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 Margin21.2%
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 Margin12.4%
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 Debt10.6 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-$145.0B
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-$5.4B
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$19.7B
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 Income101.7%
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$53.0B
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 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 Profit58.9%
Operating Margin21.2%
Net Margin12.4%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
58.9%▼
59.9%▲
59.0%▲
56.8%
Operating Margin %
21.2%▼
21.3%▼
21.4%▼
22.3%
Net Income %
12.4%▼
13.0%▲
8.7%▼
15.5%
Diluted EPS
4.06▼
4.14▲
2.75▼
5.06
Balance Sheet Highlights
Metric
2025
2024
2023
2022
Total Assets
$404.3B
$384.7B
$380.3B
$379.7B
Total Debt
$181.6B▲
$168.4B▼
$174.9B▼
$176.3B
Working Capital
-$5.4B▲
-$24.2B▼
-$16.4B▼
-$12.3B
Years to Pay Debt
10.58
9.62
15.06
8.30
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$19.7B▲
$18.9B▲
$12.9B▲
$10.4B•
N/A
Owner Earnings
$53.0B
$53.4B
$53.8B
$65.1B
N/A
CapEx % of Net Income
101.7%
102.8%
211.5%
125.8%
N/A
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
82,064
84,315
-1,593,421
-248,497
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
47,347,000
47,135,000
45,668,000
50,060,000
Total Unusual Items
368,000
385,000
-5,533,000
-1,077,000
Total Unusual Items Excluding Goodwill
368,000
385,000
-5,533,000
-1,077,000
Net Income From Continuing Operation Net Minority Interest
17,174,000
17,506,000
11,614,000
21,256,000
Reconciled Depreciation
18,349,000
17,892,000
17,624,000
17,099,000
Reconciled Cost Of Revenue
56,765,000
54,097,000
54,887,000
59,133,000
EBITDA
47,715,000
47,520,000
40,135,000
48,983,000
EBIT
29,366,000
29,628,000
22,511,000
31,884,000
Net Interest Income
-6,365,000
-6,313,000
-5,170,000
-3,467,000
Interest Expense
6,694,000
6,649,000
5,524,000
3,613,000
Interest Income
329,000
336,000
354,000
146,000
Normalized Income
16,888,064
17,205,315
15,553,579
22,084,503
Net Income From Continuing And Discontinued Operation
17,174,000
17,506,000
11,614,000
21,256,000
Total Expenses
108,932,000
106,102,000
105,256,000
106,368,000
Total Operating Income As Reported
29,259,000
28,686,000
22,877,000
30,467,000
Diluted Average Shares
4,231,000
4,223,000
4,215,000
4,204,000
Basic Average Shares
4,226,000
4,218,000
4,211,000
4,202,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
17,174,000
17,506,000
11,614,000
21,256,000
Net Income Common Stockholders
17,174,000
17,506,000
11,614,000
21,256,000
Net Income
17,174,000
17,506,000
11,614,000
21,256,000
Minority Interests
-434,000
-443,000
-481,000
-492,000
Net Income Including Noncontrolling Interests
17,608,000
17,949,000
12,095,000
21,748,000
Net Income Continuous Operations
17,608,000
17,949,000
12,095,000
21,748,000
Tax Provision
5,064,000
5,030,000
4,892,000
6,523,000
Pretax Income
22,672,000
22,979,000
16,987,000
28,271,000
Other Income Expense
-222,000
606,000
-6,561,000
1,271,000
Other Non Operating Income Expenses
-590,000
274,000
-975,000
2,304,000
Special Income Charges
368,000
385,000
-5,533,000
-1,077,000
Other Special Charges
-368,000
-385,000
-308,000
1,077,000
Impairment Of Capital Assets
0
0
5,841,000
0
Earnings From Equity Interest
0
-53,000
-53,000
44,000
Net Non Operating Interest Income Expense
-6,365,000
-6,313,000
-5,170,000
-3,467,000
Interest Expense Non Operating
6,694,000
