Medipal Holdings Corp
TSE:7459

Watchlist Manager
Medipal Holdings Corp Logo
Medipal Holdings Corp
TSE:7459
Watchlist
Price: 2 996 JPY -0.47% Market Closed
Market Cap: ¥620.1B

Income Statement

Earnings Waterfall
Medipal Holdings Corp

Income Statement
Medipal Holdings Corp

Rotate your device to view
Income Statement
Currency: JPY
Jun-2004 Sep-2004 Dec-2004 Jun-2005 Sep-2005 Dec-2005 Jun-2006 Sep-2006 Dec-2006 Jun-2007 Sep-2007 Dec-2007 Jun-2008 Sep-2008 Dec-2008 Jun-2009 Sep-2009 Dec-2009 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025
Revenue
Interest Expense
44
0
0
22
0
0
87
0
0
122
0
0
197
0
0
198
0
0
191
377
539
695
656
621
611
602
590
573
547
513
481
450
434
426
418
410
384
361
337
326
334
345
350
346
330
303
280
262
246
237
227
218
199
180
165
149
144
137
122
101
72
50
36
25
22
16
15
13
23
34
33
32
20
8
7
7
7
7
0
0
0
Revenue
1 080 681
N/A
1 166 110
+8%
1 259 273
+8%
1 271 892
+1%
1 295 378
+2%
1 429 164
+10%
1 542 601
+8%
1 651 601
+7%
1 658 343
+0%
1 676 101
+1%
1 695 184
+1%
1 726 541
+2%
1 786 265
+3%
1 848 461
+3%
1 885 409
+2%
1 894 644
+0%
1 923 779
+2%
1 952 577
+1%
1 982 070
+2%
2 001 050
+1%
2 016 816
+1%
2 662 821
+32%
2 681 468
+1%
2 706 750
+1%
2 736 391
+1%
2 750 233
+1%
2 776 119
+1%
2 780 645
+0%
2 801 804
+1%
2 810 959
+0%
2 829 281
+1%
2 860 466
+1%
2 883 614
+1%
2 947 798
+2%
2 920 808
-1%
2 909 858
0%
2 902 889
0%
2 872 905
-1%
2 923 061
+2%
2 953 707
+1%
2 995 210
+1%
3 028 187
+1%
3 057 501
+1%
3 072 868
+1%
3 065 833
0%
3 063 900
0%
3 072 597
+0%
3 093 743
+1%
3 124 724
+1%
3 146 314
+1%
3 169 216
+1%
3 169 344
+0%
3 178 578
+0%
3 181 928
+0%
3 189 613
+0%
3 253 495
+2%
3 242 840
0%
3 253 079
+0%
3 236 315
-1%
3 186 651
-2%
3 208 237
+1%
3 211 125
+0%
3 241 838
+1%
3 265 951
+1%
3 279 583
+0%
3 290 921
+0%
3 304 372
+0%
3 333 073
+1%
3 351 069
+1%
3 360 008
+0%
3 408 417
+1%
3 453 601
+1%
3 507 505
+2%
3 558 732
+1%
3 581 312
+1%
3 604 415
+1%
3 650 989
+1%
3 671 328
+1%
3 707 170
+1%
3 744 218
+1%
3 775 823
+1%
Gross Profit
Cost of Revenue
(986 059)
(1 066 531)
(1 154 285)
(1 169 753)
(1 192 902)
(1 313 651)
(1 411 628)
(1 508 882)
(1 513 147)
(1 532 860)
(1 552 392)
(1 583 528)
(1 638 342)
(1 698 776)
(1 738 717)
(1 754 299)
(1 781 490)
(1 807 361)
(1 830 156)
(1 846 881)
(1 870 365)
(2 474 740)
(2 500 209)
(2 528 142)
(2 551 740)
(2 557 647)
(2 577 459)
(2 580 712)
(2 597 287)
(2 608 772)
(2 628 628)
(2 657 860)
(2 680 445)
(2 738 380)
(2 711 664)
(2 703 326)
(2 698 565)
(2 671 178)
