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The defensive workbook
The price-independent defensive-investor tests: adequate size, a current ratio of two, debt within working capital, an unbroken earnings record, a paid dividend, and a decade of growth.
Graham ran the whole Dow through these tests and printed the table, every figure beside its verdict, so a reader could recompute any cell by hand. This page does the same for the record here: one row per company, one column per criterion, the filed figure in every cell, and where a test is missed, the shortfall in the test's own units. The seventh test, a moderate price, needs the one number this site does not carry; every row leaves it where it belongs, with you, on the company page.
As of the latest filings, 93 companies meet every testable defensive criterion.
As a group: median current ratio 3.05×, median debt at 38% of working capital, 71 with an unbroken dividend, 41 net-cash.
Data as of August 17, 2026. The medians describe this list as it stands; they are not a grade.
| Company | Adequate sizeRevenue ≥ $2B | Strong liquidityCurrent ratio ≥ 2× | Conservative debtDebt ≤ working capital | Earnings stabilityA profit every year | Dividend recordUninterrupted dividends | Earnings growthEarnings +33% over the record | Moderate priceP/E ≤ 15 · P/E × P/B ≤ 22.5 |
|---|---|---|---|---|---|---|---|
| Meets every testable criterion, 93 companies · alphabetical by ticker | |||||||
| AEEAmeren Corporation | pass $8.8B | not in the data yet | pass $19.2B vs $13.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +90% | yours to apply |
| AEPAmerican Electric Power Company Inc. | pass $21.9B | not in the data yet | pass $47.3B vs $31.1B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +97% | yours to apply |
| AITApplied Industrial | pass $5.0B | pass 2.58× | pass $572M vs $966M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +184% | yours to apply |
| AMATApplied Materials Inc. | pass $28.4B | pass 2.61× | pass $6.5B vs $12.9B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +154% | yours to apply |
| ANETArista Networks Inc. | pass $9.0B | pass 3.05× | pass $99M vs $11.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +803% | yours to apply |
| ANSSAnsys Inc. | pass $2.5B | pass 3.01× | pass $798M vs $1.9B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +106% | yours to apply |
| ASRSOUTHEAST AIRPORT GROUP | yours to apply · MX$31.3B | pass 4.36× | pass MX$10.5B vs MX$19.8B WC | pass no losses in 10 yrs | pass paid every tagged year (9 of 10, 1 yr untagged in the data) | pass +166% | yours to apply |
| ATOAtmos Energy Corporation | pass $4.7B | not in the data yet | pass $9.0B vs $13.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +132% | yours to apply |
| AWKAmerican Water Works Company Inc. | pass $5.1B | not in the data yet | pass $12.8B vs $10.8B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +113% | yours to apply |
| BKHBlack Hills | pass $2.3B | not in the data yet | pass $4.7B vs $3.8B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +63% | yours to apply |
| BOOTBoot Barn Holdings | pass $2.3B | pass 2.65× | pass $247M vs $643M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +575% | yours to apply |
| CDNSCadence Design Systems Inc. | pass $5.3B | pass 2.86× | pass $2.5B vs $3.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +326% | yours to apply |
| CENTCentral Garden & Pet | pass $3.1B | pass 3.67× | pass $1.2B vs $1.4B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +61% | yours to apply |
| CENTACentral Garden & Pet Company | pass $3.1B | pass 3.67× | pass $1.2B vs $1.4B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +61% | yours to apply |
| CMCCommercial Metals | pass $7.8B | pass 2.78× | pass $1.4B vs $2.2B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +497% | yours to apply |
| CNXNPC Connection Inc. | pass $2.9B | pass 2.90× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +52% | yours to apply |
| CPRTCopart | pass $4.6B | pass 8.42× | pass $11M vs $5.1B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +284% | yours to apply |
| CRCrane | pass $2.3B | pass 5.53× | pass $1.1B vs $2.1B WC | pass no losses in 5 yrs | pass paid every year (5) | not in the data yet | yours to apply |
| CVCOCavco Industries, Inc. | pass $2.2B | pass 2.46× | pass $11M vs $489M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +209% | yours to apply |
| DECKDeckers Outdoor Corporation | pass $5.5B | pass 3.54× | pass $0 vs $2.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +615% | yours to apply |
| DORMDorman Products Inc. | pass $2.1B | pass 3.09× | pass $440M vs $1.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +51% | yours to apply |
| DUKDuke Energy Corp | pass $32.2B | not in the data yet | pass $89.8B vs $51.8B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +57% | yours to apply |
| DUKBDuke Energy Corp | pass $32.2B | not in the data yet | pass $89.8B vs $51.8B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +57% | yours to apply |
| EDConsolidated Edison Inc. | pass $16.9B | not in the data yet | pass $25.8B vs $24.2B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +53% | yours to apply |
| ENSEnerSys | pass $3.8B | pass 2.66× | pass $1.1B vs $1.3B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +111% | yours to apply |
| EPAMEPAM Systems | pass $5.5B | pass 2.59× | pass $25M vs $1.6B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +203% | yours to apply |
| EPDEnterprise Products Partners L.P. | pass $52.6B | not in the data yet | pass $34.4B vs $29.7B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +82% | yours to apply |
| EVRGEvergy | pass $6.0B | not in the data yet | pass $13.4B vs $10.2B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +104% | yours to apply |
| EWEdwards Lifesciences Corporation | pass $6.1B | pass 3.72× | pass $598M vs $4.9B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +255% | yours to apply |
| EXLSExlService | pass $2.1B | pass 2.56× | pass $299M vs $506M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +279% | yours to apply |
