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 Margin19.6%
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 Margin13.8%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt17.2 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-$33.9B
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-$2.1B
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
F
Free Cash Flow-$6.8B
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 Income540.5%
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$16.0B
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 Profit47.2%
Operating Margin19.6%
Net Margin13.8%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
47.2%▲
45.7%▲
42.1%▲
38.3%•
N/A
Operating Margin %
19.6%▲
17.8%▼
18.2%▲
15.9%•
N/A
Net Income %
13.8%▼
14.4%▲
12.5%▲
11.3%•
N/A
Diluted EPS
3.42▼
3.44▲
3.21▲
3.17•
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$81.4B
$70.0B
$64.1B
$61.2B
N/A
Total Debt
$34.8B▲
$30.2B▲
$27.5B▲
$26.0B•
N/A
Working Capital
-$2.1B▲
-$2.1B▼
-$1.6B▼
-$934M•
N/A
Years to Pay Debt
17.24
15.60
15.54
15.00
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$6.8B▼
-$2.7B▼
-$527M▲
-$706M•
N/A
Owner Earnings
$16.0B
$12.2B
$10.2B
$8.9B
N/A
CapEx % of Net Income
540.5%
380.4%
330.5%
267.2%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-3,150
35,280
-3,360
15,750
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
6,213,000
5,423,000
5,212,000
5,005,000
Total Unusual Items
-15,000
168,000
-16,000
75,000
Total Unusual Items Excluding Goodwill
-15,000
168,000
-16,000
75,000
Net Income From Continuing Operation Net Minority Interest
2,018,000
1,936,000
1,771,000
1,736,000
Reconciled Depreciation
3,082,000
2,875,000
2,567,000
2,554,000
Reconciled Cost Of Revenue
7,616,000
7,162,000
8,108,000
9,309,000
EBITDA
6,198,000
5,591,000
5,196,000
5,080,000
EBIT
3,116,000
2,716,000
2,629,000
2,526,000
Net Interest Income
-1,343,000
-1,182,000
-1,004,000
-925,000
Interest Expense
1,343,000
1,182,000
1,004,000
925,000
Normalized Income
2,029,850
1,803,280
1,783,640
1,676,750
Net Income From Continuing And Discontinued Operation
2,018,000
1,936,000
1,771,000
1,736,000
Total Expenses
11,790,000
11,055,000
11,618,000
12,882,000
Total Operating Income As Reported
2,583,000
2,386,000
2,481,000
2,428,000
Diluted Average Shares
589,000
563,000
552,000
547,000
Basic Average Shares
587,000
563,000
552,000
547,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
2,018,000
1,936,000
1,771,000
1,736,000
Net Income Common Stockholders
2,018,000
1,936,000
1,771,000
1,736,000
Net Income
2,018,000
1,936,000
1,771,000
1,736,000
Net Income Including Noncontrolling Interests
2,018,000
1,936,000
1,771,000
1,736,000
Net Income Continuous Operations
2,018,000
1,936,000
1,771,000
1,736,000
Tax Provision
-245,000
-402,000
-146,000
-135,000
Pretax Income
1,773,000
1,534,000
1,625,000
1,601,000
Other Income Expense
237,000
330,000
41,000
98,000
Other Non Operating Income Expenses
235,000
143,000
22,000
-13,000
Special Income Charges
-15,000
168,000
-16,000
75,000
Other Special Charges
15,000
-168,000
-56,000
-75,000
Restructuring And Mergern Acquisition
0
0
72,000
0
Earnings From Equity Interest
17,000
19,000
35,000
36,000
Net Non Operating Interest Income Expense
-1,343,000
-1,182,000
-1,004,000
-925,000
Total Other Finance Cost
31,000
29,000
Interest Expense Non Operating
1,343,000
1,182,000
1,004,000
925,000
Operating Income
2,879,000
2,386,000
2,588,000
2,428,000
Operating Expense
4,045,000
3,762,000
3,391,000
3,432,000
Other Operating Expenses
406,000
394,000
286,000
331,000
Other Taxes
686,000
624,000
657,000
688,000
Depreciation Amortization Depletion Income Statement
2,953,000
2,744,000
2,448,000
2,413,000
Depreciation And Amortization In Income Statement
2,953,000
2,744,000
2,448,000
2,413,000
Gross Profit
6,924,000
6,148,000
5,979,000
5,860,000
Cost Of Revenue
7,745,000
7,293,000
8,227,000
9,450,000
Total Revenue
14,669,000
13,441,000
14,206,000
15,310,000
Operating Revenue
14,612,000
13,377,000
14,091,000
15,203,000
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
623,601
574,366
554,942
549,578
Share Issued
623,601
574,366
554,942
549,578
Net Debt
33,609,000
28,935,000
26,121,000
24,666,000
Total Debt
34,781,000
30,208,000
27,514,000
26,032,000
Tangible Book Value
23,609,000
19,522,000
17,616,000
16,675,000
