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 Margin14.7%
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 Margin4.3%
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 Debt52.6 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-$13.1B
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-$62M
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$1.0B
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 Income256.4%
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$2.3B
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 Profit41.4%
Operating Margin14.7%
Net Margin4.3%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
41.4%▼
42.6%▼
43.1%▼
44.7%
Operating Margin %
14.7%▲
13.8%▲
9.2%▼
11.7%
Net Income %
4.3%▲
1.6%▲
-0.9%▲
-1.1%
Diluted EPS
0.54▲
0.19▲
-0.10▲
-0.12
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$27.6B
$26.2B
$24.7B
$24.2B
N/A
Total Debt
$13.2B▼
$13.7B▲
$13.7B▲
$12.5B•
N/A
Working Capital
-$62M▼
$119M▲
-$314M▲
-$612M•
N/A
Years to Pay Debt
52.59
169.32
-334.02
-263.18
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$1.0B▲
$726M▲
$477M▼
$666M•
N/A
Owner Earnings
$2.3B
$2.0B
$2.0B
$1.6B
N/A
CapEx % of Net Income
256.4%
744.1%
N/A
N/A
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
5,950
7,550
12,693
-6,929
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,242,748
1,900,744
1,896,145
1,644,140
Total Unusual Items
28,334
35,953
53,008
-23,685
Total Unusual Items Excluding Goodwill
28,334
35,953
53,008
-23,685
Net Income From Continuing Operation Net Minority Interest
251,381
81,153
-40,973
-47,447
Reconciled Depreciation
1,411,468
1,283,286
1,414,877
1,210,755
Reconciled Cost Of Revenue
3,387,588
2,796,926
2,538,830
2,269,961
EBITDA
2,271,082
1,936,697
1,949,153
1,620,455
EBIT
859,614
653,411
534,276
409,700
Net Interest Income
-612,246
-602,835
-574,112
-467,557
Interest Expense
612,246
602,835
574,112
467,557
Normalized Income
228,997
52,750
-81,288
-30,691
Net Income From Continuing And Discontinued Operation
251,381
81,153
-40,973
-47,447
Total Expenses
4,976,456
4,243,036
4,082,313
3,645,347
Rent Expense Supplemental
321,238
314,149
307,333
272,304
Diluted Average Shares
462,615
416,366
405,670
403,454
Basic Average Shares
455,082
411,770
401,809
399,549
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
251,381
81,153
-40,973
-47,447
Net Income Common Stockholders
251,381
81,153
-40,973
-47,447
Net Income
251,381
81,153
-40,973
-47,447
Minority Interests
-10,137
-7,198
-10,676
-6,516
Net Income Including Noncontrolling Interests
261,518
88,351
-30,297
-40,931
Net Income Continuous Operations
261,518
88,351
-30,297
-40,931
Tax Provision
-14,150
-37,775
-9,539
-16,926
Pretax Income
247,368
50,576
-39,836
-57,857
Other Income Expense
2,090
-27,819
118,762
-74,146
Other Non Operating Income Expenses
-30,712
-65,335
52,128
-78,961
Special Income Charges
-10,245
-21,056
-9,111
-31,465
Other Special Charges
172
687
-6,104
581
Restructuring And Mergern Acquisition
10,073
20,369
15,215
30,884
Earnings From Equity Interest
4,468
1,563
13,626
28,500
Gain On Sale Of Security
38,579
57,009
62,119
7,780
Net Non Operating Interest Income Expense
-612,246
-602,835
-574,112
-467,557
Interest Expense Non Operating
612,246
602,835
574,112
467,557
Operating Income
857,524
681,230
415,514
483,846
Operating Expense
1,556,540
1,415,967
1,521,067
1,362,429
Provision For Doubtful Accounts
0
-166
-20,270
19,757
Depreciation Amortization Depletion Income Statement
1,379,140
1,253,143
1,392,461
1,197,798
Depreciation And Amortization In Income Statement
1,379,140
1,253,143
1,392,461
1,197,798
Selling General And Administration
177,400
162,990
148,876
144,874
Gross Profit
2,414,064
2,097,197
1,936,581
1,846,275
Cost Of Revenue
3,419,916
2,827,069
2,561,246
2,282,918
Total Revenue
5,833,980
4,924,266
4,497,827
4,129,193
Operating Revenue
5,790,377
4,887,095
4,463,461
4,077,398
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
4
279
10
Ordinary Shares Number
474,926
437,081
402,101
399,697
Share Issued
474,926
437,085
402,380
399,707
Net Debt
12,269,949
12,624,701
12,982,102
12,174,216
Total Debt
13,219,618
13,740,554
13,685,630
12,487,220
Tangible Book Value