| FASTFastenal Company | pass $8.2B | pass 4.85× | pass $125M vs $2.8B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +95% | yours to apply |
| FELEFranklin Electric | pass $2.1B | pass 2.79× | pass $209M vs $615M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +98% | yours to apply |
| FIVEFive Below | pass $4.8B | pass 2.01× | pass $300K vs $963M WC | pass no losses in 9 yrs | none paid in 9 yrs | pass +114% | yours to apply |
| FNFabrinet | pass $4.6B | pass 2.25× | pass $29M vs $1.8B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +265% | yours to apply |
| FSSFederal Signal Corporation | pass $2.2B | pass 3.02× | pass $567M vs $571M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +211% | yours to apply |
| GGGGraco Inc. | pass $2.2B | pass 3.15× | pass $2M vs $1.0B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +139% | yours to apply |
| GMEDGlobus Medical | pass $2.9B | pass 4.26× | pass $417M vs $1.6B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +107% | yours to apply |
| GRMNGarmin Ltd. Common Stock (Switzerland) | pass $7.2B | pass 3.63× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +127% | yours to apply |
| GWWW.W. Grainger Inc. | pass $17.9B | pass 2.83× | pass $2.5B vs $3.5B WC | pass no losses in 9 yrs | pass paid every year (9) | pass +146% | yours to apply |
| IMKTAIngles Markets Incorporated | pass $5.3B | pass 3.22× | pass $515M vs $673M WC | pass no losses in 9 yrs | pass paid every year (9) | pass +72% | yours to apply |
| INFYInfosys Limited | pass $19.3B | pass 2.27× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +39% | yours to apply |
| INGRIngredion | pass $7.2B | pass 2.66× | pass $2.0B vs $2.2B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +40% | yours to apply |
| ITTITT Inc. | pass $3.9B | pass 2.58× | pass $783M vs $2.1B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +124% | yours to apply |
| KLACKLA Corporation | pass $13.6B | pass 2.88× | pass $5.9B vs $8.1B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +301% | yours to apply |
| KMIKinder Morgan Inc. | pass $16.9B | not in the data yet | pass $40.2B vs $31.2B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +222% | yours to apply |
| LNTAlliant Energy | pass $4.4B | not in the data yet | pass $12.0B vs $7.3B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +61% | yours to apply |
| LOGILogitech International S.A. | pass $4.8B | pass 2.22× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +191% | yours to apply |
| LRCXLam Research Corporation | pass $23.2B | pass 2.63× | pass $3.7B vs $9.7B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +162% | yours to apply |
| LRNStride Inc. | pass $2.5B | pass 5.94× | pass $418M vs $1.4B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +1172% | yours to apply |
| MLIMueller Industries | pass $4.2B | pass 5.92× | pass $0 vs $2.0B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +581% | yours to apply |
| MNSTMonster Beverage Corp. | pass $8.3B | pass 3.70× | pass $374M vs $3.9B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +100% | yours to apply |
| NEENextEra Energy Inc. | pass $27.4B | not in the data yet | pass $93.1B vs $54.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +41% | yours to apply |
| NJRNew Jersey Resources | pass $2.0B | not in the data yet | pass $3.3B vs $2.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +79% | yours to apply |
| NTESNetEase Inc. | yours to apply · CN¥112.6B | pass 3.45× | pass CN¥428M vs CN¥128.2B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +224% | yours to apply |
| NUENucor Corporation | pass $32.5B | pass 2.94× | pass $6.9B vs $7.8B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +85% | yours to apply |
| NVDANVIDIA Corp. | pass $215.9B | pass 3.91× | pass $8.5B vs $93.4B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +2415% | yours to apply |
| OGSONE Gas | pass $2.4B | not in the data yet | pass $3.0B vs $3.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +51% | yours to apply |
| OKEONEOK Inc. | pass $33.6B | not in the data yet | pass $32.0B vs $22.5B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +380% | yours to apply |
| ONON Semiconductor Corporation | pass $6.0B | pass 4.52× | pass $3.3B vs $4.5B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +139% | yours to apply |
| PNMPNM Resources | pass $2.2B | not in the data yet | pass $5.4B vs $3.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +70% | yours to apply |
| PORPortland General Electric | pass $3.6B | not in the data yet | pass $4.7B vs $4.1B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +43% | yours to apply |
| RMDResMed Inc. | pass $5.7B | pass 3.10× | pass $659M vs $2.9B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +271% | yours to apply |
| RSReliance Inc. | pass $14.3B | pass 4.88× | pass $1.4B vs $3.3B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +90% | yours to apply |
| RSGRepublic Services Inc. | pass $16.6B | not in the data yet | pass $13.7B vs $12.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +102% | yours to apply |
| SMCISuper Micro Computer Inc. | pass $22.0B | pass 5.25× | pass $4.6B vs $10.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +1435% | yours to apply |
| SMCIPSuper Micro Computer Inc. | pass $22.0B | pass 5.25× | pass $4.6B vs $10.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +1435% | yours to apply |
| SNASnap-on | pass $4.7B | pass 4.79× | pass $1.2B vs $3.5B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +72% | yours to apply |
| SOSouthern Company (The) | pass $29.6B | not in the data yet | pass $65.6B vs $36.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +131% | yours to apply |
| SOJCSouthern Co | pass $29.6B | not in the data yet | pass $65.6B vs $36.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +131% | yours to apply |
| SOJDSouthern Co | pass $29.6B | not in the data yet | pass $65.6B vs $36.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +131% | yours to apply |