(2 720 831)
(2 748 035)
(2 784 200)
(2 810 738)
(2 834 396)
(2 849 323)
(2 842 247)
(2 845 022)
(2 855 139)
(2 873 313)
(2 900 462)
(2 918 241)
(2 938 600)
(2 937 510)
(2 945 213)
(2 949 433)
(2 956 820)
(3 016 277)
(3 007 948)
(3 016 382)
(3 002 497)
(2 962 382)
(2 988 941)
(2 996 912)
(3 026 914)
(3 049 902)
(3 062 721)
(3 073 476)
(3 085 957)
(3 112 923)
(3 127 503)
(3 135 703)
(3 180 801)
(3 219 471)
(3 267 232)
(3 312 077)
(3 331 395)
(3 352 694)
(3 396 779)
(3 415 569)
(3 449 332)
(3 484 621)
(3 515 267)
Gross Profit
94 622
N/A
99 579
+5%
104 988
+5%
102 139
-3%
102 476
+0%
115 513
+13%
130 973
+13%
142 719
+9%
145 196
+2%
143 241
-1%
142 792
0%
143 013
+0%
147 923
+3%
149 685
+1%
146 692
-2%
140 345
-4%
142 289
+1%
145 216
+2%
151 914
+5%
154 169
+1%
146 451
-5%
188 081
+28%
181 259
-4%
178 608
-1%
184 651
+3%
192 586
+4%
198 660
+3%
199 933
+1%
204 517
+2%
202 187
-1%
200 653
-1%
202 606
+1%
203 169
+0%
209 418
+3%
209 144
0%
206 532
-1%
204 324
-1%
201 727
-1%
202 230
+0%
205 672
+2%
211 010
+3%
217 449
+3%
223 105
+3%
223 545
+0%
223 586
+0%
218 878
-2%
217 458
-1%
220 430
+1%
224 262
+2%
228 073
+2%
230 616
+1%
231 834
+1%
233 365
+1%
232 495
0%
232 793
+0%
237 218
+2%
234 892
-1%
236 697
+1%
233 818
-1%
224 269
-4%
219 296
-2%
214 213
-2%
214 924
+0%
216 049
+1%
216 862
+0%
217 445
+0%
218 415
+0%
220 150
+1%
223 566
+2%
224 305
+0%
227 616
+1%
234 130
+3%
240 273
+3%
246 655
+3%
249 917
+1%
251 721
+1%
254 210
+1%
255 759
+1%
257 838
+1%
259 597
+1%
260 556
+0%
Operating Income
Operating Expenses
(80 761)
(85 546)
(90 793)
(90 389)
(89 404)
(97 482)
(105 675)
(115 528)
(115 692)
(116 004)
(115 510)
(116 088)
(119 551)
(123 607)
(127 254)
(128 179)
(127 958)
(129 400)
(130 250)
(132 880)
(132 359)
(175 496)
(174 695)
(172 813)
(172 611)
(171 695)
(171 675)
(171 312)
(172 410)
(173 668)
(173 533)
(173 766)
(173 385)
(174 756)
(174 388)
(173 221)
(171 760)
(168 932)
(168 310)
(168 983)
(170 134)
(175 166)
(177 286)
(178 867)
(180 325)
(179 228)
(180 785)
(181 956)
(183 314)
(183 813)
(183 445)
(184 125)
(183 014)
(182 668)
(182 351)
(182 553)
(182 499)
(183 588)
(182 366)
(181 105)
(179 592)
(175 637)
(173 596)
(171 197)
(170 703)
(171 821)
(172 557)
(173 261)
(177 442)
(175 333)
(179 759)
(190 070)
(191 617)
(199 325)
(201 705)
(197 860)
(198 723)
(200 150)
(201 459)
(206 067)
(207 136)
Selling, General & Administrative
(82 445)
(88 348)
(95 801)
(95 401)
(93 865)
(101 798)
(109 582)
(117 940)
(120 612)
(121 415)