6,649,000
5,524,000
3,613,000
Interest Income Non Operating
329,000
336,000
354,000
146,000
Operating Income
29,259,000
28,686,000
28,718,000
30,467,000
Operating Expense
52,167,000
52,005,000
50,369,000
47,235,000
Depreciation Amortization Depletion Income Statement
18,349,000
17,892,000
17,624,000
17,099,000
Depreciation And Amortization In Income Statement
18,349,000
17,892,000
17,624,000
17,099,000
Selling General And Administration
33,818,000
34,113,000
32,745,000
30,136,000
Gross Profit
81,426,000
80,691,000
79,087,000
77,702,000
Cost Of Revenue
56,765,000
54,097,000
54,887,000
59,133,000
Total Revenue
138,191,000
134,788,000
133,974,000
136,835,000
Operating Revenue
138,191,000
134,788,000
133,974,000
136,835,000
Balance Sheet
2025
2024
2023
2022
Treasury Shares Number
74,258
81,753
87,173
91,572
Ordinary Shares Number
4,217,175
4,209,680
4,204,261
4,199,861
Share Issued
4,291,434
4,291,434
4,291,434
4,291,434
Net Debt
139,102,000
139,820,000
148,609,000
148,034,000
Total Debt
181,643,000
168,357,000
174,942,000
176,331,000
Tangible Book Value
-85,878,000
-91,346,000
-97,137,000
-98,784,000
Invested Capital
262,610,000
243,251,000
243,104,000
241,783,000
Working Capital
-5,448,000
-24,248,000
-16,409,000
-12,314,000
Net Tangible Assets
-85,878,000
-91,346,000
-97,137,000
-98,784,000
Capital Lease Obligations
23,493,000
24,343,000
24,268,000
25,692,000
Common Stock Equity
104,460,000
99,237,000
92,430,000
91,144,000
Total Capitalization
243,992,000
220,618,000
230,131,000
231,820,000
Total Equity Gross Minority Interest
105,741,000
100,575,000
93,799,000
92,463,000
Minority Interest
1,281,000
1,338,000
1,369,000
1,319,000
Stockholders Equity
104,460,000
99,237,000
92,430,000
91,144,000
Other Equity Interest
897,000
738,000
656,000
793,000
Gains Losses Not Affecting Retained Earnings
-1,727,000
-923,000
-1,380,000
-1,865,000
Other Equity Adjustments
-1,727,000
-923,000
-1,380,000
-1,865,000
Treasury Stock
3,255,000
3,583,000
3,821,000
4,013,000
Retained Earnings
94,744,000
89,110,000
82,915,000
82,380,000
Additional Paid In Capital
13,372,000
13,466,000
13,631,000
13,420,000
Capital Stock
429,000
429,000
429,000
429,000
Common Stock
429,000
429,000
429,000
429,000
Total Liabilities Net Minority Interest
298,517,000
284,136,000
286,456,000
287,217,000
Total Non Current Liabilities Net Minority Interest
236,147,000
219,365,000
233,233,000
237,046,000
Other Non Current Liabilities
17,848,000
19,327,000
16,560,000
18,397,000
Employee Benefits
11,099,000
11,997,000
13,189,000
12,974,000
Non Current Deferred Liabilities
48,717,000
46,732,000
45,781,000
43,441,000
Non Current Deferred Taxes Liabilities
48,717,000
46,732,000
45,781,000
43,441,000
Long Term Debt And Capital Lease Obligation
158,483,000
141,309,000
157,703,000
162,234,000
Long Term Capital Lease Obligation
18,951,000
19,928,000
20,002,000
21,558,000
Long Term Debt
139,532,000
121,381,000
137,701,000
140,676,000
Current Liabilities
62,370,000
64,771,000
53,223,000
50,171,000
Other Current Liabilities
3,716,000
3,979,000
2,755,000
2,750,000
Current Deferred Liabilities
7,576,000
7,492,000
6,955,000
6,583,000
Current Deferred Revenue
7,576,000
7,492,000
6,955,000
6,583,000
Current Debt And Capital Lease Obligation
23,160,000
27,048,000
17,239,000
14,097,000
Current Capital Lease Obligation
4,542,000
4,415,000
4,266,000
4,134,000
Current Debt
18,618,000
22,633,000
12,973,000
9,963,000
Other Current Borrowings
18,618,000
22,633,000
12,973,000
9,813,000
Commercial Paper
0
150,000
Payables And Accrued Expenses
27,918,000
26,252,000
26,274,000
26,741,000