| SOJESouthern Co | pass $29.6B | not in the data yet | pass $65.6B vs $36.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +131% | yours to apply |
| SOMNSouthern Co | pass $29.6B | not in the data yet | pass $65.6B vs $36.0B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +131% | yours to apply |
| SQMSociedad Quimica y Minera S.A. | pass $4.5B | pass 2.51× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +495% | yours to apply |
| SRSpire | pass $2.5B | not in the data yet | pass $3.9B vs $3.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +42% | yours to apply |
| SREDBA Sempra | pass $13.7B | not in the data yet | pass $29.0B vs $31.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +205% | yours to apply |
| SREASempra | pass $13.7B | not in the data yet | pass $29.0B vs $31.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +205% | yours to apply |
| SSDSimpson Manufacturing | pass $2.3B | pass 3.54× | pass $315M vs $971M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +231% | yours to apply |
| STLDSteel Dynamics Inc. | pass $18.2B | pass 3.06× | pass $4.2B vs $4.4B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +111% | yours to apply |
| STMSTMicroelectronics N.V. | pass $11.8B | pass 3.36× | pass $2.1B vs $7.9B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +163% | yours to apply |
| TSMTaiwan Semiconductor Manufacturing Company Limited | yours to apply · NT$2.89T | pass 2.36× | pass NT$146.7B vs NT$1.78T WC | pass no losses in 10 yrs | pass paid every year (10) | pass +207% | yours to apply |
| TXNMTXNM Energy Inc. | pass $2.2B | not in the data yet | pass $5.4B vs $3.4B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +70% | yours to apply |
| UFPIUFP Industries | pass $6.3B | pass 4.59× | pass $230M vs $1.8B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +231% | yours to apply |
| VMIValmont Industries Inc. | pass $4.1B | pass 2.35× | pass $796M vs $988M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +117% | yours to apply |
| WCNWaste Connections Inc. | pass $9.5B | not in the data yet | pass $8.9B vs $8.2B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +79% | yours to apply |
| WECWEC Energy Group Inc. | pass $9.8B | not in the data yet | pass $20.0B vs $14.1B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +38% | yours to apply |
| WITWipro Limited | yours to apply · ₹890.9B | pass 2.72× | pass ₹64.0B vs ₹491.5B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +40% | yours to apply |
| WPMWHEATON PRECIOUS METALS CORP. | pass $2.3B | pass 7.78× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +273% | yours to apply |
| WSOWatsco | pass $7.2B | pass 4.12× | pass $362M vs $2.2B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +148% | yours to apply |
| WSTWest Pharmaceutical | pass $3.1B | pass 3.02× | pass $203M vs $1.3B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +215% | yours to apply |
| WTRGEssential Utilities | pass $2.5B | not in the data yet | pass $8.1B vs $6.9B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +157% | yours to apply |
| WTSWatts Water Technologies | pass $2.4B | pass 2.51× | pass $303M vs $774M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +213% | yours to apply |
| WWDWoodward | pass $3.6B | pass 2.08× | pass $580M vs $977M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +86% | yours to apply |
| XELXcel Energy Inc. | pass $14.7B | not in the data yet | pass $32.1B vs $23.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +62% | yours to apply |
| Failing only the size test, 57 companies | |||||||
| AAONAaon, Inc. | near $1.4B, $558M short of $2B | pass 2.63× | pass $6M vs $538M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +203% | yours to apply |
| ACLSAxcelis Technologies | fail $839M, $1.2B short of $2B | pass 4.77× | pass $29M vs $746M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +209% | yours to apply |
| ALGAlamo Group Inc. | near $1.6B, $396M short of $2B | pass 4.57× | pass $206M vs $780M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +125% | yours to apply |
| ALNTAllient Inc. | fail $554M, $1.4B short of $2B | pass 3.66× | pass $181M vs $184M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +79% | yours to apply |
| ARTNAArtesian Resources Corporation | fail $113M, $1.9B short of $2B | not in the data yet | pass $176M vs $250M equity | pass no losses in 10 yrs | pass paid every year (10) | pass +45% | yours to apply |
| AVAAvista | near $2.0B, $36M short of $2B | not in the data yet | pass $2.8B vs $2.7B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +40% | yours to apply |
| AWRAmerican States Water | fail $658M, $1.3B short of $2B | not in the data yet | pass $794M vs $1.0B equity | pass no losses in 9 yrs | pass paid every year (9) | pass +72% | yours to apply |
| BCPCBalchem | near $1.0B, $963M short of $2B | pass 2.07× | pass $164M vs $189M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +74% | yours to apply |
| BMIBadger Meter | fail $917M, $1.1B short of $2B | pass 3.36× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +279% | yours to apply |
| CAMTCamtek Ltd. | fail $496M, $1.5B short of $2B | pass 8.35× | pass $4M vs $790M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +562% | yours to apply |
| CARGCarGurus Inc. Class A Common Stock | fail $907M, $1.1B short of $2B | pass 2.81× | pass $0 vs $182M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +152% | yours to apply |
| COCOThe Vita Coco Company Inc. | fail $610M, $1.4B short of $2B | pass 3.62× | pass $3K vs $305M WC | pass no losses in 7 yrs | none paid in 7 yrs | pass +185% | yours to apply |
| CORTCorcept Therapeutics Incorporated | fail $761M, $1.2B short of $2B | pass 2.92× | pass $0 vs $319M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +63% | yours to apply |
| CPKChesapeake Utilities Corporation | fail $930M, $1.1B short of $2B | not in the data yet | pass $1.5B vs $1.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +117% | yours to apply |
| CRUSCirrus Logic | near $2.0B, $3M short of $2B | pass 7.37× | pass $0 vs $1.2B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +99% | yours to apply |