Invested Capital
57,492,000
48,636,000
43,866,000
41,452,000
Working Capital
-2,075,000
-2,134,000
-1,583,000
-934,000
Net Tangible Assets
23,609,000
19,522,000
17,616,000
16,675,000
Capital Lease Obligations
898,000
1,094,000
1,264,000
1,255,000
Common Stock Equity
23,609,000
19,522,000
17,616,000
16,675,000
Total Capitalization
55,441,000
46,838,000
42,529,000
39,488,000
Total Equity Gross Minority Interest
23,609,000
19,522,000
17,616,000
16,675,000
Stockholders Equity
23,609,000
19,522,000
17,616,000
16,675,000
Gains Losses Not Affecting Retained Earnings
-63,000
-68,000
-94,000
-93,000
Other Equity Adjustments
-63,000
-68,000
-94,000
-93,000
Retained Earnings
9,207,000
8,553,000
7,858,000
7,239,000
Additional Paid In Capital
12,906,000
9,601,000
8,465,000
8,155,000
Capital Stock
1,559,000
1,436,000
1,387,000
1,374,000
Common Stock
1,559,000
1,436,000
1,387,000
1,374,000
Total Liabilities Net Minority Interest
57,762,000
50,513,000
46,463,000
44,513,000
Total Non Current Liabilities Net Minority Interest
50,673,000
44,054,000
40,811,000
38,435,000
Other Non Current Liabilities
61,000
69,000
148,000
147,000
Derivative Product Liabilities
67,000
77,000
86,000
113,000
Employee Benefits
365,000
477,000
469,000
390,000
Non Current Pension And Other Postretirement Benefit Plans
365,000
477,000
469,000
390,000
Non Current Deferred Liabilities
7,395,000
5,525,000
5,112,000
4,985,000
Non Current Deferred Revenue
129,000
146,000
167,000
181,000
Non Current Deferred Taxes Liabilities
7,266,000
5,379,000
4,945,000
4,804,000
Long Term Debt And Capital Lease Obligation
32,620,000
28,183,000
25,951,000
23,851,000
Long Term Capital Lease Obligation
788,000
867,000
1,038,000
1,038,000
Long Term Debt
31,832,000
27,316,000
24,913,000
22,813,000
Long Term Provisions
3,888,000
3,713,000
3,218,000
3,380,000
Current Liabilities
7,089,000
6,459,000
5,652,000
6,078,000
Other Current Liabilities
1,350,000
1,524,000
1,324,000
1,039,000
Current Debt And Capital Lease Obligation
2,161,000
2,025,000
1,563,000
2,181,000
Current Capital Lease Obligation
110,000
227,000
226,000
217,000
Current Debt
2,051,000
1,798,000
1,337,000
1,964,000
Other Current Borrowings
2,051,000
1,798,000
1,337,000
1,964,000
Payables And Accrued Expenses
3,578,000
2,910,000
2,765,000
2,858,000
Current Accrued Expenses
337,000
280,000
251,000
217,000
Interest Payable
337,000
280,000
251,000
217,000
Payables
3,241,000
2,630,000
2,514,000
2,641,000
Dividends Payable
355,000
314,000
289,000
268,000
Total Tax Payable
579,000
535,000
557,000
569,000
Accounts Payable
2,307,000
1,781,000
1,668,000
1,804,000
Total Assets
81,371,000
70,035,000
64,079,000
61,188,000
Total Non Current Assets
76,357,000
65,710,000
60,010,000
56,044,000
Other Non Current Assets
1,036,000
524,000
678,000
389,000
Financial Assets
54,000
72,000
76,000
93,000
Investments And Advances
4,389,000
3,896,000
3,599,000
3,234,000
Other Investments
4,389,000
3,896,000
3,599,000
3,234,000
Net PPE
67,880,000
58,369,000
52,859,000
49,457,000
Accumulated Depreciation
-24,661,000
-24,131,000
-22,317,000
-21,103,000
Gross PPE
92,541,000
82,500,000
75,176,000
70,560,000
Construction In Progress
8,085,000
4,720,000
2,873,000
2,124,000
Other Properties
3,144,000
3,968,000
4,202,000
4,130,000
Current Assets
5,014,000
4,325,000
4,069,000
5,144,000
Other Current Assets
1,604,000
1,285,000
905,000
1,419,000
Hedging Assets Current
165,000
114,000
104,000
279,000
Prepaid Assets
72,000
52,000
54,000
44,000
Inventory
761,000
666,000
711,000
803,000
Other Inventories
116,000
96,000
123,000
272,000
Receivables
2,210,000
2,081,000
2,168,000
2,478,000
Accounts Receivable
1,330,000
1,249,000
1,315,000
1,373,000
Allowance For Doubtful Accounts Receivable
-89,000
-111,000
-128,000
-122,000
Gross Accounts Receivable
1,419,000
1,360,000
1,443,000
1,495,000
Cash Cash Equivalents And Short Term Investments
274,000
179,000
129,000
111,000
Cash And Cash Equivalents
274,000
179,000
129,000
111,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-6,825,000
-2,723,000
-527,000
-706,000
Repayment Of Debt
-1,713,000
-656,000
-1,151,000
-793,000
Issuance Of Debt
5,763,000
3,647,000
2,630,000
2,164,000
Issuance Of Capital Stock
3,349,000
1,117,000
270,000
322,000
Capital Expenditure
-10,908,000
-7,364,000
-5,854,000
-4,638,000
Interest Paid Supplemental Data
1,262,000
