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 Margin23.2%
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 Margin16.5%
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
C
Years to Pay Off Debt4.3 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-$2.9B
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$2.9B
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$1.5B
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 Income14.3%
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 Profit42.1%
Operating Margin23.2%
Net Margin16.5%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
42.1%▼
44.6%▲
43.6%▲
42.9%•
N/A
Operating Margin %
23.2%▲
21.5%▲
19.2%▲
17.4%•
N/A
Net Income %
16.5%▲
-1.0%▼
11.1%▼
11.4%•
N/A
Diluted EPS
16.26▲
-0.96▼
9.95▲
8.98•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$29.5B
$27.7B
$29.1B
$31.8B
N/A
Total Debt
$6.9B▲
$5.9B▼
$5.9B▲
$5.5B•
N/A
Working Capital
$2.9B▲
$2.5B▲
$803M▼
$1.1B•
N/A
Years to Pay Debt
4.30
-60.52
5.63
5.43
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
$1.5B▲
$1.3B▲
$1.1B▲
$608M•
N/A
Owner Earnings
$2.3B
$603M
$1.8B
$1.8B
N/A
CapEx % of Net Income
14.3%
N/A
22.9%
20.2%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
0
-386,400
-70,896
-54,591
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
2,631,000
2,661,000
2,438,000
2,387,000
Total Unusual Items
0
-1,840,000
-422,000
-354,000
Total Unusual Items Excluding Goodwill
0
-1,840,000
-422,000
-354,000
Net Income From Continuing Operation Net Minority Interest
1,605,000
-98,000
1,055,000
1,049,000
Reconciled Depreciation
418,000
456,000
505,000
567,000
Reconciled Cost Of Revenue
5,625,000
5,502,000
5,344,000
5,065,000
EBITDA
2,631,000
821,000
2,016,000
2,033,000
EBIT
2,213,000
365,000
1,511,000
1,466,000
Net Interest Income
-260,000
-263,000
-235,000
-208,000
Interest Expense
260,000
263,000
235,000
208,000
Normalized Income
1,605,000
1,355,600
1,406,104
1,348,409
Net Income From Continuing And Discontinued Operation
1,605,000
-98,000
1,055,000
1,009,000
Total Expenses
7,451,000
7,791,000
7,664,000
7,327,000
Total Operating Income As Reported
2,234,000
627,000
1,365,000
1,178,000
Diluted Average Shares
99,000
102,000
106,000
112,000
Basic Average Shares
98,000
102,000
105,000
112,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
1,605,000
-98,000
1,055,000
1,009,000
Net Income Common Stockholders
1,605,000
-98,000
1,055,000
1,009,000
Net Income
1,605,000
-98,000
1,055,000
1,009,000
Minority Interests
-8,000
-10,000
-9,000
-15,000
Net Income Including Noncontrolling Interests
1,613,000
-88,000
1,064,000
1,024,000
Net Income Discontinuous Operations
0
0
-40,000
2,080,000
Net Income Continuous Operations
1,613,000
-88,000
1,064,000
1,064,000
Earnings From Equity Interest Net Of Tax
-22,000
2,000
3,000
Tax Provision
318,000
192,000
215,000
194,000
Pretax Income
1,953,000
102,000
1,276,000
1,258,000
Other Income Expense
-44,000
-1,774,000
-308,000
-73,000
Other Non Operating Income Expenses
-44,000
66,000
114,000
277,000
Special Income Charges
17,000
-1,849,000
-411,000
-354,000
Gain On Sale Of Business
40,000
-337,000
43,000
7,000
Impairment Of Capital Assets
0
1,042,000
0
81,000
Restructuring And Mergern Acquisition
23,000
470,000
454,000
280,000
Earnings From Equity Interest
2,000
3,000
4,000
8,000
Gain On Sale Of Security
-17,000
9,000
-11,000
8,000
Net Non Operating Interest Income Expense
-260,000
-263,000
-235,000
-208,000
Interest Expense Non Operating
260,000
263,000
235,000
208,000
Operating Income
2,257,000
2,139,000
1,819,000
1,539,000
Operating Expense
1,826,000
2,289,000
2,320,000
2,262,000