(120 687)
(121 458)
(121 690)
(128 073)
(122 379)
(121 630)
(119 850)
(119 330)
(120 108)
(121 866)
(122 174)
(162 422)
(162 256)
(161 647)
(161 303)
(160 451)
(160 377)
(160 270)
(161 334)
(162 453)
(162 204)
(162 262)
(161 793)
(163 175)
(162 876)
(161 971)
(160 875)
(158 348)
(157 962)
(158 598)
(159 657)
(164 416)
(166 134)
(167 468)
(168 658)
(167 463)
(168 648)
(169 379)
(170 433)
(170 582)
(170 446)
(171 499)
(170 744)
(170 794)
(170 430)
(170 395)
(170 225)
(171 017)
(169 743)
(168 472)
(166 875)
(162 802)
(160 995)
(158 634)
(158 300)
(159 379)
(160 279)
(161 021)
(165 230)
(163 040)
(167 292)
(177 341)
(178 360)
(184 686)
(188 015)
(184 083)
(185 143)
(185 216)
(187 939)
(192 562)
(193 601)
Research & Development
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(118)
0
0
0
(106)
0
0
0
(108)
0
0
0
(103)
0
0
0
(991)
0
0
0
(1 418)
0
0
0
Depreciation & Amortization
4 546
2 783
4 990
4 994
4 456
4 309
3 900
2 389
4 898
5 389
5 055
5 249
1 879
4 252
(5 047)
(6 555)
(8 077)
(10 005)
(9 979)
(10 908)
(10 153)
(13 140)
(12 673)
(11 328)
(11 397)
(11 226)
(11 120)
(10 932)
(10 954)
(11 169)
(11 362)
(11 501)
(11 562)
(11 520)
(11 422)
(11 212)
(10 865)
(10 592)
(10 494)
(10 483)
(10 612)
(10 798)
(11 132)
(11 430)
(11 689)
(11 906)
(12 328)
(12 703)
(13 006)
(13 257)
(12 912)
(12 592)
(12 229)
(11 881)
(11 992)
(12 163)
(12 319)
(12 494)
(12 642)
(12 707)
(12 771)
(12 775)
(12 664)
(12 538)
(12 435)
(12 333)
(12 277)
(12 239)
(12 210)
(12 188)
(12 465)
(12 728)
(13 256)
(13 647)
(13 688)
(13 775)
(13 579)
(13 514)
(13 519)
(13 504)
(13 532)
Other Operating Expenses
(2 862)
19
18
18
5
7
7
23
22
22
122
121
260
214
172
6
(31)
(65)
(163)
(106)
(32)
66
234
162
89
(18)
(178)
(110)
(122)
(46)
33
(3)
(30)
(61)
(90)
(38)
(20)
8
146
98
135
48
(20)
31
22
141
191
126
125
26
(87)
(34)
(41)
7
71
5
45
41
19
74
54
46
63
(25)
32
(1)
(1)
0
(2)
(2)
(2)
(1)
(1)
(1)
(2)
(2)
(1)
(2)
(1)
(1)
(3)
Operating Income
13 861
N/A
14 033
+1%
14 195
+1%
11 750
-17%
13 072
+11%
18 031
+38%
25 298
+40%
27 191
+7%
29 504
+9%
27 237
-8%
27 282
+0%
26 925
-1%
28 372
+5%
26 078
-8%
19 438
-25%
12 166
-37%
14 331
+18%
15 816
+10%
21 664
+37%
21 289
-2%
14 092
-34%
12 585
-11%
6 564
-48%
5 795
-12%
12 040
+108%
20 891
+74%
26 985
+29%
28 621
+6%
32 107
+12%
28 519
-11%
27 120
-5%
28 840
+6%
29 784
+3%
34 662
+16%
34 756
+0%
33 311
-4%
32 564
-2%
32 795
+1%
33 920
+3%
36 689
+8%
40 876
+11%
42 283
+3%
45 819
+8%
44 678
-2%
43 261
-3%
39 650
-8%
36 673
-8%