1,131,000
945,000
887,000
Income Tax Paid Supplemental Data
30,000
45,000
12,000
15,000
End Cash Position
274,000
179,000
129,000
111,000
Beginning Cash Position
179,000
129,000
111,000
166,000
Changes In Cash
95,000
50,000
18,000
-55,000
Financing Cash Flow
6,981,000
2,837,000
617,000
666,000
Cash Flow From Continuing Financing Activities
6,981,000
2,837,000
617,000
666,000
Net Other Financing Charges
9,000
-6,000
-12,000
-15,000
Cash Dividends Paid
-1,282,000
-1,175,000
-1,092,000
-1,012,000
Common Stock Dividend Paid
-1,282,000
-1,175,000
-1,092,000
-1,012,000
Net Common Stock Issuance
3,349,000
1,117,000
270,000
322,000
Common Stock Issuance
3,349,000
1,117,000
270,000
322,000
Net Issuance Payments Of Debt
4,905,000
2,901,000
1,451,000
1,371,000
Net Short Term Debt Issuance
855,000
-90,000
-28,000
-192,000
Short Term Debt Payments
-90,000
-28,000
-192,000
Net Long Term Debt Issuance
4,050,000
2,991,000
1,479,000
1,563,000
Long Term Debt Payments
-1,713,000
-656,000
-1,151,000
-601,000
Long Term Debt Issuance
5,763,000
3,647,000
2,630,000
2,164,000
Investing Cash Flow
-10,969,000
-7,428,000
-5,926,000
-4,653,000
Cash Flow From Continuing Investing Activities
-10,969,000
-7,428,000
-5,926,000
-4,653,000
Net Other Investing Changes
-58,000
-27,000
-37,000
20,000
Net Investment Purchase And Sale
-3,000
-37,000
-35,000
-35,000
Sale Of Investment
1,197,000
961,000
959,000
1,297,000
Purchase Of Investment
-1,200,000
-998,000
-994,000
-1,332,000
Capital Expenditure Reported
-10,908,000
-7,364,000
-5,854,000
-4,638,000
Operating Cash Flow
4,083,000
4,641,000
5,327,000
3,932,000
Cash Flow From Continuing Operating Activities
4,083,000
4,641,000
5,327,000
3,932,000
Dividend Received Cfo
32,000
34,000
35,000
37,000
Change In Working Capital
-1,112,000
-172,000
1,192,000
-115,000
Change In Other Working Capital
-289,000
347,000
928,000
521,000
Change In Other Current Liabilities
-174,000
-317,000
200,000
102,000
Change In Other Current Assets
-122,000
-139,000
86,000
-58,000
Change In Payables And Accrued Expense
-50,000
37,000
-149,000
195,000
Change In Payable
-50,000
37,000
-149,000
195,000
Change In Account Payable
-50,000
37,000
-149,000
195,000
Change In Inventory
-300,000
-140,000
-98,000
-203,000
Change In Receivables
-177,000
40,000
225,000
-672,000
Changes In Account Receivables
-129,000
19,000
-27,000
-429,000
Other Non Cash Items
-441,000
-318,000
-248,000
-197,000
Stock Based Compensation
46,000
33,000
25,000
20,000
Provisionand Write Offof Assets
61,000
47,000
79,000
73,000
Deferred Tax
414,000
225,000
-59,000
-140,000
Deferred Income Tax
414,000
225,000
-59,000
-140,000
Depreciation Amortization Depletion
3,082,000
2,875,000
2,567,000
2,554,000
Depreciation And Amortization
3,082,000
2,875,000
2,567,000
2,554,000
Depreciation
3,082,000
2,875,000
2,567,000
2,554,000
Operating Gains Losses
-17,000
-19,000
-35,000
-36,000
Earnings Losses From Equity Investments
-17,000
-19,000
-35,000
-36,000
Gain Loss On Investment Securities
-57,000
Net Income From Continuing Operations
2,018,000
1,936,000
1,771,000
1,736,000
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: $23.6B
Warren's Owner Earnings
$16.0B
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.
$14.7B
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.
0.71x
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 $3.17 to $3.42 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.
+7.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $14.7Bvs > $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 — 0.71xvs 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 $3.17 to $3.42 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 XEL 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
3.1%
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
540.5%
380.4%
330.5%
267.2%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
-$6.8B▼
-$2.7B▼
-$527M▲
-$706M•
N/A•
Warren's Owner Earnings
$16.0B
$12.2B
$10.2B
$8.9B
N/A
Peers & Industry
No auto-detected peers for this industry. You can manually compare XEL 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
XEL (XEL) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 47.2%. Operating margin: 19.6%. Net margin: 13.8%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
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