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 Margin8.1%
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 Margin6.9%
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
D
Years to Pay Off Debt2.4 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-$457M
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$336M
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 Income97.2%
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$1.0B
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
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 Profit15.9%
Operating Margin8.1%
Net Margin6.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
15.9%▼
17.6%▲
15.9%▼
16.3%•
N/A
Operating Margin %
8.1%▼
9.6%▲
7.6%▼
8.0%•
N/A
Net Income %
6.9%▼
8.1%▲
6.6%▼
6.7%•
N/A
Diluted EPS
6.10▼
6.47▲
4.54▲
3.97•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$3.5B
$3.2B
$2.8B
$2.5B
N/A
Total Debt
$974M▲
$854M▲
$771M▲
$753M•
N/A
Working Capital
-$457M▼
-$312M▲
-$389M▼
-$255M•
N/A
Years to Pay Debt
2.40
1.97
2.53
2.79
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$336M▼
$399M▲
$218M▼
$266M•
N/A
Owner Earnings
$1.0B
$966M
$805M
$653M
N/A
CapEx % of Net Income
97.2%
81.7%
113.8%
91.2%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-48
-188
-34
-218
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
682,078
697,128
507,741
460,634
Total Unusual Items
-349
-1,226
-275
-1,600
Total Unusual Items Excluding Goodwill
-349
-1,226
-275
-1,600
Net Income From Continuing Operation Net Minority Interest
405,554
433,592
304,876
269,818
Reconciled Depreciation
206,640
178,157
153,202
137,237
Reconciled Cost Of Revenue
4,941,516
4,426,076
3,896,590
3,361,290
EBITDA
681,729
695,902
507,466
459,034
EBIT
475,089
517,745
354,264
321,797
Net Interest Income
3,137
6,774
2,984
-124
Interest Expense
124
3,663
Normalized Income
405,855
434,630
305,117
271,200
Net Income From Continuing And Discontinued Operation
405,554
433,592
304,876
269,818
Total Expenses
5,402,986
4,855,587
4,277,408
3,693,122
Rent Expense Supplemental
92,321
80,560
72,766
66,834
Total Operating Income As Reported
474,740
516,519
353,989
320,197
Diluted Average Shares
66,511
67,011
67,149
67,920
Basic Average Shares
66,324
66,752
66,893
67,643
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
405,554
433,592
304,876
269,818
Net Income Common Stockholders
405,554
433,592
304,876
269,818
Net Income
405,554
433,592
304,876
269,818
Minority Interests
-8,781
-10,753
-8,799
-7,779
Net Income Including Noncontrolling Interests
414,335
444,345
313,675
277,597
Net Income Continuous Operations
414,335
444,345
313,675
277,597
Tax Provision
66,421
80,145
44,649
43,715
Pretax Income
480,756
524,490
358,324
321,312
Other Income Expense
2,530
-29
1,076
-361
Special Income Charges
-349
-1,226
-275
-1,600
Write Off
275
1,600
734
Impairment Of Capital Assets
349
1,226
275
1,600
Earnings From Equity Interest
2,879
1,197
1,351
1,239
Net Non Operating Interest Income Expense
3,137
6,774
2,984
-124
Total Other Finance Cost
-3,137
-6,774
-2,984
124
Interest Expense Non Operating
124
3,663
Operating Income
475,089
517,745
354,264
321,797
Operating Expense
461,470
429,511
380,818
331,832
Other Operating Expenses
27,502
28,090
29,234
21,883
Depreciation Amortization Depletion Income Statement
206,640
178,157
153,202
137,237
Depreciation And Amortization In Income Statement
206,640
178,157
153,202
137,237
Selling General And Administration
227,328
223,264
198,382
172,712
General And Administrative Expense
227,328
223,264
198,382
172,712
Other Gand A
227,328
223,264
198,382
172,712
Gross Profit
936,559
947,256
735,082
653,629
Cost Of Revenue
4,941,516
4,426,076
3,896,590
3,361,290
Total Revenue
5,878,075
5,373,332
4,631,672
4,014,919
Operating Revenue
5,878,075
5,373,332
4,631,672
4,014,919
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
65,944
66,575
66,789
66,973
Share Issued
65,944
66,575
66,789