Other Operating Expenses
1,408,000
1,833,000
1,815,000
1,695,000
Depreciation Amortization Depletion Income Statement
418,000
456,000
505,000
567,000
Depreciation And Amortization In Income Statement
418,000
456,000
505,000
567,000
Amortization
192,000
226,000
263,000
312,000
Amortization Of Intangibles Income Statement
192,000
226,000
263,000
312,000
Depreciation Income Statement
226,000
230,000
242,000
255,000
Gross Profit
4,083,000
4,428,000
4,139,000
3,801,000
Cost Of Revenue
5,625,000
5,502,000
5,344,000
5,065,000
Total Revenue
9,708,000
9,930,000
9,483,000
8,866,000
Operating Revenue
9,056,000
9,321,000
8,904,000
8,326,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
0
18
18
Ordinary Shares Number
95,080
99,806
102,538
106,756
Share Issued
95,080
99,806
102,538
106,774
Net Debt
3,174,000
3,419,000
3,793,000
3,459,000
Total Debt
6,903,000
5,931,000
5,941,000
5,479,000
Tangible Book Value
-2,103,000
-2,154,000
-2,691,000
-2,430,000
Invested Capital
14,282,000
13,249,000
14,737,000
14,737,000
Working Capital
2,870,000
2,507,000
803,000
1,056,000
Net Tangible Assets
-2,103,000
-2,154,000
-2,691,000
-2,430,000
Capital Lease Obligations
597,000
622,000
724,000
758,000
Common Stock Equity
7,976,000
7,940,000
9,520,000
10,016,000
Total Capitalization
13,732,000
13,249,000
14,087,000
14,487,000
Total Equity Gross Minority Interest
8,052,000
8,017,000
9,593,000
10,093,000
Minority Interest
76,000
77,000
73,000
77,000
Gains Losses Not Affecting Retained Earnings
-2,834,000
-3,158,000
-2,856,000
-2,621,000
Other Equity Adjustments
-2,834,000
-3,158,000
-2,856,000
-2,621,000
Treasury Stock
0
3,000
3,000
Retained Earnings
-296,000
109,000
1,466,000
1,764,000
Additional Paid In Capital
11,106,000
10,989,000
10,910,000
10,876,000
Total Liabilities Net Minority Interest
21,478,000
19,664,000
19,497,000
21,676,000
Total Non Current Liabilities Net Minority Interest
7,474,000
7,066,000
6,867,000
6,897,000
Other Non Current Liabilities
62,000
71,000
65,000
27,000
Employee Benefits
660,000
615,000
563,000
480,000
Non Current Pension And Other Postretirement Benefit Plans
660,000
615,000
563,000
480,000
Tradeand Other Payables Non Current
31,000
75,000
42,000
40,000
Non Current Deferred Liabilities
153,000
151,000
666,000
890,000
Non Current Deferred Taxes Liabilities
41,000
45,000
542,000
748,000
Long Term Debt And Capital Lease Obligation
6,228,000
5,813,000
5,166,000
5,103,000
Long Term Capital Lease Obligation
472,000
504,000
599,000
632,000
Long Term Debt
5,756,000
5,309,000
4,567,000
4,471,000
Long Term Provisions
340,000
341,000
365,000
357,000
Current Liabilities
14,004,000
12,598,000
12,630,000
14,779,000
Other Current Liabilities
10,606,000
9,654,000
9,250,000
11,969,000
Current Deferred Liabilities
24,000
50,000
23,000
31,000
Current Debt And Capital Lease Obligation
675,000
118,000
775,000
376,000
Current Capital Lease Obligation
125,000
118,000
125,000
126,000
Current Debt
550,000
650,000
250,000
613,000
Other Current Borrowings
550,000
650,000
250,000
613,000
Current Notes Payable
0
250,000
613,000
Pensionand Other Post Retirement Benefit Plans Current
1,126,000
1,186,000
1,062,000
972,000
Payables And Accrued Expenses
1,573,000
1,590,000
1,520,000
1,431,000
Current Accrued Expenses
263,000
227,000
216,000
206,000
Interest Payable
62,000
61,000
50,000
49,000
Payables
1,310,000
1,363,000
1,304,000
1,225,000
Dividends Payable
109,000
107,000
103,000
102,000
Total Tax Payable
215,000
203,000
128,000
148,000
Income Tax Payable
104,000
105,000
50,000
83,000
Accounts Payable
986,000
1,053,000
1,073,000
975,000
Total Assets
29,530,000