38 474
+5%
40 948
+6%
44 260
+8%
47 171
+7%
47 709
+1%
50 351
+6%
49 827
-1%
50 442
+1%
54 665
+8%
52 393
-4%
53 109
+1%
51 452
-3%
43 164
-16%
39 704
-8%
38 576
-3%
41 328
+7%
44 852
+9%
46 159
+3%
45 624
-1%
45 858
+1%
46 889
+2%
46 124
-2%
48 972
+6%
47 857
-2%
44 060
-8%
48 656
+10%
47 330
-3%
48 212
+2%
53 861
+12%
55 487
+3%
55 609
+0%
56 379
+1%
53 530
-5%
53 420
0%
Pre-Tax Income
Interest Income Expense
94
184
252
368
613
866
1 069
936
867
649
861
804
933
650
760
1 120
933
896
709
726
794
1 183
1 118
1 295
1 724
1 996
8 086
8 149
8 645
8 548
5 900
6 223
5 915
6 152
2 778
2 723
2 886
3 214
3 179
3 685
3 744
5 202
5 283
5 089
5 859
4 969
5 033
5 005
4 302
3 813
3 391
3 556
4 007
4 757
5 316
5 726
5 807
6 339
7 440
7 359
14 538
15 685
15 131
16 764
10 300
6 579
9 831
8 423
17 354
19 235
16 012
16 421
6 348
14 529
14 348
18 058
21 631
10 795
11 941
17 204
18 308
Non-Reccuring Items
(2 990)
(2 020)
(2 678)
(2 943)
(1 338)
(798)
(591)
(8 650)
(8 307)
(7 956)
(109)
28
(305)
(719)
(2 026)
(7 459)
(8 073)
(7 644)
(5 600)
(5 846)
(5 755)
(13 095)
(9 549)
(13 009)
(12 848)
(6 030)
(5 929)
(1 967)
(5 469)
(5 442)
(5 106)
(4 760)
(1 168)
(1 093)
(1 459)
(1 050)
(841)
(892)
(1 010)
(1 106)
(1 003)
(1 541)
(1 175)
(1 190)
(1 311)
(1 488)
(1 363)
(993)
190
799
765
358
(480)
(207)
(524)
(1 023)
(1 177)
(2 060)
(3 280)
(2 655)
(14 772)
(14 755)
(13 168)
(12 857)
(655)
(5 133)
(9 009)
(9 022)
(11 654)
(7 958)
(1 007)
(1 321)
1 262
1 575
(1 588)
(1 722)
(1 360)
(118)
(558)
(4 300)
(4 886)
Gain/Loss on Disposition of Assets
0
0
1 350
1 370
982
(397)
(380)
(235)
(154)
(74)
(158)
(2)
(320)
(158)
(514)
(412)
(484)
(508)
(438)
(345)
(185)
(297)
(264)
(259)
(148)
193
(70)
312
(10)
(231)
(192)
(449)
(243)
(189)
1
186
1 073
1 154
1 097
888
(5)
0
(30)
5
535
579
457
5 113
5 311
5 269
5 220
562
(201)
(412)
(410)
(1 921)
(1 765)
8 913
9 127
11 040
0
573
523
111
96
(32)
(46)
(38)
(127)
(147)
(150)
(150)
(54)
(141)
(137)
(156)
(95)
(397)
(400)
(394)
(479)
Total Other Income
2 710
2 832
3 655
3 890
4 087
4 405
4 600
5 311
5 457
5 594
5 140
5 146
5 302
5 458
5 648
5 594
5 617
5 578
5 635
5 557
5 942
8 271
8 921
9 044
8 972
8 753
8 657
8 926
8 690
8 508
8 900
8 897
9 020
8 970
8 559
8 376
8 507
8 652
8 853
8 803
8 911
8 862
9 211
9 260
9 153
8 743
8 637
8 802
9 088
9 325
9 380
9 456
9 631
9 496
9 474
9 312
9 384
9 235
9 171
9 310
19 816
9 158
9 284
9 447
10 155
10 246
10 419
10 416
10 034
9 959
10 085
10 549
10 901
11 448
11 310
11 634
11 296
10 845
