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. market "Europe (incl. UK)", profit streak "≥5 yr", Has report 필터 적용: 74 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	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
4	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
5	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
6	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
7	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
8	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
9	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
10	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
11	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
12	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
13	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
14	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
15	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
16	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
17	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
18	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
19	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
20	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
21	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
22	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
23	Sandvik AB SAND · ST	$48B	79/100 우수	44/100	16.8%low 12.6%	10 yr+	0.3×	40%	Sandvik AB: A Record 22.6% Margin With SEK 550 Million of Tungsten Inside It, and No Margin of Safety at SEK 368.702026년 8월 21일 · Hold	FY2025
24	Novartis AG NOVN · SW	$306B	78/100 우수	46/100	20.9%low 9.0%	10 yr+	0.6×	71%	Novartis (NVS) Zen Horizon Research Report2026년 6월 8일 · Hold	FY2025
25	Rio Tinto PLC RIO · LSE	$148B	78/100 우수	38/100	22.4%low 11.8%	10 yr+	0.2×	61%	Rio Tinto: Copper EBITDA Rose 84% on 1% More Production, and £73.74 Sits Inside a £62–82 Hold Band2026년 9월 14일 · Hold	FY2025
26	Swisscom AG SCMN · SW	$41B	78/100 우수	37/100	16.8%low 10.4%	10 yr+	0.2×	80%	Swisscom AG: A 4.25% Dividend, a Finite Italian Synergy Bridge, and No Margin of Safety at CHF 6352026년 8월 20일 · Hold	FY2025
27	Next PLC NXT · LSE	$22B	78/100 우수	43/100	55.5%low 43.4%	10 yr+	1.0×	40%	NEXT plc: 23.9% International Growth, a £16.9 Million Platform, and 19.2 Times Earnings2026년 8월 30일 · Hold	FY2026
28	Jeronimo Martins SGPS SA JMT · LS	$12B	78/100 우수	42/100	22.6%low 15.5%	10 yr+	—	21%	Jerónimo Martins: EBITDA Up 7.6%, Net Profit Down 3.5%, and No Conservative Margin of Safety2026년 8월 31일 · Hold	FY2025
29	ABB Ltd ABBN · SW	$183B	77/100 우수	46/100	21.9%low 8.1%	10 yr+	0.2×	33%	ABB Ltd: 58% Electrification Order Growth, and a 19.5x EBITDA Test of Capital Discipline2026년 8월 11일 · Hold	FY2025
30	Thales S.A. HO · 파리	$55B	77/100 우수	46/100	16.8%low 9.5%	10 yr+	0.2×	25%	Thales: A Genuine Defence-Electronics Quality Compounder, Priced Like the Best Case Is Already Locked In2026년 7월 7일 · Hold	FY2025
