Owner Scorecard


A company, read the way an owner would read it — from its own SEC filings, with the arithmetic shown, no rating and no estimate. The catalog reduces each one to the few facts that decide whether it survives and whether it's any good; the writing works through what they mean.

The Catalog

36 companies

Every figure is the latest annual number from the company's own 10-K — click a column to rank by it, filter by business model, or search. We don't score them. Pick a company for its full Owner's Scorecard.

Company Model Revenue Op. margin ROIC Owner-earn. Net cash / (debt) Graham
AAL American Airlines Group Capital-int. distresscyclical $54.6B 3% 7% −1% ($11.1B) 1/6
AAPL Apple Inc. Consumer $416.2B 32% 87% 24% +$41.7B 4/6
ADBE Adobe Inc. Asset-light $23.8B 37% 57% 41% +$385M 3/6
AMD Advanced Micro Devices Asset-light cyclical $34.6B 11% 6% 19% +$7.3B 3/5
AMZN Amazon.com Inc. Retail build-out $716.9B 11% 16% 1% +$54.6B 2/6
AVGO Broadcom Inc. Asset-light $63.9B 40% 50% 42% ($26.4B) 3/6
CCL Carnival Corp. Capital-int. cyclical $26.6B 17% 12% 10% ($24.7B) 1/6
CL Colgate-Palmolive Co. Consumer $20.4B 16% 36% 18% ($6.6B) 2/6
CLX Clorox Co. Consumer $7.1B 11% ($2.3B) 3/6
COST Costco Wholesale Corp. Retail $275.2B 4% 37% 3% +$9.5B 4/6
CRM Salesforce Inc. Asset-light $41.5B 20% 10% 35% ($5.5B) 3/6
DAL Delta Air Lines Inc. Capital-int. $63.4B 9% 16% 6% ($9.0B) 1/6
GOOGL Alphabet Inc. Asset-light build-out $402.8B 32% 25% 18% +$78.6B 5/6
HD Home Depot Inc. Retail $164.7B 13% 26% 8% ($49.0B) 4/6
KDP Keurig Dr Pepper Inc. Consumer $16.6B 22% 7% 9% ($12.9B) 4/6
KMB Kimberly-Clark Corp. Consumer $16.4B 14% 23% 10% ($6.4B) 3/6
KO Coca-Cola Co. Consumer $47.9B 29% 19% 11% ($23.6B) 4/6
LOW Lowe's Cos Inc. Retail $86.3B 12% 27% 9% ($38.3B) 4/6
LUMN Lumen Technologies Capital-int. lossdistressbuild-outcyclical $11.3B −7% −12% 3% ($6.3B) 2/6
LUV Southwest Airlines Co. Capital-int. cyclical $28.1B 2% 3% −3% ($1.9B) 1/6
META Meta Platforms Inc. Asset-light build-out $201.0B 41% 24% 23% +$22.8B 5/6
MNST Monster Beverage Corp. Consumer $8.3B 29% 29% 24% +$2.4B 3/4
MSFT Microsoft Corp. Asset-light build-out $281.7B 46% 30% 25% +$51.4B 5/6
NVDA NVIDIA Corp. Asset-light $215.9B 60% 71% 45% +$36.8B 6/6
ORCL Oracle Corp. Asset-light build-out $57.4B 31% 92% −1% +$49.2B 4/6
PEP PepsiCo Inc. Consumer $93.9B 12% 15% 8% ($39.7B) 3/6
PG Procter & Gamble Co. Consumer $84.3B 24% 17% ($26.1B) 3/6
RCL Royal Caribbean Cruises Capital-int. cyclical $17.9B 27% 24% 7% ($10.2B) 2/6
STZ Constellation Brands Inc. Consumer $9.1B 30% 11% 20% ($10.1B) 2/6
T AT&T Inc. Capital-int. cyclical $125.6B 19% 15% ($123.6B) 2/6
TGT Target Corp. Retail $104.8B 5% 16% 3% ($4.5B) 3/6
TMUS T-Mobile US Inc. Capital-int. $88.3B 21% 10% 20% ($80.7B) 3/6
UAL United Airlines Holdings Capital-int. cyclical $59.1B 8% 12% 4% ($9.0B) 2/6
VZ Verizon Communications Capital-int. build-out $138.2B 21% 15% ($88.9B) 3/6
WDFC WD-40 Co. Consumer $620M 17% 31% 13% ($29M) 4/6
WMT Walmart Inc. Retail $706.4B 4% 18% 2% ($27.4B) 4/6

Owner-earnings margin = (operating cash − capex) ÷ revenue. Net cash nets debt against cash and marketable securities; parentheses are net debt. Graham = how many of his defensive-investor tests the filings clear (of those computable) — a floor of safety, not a buy signal; sort by it to screen.