Current Accrued Expenses
10,968,000
11,047,000
10,820,000
13,351,000
Interest Payable
1,602,000
1,553,000
1,570,000
1,577,000
Payables
16,950,000
15,205,000
15,454,000
13,390,000
Dividends Payable
2,937,000
2,878,000
2,821,000
2,764,000
Total Tax Payable
1,859,000
1,902,000
2,612,000
1,876,000
Accounts Payable
12,154,000
10,425,000
10,021,000
8,750,000
Total Assets
404,258,000
384,711,000
380,255,000
379,680,000
Total Non Current Assets
347,336,000
344,188,000
343,441,000
341,823,000
Other Non Current Assets
23,248,000
19,769,000
19,885,000
17,260,000
Investments And Advances
785,000
842,000
953,000
1,071,000
Long Term Equity Investment
785,000
842,000
953,000
1,071,000
Goodwill And Other Intangible Assets
190,338,000
190,583,000
189,567,000
189,928,000
Other Intangible Assets
167,497,000
167,742,000
166,724,000
161,257,000
Goodwill
22,841,000
22,841,000
22,843,000
28,671,000
Net PPE
132,965,000
132,994,000
133,036,000
133,564,000
Accumulated Depreciation
-228,524,000
-222,884,000
-211,798,000
-200,255,000
Gross PPE
361,489,000
355,878,000
344,834,000
333,819,000
Leases
11,099,000
10,562,000
10,355,000
10,159,000
Construction In Progress
8,493,000
9,424,000
12,092,000
12,889,000
Other Properties
109,719,000
107,282,000
103,081,000
101,752,000
Machinery Furniture Equipment
190,563,000
188,740,000
181,615,000
172,890,000
Buildings And Improvements
40,872,000
39,130,000
36,940,000
35,382,000
Land And Improvements
743,000
740,000
751,000
747,000
Current Assets
56,922,000
40,523,000
36,814,000
37,857,000
Other Current Assets
1,806,000
1,793,000
1,651,000
1,933,000
Hedging Assets Current
1,074,000
2,118,000
1,406,000
2,286,000
Current Deferred Assets
3,315,000
2,932,000
2,756,000
2,629,000
Restricted Cash
297,000
319,000
1,244,000
1,343,000
Prepaid Assets
1,844,000
811,000
550,000
167,000
Inventory
2,441,000
2,247,000
2,057,000
2,388,000
Receivables
27,097,000
26,109,000
25,085,000
24,506,000
Accounts Receivable
27,097,000
26,109,000
25,085,000
24,506,000
Allowance For Doubtful Accounts Receivable
-1,250,000
-1,152,000
-1,017,000
-826,000
Gross Accounts Receivable
28,347,000
27,261,000
26,102,000
25,332,000
Cash Cash Equivalents And Short Term Investments
19,048,000
4,194,000
2,065,000
2,605,000
Cash And Cash Equivalents
19,048,000
4,194,000
2,065,000
2,605,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
19,676,000
18,922,000
12,912,000
10,401,000
Repayment Of Debt
-19,789,000
-20,344,000
-10,624,000
-13,564,000
Issuance Of Debt
27,606,000
15,568,000
8,612,000
17,806,000
Capital Expenditure
-17,461,000
-17,990,000
-24,563,000
-26,740,000
Interest Paid Supplemental Data
5,772,000
5,505,000
4,384,000
3,316,000
Income Tax Paid Supplemental Data
3,581,000
5,632,000
2,343,000
2,736,000
End Cash Position
19,499,000
4,635,000
3,497,000
4,111,000
Beginning Cash Position
4,635,000
3,497,000
4,111,000
4,161,000
Changes In Cash
14,864,000
1,138,000
-614,000
-50,000
Financing Cash Flow
-5,613,000
-17,100,000
-14,657,000
-8,529,000
Cash Flow From Continuing Financing Activities
-5,613,000
-17,100,000
-14,657,000
-8,529,000
Net Other Financing Charges
-1,949,000
-1,075,000
-1,620,000
-2,072,000
Cash Dividends Paid
-11,481,000
-11,249,000
-11,025,000
-10,805,000
Common Stock Dividend Paid
-11,481,000
-11,249,000
-11,025,000
-10,805,000
Net Issuance Payments Of Debt
7,817,000
-4,776,000
-2,012,000
4,348,000
Net Short Term Debt Issuance
0
-150,000
106,000
0
Short Term Debt Payments
-150,000
Short Term Debt Issuance
0
106,000
0
Net Long Term Debt Issuance
7,817,000
-4,776,000
-2,012,000
4,242,000
Long Term Debt Payments
-19,789,000
-20,344,000