31	Bunzl PLC BNZL · LSE	$11B	76/100 우수	39/100	19.3%low 16.5%	10 yr+	0.8×	20%	Bunzl: 0.4% Underlying Growth, 237 Acquisitions, and 15.6 Times Earnings2026년 8월 29일 · Hold	FY2025
32	Eckert & Ziegler Strahlen- und Medizintechnik AG EUZ · XETRA	$1.0B	76/100 우수	44/100	14.4%low 9.1%	10 yr+	Net cash	48%	Eckert & Ziegler SE: A Better Business, Not Yet a Better Price2026년 7월 15일 · Hold	FY2025
33	Deutsche Post AG DHL · XETRA	$70B	75/100 우수	38/100	19.6%low 14.0%	10 yr+	0.9×	11%	DHL AG: Express Supplies 60% of H1 Group EBIT on 31% of Revenue and German Mail Volume Falls 15%, but EUR 55.02 Sits 30% Above the EUR 42.2 Conservative Value2026년 9월 14일 · Hold	FY2025
34	Intertek Group PLC ITRK · LSE	$11B	75/100 우수	45/100	30.4%low 22.5%	10 yr+	1.2×	32%	인터텍: 인수 제안을 받은 퀄리티 컴파운더2026년 6월 17일 · 보유	FY2025
35	Orkla ASA ORK · OL	$11B	75/100 우수	35/100	14.3%low 9.8%	10 yr+	0.3×	50%	Orkla: Zero Organic Growth in the Controlled Portfolio, Jotun Operating Profit Up 21%, and a 21% NAV Discount at NOK 97.102026년 8월 25일 · Hold	FY2025
36	Alfa Laval AB ALFA · ST	$25B	74/100 우수	47/100	15.9%low 11.4%	10 yr+	0.3×	34%	Alfa Laval: A 35% Order Surge, a 2% Profit Increase, and 29 Times Earnings2026년 8월 27일 · Hold	FY2025
37	SGS SA SGSN · SW	$24B	74/100 우수	44/100	48.5%low 30.6%	10 yr+	3.3×	48%	SGS: 완전가치에 도달한 고품질 TIC 복리 성장 기업2026년 6월 17일 · 보유	FY2025
38	Skanska AB (publ) SKA-B · ST	$12B	74/100 우수	38/100	15.3%low 8.9%	10 yr+	Net cash	9%	Skanska AB: A Record SEK 297.5bn Backlog Rests on a 4.3% Contractor Margin, and SEK 271.90 Leaves No Conservative Margin of Safety2026년 9월 5일 · Hold	FY2025
39	JD Sports Fashion PLC JD · LSE	$5.4B	74/100 우수	37/100	20.6%low 6.7%	10 yr+	0.9×	48%	JD Sports Fashion plc: Cheap Cash Flow, Falling Like-for-Like Sales, and the Cost of Control2026년 9월 2일 · Watch	FY2026
40	Prosus N.V. PRX · 암스테르담	$92B	72/100 우수	46/100	23.9%low 13.0%	10 yr+	0.1×	37%	Prosus N.V.: A 38.4% NAV Discount, a Tencent-Funded Buyback, and No Conservative Margin of Safety2026년 8월 20일 · Hold	FY2026
41	ACS Actividades de Construccion y Servicios SA ACS · MC	$32B	72/100 우수	44/100	20.8%low 12.0%	10 yr+	0.4×	30%	ACS Equity Research: Construction Scale, AI Infrastructure, and the Cost of a Re-rating2026년 8월 21일 · Hold	FY2025
42	UCB SA UCB · BR	$45B	71/100 우수	50/100	10.2%low 3.8%	10 yr+	Net cash	71%	UCB SA: A Specialty-Biopharma Growth Platform That Has Already Re-Rated2026년 6월 29일 · Hold	FY2025
43	Bureau Veritas SA BVI · 파리	$13B	70/100 우수	47/100	27.2%low 10.1%	10 yr+	1.0×	30%	뷰로 베리타스: 품질 TIC, 재가속을 선반영한 주가2026년 6월 17일 · 보유	FY2025
44	Valmet Oyj VALMT · HE	$5.2B	70/100 우수	41/100	15.0%low 9.3%	10 yr+	0.3×	24%	Valmet Oyj: Two Businesses, One Share Price, and a Separation Thesis Already Partly Priced2026년 9월 2일 · Hold	FY2025
45	Schneider Electric S.E. SU · 파리	$176B	68/100 우수	45/100	12.5%low 8.5%	10 yr+	0.6×	40%	Schneider Electric (SU.PA) Zen Horizon Research Report2026년 6월 5일 · Watch	FY2025
