Pay Debt
14.71
15.30
15.38
18.47
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$295M▲
$261M▲
$230M▲
$214M•
N/A
Owner Earnings
N/A
N/A
N/A
N/A
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
-892
0
0
616
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
340,586
302,087
260,699
241,768
Total Unusual Items
-4,249
0
0
2,934
Total Unusual Items Excluding Goodwill
-4,249
0
0
2,934
Net Income From Continuing Operation Net Minority Interest
114,776
98,595
99,151
82,063
Reconciled Depreciation
150,976
138,690
108,889
111,904
Reconciled Cost Of Revenue
176,502
158,729
145,547
143,936
EBITDA
336,337
302,087
260,699
244,702
EBIT
185,361
163,397
151,810
132,798
Net Interest Income
-65,860
-60,637
-47,928
-46,967
Interest Expense
65,860
60,637
47,928
46,967
Normalized Income
118,133
98,595
99,151
79,745
Net Income From Continuing And Discontinued Operation
114,776
98,595
99,151
82,063
Total Expenses
406,200
375,439
330,566
327,372
Diluted Average Shares
114,727
111,079
106,532
105,636
Basic Average Shares
113,172
109,263
104,682
103,687
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
113,904
97,675
97,965
81,194
Net Income Common Stockholders
113,904
97,675
97,965
81,194
Otherunder Preferred Stock Dividend
872
920
1,186
869
Net Income
114,776
98,595
99,151
82,063
Minority Interests
-4,725
-4,165
-4,731
-3,768
Net Income Including Noncontrolling Interests
119,501
102,760
103,882
85,831
Net Income Continuous Operations
119,501
102,760
103,882
85,831
Pretax Income
119,501
102,760
103,882
85,831
Other Income Expense
9,999
12,773
17,969
17,557
Other Non Operating Income Expenses
668
1,484
9,729
6,029
Special Income Charges
-4,249
0
0
2,934
Gain On Sale Of Ppe
0
0
3,156
0
Other Special Charges
222
47,860
Write Off
0
0
6,989
Impairment Of Capital Assets
4,249
0
0
Earnings From Equity Interest
13,580
11,289
8,240
8,594
Net Non Operating Interest Income Expense
-65,860
-60,637
-47,928
-46,967
Interest Expense Non Operating
65,860
60,637
47,928
46,967
Operating Income
175,362
150,624
133,841
115,241
Operating Expense
229,698
216,710
185,019
183,436
Depreciation Amortization Depletion Income Statement
150,976
138,690
108,889
111,904
Depreciation And Amortization In Income Statement
150,976
138,690
108,889
111,904
Selling General And Administration
78,722
78,020
76,130
71,532
General And Administrative Expense
78,722
78,020
76,130
71,532
Other Gand A
78,722
78,020
76,130
71,532
Gross Profit
405,060
367,334
318,860
298,677
Cost Of Revenue
176,502
158,729
145,547
143,936
Total Revenue
581,562
526,063
464,407
442,613
Operating Revenue
560,668
507,161
447,549
428,576
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
115,097
112,739
108,793
104,498
Share Issued
115,097
112,739
108,793
104,498
Net Debt
1,578,688
1,376,767
1,426,425
1,216,370
Total Debt
1,688,390
1,508,258
1,525,279
1,516,022
Tangible Book Value
691,219
668,904
574,449
522,172
Invested Capital
2,303,304
2,076,129
2,005,988
1,920,137
Working Capital
-123,537
-60,783
-109,540
159,833
Net Tangible Assets
691,219
668,904
574,449
522,172
Capital Lease Obligations
91,569
84,499
86,076
87,528
Common Stock Equity
706,483
652,370
566,785
491,643
Total Capitalization
2,259,304
2,076,129
1,992,988
1,920,137
Total Equity Gross Minority Interest
735,104
679,674
591,313
513,934
Minority Interest
28,621
27,304
24,528
22,291
Stockholders Equity
706,483
652,370
566,785
491,643
Gains Losses Not Affecting Retained Earnings
-28,349
-27,687
-23,519
-11,037
Other Equity Adjustments
-28,349
-27,687
-23,519
-11,037
Retained Earnings
-529,239
-511,816
-490,171
-485,557
Additional Paid In Capital
1,262,920
1,190,746
1,079,387
987,192
Capital Stock
1,151
1,127
1,088
1,045
Common Stock
1,151
1,127
1,088
1,045
Total Liabilities Net Minority Interest
1,920,878
1,701,509
1,732,806
1,703,731
Total Non Current Liabilities Net Minority Interest
1,743,813
1,593,734
1,601,301
1,598,990
Other Non Current Liabilities
99,423
85,476
89,022
82,968
Long Term Debt And Capital Lease Obligation
1,644,390
1,508,258
1,512,279
1,516,022
Long Term Capital Lease Obligation
91,569
84,499
86,076
87,528
Long Term Debt
1,552,821
1,423,759
1,426,203
1,428,494
Current Liabilities
177,065
107,775
131,505
104,741
Current Debt And Capital Lease Obligation
44,000
13,000
Current Debt
44,000
13,000
Line Of Credit
44,000
0
13,000
0
Payables And Accrued Expenses
133,065
107,775
118,505
104,741
Total Assets
2,655,982
2,381,183
2,324,119
2,217,665
Total Non Current Assets
2,602,454
2,334,191
2,302,154
1,953,091
Other Non Current Assets
136,335
127,369
108,609
111,163
Non Current Deferred Assets
95,405
101,562
