Screen · Berkshire Criteria

Buffett Quality Screen

Buffett's "wonderful business" criteria, quantified into six dimensions: earnings record (20), ROE quality (25 — Fortune's double standard), low leverage (15), pricing power (15), business stability (15) and capital efficiency (10), for a 0–100 total. The entry gate is the first of Berkshire's acquisition criteria — at least $50M average pre-tax earnings over the last three fiscal years (banks and insurers excluded, as leverage is their business model; investment trusts and closed-end funds excluded, as they are portfolios rather than operating companies). Recomputed periodically from each company's last ten fiscal years; cross-listings merged by canonical ticker. Hover the score for the six-dimension breakdown; companies we cover link to their report. score tier "최상위", market "Europe (incl. UK)" 필터 적용: 68 match(필터 지우기).

#	종목	Mkt Cap	Score▼	Baillie	10Y ROE	Profit Streak	Net Debt/Eq	Gross Margin	리포트	FY
1	AJ Bell plc AJB · LSE	$2.9B	97/100 최상위	49/100	35.9%low 24.8%	10 yr+	Net cash	100%	AJ Bell: Reconstructed FY2025 Client-Cash Interest of £136.5m Nearly Equals £137.8m Group PBT, H1 Revenue Margin Expanded to 33.4 Basis Points Instead of Compressing, and £6.18 Leaves No Margin of Safety2026년 8월 16일 · Hold	FY2025
2	Games Workshop Group PLC GAW · LSE	$8.0B	94/100 최상위	42/100	57.4%low 48.6%	10 yr+	Net cash	70%	Games Workshop: An Exceptional Warhammer Compounder, Priced for Continued Excellence2026년 6월 26일 · Hold	FY2026
3	Rightmove PLC RMV · LSE	$4.4B	94/100 최상위	—	60.0%low 60.0%	10 yr+	Net cash	100%	—	FY2025
4	Hermes International SCA RMS · 파리	$173B	93/100 최상위	52/100	24.9%low 18.8%	10 yr+	Net cash	68%	Hermès International SCA: A 41% Operating Margin Meets 6.1% Constant-Currency Growth, and EUR 1,475 Sits 18-31% Above the Conservative Value2026년 9월 8일 · Hold	FY2025
5	Nemetschek AG O.N. NEM · XETRA	$7.2B	93/100 최상위	—	26.3%low 19.4%	10 yr+	0.2×	53%	—	FY2025
6	Roche Holding AG ROG · SW	$326B	92/100 최상위	36/100	39.6%low 26.1%	10 yr+	0.5×	72%	Roche Zen Horizon Framework Deep Dive: A Diagnostics and Pharma Giant Past the Patent Cliff, with a Fair Price and Debated Growth2026년 6월 5일 · Hold	FY2025
7	Deutsche Börse AG DB1 · XETRA	$51B	92/100 최상위	—	18.7%low 16.8%	10 yr+	Net cash	59%	—	FY2025
8	Kainos Group PLC KNOS · LSE	$1.3B	92/100 최상위	—	34.4%low 25.8%	10 yr+	Net cash	48%	—	FY2026
9	Adyen NV ADYEN · 암스테르담	$30B	91/100 최상위	—	23.4%low 18.3%	10 yr+	Net cash	72%	—	FY2025
10	MONY Group plc MONY · LSE	$1.3B	91/100 최상위	—	37.1%low 25.9%	10 yr+	0.1×	66%	—	FY2025
11	Orion Oyj B ORNBV · HE	$12B	90/100 최상위	—	33.1%low 24.4%	10 yr+	0.1×	60%	—	FY2025
12	IMI PLC IMI · LSE	$8.8B	90/100 최상위	—	24.4%low 21.3%	10 yr+	0.5×	45%	—	FY2025
