Graham--Defensive Investor (Utility) Screen

Benjamin Graham's defensive investor tests, in the variant written for utilities, are what this screen applies: an unbroken earnings record, dividends paid without interruption, moderate leverage and a price that is not far ahead of earnings or assets.

Historical net income and historical dividends per share cover the record, then last year's total assets, the debt to equity ratio at the last quarter, quarterly earnings per share, the forward annual dividend rate and the current price complete each row. Utilities carry more debt than Graham allowed elsewhere, which is why the leverage column has to be read against utility norms.