98,933
89,103
Investments And Advances
64,862
65,665
71,900
73,809
Long Term Equity Investment
64,862
65,665
71,900
73,809
Investmentsin Joint Venturesat Cost
64,862
65,665
71,900
73,809
Investment Properties
2,207,091
1,980,030
1,952,976
1,630,909
Goodwill And Other Intangible Assets
15,264
-16,534
-7,664
-30,529
Other Intangible Assets
15,264
-16,534
-7,664
-30,529
Net PPE
83,497
76,099
77,400
78,636
Gross PPE
83,497
76,099
77,400
78,636
Other Properties
83,497
76,099
77,400
78,636
Current Assets
53,528
46,992
21,965
264,574
Restricted Cash
35,395
0
Prepaid Assets
104,585
Cash Cash Equivalents And Short Term Investments
18,133
46,992
21,965
264,574
Other Short Term Investments
0
9,187
52,450
0
Cash And Cash Equivalents
18,133
46,992
12,778
212,124
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
295,369
260,678
229,608
213,960
Repayment Of Debt
-286,501
-280,130
-74,773
-4,440
Issuance Of Debt
339,000
262,000
83,000
36,556
Issuance Of Capital Stock
68,886
113,803
88,442
0
End Cash Position
53,528
46,992
12,778
212,124
Beginning Cash Position
46,992
12,778
212,124
161,255
Effect Of Exchange Rate Changes
326
-122
-115
-111
Changes In Cash
6,210
34,336
-199,231
50,980
Financing Cash Flow
-25,622
-48,335
-19,278
-64,163
Cash Flow From Continuing Financing Activities
-25,622
-48,335
-19,278
-64,163
Net Other Financing Charges
-15,241
-25,082
-13,418
-12,156
Proceeds From Stock Option Exercised
434
1,313
1,236
88
Cash Dividends Paid
-132,200
-120,239
-103,765
-84,211
Common Stock Dividend Paid
-132,200
-120,239
-103,765
-84,211
Net Common Stock Issuance
68,886
113,803
88,442
0
Common Stock Issuance
68,886
113,803
88,442
0
Net Issuance Payments Of Debt
52,499
-18,130
8,227
32,116
Net Short Term Debt Issuance
13,000
0
0
Short Term Debt Payments
-70,000
0
0
Short Term Debt Issuance
83,000
0
0
Net Long Term Debt Issuance
52,499
-18,130
8,227
32,116
Long Term Debt Payments
-286,501
-280,130
-74,773
-4,440
Long Term Debt Issuance
339,000
262,000
83,000
36,556
Investing Cash Flow
-263,537
-178,007
-409,561
-98,817
Cash Flow From Continuing Investing Activities
-263,537
-178,007
-409,561
-98,817
Net Other Investing Changes
-10,222
-14,390
-9,543
6,819
Dividends Received Cfi
3,225
3,766
7,184
12,037
Net Investment Purchase And Sale
0
9,187
43,263
-52,450
Sale Of Investment
0
9,187
50,942
0
Purchase Of Investment
0
0
-7,679
-52,450
Net Investment Properties Purchase And Sale
-256,540
-176,570
-447,885
-64,910
Sale Of Investment Properties
16,634
0
0
12,400
Purchase Of Investment Properties
-273,174
-176,570
-447,885
-77,310
Net Business Purchase And Sale
0
0
-2,580
-313
Purchase Of Business
0
0
-2,580
-313
Operating Cash Flow
295,369
260,678
229,608
213,960
Cash Flow From Continuing Operating Activities
295,369
260,678
229,608
213,960
Dividend Received Cfo
13,540
8,720
8,377
8,711
Change In Working Capital
7,642
4,996
-3,103
1,750
Change In Other Current Assets
-19,285
1,796
3,410
276
Change In Payables And Accrued Expense
26,927
3,200
-6,513
1,474
Other Non Cash Items
307
4,812
7,292
4,323
Stock Based Compensation
12,734
11,989
12,511
12,969
Asset Impairment Charge
4,249
0
0
0
Depreciation Amortization Depletion
150,976
138,690
108,889
111,904
Depreciation And Amortization
150,976
138,690
108,889
111,904
Operating Gains Losses
-13,580
-11,289
-8,240
-11,528
Earnings Losses From Equity Investments
-13,580
-11,289
-8,240
-8,594
Net Income From Continuing Operations
119,501
102,760
103,882
85,831
1/5
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: $735M
Warren's Owner Earnings
N/A
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/5 — 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.
$582M
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.
0.30x
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 $0.77 to $0.99 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.
+28.6% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $582Mvs > $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 — 0.30xvs 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 $0.77 to $0.99 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 SKT 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
5.6%
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
$0M
Free Cash Flow
$295M▲
$261M▲
$230M▲
$214M•
N/A•
Warren's Owner Earnings
N/A
N/A
N/A
N/A
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare SKT 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
SKT (SKT) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 69.7%. Operating margin: 30.2%. Net margin: 19.7%. 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.