| CWCOConsolidated Water Co. Ltd. | fail $132M, $1.9B short of $2B | not in the data yet | pass $74K vs $222M equity | pass no losses in 10 yrs | pass paid every year (10) | pass +256% | yours to apply |
| CWTCalifornia Water Service | fail $964M, $1.0B short of $2B | not in the data yet | pass $1.5B vs $1.7B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +98% | yours to apply |
| DLBDolby Laboratories | near $1.3B, $651M short of $2B | pass 3.17× | pass $6M vs $950M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +65% | yours to apply |
| DMLPDorchester Minerals L.P. Common | fail $153M, $1.8B short of $2B | pass 15.54× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +133% | yours to apply |
| DSGXDescartes Systems | fail $729M, $1.3B short of $2B | pass 2.16× | pass $34M vs $259M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +493% | yours to apply |
| DVDoubleVerify | fail $748M, $1.3B short of $2B | pass 4.27× | pass $22M vs $398M WC | pass no losses in 7 yrs | none paid in 7 yrs | pass +144% | yours to apply |
| EBFEnnis Inc. | fail $392M, $1.6B short of $2B | pass 3.72× | pass $30M vs $96M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +74% | yours to apply |
| ELAEnvela Corporation | fail $241M, $1.8B short of $2B | pass 3.50× | pass $14M vs $47M WC | pass no losses in 9 yrs | none paid in 9 yrs | pass +440% | yours to apply |
| ELMDElectromed Inc. | fail $64M, $1.9B short of $2B | pass 4.31× | pass $1M vs $35M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +153% | yours to apply |
| ERIIEnergy Recovery Inc. | fail $135M, $1.9B short of $2B | pass 10.44× | pass $85K vs $164M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +53% | yours to apply |
| EXPOExponent | fail $582M, $1.4B short of $2B | pass 2.40× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +96% | yours to apply |
| HTOH2O America | fail $801M, $1.2B short of $2B | not in the data yet | pass $1.9B vs $1.5B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +87% | yours to apply |
| IDAIDACORP | near $1.8B, $187M short of $2B | not in the data yet | pass $3.4B vs $3.6B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +37% | yours to apply |
| IPARInter Parfums | near $1.5B, $511M short of $2B | pass 2.99× | pass $176M vs $683M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +277% | yours to apply |
| JBSSJohn B. Sanfilippo & Son Inc. | near $1.2B, $824M short of $2B | pass 2.08× | pass $50M vs $181M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +68% | yours to apply |
| LEGHLegacy Housing Corporation | fail $165M, $1.8B short of $2B | pass 3.51× | pass $1M vs $118M WC | pass no losses in 8 yrs | none paid in 8 yrs | pass +79% | yours to apply |
| LMATLeMaitre Vascular Inc. | fail $250M, $1.8B short of $2B | pass 12.89× | pass $169M vs $432M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +160% | yours to apply |
| LNNLindsay Corporation | fail $676M, $1.3B short of $2B | pass 3.71× | pass $115M vs $389M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +234% | yours to apply |
| MGEEMGE Energy | fail $744M, $1.3B short of $2B | not in the data yet | pass $814M vs $1.3B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +45% | yours to apply |
| MLRMiller Industries Inc. | fail $790M, $1.2B short of $2B | pass 3.22× | pass $33M vs $303M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +89% | yours to apply |
| MSEXMiddlesex Water | fail $195M, $1.8B short of $2B | not in the data yet | pass $387M vs $494M equity | pass no losses in 10 yrs | pass paid every year (10) | pass +52% | yours to apply |
| MTRNMaterion Corporation | near $1.8B, $213M short of $2B | pass 3.11× | pass $459M vs $536M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +203% | yours to apply |
| MWAMueller Water Products | near $1.4B, $570M short of $2B | pass 3.54× | pass $452M vs $739M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +34% | yours to apply |
| NOVTNovanta Inc. | fail $981M, $1.0B short of $2B | pass 3.69× | pass $251M vs $570M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +45% | yours to apply |
| NOVTUNovanta Inc. Tangible Equity | fail $981M, $1.0B short of $2B | pass 3.69× | pass $251M vs $570M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +45% | yours to apply |
| ODCOil-Dri Corporation Of America | fail $486M, $1.5B short of $2B | pass 2.56× | pass $75M vs $108M WC | pass no losses in 8 yrs | pass paid every year (8) | pass +209% | yours to apply |
| ONTOOnto Innovation | near $1.0B, $995M short of $2B | pass 5.79× | pass $0 vs $1.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +277% | yours to apply |
| PLABPhotronics | fail $849M, $1.2B short of $2B | pass 5.37× | pass $194M vs $724M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +287% | yours to apply |
| PLPCPreformed Line Products Company | fail $669M, $1.3B short of $2B | pass 3.17× | pass $39M vs $249M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +149% | yours to apply |
| REXREX American Resources Corporation | fail $650M, $1.3B short of $2B | pass 5.94× | pass $76M vs $372M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +95% | yours to apply |
| SCVLShoe Carnival | near $1.1B, $865M short of $2B | pass 3.76× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +147% | yours to apply |
| SHOEShoe Station Group Inc. | near $1.1B, $865M short of $2B | pass 3.76× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +147% | yours to apply |
| SJWSJW Group | fail $801M, $1.2B short of $2B | not in the data yet | pass $1.9B vs $1.5B equity | pass no losses in 10 yrs | pass paid every year (10) | pass +87% | yours to apply |
| TECHBio-Techne | near $1.2B, $780M short of $2B | pass 3.46× | pass $346M vs $432M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +72% | yours to apply |
| TPLTexas Pacific Land | fail $798M, $1.2B short of $2B | pass 4.40× | not in the data yet | pass no losses in 8 yrs | pass paid every year (8) | pass +90% | yours to apply |
| TRTootsie Roll Industries | fail $733M, $1.3B short of $2B | pass 3.27× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +36% | yours to apply |