13	Howden Joinery Group Plc HWDN · LSE	$5.5B	90/100 최상위	—	32.1%low 20.5%	10 yr+	0.3×	62%	—	FY2025
14	Ninety One PLC N91 · LSE	$2.7B	90/100 최상위	—	51.3%low 21.9%	10 yr+	Net cash	64%	—	FY2026
15	Schindler Ps SCHP · SW	$35B	89/100 최상위	—	21.3%low 14.1%	10 yr+	Net cash	40%	—	FY2025
16	Epiroc AB (publ) EPI-A · ST	$32B	89/100 최상위	43/100	25.3%low 20.4%	10 yr+	0.2×	37%	Epiroc AB: Q2 2026 Equipment Orders Grew 30% Organically While Large Orders Above MSEK 150 Jumped to MSEK 720 From MSEK 230, and Class A at SEK 263.30 Sits Inside the SEK 250-275 Base Range2026년 9월 10일 · Hold	FY2025
17	Foresight Group Holdings Limited FSG · LSE	$680M	89/100 최상위	—	41.8%low 29.8%	9 yr	Net cash	91%	—	FY2026
18	LOréal S.A. OR · 파리	$222B	88/100 최상위	46/100	16.5%low 12.3%	10 yr+	0.1×	73%	L’Oréal: Record First-Half Margins and a Broad-Based Recovery, but 30 Times Earnings Already Prices In the China and Gucci Upside2026년 8월 5일 · Hold	FY2025
19	Novo Nordisk A/S NOVO-B · CO	$210B	88/100 최상위	52/100	59.3%low 52.8%	10 yr+	0.5×	84%	Novo Nordisk: A Long-Term Owner's Perspective2026년 5월 17일 · Watch	FY2025
20	EMS-CHEMIE HOLDING AG EMSN · SW	$24B	88/100 최상위	—	29.1%low 25.1%	10 yr+	Net cash	39%	—	FY2025
21	Belimo Holding BEAN · SW	$13B	88/100 최상위	57/100	22.5%low 17.7%	10 yr+	Net cash	44%	Belimo Holding: AI 냉각의 긴 활주로를 이미 가격에 반영한 프리미엄 HVAC 컴파운더2026년 6월 27일 · 관찰	FY2025
22	Computacenter PLC CCC · LSE	$6.1B	88/100 최상위	—	20.0%low 14.9%	10 yr+	Net cash	14%	—	FY2025
23	Rotork PLC ROR · LSE	$5.0B	88/100 최상위	—	16.4%low 12.2%	10 yr+	Net cash	46%	—	FY2025
24	Atlas Copco AB Series A ATCO-A · ST	$105B	87/100 최상위	47/100	30.6%low 22.5%	10 yr+	0.2×	41%	Atlas Copco AB: Q2 2026 Group Orders Grew 26% Organically at a 1.13x Book-to-Bill, and SEK 208.80 Sits 34% Above the SEK 156 Conservative Value2026년 9월 9일 · Hold	FY2025
25	KONE Oyj KNEBV · HE	$28B	87/100 최상위	46/100	31.8%low 27.3%	10 yr+	Net cash	29%	KONE Oyj: 1.8 Million Units of Recurring Service, and a EUR 29.4bn Bet on Scale2026년 8월 11일 · Hold	FY2025
26	Geberit AG GEBN · SW	$22B	87/100 최상위	—	38.1%low 28.7%	10 yr+	0.5×	69%	—	FY2025
27	Coloplast A/S COLO-B · CO	$15B	87/100 최상위	—	48.7%low 22.6%	10 yr+	1.3×	68%	—	FY2025
28	Sage Group PLC SGE · LSE	$11B	87/100 최상위	—	24.2%low 15.0%	10 yr+	1.7×	89%	—	FY2025
29	Plus500 Ltd PLUS · LSE	$3.3B	87/100 최상위	—	52.0%low 38.8%	10 yr+	Net cash	100%	—	FY2025
30	Givaudan SA GIVN · SW	$38B	86/100 최상위	45/100	20.9%low 17.9%	10 yr+	0.8×	42%	Givaudan SA (GIVN.SW) Zen Horizon Research Report2026년 6월 8일 · Watch	FY2025
31	BE Semiconductor Industries NV BESI · 암스테르담	$24B	86/100 최상위	48/100	35.2%low 19.0%	10 yr+	Net cash	59%	In-Depth Value Analysis of Besi, a Back-End Advanced Packaging Equipment Leader2026년 6월 4일 · Watch	FY2025
32	Indutrade AB INDT · ST	$9.3B	86/100 최상위	—	19.6%low 15.0%	10 yr+	0.4×	34%	—	FY2025