46	H & M Hennes & Mauritz AB (publ) HM-B · ST	$30B	68/100 우수	32/100	20.2%low 2.3%	10 yr+	2.4×	52%	H&M: The Margin Repair Is Real, the Growth Engine Is Not, and 23.8x Leaves No Cushion2026년 8월 20일 · Hold	FY2025
47	Compagnie Financière Richemont SA CFR · SW	$143B	67/100 우수	48/100	9.6%low 1.7%	10 yr+	Net cash	64%	Compagnie Financière Richemont SA: Jewellery Earns EUR 5.04bn of Operating Profit While Watchmakers Earn EUR 107m, and CHF 183.65 Sits 18% Above the Conservative Value2026년 9월 9일 · Hold	FY2026
48	ASM International NV ASM · 암스테르담	$42B	67/100 우수	45/100	16.8%low 6.7%	10 yr+	Net cash	47%	ASM International Deep Value Investment Analysis2026년 6월 4일 · Watch	FY2025
49	Hexagon AB (publ) HEXA-B · ST	$25B	67/100 우수	50/100	10.6%low 6.0%	10 yr+	0.3×	64%	Hexagon AB (HEXA-B.ST) Zen Horizon Deep-Dive Research Report2026년 6월 9일 · Watch	FY2025
50	SCHOTT Pharma AG & Co. KGaA 1SXP · XETRA	$2.9B	67/100 우수	35/100	20.6%low 16.4%	6 yr	—	35%	SCHOTT Pharma: A GLP-1 Boom Priced by the Dose, Not the Drug, and a Capacity Bill That Has Yet to Prove Its Return2026년 8월 6일 · Hold	FY2025
51	Danone SA BN · 파리	$47B	66/100 우수	40/100	11.2%low 5.4%	10 yr+	0.5×	49%	Danone: 55% of Profit in One Category, a Shrinking Chinese Birth Cohort, and Why 17.3x Leaves No Margin of Safety2026년 8월 20일 · Hold	FY2025
52	Air Liquide SA AI · 파리	$117B	64/100 보통	46/100	12.3%low 11.0%	10 yr+	0.4×	59%	Air Liquide (AI.PA) Buffett Framework Deep-Dive Research2026년 6월 9일 · Watch	FY2025
53	Rheinmetall AG RHM · XETRA	$57B	63/100 보통	49/100	13.5%low 0.1%	10 yr+	Net cash	47%	Rheinmetall: Respect Without Urgency for a Re-Rated Defence Prime2026년 7월 23일 · Hold	FY2025
54	Mowi ASA MOWI · OL	$12B	63/100 보통	42/100	16.5%low 4.3%	10 yr+	0.5×	53%	Mowi ASA: A License-Constrained Salmon Platform at a Fair, Not Forgiving, Price2026년 7월 2일 · Hold	FY2025
55	JSC National Atomic Company Kazatomprom KAP · IL	$23B	62/100 보통	41/100	25.5%low 11.8%	10 yr+	—	41%	Kazatomprom (KAP.IL) Zen Horizon Deep-Dive Report2026년 6월 9일 · Watch	FY2025
56	Haleon PLC HLN · LSE	$41B	61/100 보통	39/100	6.3%low 2.4%	7 yr	0.4×	61%	Haleon: Oral Health Supplied Over 90% of First-Half Organic Growth While the Rest of the Portfolio Grew 0.3%, and 3.633 Pounds Leaves No Margin of Safety2026년 8월 1일 · Hold	FY2025
57	Airbus Group SE AIR · 파리	$172B	58/100 보통	46/100	18.1%low -22.8%	5 yr	Net cash	14%	Airbus SE 심층 리서치2026년 6월 15일 · 보유	FY2025
58	Saab AB (publ) SAAB-B · ST	$31B	58/100 보통	49/100	9.3%low 5.0%	10 yr+	Net cash	22%	Saab: Europe's Sovereign Defense Franchise Is Real, but the Margin of Safety Is Gone2026년 7월 10일 · Hold	FY2025
59	Compagnie de Saint-Gobain S.A. SGO · 파리	$43B	57/100 보통	48/100	8.7%low 2.2%	10 yr+	0.4×	26%	Saint-Gobain: A Higher Margin Floor Is Proven, but at 74.16 EUR the Price Sits Above the 64 EUR Conservative Value2026년 7월 29일 · Hold	FY2025
60	Compass Group PLC CPG · LSE	—	57/100 보통	45/100	26.7%low 2.8%	10 yr+	0.8×	24%	Compass Group: A Fifth Year of 4–5% Net-New Business and 96% Retention Make the Compounding Real, but at $31.10 a 5.1% Owner-Earnings Yield and 1.7x Leverage Leave No Conservative-Case Margin of Safety2026년 9월 18일 · Hold	FY2025