| TSEMTower Semiconductor Ltd. | near $1.6B, $434M short of $2B | pass 6.48× | pass $175M vs $1.4B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +47% | yours to apply |
| USLMUnited States Lime & Minerals Inc. | fail $373M, $1.6B short of $2B | pass 19.27× | pass $17M vs $432M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +392% | yours to apply |
| UTLUNITIL Corporation | fail $536M, $1.5B short of $2B | not in the data yet | pass $671M vs $610M equity | pass no losses in 10 yrs | pass paid every year (10) | pass +60% | yours to apply |
| VITLVital Farms | fail $759M, $1.2B short of $2B | pass 2.16× | pass $5M vs $141M WC | pass no losses in 8 yrs | none paid in 8 yrs | pass +755% | yours to apply |
| XPELXPEL Inc. | fail $476M, $1.5B short of $2B | pass 3.25× | pass $458K vs $160M WC | pass no losses in 8 yrs | none paid in 8 yrs | pass +265% | yours to apply |
| YORWYork Water | fail $77M, $1.9B short of $2B | not in the data yet | pass $222M vs $240M equity | pass no losses in 10 yrs | pass paid every year (10) | pass +68% | yours to apply |
| Failing only the liquidity test, 39 companies | |||||||
| ACNAccenture PLC | pass $69.7B | fail 1.42×, 0.58× short of 2.00× | pass $5.0B vs $8.5B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +88% | yours to apply |
| ANDEAndersons | pass $11.0B | fail 1.41×, 0.59× short of 2.00× | pass $623M vs $690M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +225% | yours to apply |
| AOSA.O. Smith Corporation | pass $3.8B | fail 1.50×, 0.50× short of 2.00× | pass $155M vs $429M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +53% | yours to apply |
| ASMLASML HOLDING NV | yours to apply · €32.7B | fail 1.26×, 0.74× short of 2.00× | pass €4.4B vs €6.4B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +303% | yours to apply |
| BIPBROOKFIELD INFRASTRUCTURE PARTNERS L.P. | pass $23.1B | fail 0.78×, 1.22× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +197% | yours to apply |
| BIPHBROOKFIELD INFRASTRUCTURE PARTNERS L.P. | pass $23.1B | fail 0.78×, 1.22× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +197% | yours to apply |
| BIPIBROOKFIELD INFRASTRUCTURE PARTNERS L.P. | pass $23.1B | fail 0.78×, 1.22× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +197% | yours to apply |
| BIPJBROOKFIELD INFRASTRUCTURE PARTNERS L.P. | pass $23.1B | fail 0.78×, 1.22× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +197% | yours to apply |
| CHSCOCHS Inc. | pass $35.5B | near 1.53×, 0.47× short of 2.00× | pass $2.0B vs $2.8B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +193% | yours to apply |
| CHSCPCHS Inc. | pass $35.5B | near 1.53×, 0.47× short of 2.00× | pass $2.0B vs $2.8B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +193% | yours to apply |
| CMGChipotle Mexican Grill Inc. | pass $11.9B | fail 1.23×, 0.77× short of 2.00× | pass $0 vs $279M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +1044% | yours to apply |
| CMICummins Inc. | pass $33.7B | near 1.76×, 0.24× short of 2.00× | pass $6.9B vs $7.3B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +66% | yours to apply |
| DCIDonaldson | pass $3.7B | near 1.93×, 0.07× short of 2.00× | pass $691M vs $705M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +89% | yours to apply |
| DKSDick's Sporting Goods | pass $17.2B | near 1.53×, 0.47× short of 2.00× | pass $1.9B vs $2.5B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +229% | yours to apply |
| EMEEMCOR Group | pass $17.0B | fail 1.22×, 0.78× short of 2.00× | pass $247M vs $1.1B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +321% | yours to apply |
| ENSGEnsign Group | pass $5.1B | fail 1.42×, 0.58× short of 2.00× | pass $142M vs $378M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +366% | yours to apply |
| ESLTElbit Systems Ltd. | pass $7.9B | fail 1.29×, 0.71× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +56% | yours to apply |
| EXPDExpeditors International of Washington, Inc. | pass $11.1B | near 1.81×, 0.19× short of 2.00× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | pass +54% | yours to apply |
| FIXComfort Systems | pass $9.1B | fail 1.21×, 0.79× short of 2.00× | pass $256M vs $717M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +702% | yours to apply |
| FLEXFlex Ltd. | pass $27.9B | fail 1.36×, 0.64× short of 2.00× | pass $3.8B vs $4.3B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +224% | yours to apply |
| FORTYFormula Systems (1985) Ltd. | pass $2.8B | fail 1.31×, 0.69× short of 2.00× | pass $257M vs $349M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +328% | yours to apply |
| GHCGraham Holdings Company | pass $4.9B | near 1.75×, 0.25× short of 2.00× | pass $881M vs $1.0B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +65% | yours to apply |
| GLOBGlobant S.A. | pass $2.5B | near 1.64×, 0.36× short of 2.00× | pass $347M vs $373M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +262% | yours to apply |
| KAROKarooooo Ltd. | yours to apply · R 4.6B | fail 1.14×, 0.86× short of 2.00× | pass R 32M vs R 205M WC | pass no losses in 7 yrs | pass paid every year (7) | pass +167% | yours to apply |
| KFYKorn Ferry | pass $2.9B | near 1.94×, 0.06× short of 2.00× | pass $423M vs $924M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +116% | yours to apply |
| LZBLa-Z-Boy Incorporated | pass $2.1B | near 1.80×, 0.20× short of 2.00× | pass $8M vs $344M WC | pass no losses in 10 yrs | pass paid every tagged year (9 of 10, 1 yr untagged in the data) | pass +38% | yours to apply |
| MYRGMYR Group | pass $3.7B | fail 1.33×, 0.67× short of 2.00× | pass $59M vs $265M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +225% | yours to apply |
| NVSNovartis AG | pass $14.0B | fail 1.12×, 0.88× short of 2.00× | debt not reliably tagged | pass no losses in 10 yrs | pass paid every year (10) | pass +51% | yours to apply |
| OSKOshkosh | pass $10.4B | near 1.94×, 0.06× short of 2.00× | pass $1.1B vs $2.5B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +98% | yours to apply |