33	RS GROUP PLC RS1 · LSE	$4.3B	86/100 최상위	—	19.3%low 11.3%	10 yr+	0.2×	43%	—	FY2026
34	Industria de Diseno Textil SA ITX · MC	$183B	85/100 최상위	42/100	23.9%low 7.6%	10 yr+	Net cash	56%	Inditex: A Productivity Compounder Meets Its Valuation Test2026년 9월 8일 · Hold	FY2026
35	Halma PLC HLMA · LSE	$17B	85/100 최상위	—	16.7%low 14.7%	10 yr+	0.4×	49%	—	FY2026
36	Wolters Kluwer N.V. WKL · 암스테르담	$16B	85/100 최상위	—	39.3%low 18.7%	10 yr+	5.3×	70%	—	FY2025
37	Logitech International S.A. LOGN · SW	$15B	85/100 최상위	—	26.9%low 16.1%	10 yr+	Net cash	40%	—	FY2026
38	IG Group Holdings PLC IGG · LSE	$6.1B	85/100 최상위	—	22.8%low 16.3%	10 yr+	Net cash	90%	—	FY2025
39	IntegraFin Holdings plc IHP · LSE	$1.6B	85/100 최상위	—	28.1%low 22.8%	10 yr+	Net cash	93%	—	FY2025
40	Relx PLC REL · LSE	$58B	84/100 최상위	—	54.4%low 43.3%	10 yr+	3.0×	65%	—	FY2025
41	Diageo PLC DGE · LSE	$46B	84/100 최상위	31/100	34.7%low 20.8%	10 yr+	2.0×	61%	Diageo: Cyclical Trough and Structural Erosion Are Both Real, and at 16.435 Pounds the Discount Is Not Yet Wide Enough2026년 7월 31일 · Hold	FY2025
42	Legrand SA LR · 파리	$37B	84/100 최상위	—	16.0%low 13.9%	10 yr+	0.6×	52%	—	FY2025
43	Sonova H Ag SOON · SW	$17B	84/100 최상위	—	21.5%low 16.3%	10 yr+	0.4×	71%	—	FY2026
44	Euronext N.V. ENX · 파리	$16B	84/100 최상위	—	21.4%low 11.2%	10 yr+	0.4×	76%	—	FY2025
45	Elisa Oyj ELISA · HE	$6.1B	84/100 최상위	—	28.4%low 26.4%	10 yr+	1.2×	62%	—	FY2025
46	Fuchs Petrolub SE Preference Shares FPE3 · XETRA	$5.7B	84/100 최상위	—	16.6%low 13.9%	10 yr+	Net cash	34%	—	FY2025
47	LVMH Moët Hennessy - Louis Vuitton MC · 파리	$253B	83/100 최상위	44/100	19.2%low 12.1%	10 yr+	0.3×	67%	LVMH Moet Hennessy Louis Vuitton SE: Fashion & Leather Goods Supplies 71% of H1 2026 Recurring Operating Profit, and EUR 426.55 Sits 33% Above the EUR 320 Conservative Value2026년 9월 9일 · Hold	FY2025
48	Unilever PLC ULVR · LSE	$130B	83/100 최상위	43/100	39.4%low 28.7%	10 yr+	1.6×	43%	Unilever: Q2 Volume Grew 5.5%, the Strongest Quarter in More Than a Decade, but 47.43 Pounds Leaves No Margin of Safety2026년 8월 3일 · Hold	FY2025
49	Ferguson Plc FERG · LSE	$43B	83/100 최상위	—	30.0%low 22.0%	10 yr+	0.9×	30%	—	FY2025
50	Dassault Systemes SE DSY · 파리	$28B	83/100 최상위	49/100	12.4%low 9.7%	10 yr+	Net cash	84%	Dassault Systèmes: A Zen Horizon Framework Deep-Dive Research Report2026년 6월 4일 · Watch	FY2025
51	Morgan Sindall Group PLC MGNS · LSE	$2.6B	83/100 최상위	—	17.5%low 10.8%	10 yr+	Net cash	11%	—	FY2025
52	BAE Systems plc BA · LSE	$78B	82/100 최상위	46/100	20.8%low 14.2%	10 yr+	0.5×	41%	BAE Systems: The Portfolio Moat Is Genuine, but at 20.27 GBP the Rerating Has Already Outrun Earnings Growth2026년 7월 30일 · Hold	FY2025
53	Experian PLC EXPN · LSE	$31B	82/100 최상위	—	27.3%low 20.1%	10 yr+	0.9×	42%	—	FY2026