11,470,500
9,714,839
8,437,298
9,102,160
Invested Capital
25,538,269
24,293,818
22,978,954
22,449,748
Working Capital
-61,864
118,546
-314,071
-612,366
Net Tangible Assets
11,470,500
9,714,839
8,437,298
9,102,160
Capital Lease Obligations
208,602
218,003
194,734
190,440
Common Stock Equity
12,527,253
10,771,267
9,488,058
10,152,968
Total Capitalization
25,538,269
24,287,421
22,964,948
22,021,518
Total Equity Gross Minority Interest
12,585,808
10,829,596
9,544,405
10,221,677
Minority Interest
58,555
58,329
56,347
68,709
Stockholders Equity
12,527,253
10,771,267
9,488,058
10,152,968
Gains Losses Not Affecting Retained Earnings
-7,567,628
-6,920,179
-6,249,560
-5,486,185
Other Equity Adjustments
-7,567,628
-6,920,179
-6,249,560
-5,486,185
Treasury Stock
34
25,155
13,764
536
Retained Earnings
-5,449,385
-4,679,889
Additional Paid In Capital
19,976,183
17,607,482
15,650,734
15,539,777
Capital Stock
118,732
109,119
100,648
99,912
Common Stock
118,732
109,119
100,648
99,912
Total Liabilities Net Minority Interest
15,006,137
15,357,310
15,181,028
13,936,163
Total Non Current Liabilities Net Minority Interest
13,618,181
14,052,536
13,998,760
12,359,210
Preferred Securities Outside Stock Equity
375,154
310,229
302,636
264,650
Non Current Deferred Liabilities
23,409
8,150
24,500
35,570
Non Current Deferred Taxes Liabilities
23,409
8,150
24,500
35,570
Long Term Debt And Capital Lease Obligation
13,219,618
13,734,157
13,671,624
12,058,990
Long Term Capital Lease Obligation
208,602
218,003
194,734
190,440
Long Term Debt
13,011,016
13,516,154
13,476,890
11,868,550
Current Liabilities
1,387,956
1,304,774
1,182,268
1,576,953
Other Current Liabilities
4,032
2,726
9,243
6,492
Current Debt And Capital Lease Obligation
6,397
14,006
428,230
336,448
Current Debt
6,397
14,006
428,230
336,448
Line Of Credit
0
6,397
14,006
25,230
Commercial Paper
0
0
0
403,000
Payables And Accrued Expenses
1,383,924
1,295,651
1,159,019
1,142,231
Current Accrued Expenses
143,104
143,345
117,403
110,542
Interest Payable
143,104
143,345
117,403
110,542
Payables
1,240,820
1,152,306
1,041,616
1,031,689
Accounts Payable
1,240,820
1,152,306
1,041,616
1,031,689
Total Assets
27,591,945
26,186,906
24,725,433
24,157,840
Total Non Current Assets
26,265,853
24,763,586
23,857,236
23,193,253
Other Non Current Assets
97,832
128,826
123,326
171,387
Non Current Deferred Assets
166,278
147,904
120,310
111,675
Non Current Deferred Taxes Assets
2,797
1,931
1,754
10,490
Non Current Accounts Receivable
99,872
108,138
76,091
Financial Assets
40,192
59,281
23,621
48,884
Investments And Advances
718,185
721,745
678,518
675,312
Long Term Equity Investment
718,185
721,745
678,518
675,312
Investment Properties
24,126,933
22,600,545
21,748,950
21,160,450
Goodwill And Other Intangible Assets
1,056,753
1,056,428
1,050,760
1,050,808
Other Intangible Assets
10,681
11,513
5,584
6,393
Goodwill
1,046,072
1,044,915
1,045,176
1,044,415
Current Assets
1,326,092
1,423,320
868,197
964,587
Assets Held For Sale Current
42,993
18,625
56,489
44,893
Restricted Cash
45,070
59,383
54,668
48,181
Prepaid Assets
81,389
71,786
Receivables
415,573
375,676
248,246
748,949
Loans Receivable
164,740
173,001
54,138
561,413
Accounts Receivable
250,833
202,675
194,108
187,536
Cash Cash Equivalents And Short Term Investments
741,067
897,850
508,794
122,564
Cash And Cash Equivalents
741,067
897,850
508,794
122,564
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,002,111
725,779
476,868
666,094
Repurchase Of Capital Stock
-96
Repayment Of Debt
-1,786,529
-1,628,419
-1,985,542
-602,570
Issuance Of Debt
1,130,497
1,913,431
2,527,482
957,781
Issuance Of Capital Stock
2,343,687
1,964,867
108,455
0
Capital Expenditure
-644,615
-603,846
-643,005
-454,069
Interest Paid Supplemental Data
579,693
575,741
548,108
467,556
End Cash Position
786,137
957,233
563,462
170,745
Beginning Cash Position
957,233
563,462
170,745
196,597
Effect Of Exchange Rate Changes
2,839
-3,985
1,257
-2,869
Changes In Cash
-173,935
397,756
391,460
-22,983
Financing Cash Flow
873,757
1,445,220
-543,749
-283,928
Cash Flow From Continuing Financing Activities
873,757
1,445,220
-543,749
-283,928
Net Other Financing Charges
-64,701