66,973
Total Debt
974,023
854,472
770,887
753,364
Tangible Book Value
1,189,977
1,177,583
959,098
851,917
Invested Capital
1,460,820
1,358,347
1,141,662
1,062,638
Working Capital
-457,361
-311,562
-388,960
-255,169
Net Tangible Assets
1,189,977
1,177,583
959,098
851,917
Capital Lease Obligations
974,023
854,472
770,887
703,364
Common Stock Equity
1,460,820
1,358,347
1,141,662
1,012,638
Total Capitalization
1,460,820
1,358,347
1,141,662
1,062,638
Total Equity Gross Minority Interest
1,481,702
1,373,723
1,157,511
1,027,662
Minority Interest
20,882
15,376
15,849
15,024
Stockholders Equity
1,460,820
1,358,347
1,141,662
1,012,638
Retained Earnings
1,460,754
1,358,280
1,141,595
999,432
Additional Paid In Capital
0
13,139
114,504
Capital Stock
66
67
67
67
Common Stock
66
67
67
67
Total Liabilities Net Minority Interest
2,067,770
1,817,056
1,635,865
1,498,003
Total Non Current Liabilities Net Minority Interest
1,158,933
988,926
890,431
845,993
Other Non Current Liabilities
191,656
145,154
114,958
89,161
Restricted Common Stock
9,525
9,288
8,893
7,979
Non Current Deferred Liabilities
14,682
8,184
23,104
20,979
Non Current Deferred Taxes Liabilities
14,682
8,184
23,104
20,979
Long Term Debt And Capital Lease Obligation
943,070
826,300
743,476
727,874
Long Term Capital Lease Obligation
943,070
826,300
743,476
677,874
Long Term Debt
50,000
100,000
Current Liabilities
908,837
828,130
745,434
652,010
Current Deferred Liabilities
448,744
401,198
373,913
335,403
Current Deferred Revenue
448,744
401,198
373,913
335,403
Current Debt And Capital Lease Obligation
30,953
28,172
27,411
25,490
Current Capital Lease Obligation
30,953
28,172
27,411
25,490
Payables And Accrued Expenses
429,140
398,760
344,110
291,117
Current Accrued Expenses
212,175
194,159
169,602
149,859
Payables
216,965
204,601
174,508
141,258
Total Tax Payable
53,544
59,810
42,870
35,698
Income Tax Payable
123
2,986
112
434
Accounts Payable
163,421
144,791
131,638
105,560
Total Assets
3,549,472
3,190,779
2,793,376
2,525,665
Total Non Current Assets
3,097,996
2,674,211
2,436,919
2,128,824
Other Non Current Assets
154,672
115,724
94,999
73,878
Goodwill And Other Intangible Assets
270,843
180,764
182,564
160,721
Other Intangible Assets
28,623
11,080
12,880
11,989
Goodwill
242,220
169,684
169,684
148,732
Net PPE
2,672,481
2,377,723
2,159,356
1,894,225
Accumulated Depreciation
-1,370,888
-1,215,644
-1,071,993
-961,880
Gross PPE
4,043,369
3,593,367
3,231,349
2,856,105
Leases
873,287
764,135
686,271
625,164
Construction In Progress
80,293
98,662
93,527
73,639
Other Properties
6,234
5,730
7,743
5,094
Machinery Furniture Equipment
1,174,616
1,027,644
908,489
797,058
Buildings And Improvements
1,739,512
1,523,169
1,369,400
1,206,930
Land And Improvements
169,427
174,027
165,919
148,220
Current Assets
451,476
516,568
356,474
396,841
Other Current Assets
42,922
37,417
35,172
29,604
Prepaid Assets
13,774
0
3,262
5,097
Inventory
45,560
40,756
38,320
38,015
Receivables
214,511
193,170
175,474
150,264
Accounts Receivable
214,511
193,170
175,474
150,264
Allowance For Doubtful Accounts Receivable
-12
-7
-35
-50
Gross Accounts Receivable
214,523
193,177
175,509
150,314
Cash Cash Equivalents And Short Term Investments
134,709
245,225
104,246
173,861
Cash And Cash Equivalents
134,709
245,225
104,246
173,861
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
336,071
399,288
217,950
265,604
Repurchase Of Capital Stock
-169,921
-97,611
-62,681
-226,435
Repayment Of Debt
0
0
-50,000
-50,000
Issuance Of Capital Stock
459
366
405
307
Capital Expenditure
-393,996
-354,341
-347,034
-246,121
Interest Paid Supplemental Data
981
891
1,119
1,547
Income Tax Paid Supplemental Data
75,094
87,333
39,861
25,910
End Cash Position
134,709
245,225
104,246
173,861
Beginning Cash Position
245,225
104,246
173,861
335,645
Changes In Cash
-110,516
140,979
-69,615
-161,784
Financing Cash Flow
-357,769
-275,749
-267,432
-409,775
