Graham Holdings Financials
Graham Holdings (GHC) reported $4.9B in revenue for fiscal year 2025, up 2.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating profit improved, but earnings quality became more volatile as cash generation tracked operations better than reported net income.
The net-margin reversal from15.1% in FY2024 to6.0% in FY2025, despite operating margin rising, means reported earnings became less representative of operating performance. Operating cash flow fell from$407.0M to$347.2M , but FY2025 free cash flow remained close to operating cash flow; cash conversion was therefore more aligned with operations than FY2024’s reported-profit surge.
A smaller 2025 sales gain still produced a slightly higher operating margin, indicating modest operating leverage rather than growth being absorbed entirely by costs. The reinvestment burden was limited: capital expenditures of
The liquidity position improved as the current ratio rose from 1.5x in FY2023 to 1.8x in FY2025, indicating greater short-term coverage. Over the same span, debt-to-equity eased from 0.2x to 0.1x, so expanding assets were accompanied by lower relative debt dependence rather than balance-sheet stretching.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Graham Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Graham Holdings has an operating margin of 4.8%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 51/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.
Graham Holdings's revenue grew a modest 2.5% year-over-year to $4.9B. This slow but positive growth earns a score of 52/100.
Graham Holdings has a moderate D/E ratio of 0.15. This balance of debt and equity financing earns a leverage score of 42/100.
Graham Holdings's current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
Graham Holdings has a free cash flow margin of 5.6%, earning a moderate score of 50/100. The company generates positive cash flow after capital investments, but with room for improvement.
Graham Holdings's ROE of 6.1% shows moderate profitability relative to equity, earning a score of 48/100. This is down from 17.0% the prior year.
Graham Holdings scores 3.05, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Graham Holdings passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Graham Holdings generates $1.19 in operating cash flow ($347.2M OCF vs $292.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Graham Holdings earns $1.98 in operating income for every $1 of interest expense ($234.9M vs $118.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Graham Holdings generated $4.9B in revenue in fiscal year 2025. This represents an increase of 2.5% from the prior year.
Graham Holdings's EBITDA was $356.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.4% from the prior year.
Graham Holdings reported $292.3M in net income in fiscal year 2025. This represents a decrease of 59.7% from the prior year.
Graham Holdings earned $66.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 59.3% from the prior year.
Cash & Balance Sheet
Graham Holdings generated $275.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.0% from the prior year.
Graham Holdings held $267.0M in cash against $705.6M in long-term debt as of fiscal year 2025.
Graham Holdings paid $7.20 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Margins & Returns
Graham Holdings's operating margin was 4.8% in fiscal year 2025, reflecting core business profitability. This is up 0.3 percentage points from the prior year.
