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 Margin0.2%
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 Margin-0.8%
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 Debt-22.9 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-$1.8B
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-$774M
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$1.3B
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$121M
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 Profit84.8%
Operating Margin0.2%
Net Margin-0.8%
Company Info
Showing Key Metrics
Income Highlights
Metric
2026
2025
2024
2023
2022
Gross Profit %
84.8%▲
82.8%▲
81.6%▼
82.1%•
N/A
Operating Margin %
0.2%▲
-2.5%▲
-2.7%▲
-9.8%•
N/A
Net Income %
-0.8%▲
-4.9%▲
-6.9%▲
-13.8%•
N/A
Diluted EPS
-0.21•
N/A•
-1.16▲
-1.90▲
-2.42
Balance Sheet Highlights
Metric
2026
2025
2024
2023
2022
Total Assets
$6.1B
$6.0B
$5.2B
$4.1B
N/A
Total Debt
$1.2B▼
$1.2B▼
$1.2B▼
$1.3B•
N/A
Working Capital
-$774M▼
$710M▲
$466M▼
$709M•
N/A
Years to Pay Debt
-22.90
-4.83
-4.16
-2.63
N/A
Cash Flow Highlights
Metric
2026
2025
2024
2023
2022
Free Cash Flow
$1.3B▼
$1.4B▲
$1.4B▲
$842M•
N/A
Owner Earnings
$121M
-$119M
-$189M
-$400M
N/A
CapEx % of Net Income
N/A
N/A
N/A
N/A
N/A
Income Statement
2026
2025
2024
2023
2022
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
212,168
24,030
27,408
-220,066
Total Unusual Items
-431,529
Total Unusual Items Excluding Goodwill
-431,529
Net Income From Continuing Operation Net Minority Interest
-53,828
-256,687
-300,519
-486,761
Reconciled Depreciation
140,668
92,375
78,738
60,923
Reconciled Cost Of Revenue
878,368
817,111
737,143
582,742
EBITDA
212,168
24,030
27,408
-220,066
EBIT
71,500
-68,345
-51,330
-280,989
Net Interest Income
20,260
81,774
62,586
19,585
Interest Expense
49,450
30,550
34,077
30,147
Interest Income
69,710
112,324
96,663
49,732
Normalized Income
-53,828
-256,687
-300,519
-486,761
Net Income From Continuing And Discontinued Operation
-53,828
-256,687
-300,519
-486,761
Total Expenses
6,561,953
5,345,696
4,475,680
3,879,869
Total Operating Income As Reported
10,355
-130,392
-117,077
-345,222
Diluted Average Shares
260,163
259,133
256,307
253,312
Basic Average Shares
260,163
259,133
256,307
253,312
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-53,828
-256,687
-300,519
-486,761
Net Income Common Stockholders
-53,828
-256,687
-300,519
-486,761
Net Income
-53,828
-256,687
-300,519
-486,761
Net Income Including Noncontrolling Interests
-53,828
-256,687
-300,519
-486,761
Net Income Continuous Operations
-53,828
-256,687
-300,519
-486,761
Tax Provision
75,878
157,792
215,112
175,625
Pretax Income
22,050
-98,895
-85,407
-311,136
Other Income Expense
-8,565
-50,277
-30,916
14,501
Other Non Operating Income Expenses
-8,565
-50,277
-30,916
14,501
Special Income Charges
-9,742
Other Special Charges
9,742
Gain On Sale Of Security
-421,787
Net Non Operating Interest Income Expense
20,260
81,774
62,586
19,585
Interest Expense Non Operating
49,450
30,550
34,077
30,147
Interest Income Non Operating
69,710
112,324
96,663
49,732
Operating Income
10,355
-130,392
-117,077
-345,222
Operating Expense
5,565,123
4,450,845
3,672,185
3,246,104
Depreciation Amortization Depletion Income Statement
22,206
14,635
12,386
9,900
Depreciation And Amortization In Income Statement