| PKXPOSCO HOLDINGS INC. | yours to apply · ₩73.46T | near 1.94×, 0.06× short of 2.00× | pass ₩19.84T vs ₩21.32T WC | pass no losses in 10 yrs | pass paid every year (10) | pass +40% | yours to apply |
| PLXSPlexus Corp. | pass $4.0B | near 1.58×, 0.42× short of 2.00× | pass $288M vs $880M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +100% | yours to apply |
| PRIMPrimoris Services | pass $7.6B | fail 1.26×, 0.74× short of 2.00× | pass $470M vs $485M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +230% | yours to apply |
| PSMTPriceSmart Inc. | pass $5.3B | fail 1.34×, 0.66× short of 2.00× | pass $187M vs $248M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +56% | yours to apply |
| RDYDr. Reddy's Laboratories Ltd | yours to apply · ₹325.5B | near 1.92×, 0.08× short of 2.00× | pass ₹45.9B vs ₹119.7B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +276% | yours to apply |
| ROSTRoss Stores Inc. | pass $22.8B | near 1.58×, 0.42× short of 2.00× | pass $1.5B vs $2.8B WC | pass no losses in 10 yrs | pass paid every year (10) | pass +50% | yours to apply |
| SKXSkechers U.S.A. | pass $9.0B | near 1.97×, 0.03× short of 2.00× | pass $422M vs $2.2B WC | pass no losses in 9 yrs | none paid in 9 yrs | pass +115% | yours to apply |
| TTDThe Trade Desk Inc. | pass $2.9B | near 1.61×, 0.39× short of 2.00× | pass $27M vs $2.0B WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +537% | yours to apply |
| URBNUrban Outfitters | pass $6.2B | near 1.51×, 0.49× short of 2.00× | pass $150M vs $568M WC | pass no losses in 10 yrs | none paid in 10 yrs | pass +85% | yours to apply |
| WSMWilliams-Sonoma | pass $7.8B | fail 1.39×, 0.61× short of 2.00× | pass $300M vs $759M WC | pass no losses in 10 yrs | pass paid every year (10) | pass +252% | yours to apply |
| Failing only the debt test, 31 companies | |||||||
| ADIAnalog Devices Inc. | pass $11.0B | pass 2.19× | fail $8.1B vs $3.9B WC, debt exceeds working capital by $4.3B | pass no losses in 10 yrs | pass paid every year (10) | pass +127% | yours to apply |
| AFYAAfya Limited Class A | yours to apply · R$3.7B | pass 2.20× | fail R$2.1B vs R$1.1B WC, debt exceeds working capital by R$996M | pass no losses in 9 yrs | pass paid every year (9) | pass +520% | yours to apply |
| AKAMAkamai | pass $4.2B | pass 2.36× | fail $4.1B vs $1.3B WC, debt exceeds working capital by $2.8B | pass no losses in 10 yrs | none paid in 10 yrs | pass +79% | yours to apply |
| ALSNAllison Transmission Holdings Inc. | pass $3.0B | pass 4.85× | fail $2.9B vs $1.8B WC, debt exceeds working capital by $1.1B | pass no losses in 10 yrs | pass paid every year (10) | pass +49% | yours to apply |
| APHAmphenol Corporation | pass $23.1B | pass 2.98× | near $15.5B vs $13.5B WC, debt exceeds working capital by $2.0B | pass no losses in 10 yrs | pass paid every year (10) | pass +222% | yours to apply |
| AXTAAxalta Coating Systems | pass $5.1B | pass 2.06× | fail $3.2B vs $1.4B WC, debt exceeds working capital by $1.8B | pass no losses in 10 yrs | none paid in 10 yrs | pass +267% | yours to apply |
| BWXTBWX Technologies Inc. | pass $3.2B | pass 2.32× | fail $2.0B vs $888M WC, debt exceeds working capital by $1.1B | pass no losses in 10 yrs | pass paid every year (10) | pass +54% | yours to apply |
| CNMCore & Main Inc. | pass $7.6B | pass 2.63× | fail $2.1B vs $1.4B WC, debt exceeds working capital by $720M | pass no losses in 7 yrs | none paid in 7 yrs | pass +412% | yours to apply |
| CSLCarlisle Cos. | pass $5.0B | pass 3.09× | fail $2.9B vs $1.5B WC, debt exceeds working capital by $1.3B | pass no losses in 10 yrs | pass paid every year (10) | pass +130% | yours to apply |
| DTBDTE Energy Co | pass $15.8B | not in the data yet | near $25.8B vs $12.3B equity, debt exceeds working capital by $1.2B | pass no losses in 10 yrs | pass paid every year (10) | pass +37% | yours to apply |
| DTEDTE Energy Company | pass $15.8B | not in the data yet | near $25.8B vs $12.3B equity, debt exceeds working capital by $1.2B | pass no losses in 10 yrs | pass paid every year (10) | pass +37% | yours to apply |
| DTGDTE Energy Co | pass $15.8B | not in the data yet | near $25.8B vs $12.3B equity, debt exceeds working capital by $1.2B | pass no losses in 10 yrs | pass paid every year (10) | pass +37% | yours to apply |
| DTWDTE Energy Co | pass $15.8B | not in the data yet | near $25.8B vs $12.3B equity, debt exceeds working capital by $1.2B | pass no losses in 10 yrs | pass paid every year (10) | pass +37% | yours to apply |
| DYDycom Industries | pass $5.5B | pass 2.74× | fail $2.8B vs $1.7B WC, debt exceeds working capital by $1.1B | pass no losses in 10 yrs | none paid in 10 yrs | pass +110% | yours to apply |
| EXPEagle Materials | pass $2.3B | pass 3.66× | fail $1.8B vs $691M WC, debt exceeds working capital by $1.1B | pass no losses in 10 yrs | pass paid every year (10) | pass +161% | yours to apply |
| FLSFlowserve | pass $4.7B | pass 2.03× | near $1.6B vs $1.5B WC, debt exceeds working capital by $34M | pass no losses in 10 yrs | pass paid every year (10) | pass +240% | yours to apply |
| GTESGates Industrial | pass $3.4B | pass 3.37× | near $2.2B vs $1.7B WC, debt exceeds working capital by $486M | pass no losses in 10 yrs | none paid in 10 yrs | pass +50% | yours to apply |
| HEIHeico Corp. | pass $4.5B | pass 2.83× | near $2.2B vs $1.5B WC, debt exceeds working capital by $644M | pass no losses in 10 yrs | pass paid every year (10) | pass +167% | yours to apply |
| IEXIDEX Corp. | pass $3.5B | pass 2.86× | fail $1.8B vs $1.1B WC, debt exceeds working capital by $753M | pass no losses in 10 yrs | pass paid every year (10) | pass +55% | yours to apply |
| KEYSKeysight Technologies Inc. | pass $5.4B | pass 2.35× | near $2.5B vs $2.5B WC, debt exceeds working capital by $36M | pass no losses in 10 yrs | none paid in 10 yrs | pass +319% | yours to apply |
| MLMMartin Marietta Materials Inc. | pass $6.2B | pass 3.57× | fail $5.3B vs $2.3B WC, debt exceeds working capital by $3.0B | pass no losses in 10 yrs | pass paid every year (10) | pass +167% | yours to apply |