Graham Holdings's net profit margin was 5.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.2 percentage points from the prior year.
Graham Holdings's ROE was 6.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Graham Holdings spent $3.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.0% from the prior year.
Graham Holdings invested $71.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 13.3% from the prior year.
Not reported for fiscal year 2025.
GHC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B+2.5% | $4.8B+8.5% | $4.4B+12.5% | $3.9B+23.2% | $3.2B+10.3% | $2.9B-1.5% | $2.9B+8.8% | $2.7B+4.0% | $2.6B+4.4% | $2.5B-4.0% | $2.6B-5.5% | $2.7B+5.2% | $2.6B-22.9% | $3.4B-4.4% | $3.5B |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $887.8M-0.9% | $896.1M-17.1% | $1.1B-4.5% | $1.1B+0.7% | $1.1B-14.7% | $1.3B-4.8% | $1.4B |
| Operating Income | $234.9M+9.0% | $215.5M+210.6% | $69.4M-17.3% | $83.9M+8.4% | $77.4M-22.9% | $100.4M-30.5% | $144.5M-41.3% | $246.2M+80.5% | $136.4M-38.8% | $222.9M+240.9% | -$158.1M-168.0% | $232.7M+55.7% | $149.4M+0.6% | $148.6M-55.5% | $334.1M |
| Interest Expense | $118.8M-36.2% | $186.1M+194.1% | $63.3M+16.4% | $54.4M+60.3% | $33.9M-11.4% | $38.3M+28.6% | $29.8M-21.4% | $37.9M+11.9% | $33.9M-4.2% | $35.4M+8.4% | $32.7M-8.1% | $35.5M-1.1% | $35.9M0.0% | $35.9M+8.2% | $33.2M |
| Income Tax | $146.4M-49.9% | $292.1M+234.6% | $87.3M+70.2% | $51.3M-46.7% | $96.3M-10.3% | $107.3M+8.8% | $98.6M+89.3% | $52.1M+143.5% | -$119.7M-247.4% | $81.2M+296.1% | $20.5M-93.4% | $312.3M+671.1% | $40.5M-44.8% | $73.4M-29.7% | $104.4M |
| Net Income | $292.3M-59.7% | $724.6M+253.0% | $205.3M+206.0% | $67.1M-80.9% | $352.1M+17.2% | $300.4M-8.4% | $327.9M+20.9% | $271.2M-10.2% | $302.0M+79.2% | $168.6M+267.5% | -$100.7M-107.8% | $1.3B+446.2% | $236.9M+79.3% | $132.1M+12.8% | $117.2M |
| EPS (Diluted) | $66.47-59.3% | $163.40+272.9% | $43.82+217.8% | $13.79-80.4% | $70.45+21.2% | $58.13-5.0% | $61.21+21.9% | $50.20-6.8% | $53.89+80.8% | $29.80+266.8% | -$17.87-109.2% | $195.03+508.5% | $32.05+84.3% | $17.39+18.3% | $14.70 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
GHC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.4B+9.4% | $7.7B+6.8% | $7.2B+9.7% | $6.6B-11.7% | $7.4B+15.2% | $6.4B+8.6% | $5.9B+24.5% | $4.8B-3.5% | $4.9B+11.4% | $4.4B+1.8% | $4.4B-24.3% | $5.8B-1.0% | $5.8B+13.8% | $5.1B+1.8% | $5.0B |
| Current Assets | $2.4B+15.8% | $2.1B+13.5% | $1.8B+10.1% | $1.7B-9.1% | $1.8B+4.1% | $1.8B+6.7% | $1.7B+8.6% | $1.5B-11.7% | $1.7B-7.2% | $1.9B+0.6% | $1.9B+10.1% | $1.7B-0.7% | $1.7B+17.1% | $1.5B+16.7% | $1.2B |
| Cash & Equivalents | $267.0M+2.4% | $260.9M+53.5% | $169.9M+0.3% | $169.3M+16.1% | $145.9M-64.8% | $414.0M+106.8% | $200.2M-21.0% | $253.3M-35.1% | $390.0M-39.9% | $648.9M-14.0% | $754.2M-2.4% | $772.8M+35.6% | $569.7M+11.2% | $512.4M+34.5% | $381.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $8.0M+21.5% | $6.6M |
| Accounts Receivable | $519.1M+8.6% | $477.8M-3.7% | $496.2M-1.7% | $504.8M-14.4% | $589.6M+13.5% | $519.6M-12.7% | $595.3M+10.7% | $538.0M-10.4% | $600.2M+1.4% | $591.9M+6.9% | $553.8M+2.8% | $538.5M+32.2% | $407.2M+7.3% | $379.4M+1.0% | $375.6M |
| Goodwill | $1.6B+5.7% | $1.5B-1.6% | $1.5B-2.3% | $1.6B-5.4% | $1.6B+11.1% | $1.5B+6.9% | $1.4B+7.0% | $1.3B-0.2% | $1.3B+15.7% | $1.1B+10.4% | $1.0B-24.6% | $1.3B+4.7% | $1.3B-2.2% | $1.3B-6.9% | $1.4B |
| Total Liabilities | $3.5B+5.4% | $3.3B+5.8% | $3.2B+13.8% | $2.8B-7.4% | $3.0B+12.5% | $2.7B+2.6% | $2.6B+41.0% | $1.8B-8.7% | $2.0B+1.9% | $2.0B+7.8% | $1.8B-28.8% | $2.6B+3.4% | $2.5B0.0% | $2.5B+4.1% | $2.4B |