22,206
14,635
12,386
9,900
Amortization
22,206
14,635
12,386
9,900
Amortization Of Intangibles Income Statement
22,206
14,635
12,386
9,900
Research And Development
3,269,257
2,669,312
2,184,111
1,869,881
Selling General And Administration
2,273,660
1,766,898
1,475,688
1,366,323
Selling And Marketing Expense
1,518,972
1,119,900
865,111
759,961
General And Administrative Expense
754,688
646,998
610,577
606,362
Other Gand A
754,688
646,998
610,577
606,362
Salaries And Wages
279,873
164,467
Gross Profit
5,575,478
4,320,453
3,555,108
2,900,882
Cost Of Revenue
996,830
894,851
803,495
633,765
Total Revenue
6,572,308
5,215,304
4,358,603
3,534,647
Operating Revenue
6,262,194
4,930,604
3,924,389
3,322,314
Balance Sheet
2026
2025
2024
2023
2022
Ordinary Shares Number
253,402
262,980
260,557
257,567
Share Issued
253,402
262,980
260,557
257,567
Total Debt
1,232,910
1,239,331
1,249,338
1,282,358
Tangible Book Value
-1,676,555
-203,631
-554,962
-141,611
Invested Capital
2,048,002
2,333,338
2,018,762
1,654,265
Working Capital
-774,006
710,378
466,138
708,774
Net Tangible Assets
-1,676,555
-203,631
-554,962
-141,611
Capital Lease Obligations
243,350
251,647
263,427
282,765
Common Stock Equity
1,058,442
1,345,654
1,032,851
654,672
Total Capitalization
2,048,002
2,333,338
2,018,762
1,616,765
Total Equity Gross Minority Interest
1,058,442
1,345,654
1,032,851
654,672
Stockholders Equity
1,058,442
1,345,654
1,032,851
654,672
Other Equity Interest
53,829
Gains Losses Not Affecting Retained Earnings
-17,034
13,226
25,300
34,002
Other Equity Adjustments
-17,034
13,226
25,300
34,002
Retained Earnings
-6,105,378
-4,241,865
-3,204,516
-2,509,964
Additional Paid In Capital
7,180,851
5,574,290
4,212,064
3,130,631
Capital Stock
3
3
3
3
Common Stock
3
3
3
3
Total Liabilities Net Minority Interest
5,045,087
4,696,316
4,179,282
3,452,107
Total Non Current Liabilities Net Minority Interest
1,473,959
1,515,457
1,569,156
1,424,517
Other Non Current Liabilities
95,445
48,157
39,917
31,177
Employee Benefits
8,630
Non Current Deferred Liabilities
194,113
278,133
328,854
193,412
Non Current Deferred Revenue
166,260
254,252
308,467
182,743
Non Current Deferred Taxes Liabilities
27,853
23,881
20,387
10,669
Long Term Debt And Capital Lease Obligation
1,184,401
1,189,167
1,200,385
1,199,928
Long Term Capital Lease Obligation
194,841
201,483
214,474
237,835
Long Term Debt
989,560
987,684
985,911
962,093
Long Term Provisions
5,174
Current Liabilities
3,571,128
3,180,859
2,610,126
2,027,590
Other Current Liabilities
16,017
2,445
9,905
40,852
Current Deferred Liabilities
2,514,616
2,243,398
1,825,548
1,374,520
Current Deferred Revenue
2,514,616
2,243,398
1,825,548
1,374,520
Current Deferred Taxes Liabilities
88,748
26,367
Current Debt And Capital Lease Obligation
48,509
50,164
48,953
82,430
Current Capital Lease Obligation
48,509
50,164
48,953
44,930
Current Debt
37,500
Other Current Borrowings
37,500
Pensionand Other Post Retirement Benefit Plans Current
468,473
422,986
332,518
191,801
Payables And Accrued Expenses
523,513
461,866
403,107
378,839
Current Accrued Expenses
198,206
180,197
149,046
107,479
Payables
325,307
281,669
254,061
271,360
Other Payable
45,269
22,851
21,313
23,319
Total Tax Payable
17,429
36,726
55,203
88,748
Accounts Payable
262,609
