GREIF, INC

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 11✗ 24▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Net income / market capitalization+6.67%; #1248/6340 (top 19.7%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)7/27 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)26/27 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)17.6%

  ✓Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)8.5% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$220.3M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)0.05

  ✓BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR2.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  ROE12.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value7.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.1%, ROC=22.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets4.04%

  ✓PiotroskiROA > 0

  ROA Change YoY6.03% -> 4.04% (delta: -1.98%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=5.36%, ROA=4.04%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY22.0% -> 19.7%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue5.9%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity12.9%

  ✓Dreman> 12%

  Margin of Safety

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity17.6% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency26/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue8.5%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity12.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend9.8% (2022) -> 8.5% (2024)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 20.2% -> 19.7%, operating margin 9.8% -> 8.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets+16.11%; #2354/3702 (top 63.6%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+12.91%; #1393/5226 (top 26.7%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0187; #1365/5884 (top 23.2%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR2.4% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Net income / market capitalization+6.67%; #1248/6340 (top 19.7%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value7.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.1%, ROC=22.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)

  ✗Dreman< 8x

  Price / Book Value per Share

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical Average

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low135% of trailing low ($52.48)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization+0.7301; #2107/6449 (top 32.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.3519; #1449/5247 (top 27.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+11.94%; #1748/6202 (top 28.2%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth13% pass✓ 4✗ 9▾

  7 of 8 flag GEF's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR2.4%

  ✓Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$10599535.00 (2000) -> $11863054.00 (2006)

  ✓DremanPositive over recent years

  EPS CAGR1.9% CAGR over 6 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency26/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth4.4%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 20.2% -> 19.7%, operating margin 9.8% -> 8.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR3.5%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR2.4% over 5 years

  ✗Neff7%-20% annualized
• Efficiency13% pass✓ 3✗ 8▾

  7 of 8 flag GEF's efficiency — Graham, Greenblatt, Piotroski +4 more

  Current Ratio1.28

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)10.8%

  ✓Buffett> 10%

  ROIC - WACC+0.8%

  ✓BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)22.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.46 -> 1.53

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.88x -> 0.82x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.28

  ✗Dreman> 1.5

  Return on Invested Capital7.6%

  ✗Munger> 15%

  ROIC (high and growing)FY2022: ROIC=13.4%; FY2023: ROIC=11.5%; FY2024: ROIC=7.6%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC4.2% (RR=55% x ROIC=7.6%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)2/5 years above 12% (latest 7.6%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts25% pass✓ 4✗ 12▾

  Split decision: 11 FAIL · 3 PASS · 1 BUY · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✓BuffettPASS (5/9)✗LynchFAIL (4/7)✗GreenblattRank #833✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✓AsnessBUY (Rank #179/2370 (Top 7.6%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage33% pass✓ 7✗ 8▾

  8 of 12 flag GEF's debt & leverage — Graham, Buffett, Lynch +5 more

  LT Debt vs Net Current AssetsLT Debt $701.2M vs NCA $337.7M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.31, IC: 3.0x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.24

  ✓Lynch< 0.33

  Cash - Long-term Debt$-415.1M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change35.59% -> 39.51%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.28

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.24

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Debt Levels0.24

  ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=3.0x, D/EBITDA=3.7x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.24

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.2426; #1829/4210 (top 43.4%)

  ✗AsnessTop 30% of eligible cross-section
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag GEF's cash flow — Buffett, Dreman, Pabrai +3 more

  Free Cash Flow Proxy$220.3M

  ✗BuffettPositive and growing

  FCF Positive and Growing$232.7M

  ✓LynchPositive and growing

  Operating Cash Flow$356.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=5.36%, ROA=4.04%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive11/12 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency24/24 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section