54	Knorr-Bremse AG KBX · XETRA	$18B	81/100 최상위	—	25.5%low 14.6%	10 yr+	0.4×	49%	—	FY2025
55	Demant A/S DEMANT · CO	$9.2B	81/100 최상위	—	21.9%low 13.6%	10 yr+	2.3×	74%	—	FY2025
56	Andritz AG ANDR · VI	$8.6B	81/100 최상위	45/100	19.2%low 10.6%	10 yr+	—	49%	ANDRITZ: Service Reached 46% of Revenue, but the Record Backlog Is Hydro-Heavy and Margin-Dilutive2026년 8월 19일 · Hold	FY2025
57	Spirax Group plc SPX · LSE	$6.5B	81/100 최상위	—	20.6%low 13.4%	10 yr+	0.5×	50%	—	FY2025
58	Temenos Group AG TEMN · SW	$5.7B	81/100 최상위	—	36.0%low 19.7%	10 yr+	1.2×	70%	—	FY2025
59	Royal Unibrew A/S RBREW · CO	$3.6B	81/100 최상위	—	29.8%low 19.1%	10 yr+	0.9×	48%	—	FY2025
60	Nestle S.A. NESN · SW	$265B	80/100 최상위	37/100	23.7%low 11.7%	10 yr+	1.6×	48%	Nestlé S.A.: A Narrow RIG Recovery Behind a 15-16x Operating Multiple Once L'Oréal's CHF 35bn Is Stripped Out, and CHF 78.31 Leaves No Conservative Margin of Safety2026년 9월 5일 · Hold	FY2025
61	Sika AG SIKA · SW	$37B	80/100 최상위	53/100	22.8%low 15.7%	10 yr+	0.7×	45%	Sika AG：순환적 에어포켓 속 고품질 컴파운더2026년 6월 27일 · 보유	FY2025
62	Straumann Holding AG STMN · SW	$20B	80/100 최상위	53/100	21.3%low 7.6%	10 yr+	0.1×	74%	Straumann Holding AG: 부담스러운 가격의 덴탈 플랫폼 리더2026년 6월 27일 · 보유	FY2025
63	Evolution AB (publ) EVO · ST	$15B	80/100 최상위	—	34.7%low 10.4%	10 yr+	Net cash	100%	—	FY2025
64	Schroders PLC SDR · LSE	$12B	80/100 최상위	—	12.9%low 9.2%	10 yr+	Net cash	77%	—	FY2025
65	Dino Polska SA DNP · WAR	$8.6B	80/100 최상위	—	24.2%low 18.0%	10 yr+	Net cash	24%	—	FY2025
66	Edenred SA EDEN · 파리	$7.3B	80/100 최상위	—	60.0%^‡low 60.0%	10 yr+	—	48%	—	FY2025
67	Auto Trader Group plc AUTO · LSE	$5.2B	80/100 최상위	—	51.1%low 27.9%	10 yr+	0.5×	91%	—	FY2026
68	Domino’s Pizza Group PLC DOM · LSE	$988M	80/100 최상위	—	40.7%^‡low 23.4%	10 yr+	—	45%	—	FY2025

Data and methodology: the six dimensions quantify Berkshire's published acquisition criteria and Buffett's shareholder letters (1981/1987/1991/2007 among others). Qualitative tests in the originals (e.g. "simple, understandable business", "management in place") are out of scope, and price ("available at a fair price") is covered by each report's valuation range instead. Financials come from company annual reports (via EODHD); ratios are computed in reporting currency, the USD gate via static FX. "‡" marks companies whose equity is persistently negative or tiny (ROE falls back to ROCE); "†" marks missing gross profit (operating margin used). Investment trusts and closed-end funds are excluded on two tests — name and financial shape (operating margins beyond what an operating company can achieve); REITs and operating asset managers are unaffected. This is a quantitative first pass, not investment advice. When citing this data, please credit Zen Horizon (zh.app). See our methodology for the scoring process.