-10,624,000
-13,564,000
Long Term Debt Issuance
27,606,000
15,568,000
8,612,000
17,806,000
Investing Cash Flow
-16,660,000
-18,674,000
-23,432,000
-28,662,000
Cash Flow From Continuing Investing Activities
-16,660,000
-18,674,000
-23,432,000
-28,662,000
Net Other Investing Changes
801,000
-684,000
1,161,000
62,000
Net Investment Purchase And Sale
-712,000
880,000
-2,265,000
-21,000
Purchase Of Investment
-2,265,000
-21,000
Net Business Purchase And Sale
0
0
-30,000
281,000
Sale Of Business
0
0
281,000
4,122,000
Purchase Of Business
0
0
-30,000
-4,065,000
Net Intangibles Purchase And Sale
-450,000
-900,000
-5,796,000
-3,653,000
Purchase Of Intangibles
-450,000
-900,000
-5,796,000
-3,653,000
Capital Expenditure Reported
-17,011,000
-17,090,000
-18,767,000
-23,087,000
Operating Cash Flow
37,137,000
36,912,000
37,475,000
37,141,000
Cash Flow From Continuing Operating Activities
37,137,000
36,912,000
37,475,000
37,141,000
Change In Working Capital
-2,320,000
-2,278,000
-267,000
-456,000
Change In Payables And Accrued Expense
1,819,000
1,109,000
2,079,000
-33,000
Change In Payable
1,819,000
1,109,000
2,079,000
-33,000
Change In Account Payable
1,819,000
1,109,000
2,079,000
-33,000
Change In Prepaid Assets
-1,394,000
-626,000
-435,000
928,000
Change In Inventory
-232,000
-196,000
287,000
627,000
Change In Receivables
-2,513,000
-2,565,000
-2,198,000
-1,978,000
Changes In Account Receivables
-2,513,000
-2,565,000
-2,198,000
-1,978,000
Other Non Cash Items
-2,256,000
173,000
-3,710,000
-3,778,000
Provisionand Write Offof Assets
2,349,000
2,338,000
2,214,000
1,611,000
Asset Impairment Charge
0
0
5,841,000
0
Deferred Tax
2,340,000
815,000
2,388,000
2,973,000
Deferred Income Tax
2,340,000
815,000
2,388,000
2,973,000
Depreciation Amortization Depletion
18,349,000
17,892,000
17,624,000
17,099,000
Depreciation And Amortization
18,349,000
17,892,000
17,624,000
17,099,000
Amortization Cash Flow
2,999,000
2,781,000
2,687,000
2,507,000
Amortization Of Intangibles
2,999,000
2,781,000
2,687,000
2,507,000
Depreciation
15,350,000
15,112,000
14,937,000
14,592,000
Operating Gains Losses
1,067,000
23,000
1,290,000
-2,056,000
Pension And Employee Benefit Expense
1,025,000
-52,000
1,206,000
-2,046,000
Earnings Losses From Equity Investments
42,000
75,000
84,000
-10,000
Net Income From Continuing Operations
17,608,000
17,949,000
12,095,000
21,748,000
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: $105.7B
Warren's Owner Earnings
$53.0B
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.
$138.2B
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.
0.91x
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 $5.06 to $4.06 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.
-19.8% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $138.2Bvs > $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 — 0.91xvs 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 $5.06 to $4.06 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 VZ 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
6.8%
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
101.7%
102.8%
211.5%
125.8%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
$19.7B▲
$18.9B▲
$12.9B▲
$10.4B•
N/A•
Warren's Owner Earnings
$53.0B
$53.4B
$53.8B
$65.1B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare VZ 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
VZ (VZ) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 58.9%. Operating margin: 21.2%. Net margin: 12.4%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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