222,092
177,545
159,293
Total Assets
6,103,529
6,041,970
5,212,133
4,106,779
Total Non Current Assets
3,306,407
2,150,733
2,135,869
1,370,415
Other Non Current Assets
153,814
101,499
62,118
73,052
Non Current Prepaid Assets
948
Non Current Deferred Assets
4,088
3,762
3,934
9,945
Non Current Deferred Taxes Assets
4,088
3,762
3,934
9,945
Financial Assets
30,367
Investments And Advances
213,147
221,942
223,221
225,538
Other Investments
225,538
159,064
Investmentin Financial Assets
213,147
221,942
223,221
225,538
Available For Sale Securities
213,147
221,942
223,221
225,538
Goodwill And Other Intangible Assets
2,734,997
1,549,285
1,587,813
796,283
Other Intangible Assets
432,258
244,840
299,057
69,072
Goodwill
2,302,739
1,304,445
1,288,756
727,211
Net PPE
200,361
274,245
258,783
265,597
Accumulated Depreciation
-156,305
-147,779
-128,825
-105,595
Gross PPE
356,666
422,024
387,608
371,192
Leases
125,604
154,113
137,944
123,125
Other Properties
130,329
184,135
183,668
193,493
Machinery Furniture Equipment
100,733
83,776
65,996
54,574
Current Assets
2,797,122
3,891,237
3,076,264
2,736,364
Other Current Assets
287,663
175,793
109,312
146,136
Hedging Assets Current
13,685
Assets Held For Sale Current
0
60,265
Current Deferred Assets
8,806
Prepaid Assets
40,384
Receivables
1,269,947
778,302
628,049
477,678
Other Receivables
3,746
Taxes Receivable
541
Accrued Interest Receivable
621
Accounts Receivable
1,269,947
778,302
628,049
477,678
Allowance For Doubtful Accounts Receivable
-4,045
Gross Accounts Receivable
312,172
Cash Cash Equivalents And Short Term Investments
1,239,512
2,937,142
2,338,903
2,112,550
Other Short Term Investments
0
424,268
161,973
10,000
Cash And Cash Equivalents
1,239,512
2,512,874
2,176,930
2,102,550
Cash Equivalents
564,306
Cash Financial
820,959
Cash Flow
2026
2025
2024
2023
2022
Free Cash Flow
1,319,075
1,415,543
1,415,047
842,299
Repurchase Of Capital Stock
-1,800,485
-779,439
-395,256
-150,006
Repayment Of Debt
0
0
-1,000,000
0
Issuance Of Debt
0
0
987,039
0
Capital Expenditure
-34,060
-44,850
-33,112
-25,812
Interest Paid Supplemental Data
54,320
54,268
61,339
46,247
Income Tax Paid Supplemental Data
160,706
180,470
253,828
102,156
End Cash Position
1,249,286
2,513,762
2,178,122
2,103,915
Other Cash Adjustment Outside Changein Cash
0
0
602
6,616
Beginning Cash Position
2,513,762
2,178,122
2,103,915
1,386,686
Effect Of Exchange Rate Changes
-10,233
151
-1,989
-1,805
Changes In Cash
-1,254,243
335,489
76,196
718,432
Financing Cash Flow
-1,800,485
-782,582
-408,217
-148,421
Cash Flow From Continuing Financing Activities
-1,800,485
-782,582
-408,217
-148,421
Net Other Financing Charges
-3,143
1,585
149,406
Interest Paid Cff
-13,310
Proceeds From Stock Option Exercised
32
Net Common Stock Issuance
-1,800,485
-779,439
-395,256
-150,006
Common Stock Payments
-1,800,485
-779,439
-395,256
-150,006
Net Issuance Payments Of Debt
0
0
-12,961
0
Net Short Term Debt Issuance
-1,548,686
Short Term Debt Payments
-1,548,686
Net Long Term Debt Issuance
0
0
-12,961
0
Long Term Debt Payments
0
0
-1,000,000
0
Long Term Debt Issuance
0
0
987,039
0
Investing Cash Flow
-806,893
-342,322
-963,746
-1,258
Cash Flow From Continuing Investing Activities
-806,893
-342,322
-963,746
-1,258
Net Other Investing Changes
3,302