| NEUNewMarket Corp | pass $2.7B | pass 2.53× | near $883M vs $640M WC, debt exceeds working capital by $243M | pass no losses in 10 yrs | pass paid every year (10) | pass +90% | yours to apply |
| POOLPool Corporation | pass $5.3B | pass 2.24× | near $1.2B vs $1.1B WC, debt exceeds working capital by $110M | pass no losses in 10 yrs | pass paid every year (10) | pass +137% | yours to apply |
| SCCOSouthern Copper Corporation | pass $13.4B | pass 3.89× | near $7.3B vs $6.2B WC, debt exceeds working capital by $1.0B | pass no losses in 10 yrs | pass paid every year (10) | pass +233% | yours to apply |
| STESteris | pass $5.9B | pass 2.09× | fail $1.9B vs $1.2B WC, debt exceeds working capital by $682M | pass no losses in 10 yrs | pass paid every year (10) | pass +152% | yours to apply |
| TDGTransDigm | pass $8.8B | pass 3.21× | fail $29.4B vs $4.8B WC, debt exceeds working capital by $24.6B | pass no losses in 9 yrs | pass paid every year (9) | pass +108% | yours to apply |
| TKRTimken | pass $4.6B | pass 2.82× | near $1.9B vs $1.7B WC, debt exceeds working capital by $236M | pass no losses in 10 yrs | pass paid every year (10) | pass +60% | yours to apply |
| VMCVulcan Materials Company | pass $7.9B | pass 2.69× | fail $4.4B vs $1.6B WC, debt exceeds working capital by $2.8B | pass no losses in 10 yrs | pass paid every year (10) | pass +90% | yours to apply |
| WESWestern Midstream Partners LP Common | pass $3.8B | not in the data yet | near $8.6B vs $4.0B equity, debt exceeds working capital by $602M | pass no losses in 10 yrs | pass paid every year (10) | pass +163% | yours to apply |
| WMWaste Management Inc. | pass $25.2B | not in the data yet | near $22.9B vs $10.0B equity, debt exceeds working capital by $2.9B | pass no losses in 10 yrs | pass paid every year (10) | pass +53% | yours to apply |
| ZTSZoetis Inc. | pass $9.5B | pass 3.03× | fail $9.0B vs $4.5B WC, debt exceeds working capital by $4.5B | pass no losses in 10 yrs | pass paid every year (10) | pass +141% | yours to apply |
| Failing only the earnings-stability test, 28 companies | |||||||
| AEMAgnico Eagle Mines Limited | pass $11.9B | pass 2.02× | pass $196M vs $2.5B WC | near 1 loss year in 10 | pass paid every year (10) | pass +11280% | yours to apply |
| AUAngloGold Ashanti PLC | pass $9.9B | pass 2.87× | pass $2.0B vs $3.0B WC | near 1 loss year in 5 | pass paid every year (5) | not in the data yet | yours to apply |
| AXONAxon Enterprise | pass $2.8B | pass 2.53× | pass $1.8B vs $2.2B WC | fail 2 loss years in 10 | none paid in 10 yrs | pass +1210% | yours to apply |
| BBarrick Mining Corporation | pass $17.0B | pass 2.92× | pass $4.7B vs $6.7B WC | near 1 loss year in 10 | pass paid every year (10) | pass +1434% | yours to apply |
| BXCBluelinx Holdings Inc. | pass $3.0B | pass 4.66× | pass $596M vs $773M WC | fail 2 loss years in 10 | none paid in 10 yrs | pass +66% | yours to apply |
| CDECoeur Mining Inc. | pass $2.1B | pass 2.47× | pass $491M vs $580M WC | fail 6 loss years in 10 | none paid in 10 yrs | pass +9515% | yours to apply |
| CRSCarpenter Technology | pass $3.1B | pass 3.81× | pass $691M vs $1.5B WC | fail 2 loss years in 10 | pass paid every year (10) | pass +171% | yours to apply |
| DDSDillard's | pass $6.5B | pass 2.65× | pass $366M vs $1.5B WC | near 1 loss year in 10 | pass paid every year (10) | pass +239% | yours to apply |
| DDTDillard's Capital Trust I | pass $6.5B | pass 2.65× | pass $366M vs $1.5B WC | near 1 loss year in 10 | pass paid every year (10) | pass +239% | yours to apply |
| ETEnergy Transfer LP Common | pass $85.5B | not in the data yet | pass $68.3B vs $34.4B equity | near 1 loss year in 10 | pass paid every year (10) | pass +256% | yours to apply |
| ETREntergy Corporation | pass $12.9B | not in the data yet | pass $30.3B vs $16.9B equity | near 1 loss year in 10 | pass paid every year (10) | pass +664% | yours to apply |
| EXELExelixis Inc. | pass $2.3B | pass 3.56× | pass $189M vs $1.0B WC | near 1 loss year in 10 | none paid in 10 yrs | pass +95% | yours to apply |
| HOLXHologic | pass $4.1B | pass 3.75× | pass $2.5B vs $2.7B WC | fail 2 loss years in 10 | none paid in 10 yrs | pass +86% | yours to apply |
| NEMNewmont Corporation | pass $22.7B | pass 2.29× | pass $5.1B vs $7.4B WC | fail 4 loss years in 10 | pass paid every year (10) | negative early earnings | yours to apply |
| NFGNational Fuel Gas | pass $2.3B | not in the data yet | pass $2.7B vs $3.1B equity | fail 2 loss years in 10 | pass paid every year (10) | pass +179% | yours to apply |
| NINiSource Inc | pass $6.5B | not in the data yet | pass $15.5B vs $9.5B equity | fail 2 loss years in 10 | pass paid every year (10) | pass +487% | yours to apply |
| NOVNOV Inc. | pass $8.7B | pass 2.42× | pass $2.7B vs $3.4B WC | fail 6 loss years in 10 | pass paid every year (10) | negative early earnings | yours to apply |
| NXTNextpower Inc. | pass $3.6B | pass 2.45× | pass $0 vs $1.7B WC | fail 2 loss years in 6 | none paid in 6 yrs | pass +122498% | yours to apply |
| PAASPan American Silver Corp. | pass $3.6B | pass 2.69× | pass $709M vs $1.4B WC | fail 2 loss years in 10 | pass paid every year (10) | pass +316% | yours to apply |
| PEGPublic Service Enterprise Group Incorporated | pass $12.2B | not in the data yet | pass $22.5B vs $17.0B equity | near 1 loss year in 10 | pass paid every year (10) | pass +65% | yours to apply |
| QCOMQUALCOMM Incorporated | pass $44.3B | pass 2.82× | pass $14.8B vs $16.6B WC | near 1 loss year in 10 | pass paid every year (10) | pass +619% | yours to apply |
| QRVOQorvo Inc. | pass $3.7B | pass 3.24× | pass $1.5B vs $1.6B WC | fail 3 loss years in 10 | none paid in 10 yrs | pass +325% | yours to apply |
| RLRalph Lauren Corporation | pass $8.1B | pass 2.13× | pass $1.2B vs $2.1B WC | fail 2 loss years in 10 | pass paid every year (10) | pass +371% | yours to apply |
| SKYChampion Homes Inc. | pass $2.7B | pass 2.48× | pass $24M vs $673M WC | near 1 loss year in 10 | none paid in 10 yrs | pass +5709% | yours to apply |
| TSTenaris S.A. | pass $12.0B | pass 3.87× | pass $368K vs $6.7B WC | near 1 loss year in 10 | pass paid every year (10) | pass +434% | yours to apply |