Cash Flow From Continuing Financing Activities
-357,769
-275,749
-267,432
-409,775
Net Other Financing Charges
-8,045
-15,640
-7,974
-9,510
Cash Dividends Paid
-180,262
-162,864
-147,182
-124,137
Common Stock Dividend Paid
-180,262
-162,864
-147,182
-124,137
Net Common Stock Issuance
-169,462
-97,245
-62,276
-226,128
Common Stock Payments
-169,921
-97,611
-62,681
-226,435
Common Stock Issuance
459
366
405
307
Net Issuance Payments Of Debt
0
0
-50,000
-50,000
Net Short Term Debt Issuance
-50,000
-50,000
-140,000
Short Term Debt Payments
-50,000
-50,000
-140,000
Net Long Term Debt Issuance
0
0
-50,000
-50,000
Long Term Debt Payments
0
0
-50,000
-50,000
Investing Cash Flow
-482,814
-336,901
-367,167
-263,734
Cash Flow From Continuing Investing Activities
-482,814
-336,901
-367,167
-263,734
Net Investment Purchase And Sale
-4,175
0
0
Purchase Of Investment
-4,175
0
0
Net Business Purchase And Sale
-104,980
0
-38,526
-32,753
Sale Of Business
2,548
0
627
316
Purchase Of Business
-107,528
0
-39,153
-33,069
Net Intangibles Purchase And Sale
-6,000
0
0
Purchase Of Intangibles
-6,000
0
0
Net PPE Purchase And Sale
20,337
17,440
18,393
15,140
Sale Of PPE
20,337
17,440
18,393
15,140
Capital Expenditure Reported
-387,996
-354,341
-347,034
-246,121
Operating Cash Flow
730,067
753,629
564,984
511,725
Cash Flow From Continuing Operating Activities
730,067
753,629
564,984
511,725
Dividend Received Cfo
865
1,133
689
1,022
Change In Working Capital
51,382
93,550
57,455
43,980
Change In Other Working Capital
38,120
41,506
45,174
45,020
Change In Other Current Liabilities
46,501
30,194
25,103
-4,510
Change In Other Current Assets
-32,358
-20,097
-22,617
5,775
Change In Payables And Accrued Expense
28,705
64,296
39,722
-728
Change In Accrued Expense
14,019
36,761
10,058
-8,025
Change In Payable
14,686
27,535
29,664
7,297
Change In Account Payable
18,962
13,142
23,083
5,408
Change In Tax Payable
-4,276
14,393
6,581
1,889
Change In Income Tax Payable
-4,276
14,393
6,581
1,889
Change In Prepaid Assets
-4,634
-2,245
-5,612
-6,540
Change In Inventory
-3,646
-2,436
105
-6,099
Change In Receivables
-21,306
-17,668
-24,420
11,062
Stock Based Compensation
47,765
47,055
34,230
36,663
Provisionand Write Offof Assets
5
-28
-14
33
Asset Impairment Charge
120
845
200
1,770
Deferred Tax
7,025
-13,803
3,115
9,456
Deferred Income Tax
7,025
-13,803
3,115
9,456
Depreciation Amortization Depletion
206,640
178,157
153,202
137,237
Depreciation And Amortization
206,640
178,157
153,202
137,237
Operating Gains Losses
1,930
2,375
2,432
3,967
Earnings Losses From Equity Investments
-2,879
-1,197
-1,351
-1,239
Net Income From Continuing Operations
414,335
444,345
313,675
277,597
3/5
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: $1.5B
Warren's Owner Earnings
$1.0B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — 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.
$5.9B
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.
0.50x
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 $3.97 to $6.10 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.
+53.7% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $5.9Bvs > $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 — 0.50xvs 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 $3.97 to $6.10 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 TXRH 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
14.2%
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
97.2%
81.7%
113.8%
91.2%
N/A
Repurchase of Capital Stock
-$170M
-$98M
-$63M
-$226M
N/A
Free Cash Flow
$336M▼
$399M▲
$218M▼
$266M•
N/A•
Warren's Owner Earnings
$1.0B
$966M
$805M
$653M
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare TXRH 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
TXRH (TXRH) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 15.9%. Operating margin: 8.1%. Net margin: 6.9%. 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.