Net Investment Purchase And Sale
456,042
-283,227
-82,867
30,329
Sale Of Investment
532,551
155,838
180,430
74,579
Purchase Of Investment
-76,509
-439,065
-263,297
-44,250
Net Business Purchase And Sale
-1,228,875
-14,245
-847,767
-5,775
Purchase Of Business
-1,228,875
-14,245
-847,767
-5,775
Net Intangibles Purchase And Sale
-535
-160
-4,018
Purchase Of Intangibles
-535
-160
-4,018
Net PPE Purchase And Sale
-34,060
-44,850
-33,112
-25,812
Purchase Of PPE
-34,060
-44,850
-33,112
-25,812
Operating Cash Flow
1,353,135
1,460,393
1,448,159
868,111
Cash Flow From Continuing Operating Activities
1,353,135
1,460,393
1,448,159
868,111
Taxes Refund Paid
-66,648
Interest Received Cfo
2,086
Change In Working Capital
-375,999
264,809
576,989
308,556
Change In Other Working Capital
153,314
366,368
552,307
362,799
Change In Payables And Accrued Expense
110,984
133,861
176,273
153,513
Change In Accrued Expense
69,077
90,988
158,123
74,611
Change In Payable
41,907
42,873
18,150
78,902
Change In Account Payable
41,907
42,873
18,150
78,902
Change In Prepaid Assets
-155,832
-85,385
-3,122
-38,230
Change In Receivables
-484,465
-150,035
-148,469
-169,526
Changes In Account Receivables
-484,465
-150,035
-148,469
-169,526
Other Non Cash Items
1,507
-532
1,305
1,959
Stock Based Compensation
1,606,561
1,362,222
1,081,433
948,087
Unrealized Gain Loss On Investment Securities
2,100
Asset Impairment Charge
80,316
0
0
61,098
Deferred Tax
-23,080
4,050
119
10,613
Deferred Income Tax
-23,080
4,050
119
10,613
Depreciation Amortization Depletion
140,668
92,375
78,738
60,923
Depreciation And Amortization
140,668
92,375
78,738
60,923
Amortization Cash Flow
32,398
Amortization Of Intangibles
32,398
Depreciation
140,668
92,375
78,738
60,923
Operating Gains Losses
-23,010
-5,844
10,094
-36,364
Gain Loss On Investment Securities
-29,192
-3,350
9,171
19,407
Net Foreign Currency Exchange Gain Loss
6,182
-2,494
2,301
-10,613
Gain Loss On Sale Of Business
0
0
-1,378
-45,158
Net Income From Continuing Operations
-53,828
-256,687
-300,519
-486,761
1/4
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: $1.1B
Warren's Owner Earnings
$121M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/4 — 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.
$6.6B
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.
0.78x
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 — $6.6Bvs > $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 — 0.78xvs 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 TEAM 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
0.3%
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
2026
2025
2024
2023
2022
Capital Expenditure % of Net Income
N/A
N/A
N/A
N/A
N/A
Repurchase of Capital Stock
-$1.8B
-$779M
-$395M
-$150M
N/A
Free Cash Flow
$1.3B▼
$1.4B▲
$1.4B▲
$842M•
N/A•
Warren's Owner Earnings
$121M
-$119M
-$189M
-$400M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare TEAM 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
TEAM (TEAM) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 84.8%. Operating margin: 0.2%. Net margin: -0.8%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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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
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