27,681,000
29,090,000
31,769,000
Total Non Current Assets
12,656,000
12,576,000
15,657,000
15,934,000
Other Non Current Assets
59,000
34,000
49,000
58,000
Defined Pension Benefit
529,000
530,000
588,000
827,000
Non Current Prepaid Assets
20,000
17,000
9,000
10,000
Non Current Deferred Assets
465,000
504,000
317,000
268,000
Non Current Deferred Taxes Assets
167,000
238,000
86,000
68,000
Non Current Note Receivables
0
74,000
68,000
69,000
Non Current Accounts Receivable
101,000
94,000
1,036,000
863,000
Investments And Advances
221,000
157,000
88,000
90,000
Other Investments
78,000
73,000
79,000
90,000
Investmentin Financial Assets
43,000
0
Held To Maturity Securities
43,000
0
Long Term Equity Investment
100,000
84,000
9,000
Investmentsin Associatesat Cost
100,000
84,000
9,000
Goodwill And Other Intangible Assets
10,079,000
10,094,000
12,211,000
12,446,000
Other Intangible Assets
1,141,000
1,295,000
2,016,000
2,273,000
Goodwill
8,938,000
8,799,000
10,195,000
10,173,000
Net PPE
1,182,000
1,146,000
1,285,000
1,304,000
Accumulated Depreciation
-1,539,000
-1,326,000
-1,351,000
-1,269,000
Gross PPE
2,721,000
2,472,000
2,636,000
2,573,000
Leases
444,000
411,000
459,000
452,000
Other Properties
487,000
485,000
565,000
586,000
Machinery Furniture Equipment
1,704,000
1,492,000
1,527,000
1,452,000
Land And Improvements
86,000
84,000
85,000
83,000
Current Assets
16,874,000
15,105,000
13,433,000
15,835,000
Other Current Assets
56,000
60,000
53,000
54,000
Hedging Assets Current
28,000
1,000
4,000
43,000
Assets Held For Sale Current
0
6,000
Current Deferred Assets
109,000
103,000
92,000
87,000
Restricted Cash
10,445,000
9,504,000
9,073,000
11,772,000
Prepaid Assets
132,000
137,000
Receivables
3,071,000
3,547,000
2,787,000
2,617,000
Other Receivables
997,000
1,013,000
1,119,000
1,064,000
Taxes Receivable
241,000
106,000
87,000
89,000
Accrued Interest Receivable
750,000
0
Notes Receivable
0
74,000
0
Accounts Receivable
1,833,000
1,604,000
1,581,000
1,464,000
Allowance For Doubtful Accounts Receivable
-30,000
-36,000
-34,000
-46,000
Gross Accounts Receivable
1,863,000
1,640,000
1,615,000
1,510,000
Cash Cash Equivalents And Short Term Investments
3,165,000
1,890,000
1,424,000
1,262,000
Other Short Term Investments
33,000
0
0
200,000
Cash And Cash Equivalents
3,132,000
1,890,000
1,424,000
1,262,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
1,546,000
1,267,000
1,103,000
608,000
Repurchase Of Capital Stock
-1,650,000
-901,000
-1,000,000
-3,530,000
Repayment Of Debt
-5,000
-655,000
-254,000
-585,000
Issuance Of Debt
999,000
746,000
748,000
750,000
Issuance Of Capital Stock
0
0
7,000
10,000
Capital Expenditure
-229,000
-245,000
-242,000
-204,000
Interest Paid Supplemental Data
252,000
242,000
223,000
201,000
Income Tax Paid Supplemental Data
312,000
348,000
428,000
End Cash Position
6,487,000
4,998,000
3,792,000
4,721,000
Beginning Cash Position
4,998,000
3,792,000
4,721,000
7,691,000
Effect Of Exchange Rate Changes
203,000
-97,000
11,000
-164,000
Changes In Cash
1,286,000
1,303,000
-940,000
-2,806,000
Financing Cash Flow
-936,000
-459,000
-1,200,000
-3,445,000
Cash Flow From Continuing Financing Activities
-936,000
-459,000
-1,200,000
-3,445,000
Net Other Financing Charges
78,000
705,000
-342,000
282,000
Cash Dividends Paid
-358,000
-354,000
-352,000
-369,000
Common Stock Dividend Paid
-358,000
-354,000
-352,000
-369,000
Net Common Stock Issuance
-1,650,000
-901,000
-1,000,000
-3,523,000
Common Stock Payments
-1,650,000
-901,000
-1,000,000
-3,530,000
Common Stock Issuance
0
0
7,000
10,000
Net Issuance Payments Of Debt
994,000
91,000
494,000
165,000
