TELEFLEX INC

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 27▾

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

  Net income / market capitalization+4.95%; #1701/6340 (top 26.8%)

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

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.2x

  ✗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 Value2.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.9%, ROC=20.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

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

  Price / (CFO / Shares)70.9x

  ✗Dreman< 8x

  Price / Book Value per Share2.2x

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

  Valuation ReasonablenessOE Yield=-12.0%

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

  P/E or FCF YieldFCF Yield=0.0%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=2.2x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share4741.0x

  ✗Ackman<= 25

  Price vs. Trailing Low149% of trailing low ($104.37)

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

  Positive book equity / market capitalization+0.5679; #2614/6449 (top 40.5%)

  ✗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 ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-1.1%

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

  Revenue / market capitalization+0.3666; #3041/5247 (top 58.0%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+1.42%; #2337/4519 (top 51.7%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+31.01%; #998/6202 (top 16.1%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models0% pass✗ 6▾

  TFX overvalued: all 6 models price fair value below $155.10 (median $24.33)

  Greenblatt fair value$28.64

  ✗Greenblatt-441.6% margin vs $155.10

  Munger fair value$0.42

  ✗Munger-36828.6% margin vs $155.10

  Akre fair value$99.62

  ✗Akre-55.7% margin vs $155.10

  Marks fair value$54.15

  ✗Marks-186.4% margin vs $155.10

  Ackman fair value$0.37

  ✗Ackman-41818.9% margin vs $155.10

  Templeton fair value$20.01

  ✗Templeton-675.1% margin vs $155.10
• Profitability6% pass✓ 6✗ 29▾

  15 of 16 flag TFX's profitability — Graham, Buffett, Lynch +12 more

  Net income / market capitalization+4.95%; #1701/6340 (top 26.8%)

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

  Positive EPS (10 years)22/27 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)25/27 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)0.5%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)5.9% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-823.1M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗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 CAGR

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

  ROE8.7%

  ✗Lynch> 15%

  EBIT / Enterprise Value2.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.9%, ROC=20.1%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-13.04%

  ✗PiotroskiROA > 0

  ROA Change YoY0.98% -> -13.04% (delta: -14.02%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=1.39%, ROA=-13.04%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY61.0% -> 56.2%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue15.2%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity8.7%

  ✗Dreman> 12%

  Margin of SafetyP/B=2.2x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-6.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency25/27 years positive

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

  Operating Income / Revenue9.4%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity8.7%

  ✗Ackman>= 15%

  5-Year EPS CAGR-32.4% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend15.1% (2023) -> 5.9% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 60.7% -> 56.2%, operating margin 15.1% -> 5.9%

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

  Gross profit / total assets+20.72%; #2018/3702 (top 54.5%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+8.72%; #1999/5226 (top 38.3%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0729; #3079/5884 (top 52.3%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-31.5% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years9/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth13% pass✓ 2✗ 11▾

  7 of 8 flag TFX'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 CAGR

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

  Inventory Growth vs Revenue GrowthInv: -52.1% vs Rev: -29.3%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency25/27 years positive

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

  3yr Median Revenue Growth-0.8%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency1/5 years with positive EPS growth

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

  5-Year EPS CAGR-32.4% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 60.7% -> 56.2%, operating margin 15.1% -> 5.9%

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

  5-year Revenue CAGR-4.7%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-31.5% over 5 years

  ✗Neff7%-20% annualized
• Verdicts19% pass✓ 3✗ 13▾

  Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1444✓PiotroskiPASS (F-Score 5)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #720/2370 (Top 30.4%))✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)✗OshaughnessyFAIL (Rank #239/963 (Top 24.8%))
• Efficiency38% pass✓ 4✗ 7▾

  5 of 8 flag TFX's efficiency — Buffett, Greenblatt, Munger +2 more

  Current Ratio2.01

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)4.7%

  ✗Buffett> 10%

  ROIC - WACC-5.3%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)20.1%

  ✗Greenblatt> 25%

  Current Ratio Change YoY2.27 -> 2.54

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.24x -> 0.29x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities2.01

  ✓Dreman> 1.5

  Return on Invested Capital3.3%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=3.3%; FY2024: ROIC=1.4%; FY2025: ROIC=1.6%

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

  Reinvestment Rate x ROIC2.6% (RR=81% x ROIC=3.3%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.6%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag TFX's cash flow — Buffett, Lynch, Dreman +3 more

  Free Cash Flow Proxy$-823.1M

  ✗BuffettPositive and growing

  FCF Positive and Growing$87.5M

  ✗LynchPositive and growing

  Operating Cash Flow$96.7M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=1.39%, ROA=-13.04%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)70.9x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=0.0%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive23/26 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap1.3%

  ✗Ackman>= 4%

  Price / FCF per Share4741.0x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency26/26 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$87.5M

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

  (Operating cash flow - capex) / market capitalization+1.42%; #2337/4519 (top 51.7%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage42% pass✓ 7✗ 8▾

  7 of 12 flag TFX's debt & leverage — Graham, Buffett, Lynch +4 more

  Debt Levels0.46

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

  LT Debt vs Net Current AssetsLT Debt $1.5B vs NCA $927.6M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.46, IC: 2.1x

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

  Total Debt / Equity0.46

  ✗Lynch< 0.33

  Cash - Long-term Debt$-1.1B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change21.92% -> 36.58%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities2.01

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

  Total Debt / Shareholders' Equity0.46

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

  Interest Coverage & Debt/EBITDAIC=2.1x, D/EBITDA=4.8x

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

  Total Debt / Shareholders Equity0.46

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.4634; #2395/4210 (top 56.9%)

  ✗AsnessTop 30% of eligible cross-section