61	Trelleborg AB (publ) TREL-B · ST	$10B	56/100 보통	33/100	12.4%low -0.7%	6 yr	0.2×	34%	Trelleborg: A Long-Term Owner's Perspective2026년 6월 3일 · Watch	FY2025
62	Vinci S.A. DG · 파리	$73B	55/100 보통	44/100	14.5%low 5.9%	10 yr+	0.6×	18%	VINCI SA: Concessions Turn EUR 12.22bn of Revenue Into EUR 5.94bn of Operating Income, but ASF, Escota and Cofiroute Revert to the State by 20362026년 9월 11일 · Hold	FY2025
63	Tesco PLC TSCO · LSE	$39B	53/100 보통	38/100	9.9%low 5.7%	10 yr+	1.0×	7%	Tesco PLC: A Decade-High Market Share, Bought With Margin, and a 53-Week Year That Flatters Statutory Profit2026년 9월 2일 · Hold	FY2026
64	Fresnillo PLC FRES · LSE	$23B	50/100 보통	31/100	12.3%low 3.7%	10 yr+	Net cash	35%	Fresnillo: A Genuine Re-Rating, But the Price Already Assumes the Hard Part Is Done2026년 7월 4일 · Hold	FY2025
65	Eurofins Scientific SE ERF · 파리	$13B	50/100 보통	51/100	10.6%low 6.1%	10 yr+	1.3×	55%	Eurofins Scientific (Eurofins Scientific SE, ERF.PA) — Zen Horizon Report2026년 6월 8일 · Watch	FY2025
66	SÜSS MicroTec SE SMHN · XETRA	$1.9B	49/100 다소 약함	42/100	9.0%low -13.0%	6 yr	Net cash	35%	SÜSS MicroTec (SMHN): A Niche Winner in Advanced Packaging Equipment, Good Company at a Bad Price2026년 6월 9일 · Watch	FY2025
67	Nexans S.A. NEX · 파리	$7.6B	46/100 다소 약함	46/100	8.3%low -9.7%	6 yr	0.1×	12%	Nexans: A Subsea Margin Story the Price Has Largely Absorbed2026년 8월 26일 · Hold	FY2025
68	NKT A/S NKT · CO	$8.6B	45/100 다소 약함	47/100	2.1%low -9.5%	5 yr	Net cash	34%	NKT: A EUR 13bn Transmission Backlog and Rising Margins, but DKK 930 Already Pays for the 2027 Factories That Are Still Being Built2026년 8월 26일 · Hold	FY2025
69	Weir Group PLC WEIR · LSE	$8.7B	43/100 다소 약함	43/100	4.7%low -23.7%	5 yr	0.7×	36%	Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 Recovery2026년 9월 8일 · Hold	FY2025
70	Aker BP ASA AKRBP · OL	$23B	41/100 다소 약함	35/100	10.9%low 1.2%	10 yr+	0.4×	59%	Aker BP ASA: The 2028 Cash Inflection Is Sanctioned and Tax-Shielded, but NOK 356 Leaves No Conservative Margin of Safety2026년 9월 4일 · Hold	FY2025
71	Equinor ASA EQNR · OL	$99B	40/100 다소 약함	38/100	14.2%low -16.2%	5 yr	Net cash	41%	Equinor: Q2 Profit of USD 11.48bn Leaves USD 3.44bn After Tax, and NOK 386.40 Already Pays the Base Case2026년 8월 29일 · Hold	FY2025
72	TotalEnergies SE TTE · 파리	$183B	32/100 약함	40/100	10.3%low -7.0%	5 yr	0.3×	27%	TotalEnergies: USD 27.5bn of Owner Earnings, 33.4 GW of Power, and No Obvious Margin of Safety at EUR 77.612026년 9월 2일 · Hold	FY2025
73	Subsea 7 S.A. SUBC · OL	$10B	32/100 약함	46/100	0.7%low -26.1%	5 yr	0.1×	11%	Subsea 7 (SUBC.OL) Zen Horizon Research Report2026년 6월 9일 · Watch	FY2025
74	Shell plc SHEL · LSE	$238B	27/100 약함	31/100	7.9%low -14.0%	5 yr	0.4×	11%	Shell plc: $22.4 Billion Returned on 52% of Cash Flow, an Eight-Year Reserve Life, and No Margin of Safety at £34.102026년 8월 24일 · Hold	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.