Net Long Term Debt Issuance
994,000
91,000
494,000
165,000
Long Term Debt Payments
-5,000
-655,000
-254,000
-585,000
Long Term Debt Issuance
999,000
746,000
748,000
750,000
Investing Cash Flow
447,000
250,000
-1,085,000
-173,000
Cash Flow From Continuing Investing Activities
447,000
250,000
-1,085,000
-173,000
Net Investment Purchase And Sale
-90,000
-12,000
-4,000
200,000
Purchase Of Investment
-90,000
-12,000
-4,000
-200,000
Net Business Purchase And Sale
766,000
507,000
-839,000
-169,000
Sale Of Business
870,000
619,000
89,000
4,048,000
Purchase Of Business
-104,000
-112,000
-928,000
-169,000
Net PPE Purchase And Sale
-229,000
-245,000
-242,000
-138,000
Purchase Of PPE
-229,000
-245,000
-242,000
-138,000
Capital Expenditure Reported
-109,000
-89,000
-66,000
-53,000
Operating Cash Flow
1,775,000
1,512,000
1,345,000
812,000
Cash Flow From Continuing Operating Activities
1,775,000
1,512,000
1,345,000
812,000
Change In Working Capital
-711,000
-326,000
-371,000
-888,000
Change In Other Working Capital
-9,000
-21,000
4,000
-8,000
Change In Other Current Liabilities
-458,000
301,000
16,000
-495,000
Change In Other Current Assets
-116,000
-373,000
-185,000
-197,000
Change In Receivables
-128,000
-233,000
-206,000
-188,000
Changes In Account Receivables
-128,000
-233,000
-206,000
-188,000
Other Non Cash Items
156,000
197,000
174,000
197,000
Stock Based Compensation
153,000
121,000
125,000
99,000
Provisionand Write Offof Assets
6,000
13,000
6,000
13,000
Asset Impairment Charge
0
1,042,000
0
81,000
Deferred Tax
55,000
-213,000
-109,000
-50,000
Deferred Income Tax
55,000
-213,000
-109,000
-50,000
Depreciation Amortization Depletion
418,000
456,000
505,000
567,000
Depreciation And Amortization
418,000
456,000
505,000
567,000
Amortization Cash Flow
192,000
226,000
263,000
312,000
Amortization Of Intangibles
192,000
226,000
263,000
312,000
Depreciation
226,000
230,000
242,000
255,000
Operating Gains Losses
85,000
310,000
-49,000
-231,000
Pension And Employee Benefit Expense
112,000
4,000
-26,000
-153,000
Net Foreign Currency Exchange Gain Loss
13,000
-31,000
20,000
-137,000
Gain Loss On Sale Of Business
-40,000
337,000
-43,000
59,000
Net Income From Continuing Operations
1,613,000
-88,000
1,064,000
1,024,000
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: $8.1B
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.
$9.7B
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.
1.20x
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.
1 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 $8.98 to $16.26 over 2 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.
+81.1% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $9.7Bvs > $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 — 1.20xvs 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 — 1 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 $8.98 to $16.26 over 2 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 WTW 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
11.5%
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
14.3%
N/A
22.9%
20.2%
N/A
Repurchase of Capital Stock
-$1.6B
-$901M
-$1.0B
-$3.5B
N/A
Free Cash Flow
$1.5B▲
$1.3B▲
$1.1B▲
$608M•
N/A•
Warren's Owner Earnings
$2.3B
$603M
$1.8B
$1.8B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare WTW 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
WTW (WTW) fundamental analysis — Overall grade B based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 42.1%. Operating margin: 23.2%. Net margin: 16.5%. 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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