10 671
10 729
11 006
Pre-Tax Income
13 675
N/A
15 029
+10%
16 774
+12%
14 435
-14%
17 416
+21%
22 107
+27%
29 996
+36%
24 553
-18%
27 367
+11%
25 450
-7%
33 016
+30%
32 901
0%
33 982
+3%
31 309
-8%
23 306
-26%
11 009
-53%
12 324
+12%
14 138
+15%
21 970
+55%
21 381
-3%
14 888
-30%
8 647
-42%
6 790
-21%
2 866
-58%
9 740
+240%
25 803
+165%
37 729
+46%
44 041
+17%
43 963
0%
39 902
-9%
36 622
-8%
38 751
+6%
43 308
+12%
48 502
+12%
44 635
-8%
43 546
-2%
44 189
+1%
44 923
+2%
46 039
+2%
48 959
+6%
52 523
+7%
54 806
+4%
59 108
+8%
57 842
-2%
57 497
-1%
52 453
-9%
49 437
-6%
56 401
+14%
59 839
+6%
63 466
+6%
65 927
+4%
61 641
-7%
63 308
+3%
63 461
+0%
64 298
+1%
66 759
+4%
64 642
-3%
75 536
+17%
73 910
-2%
68 218
-8%
59 286
-13%
49 237
-17%
53 098
+8%
58 317
+10%
66 055
+13%
57 284
-13%
57 053
0%
56 668
-1%
61 731
+9%
70 061
+13%
72 797
+4%
69 559
-4%
67 113
-4%
74 741
+11%
72 145
-3%
81 675
+13%
86 959
+6%
76 734
-12%
78 033
+2%
76 769
-2%
77 369
+1%
Net Income
Tax Provision
(5 514)
(5 439)
(5 388)
(4 281)
(3 952)
(5 945)
(9 267)
(8 790)
(10 200)
(9 603)
(12 768)
(12 696)
(13 347)
(12 323)
(9 450)
(4 629)
(5 849)
(5 786)
(9 454)
(9 805)
(7 834)
(5 425)
(3 981)
(2 427)
(4 948)
(11 376)
(15 859)
(17 233)
(18 649)
(17 257)
(14 623)
(15 152)
(15 628)
(18 397)
(18 036)
(17 217)
(16 802)
(15 822)
(16 097)
(16 890)
(18 009)
(17 883)
(18 622)
(18 570)
(17 969)
(16 115)
(15 531)
(17 426)
(18 313)
(19 930)
(18 412)
(17 111)
(18 186)
(18 035)
(20 539)
(21 347)
(20 469)
(24 306)
(23 647)
(21 835)
(19 060)
(15 621)
(16 610)
(17 877)
(19 846)
(18 087)
(19 249)
(19 320)
(22 080)
(21 738)
(21 292)
(20 606)
(19 187)
(22 973)
(22 316)
(24 871)
(26 700)
(25 203)
(25 897)
(25 323)
(25 260)
Income from Continuing Operations
8 161
9 590
11 386
10 154
13 464
16 162
20 729
15 763
17 167
15 847
20 248
20 205
20 635
18 986
13 856
6 380
6 475
8 352
12 516
11 576
7 054
3 222
2 809
439
4 792
14 427
21 870
26 808
25 314
22 645
21 999
23 599
27 680
30 105
26 599
26 329
27 387
29 101
29 942
32 069
34 514
36 923
40 486
39 272
39 528
36 338
33 906
38 975
41 526
43 536
47 515
44 530
45 122
45 426
43 759
45 412
44 173
51 230
50 263
46 383
40 226
33 616
36 488
40 440
46 209
39 197
37 804
37 348
39 651
48 323
51 505
48 953
47 926
51 768
49 829
56 804
60 259
51 531
52 136
51 446
52 109
Income to Minority Interest
(216)
(101)
(96)
(72)
(12)
0
0
0
0
0
0
0
5
14
13
8
(1)
0
(551)
(1 428)
(2 197)
(1 508)
(1 755)
(1 179)
(1 247)
(2 776)
(2 882)
(3 900)
(3 905)
(3 988)
(4 250)