| Current Liabilities | $1.4B+15.7% | $1.2B-2.4% | $1.2B+7.4% | $1.1B-1.8% | $1.2B+22.8% | $949.6M-8.9% | $1.0B+28.3% | $812.2M-7.6% | $878.6M+7.3% | $819.0M+12.9% | $725.1M-31.0% | $1.1B+12.5% | $934.1M-17.1% | $1.1B+13.1% | $995.6M |
| Long-Term Debt | $705.6M-2.2% | $721.6M-3.1% | $745.1M+30.6% | $570.5M+8.5% | $525.8M+3.9% | $506.1M+17.5% | $430.6M-8.5% | $470.8M-3.2% | $486.6M+0.2% | $485.7M+21.5% | $399.8M+0.1% | $399.5M-10.7% | $447.6M-1.3% | $453.4M+0.3% | $452.2M |
| Total Equity | $4.8B+12.6% | $4.3B+7.1% | $4.0B+6.5% | $3.7B-15.2% | $4.4B+17.0% | $3.8B+13.3% | $3.3B+13.8% | $2.9B+0.1% | $2.9B+18.8% | $2.5B-1.5% | $2.5B-20.7% | $3.1B-4.8% | $3.3B+27.6% | $2.6B-0.6% | $2.6B |
| Retained Earnings | $8.3B+3.2% | $8.0B+9.5% | $7.3B+2.4% | $7.2B+0.5% | $7.1B+4.7% | $6.8B+4.1% | $6.5B+4.8% | $6.2B+7.7% | $5.8B+3.6% | $5.6B+2.6% | $5.4B-9.3% | $6.0B+25.6% | $4.8B+5.2% | $4.5B-0.3% | $4.6B |
GHC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $347.2M-14.7% | $407.0M+56.6% | $259.9M+10.3% | $235.6M+16.4% | $202.4M-3.9% | $210.7M+27.5% | $165.2M-42.5% | $287.0M+7.1% | $268.1M+2.6% | $261.3M+269.8% | $70.7M-77.5% | $313.5M+1.1% | $310.2M-35.9% | $483.9M+23.0% | $393.3M |
| Capital Expenditures | $71.9M-13.3% | $82.9M-11.3% | $93.4M+13.0% | $82.7M-49.1% | $162.5M+133.6% | $69.6M-25.6% | $93.5M-4.8% | $98.2M+62.7% | $60.4M-9.4% | $66.6M-51.3% | $136.9M-42.3% | $237.3M+14.9% | $206.5M-8.1% | $224.7M+3.8% | $216.4M |
| Free Cash Flow | $275.3M-15.0% | $324.1M+94.7% | $166.4M+8.8% | $152.9M+283.4% | $39.9M-71.7% | $141.1M+96.9% | $71.7M-62.0% | $188.8M-9.1% | $207.7M+6.7% | $194.6M+394.0% | -$66.2M-186.9% | $76.2M-26.6% | $103.8M-60.0% | $259.2M+46.5% | $176.9M |
| Investing Cash Flow | -$179.4M-187.9% | -$62.3M+59.3% | -$153.0M+16.9% | -$184.1M+62.8% | -$494.6M-348.1% | $199.4M+184.2% | -$236.7M-2.5% | -$231.0M+47.7% | -$442.0M-42.0% | -$311.3M+26.9% | -$425.6M-285.8% | $229.0M+3049.3% | -$7.8M+96.7% | -$234.7M+10.0% | -$260.7M |
| Financing Cash Flow | -$165.5M+31.3% | -$241.0M-141.4% | -$99.8M-451.4% | -$18.1M-158.4% | $31.0M+115.2% | -$204.0M-1188.9% | $18.7M+109.7% | -$192.4M-92.2% | -$100.1M-132.4% | -$43.1M-112.6% | $342.2M+188.0% | -$388.6M-59.6% | -$243.4M-99.8% | -$121.8M+34.8% | -$187.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $147.3M+95.2% | $75.5M |
| Share Buybacks | $3.5M-97.0% | $114.1M-40.9% | $193.2M+170.6% | $71.4M+28.2% | $55.7M-65.6% | $161.8M+7595.1% | $2.1M-98.2% | $118.0M+132.5% | $50.8M-53.4% | $108.9M+374.1% | $23.0M-93.0% | $327.7M+7710.2% | $4.2M-95.9% | $103.2M-58.4% | $248.1M |
GHC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.8%+0.3pp | 4.5%+2.9pp | 1.6%-0.6pp | 2.1%-0.3pp | 2.4%-1.0pp | 3.5%-1.4pp | 4.9%-4.2pp | 9.1%+3.9pp | 5.3%-3.7pp | 9.0%+15.1pp | -6.1%-14.6pp | 8.5%+2.8pp | 5.8%+1.3pp | 4.4%-5.1pp | 9.5% |
| Net Margin | 5.9%-9.2pp | 15.1%+10.5pp | 4.7%+2.9pp | 1.7%-9.3pp | 11.1%+0.7pp | 10.4%-0.8pp | 11.2%+1.1pp | 10.1%-1.6pp | 11.7%+4.9pp | 6.8%+10.7pp | -3.9%-51.2pp | 47.3%+38.2pp | 9.1%+5.2pp | 3.9%+0.6pp | 3.3% |
| Return on Equity | 6.1%-10.9pp | 17.0%+11.9pp | 5.2%+3.4pp | 1.8%-6.2pp | 8.0%0.0pp | 8.0%-1.9pp | 9.9%+0.6pp | 9.3%-1.1pp | 10.4%+3.5pp | 6.9%+10.9pp | -4.0%-45.2pp | 41.2%+34.0pp | 7.2%+2.1pp | 5.1%+0.6pp | 4.5% |
| Return on Assets | 3.5%-6.0pp | 9.4%+6.6pp | 2.9%+1.8pp | 1.0%-3.7pp | 4.7%+0.1pp | 4.7%-0.9pp | 5.5%-0.2pp | 5.7%-0.4pp | 6.1%+2.3pp | 3.8%+6.1pp | -2.3%-24.8pp | 22.5%+18.4pp | 4.1%+1.5pp | 2.6%+0.2pp | 2.3% |