-90,385
-69,967
-49,925
Proceeds From Stock Option Exercised
110,863
26,052
1,736
8,691
Cash Dividends Paid
-860,060
-740,326
-723,559
-720,319
Common Stock Dividend Paid
-860,060
-740,326
-723,559
-720,319
Net Common Stock Issuance
2,343,687
1,964,867
108,455
0
Common Stock Payments
-96
Common Stock Issuance
2,343,687
1,964,867
108,455
0
Net Issuance Payments Of Debt
-656,032
285,012
139,586
477,625
Net Short Term Debt Issuance
0
0
-402,354
122,414
Short Term Debt Payments
-27,179
-125,399
Short Term Debt Issuance
122,414
279,929
Net Long Term Debt Issuance
-656,032
285,012
541,940
355,211
Long Term Debt Payments
-1,786,529
-1,628,419
-1,985,542
-602,570
Long Term Debt Issuance
1,130,497
1,913,431
2,527,482
957,781
Investing Cash Flow
-2,694,418
-2,377,089
-184,664
-859,218
Cash Flow From Continuing Investing Activities
-2,694,418
-2,377,089
-184,664
-859,218
Net Other Investing Changes
52,890
-114,951
59,456
-16,106
Dividends Received Cfi
33,700
8,368
74,670
28,311
Net Investment Properties Purchase And Sale
-2,080,608
-1,596,863
404,683
-333,702
Sale Of Investment Properties
213,161
329,094
411,149
112,926
Purchase Of Investment Properties
-2,293,769
-1,925,957
-6,466
-446,628
Net Business Purchase And Sale
-55,785
-69,797
-80,468
-83,652
Sale Of Business
0
0
50,054
0
Purchase Of Business
-55,785
-69,797
-130,522
-83,652
Capital Expenditure Reported
-644,615
-603,846
-643,005
-454,069
Operating Cash Flow
1,646,726
1,329,625
1,119,873
1,120,163
Cash Flow From Continuing Operating Activities
1,646,726
1,329,625
1,119,873
1,120,163
Dividend Received Cfo
29,041
18,298
16,123
19,847
Change In Working Capital
49,430
43,811
-53,598
-40,785
Change In Other Current Assets
-30,683
-117,363
-48,445
-52,897
Change In Payables And Accrued Expense
80,113
161,174
-5,153
12,112
Change In Accrued Expense
-922
27,205
1,252
4,915
Change In Interest Payable
-922
27,205
1,252
4,915
Change In Payable
81,035
133,969
-6,405
7,197
Change In Account Payable
81,035
133,969
-6,405
7,197
Other Non Cash Items
-76,439
-33,574
-111,704
-22,148
Stock Based Compensation
38,733
30,991
30,987
30,715
Provisionand Write Offof Assets
0
-166
-20,270
19,757
Deferred Tax
-24,150
-43,487
-15,269
-21,348
Deferred Income Tax
-24,150
-43,487
-15,269
-21,348
Depreciation Amortization Depletion
1,411,468
1,283,286
1,414,877
1,210,755
Depreciation And Amortization
1,411,468
1,283,286
1,414,877
1,210,755
Amortization Cash Flow
32,328
30,143
22,416
12,957
Amortization Of Intangibles
32,328
30,143
22,416
12,957
Depreciation
1,379,140
1,253,143
1,392,461
1,197,798
Operating Gains Losses
-42,875
-57,885
-110,976
-35,699
Earnings Losses From Equity Investments
-4,468
-1,563
-13,626
-28,500
Gain Loss On Investment Securities
-38,579
-57,009
-91,246
-7,780
Net Income From Continuing Operations
261,518
88,351
-30,297
-40,931
2/5
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: $12.6B
Warren's Owner Earnings
$2.3B
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.
$5.8B
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.
0.96x
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.
2 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 $0.19 to $0.54 over 1 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.
+184.2% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $5.8Bvs > $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 — 0.96xvs 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 — 2 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 $0.19 to $0.54 over 1 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 VTR 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
2.6%
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
256.4%
744.1%
N/A
N/A
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
-$0M
Free Cash Flow
$1.0B▲
$726M▲
$477M▼
$666M•
N/A•
Warren's Owner Earnings
$2.3B
$2.0B
$2.0B
$1.6B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare VTR 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
VTR (VTR) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 41.4%. Operating margin: 14.7%. Net margin: 4.3%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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