| UTHRUnited Therapeutics | pass $3.2B | pass 6.60× | pass $205M vs $3.1B WC | near 1 loss year in 10 | none paid in 10 yrs | pass +104% | yours to apply |
| VRTXVertex Pharmaceuticals Incorporated | pass $12.0B | pass 2.90× | pass $125M vs $7.3B WC | fail 2 loss years in 10 | none paid in 10 yrs | pass +213% | yours to apply |
| ZMZoom | pass $4.9B | pass 4.33× | pass $0 vs $6.7B WC | near 1 loss year in 9 | none paid in 9 yrs | pass +12106% | yours to apply |
| Failing only the dividend test, 16 companies | |||||||
| AIRAAR Corp. | pass $3.3B | pass 2.84× | pass $968M vs $1.1B WC | pass no losses in 10 yrs | fail paid 5 of 10 yrs | pass +210% | yours to apply |
| AMKRAmkor Technology | pass $6.7B | pass 2.27× | pass $1.5B vs $2.2B WC | pass no losses in 10 yrs | fail paid 5 of 10 yrs | pass +92% | yours to apply |
| BCCBoise Cascade L.L.C. | pass $6.4B | pass 3.36× | pass $445M vs $1.2B WC | pass no losses in 10 yrs | near paid 9 of 10 yrs | pass +601% | yours to apply |
| DAVAEndava plc | yours to apply · £772M | pass 2.39× | pass £954K vs £155M WC | pass no losses in 10 yrs | fail paid 1 of 10 yrs | pass +152% | yours to apply |
| GOOGAlphabet Inc. Class C Capital Stock | pass $402.8B | pass 2.01× | pass $48.5B vs $103.3B WC | pass no losses in 10 yrs | fail paid 2 of 10 yrs | pass +387% | yours to apply |
| GOOGLAlphabet Inc. | pass $402.8B | pass 2.01× | pass $48.5B vs $103.3B WC | pass no losses in 10 yrs | fail paid 2 of 10 yrs | pass +387% | yours to apply |
| GOOGMAlphabet Inc. | pass $402.8B | pass 2.01× | pass $48.5B vs $103.3B WC | pass no losses in 10 yrs | fail paid 2 of 10 yrs | pass +387% | yours to apply |
| GOOGNAlphabet Inc. | pass $402.8B | pass 2.01× | pass $48.5B vs $103.3B WC | pass no losses in 10 yrs | fail paid 2 of 10 yrs | pass +387% | yours to apply |
| METAMeta Platforms Inc. | pass $201.0B | pass 2.60× | pass $58.7B vs $66.9B WC | pass no losses in 10 yrs | fail paid 2 of 10 yrs | pass +235% | yours to apply |
| MPWRMonolithic Power Systems Inc. | pass $2.8B | pass 5.91× | not in the data yet | pass no losses in 10 yrs | near paid 9 of 10 yrs | pass +1083% | yours to apply |
| OLLIOllie's Bargain | pass $2.6B | pass 2.41× | pass $205M vs $564M WC | pass no losses in 10 yrs | fail none paid in 10 yrs | pass +93% | yours to apply |
| PLUSePlus inc. | pass $2.4B | pass 2.24× | pass $39M vs $790M WC | pass no losses in 10 yrs | fail paid 1 of 10 yrs | pass +110% | yours to apply |
| REGNRegeneron Pharmaceuticals Inc. | pass $14.3B | pass 4.13× | pass $2.0B vs $13.7B WC | pass no losses in 10 yrs | fail paid 1 of 10 yrs | pass +184% | yours to apply |
| SEBSeaboard Corporation | pass $9.7B | pass 2.40× | pass $985M vs $2.1B WC | pass no losses in 10 yrs | near paid 9 of 10 yrs | pass +44% | yours to apply |
| SITESiteOne Landscape | pass $4.7B | pass 2.47× | pass $385M vs $1.0B WC | pass no losses in 10 yrs | fail paid 1 of 10 yrs | pass +182% | yours to apply |
| UMCUnited Microelectronics Corporation | yours to apply · NT$232.3B | pass 2.45× | pass NT$8.5B vs NT$112.3B WC | pass no losses in 10 yrs | fail paid 7 of 10 yrs | pass +527% | yours to apply |
| Failing only the growth test, 12 companies | |||||||
| BF-BBrown-Forman | pass $3.9B | pass 3.24× | pass $2.4B vs $2.8B WC | pass no losses in 10 yrs | pass paid every year (10) | near +17%, a third was required | yours to apply |
| COLMColumbia Sportswear | pass $3.4B | pass 2.59× | not in the data yet | pass no losses in 10 yrs | pass paid every year (10) | near +15%, a third was required | yours to apply |
| CSGPCoStar Group Inc. | pass $3.2B | pass 2.84× | pass $993M vs $1.4B WC | pass no losses in 10 yrs | none paid in 10 yrs | near +17%, a third was required | yours to apply |
| EXCExelon Corporation | pass $24.3B | not in the data yet | pass $51.1B vs $28.8B equity | pass no losses in 10 yrs | pass paid every year (10) | near +9%, a third was required | yours to apply |
| GNTXGentex | pass $2.5B | pass 2.91× | pass $0 vs $741M WC | pass no losses in 10 yrs | pass paid every year (10) | near +2%, a third was required | yours to apply |
| IMOSChipMOS TECHNOLOGIES INC. | yours to apply · NT$22.7B | pass 2.71× | pass NT$10.8B vs NT$14.9B WC | pass no losses in 10 yrs | pass paid every year (10) | near +13%, a third was required | yours to apply |
| PNWPinnacle West | pass $5.3B | not in the data yet | pass $9.8B vs $7.0B equity | pass no losses in 10 yrs | pass paid every year (10) | near +20%, a third was required | yours to apply |
| SNDRSchneider National | pass $5.7B | pass 2.13× | pass $398M vs $625M WC | pass no losses in 10 yrs | pass paid every year (10) | fail −44%, a third was required | yours to apply |
| SNNSmith & Nephew SNATS Inc. | pass $6.2B | pass 2.57× | pass $1.4B vs $2.5B WC | pass no losses in 10 yrs | pass paid every year (10) | fail −41%, a third was required | yours to apply |
| SWKSSkyworks Solutions Inc. | pass $4.1B | pass 2.33× | pass $996M vs $1.8B WC | pass no losses in 9 yrs | pass paid every year (9) | fail −26%, a third was required | yours to apply |
| UNFUnifirst Corporation | pass $2.4B | pass 3.18× | pass $8M vs $634M WC | pass no losses in 10 yrs | pass paid every year (10) | near +11%, a third was required | yours to apply |
| UVVUniversal Corporation | pass $2.9B | pass 3.49× | pass $617M vs $1.4B WC | pass no losses in 10 yrs | pass paid every year (10) | fail −22%, a third was required | yours to apply |
1,336 further companies fail two or more of the testable criteria; each company page carries its full panel. Another 1,242 carry fewer than five testable criteria, a record too thin for this table; their panels are on their pages as well.
From the company's SEC filings, computed the same way as on its page. The criteria are Graham's own, from the defensive-investor chapters of The Intelligent Investor; the price test is left to the company page, where you bring the price. Banks, insurers and REITs are absent by design: their pages read them on their own statements (return on equity, the combined ratio, funds from operations), and Graham's operating tests are a category error there.