| Current Ratio | 1.750.0x | 1.75+0.2x | 1.500.0x | 1.47-0.1x | 1.58-0.3x | 1.87+0.3x | 1.60-0.3x | 1.89-0.1x | 1.98-0.3x | 2.29-0.3x | 2.57+1.0x | 1.61-0.2x | 1.82+0.5x | 1.290.0x | 1.25 |
| Debt-to-Equity | 0.150.0x | 0.170.0x | 0.190.0x | 0.150.0x | 0.120.0x | 0.130.0x | 0.130.0x | 0.160.0x | 0.170.0x | 0.200.0x | 0.160.0x | 0.130.0x | 0.140.0x | 0.180.0x | 0.17 |
| FCF Margin | 5.6%-1.1pp | 6.8%+3.0pp | 3.8%-0.1pp | 3.9%+2.6pp | 1.3%-3.6pp | 4.9%+2.4pp | 2.4%-4.6pp | 7.0%-1.0pp | 8.0%+0.2pp | 7.8%+10.4pp | -2.6%-5.3pp | 2.8%-1.2pp | 4.0%-3.7pp | 7.7%+2.7pp | 5.0% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Graham Holdings Ranks
Frequently Asked Questions
What is Graham Holdings's annual revenue?
Graham Holdings (GHC) reported $4.9B in total revenue for fiscal year 2025. This represents a 2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Graham Holdings's revenue growing?
Graham Holdings (GHC) revenue grew by 2.5% year-over-year, from $4.8B to $4.9B in fiscal year 2025.
Is Graham Holdings profitable?
Yes, Graham Holdings (GHC) reported a net income of $292.3M in fiscal year 2025, with a net profit margin of 5.9%.
What is Graham Holdings's EBITDA?
Graham Holdings (GHC) had EBITDA of $356.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Graham Holdings have?
As of fiscal year 2025, Graham Holdings (GHC) had $267.0M in cash and equivalents against $705.6M in long-term debt.
What is Graham Holdings's operating margin?
Graham Holdings (GHC) had an operating margin of 4.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Graham Holdings's net profit margin?
Graham Holdings (GHC) had a net profit margin of 5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Graham Holdings pay dividends?
Yes, Graham Holdings (GHC) paid $7.20 per share in dividends during fiscal year 2025.
What is Graham Holdings's return on equity (ROE)?
Graham Holdings (GHC) has a return on equity of 6.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Graham Holdings's free cash flow?
Graham Holdings (GHC) generated $275.3M in free cash flow during fiscal year 2025. This represents a -15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Graham Holdings's operating cash flow?
Graham Holdings (GHC) generated $347.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Graham Holdings's total assets?
Graham Holdings (GHC) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Graham Holdings's capital expenditures?
Graham Holdings (GHC) invested $71.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Graham Holdings's current ratio?
Graham Holdings (GHC) had a current ratio of 1.75 as of fiscal year 2025, which is generally considered healthy.
What is Graham Holdings's debt-to-equity ratio?
Graham Holdings (GHC) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Graham Holdings's return on assets (ROA)?
Graham Holdings (GHC) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Graham Holdings's Altman Z-Score?
Graham Holdings (GHC) has an Altman Z-Score of 3.05, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Graham Holdings's Piotroski F-Score?
Graham Holdings (GHC) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Graham Holdings's earnings high quality?
Graham Holdings (GHC) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Graham Holdings cover its interest payments?
Graham Holdings (GHC) has an interest coverage ratio of 1.98x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Graham Holdings?
Graham Holdings (GHC) scores 49 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.