(4 218)
(4 521)
(4 619)
(4 368)
(4 735)
(5 166)
(5 413)
(6 003)
(6 017)
(6 064)
(6 150)
(6 519)
(7 069)
(7 376)
(7 326)
(7 666)
(7 888)
(8 325)
(8 756)
(10 349)
(10 408)
(10 807)
(11 066)
(9 643)
(9 968)
(9 450)
(13 260)
(13 257)
(13 051)
(13 543)
(9 689)
(10 020)
(9 917)
(9 797)
(9 772)
(9 554)
(9 124)
(9 210)
(9 517)
(9 781)
(10 317)
(10 682)
(10 293)
(10 533)
(10 756)
(10 832)
(11 250)
(11 277)
(10 802)
(10 652)
Net Income (Common)
7 946
N/A
9 495
+19%
11 290
+19%
10 085
-11%
13 451
+33%
16 162
+20%
20 295
+26%
15 763
-22%
17 164
+9%
16 276
-5%
20 243
+24%
20 205
0%
20 641
+2%
19 002
-8%
13 865
-27%
6 383
-54%
6 472
+1%
8 341
+29%
11 949
+43%
10 126
-15%
4 838
-52%
1 704
-65%
1 041
-39%
(743)
N/A
3 549
N/A
11 650
+228%
18 993
+63%
22 910
+21%
21 410
-7%
18 655
-13%
17 746
-5%
19 379
+9%
23 156
+19%
25 485
+10%
22 231
-13%
21 592
-3%
22 221
+3%
23 687
+7%
23 938
+1%
26 052
+9%
28 449
+9%
30 771
+8%
33 965
+10%
32 201
-5%
32 149
0%
29 011
-10%
26 239
-10%
31 086
+18%
33 199
+7%
34 780
+5%
37 166
+7%
34 122
-8%
34 315
+1%
34 359
+0%
34 116
-1%
35 443
+4%
34 722
-2%
37 968
+9%
37 002
-3%
33 329
-10%
26 682
-20%
23 926
-10%
26 468
+11%
30 523
+15%
36 411
+19%
29 423
-19%
28 248
-4%
28 222
0%
30 439
+8%
38 806
+27%
41 724
+8%
38 636
-7%
37 244
-4%
41 474
+11%
39 294
-5%
46 047
+17%
49 426
+7%
40 279
-19%
40 857
+1%
40 642
-1%
41 455
+2%
EPS (Diluted)
40.33
N/A
47.71
+18%
57.89
+21%
51.45
-11%
67.59
+31%
67.34
0%
87.47
+30%
67.36
-23%
73.99
+10%
69.85
-6%
86.14
+23%
86.71
+1%
86
-1%
78.52
-9%
57.77
-26%
26.7
-54%
27.19
+2%
35.49
+31%
50.84
+43%
43.07
-15%
20.58
-52%
7.26
-65%
4.43
-39%
-3.17
N/A
15.1
N/A
49.59
+228%
82.57
+67%
101.37
+23%
94.73
-7%
82.18
-13%
78.52
-4%
85.74
+9%
102.46
+20%
112.76
+10%
98.36
-13%
95.53
-3%
98.32
+3%
104.72
+7%
105.92
+1%
115.27
+9%
125.88
+9%
135.89
+8%
150.28
+11%
142.48
-5%
142.25
0%
128.12
-10%
116.1
-9%
137.54
+18%
140.08
+2%
150.02
+7%
156.15
+4%
145.19
-7%
145.72
+0%
145.58
0%
144.86
0%
151.1
+4%
155.72
+3%
165.78
+6%
165.88
+0%
149.41
-10%
119.61
-20%
107.26
-10%
118.62
+11%
136.79
+15%
163.18
+19%
131.86
-19%
126.55
-4%
127.01
+0%
144.97
+14%
179.37
+24%
195.12
+9%
181.86
-7%
176.65
-3%
195.83
+11%
187.36
-4%
221.02
+18%
237.68
+8%
193.19
-19%
196.77
+2%
197.24
+0%
202.39
+3%
Get AI-powered insights for any company or topic.
Open AI Assistant

Intrinsic Value is all-important and is the only logical way to evaluate the relative attractiveness of investments and businesses.

Warren Buffett