Research library
Every report, with the filing it was built from.
Reports are living documents: when a company files, the analysis is updated rather than replaced, and the revision date is shown on the report.
Reports
241
This month
9
Avg. length
18 min
Company analysis
A full six-year review: business model, segment economics, financial statements, capital allocation, valuation framework and risks.
Data-centre revenue went from a secondary line item to 88% of the business. The unit economics, the customer concentration, and what the cash flow statement says about durability.
Aug 12, 2026 · 18 min · Company analysis
Azure growth, the Office franchise, and the capital expenditure step-change. How much of the incremental operating income is genuinely incremental.
Aug 09, 2026 · 22 min · Company analysis
Hardware revenue flat for three years while Services compounds. What that mix shift does to gross margin, and the buyback as the primary use of cash.
Aug 05, 2026 · 20 min · Company analysis
Retail margins recovered from a two-year capacity overbuild while AWS growth decelerated then stabilised. Where operating income actually comes from.
Aug 01, 2026 · 24 min · Company analysis
Average selling price, gross margin per vehicle and the energy storage segment. Separating the automotive business from the parts of the story not yet in the accounts.
Jul 22, 2026 · 21 min · Company analysis
Search remains the engine; Cloud has turned profitable; Other Bets remains a rounding error with a real cost. Where the incremental margin is going.
Jul 18, 2026 · 19 min · Company analysis
Quarterly analysis
What changed in this filing and why it matters - including changes to disclosure and definitions a headline summary would miss.
Revenue, gross margin and inventory read against the prior four quarters. Two disclosure changes in the quarterly report and what they obscure.
Jul 24, 2026 · 9 min · Quarterly analysis
Azure growth decomposed into consumption and contracted revenue, and what the remaining performance obligation actually commits customers to.
Jul 20, 2026 · 8 min · Quarterly analysis
Bookings, backlog and the gap between shipped and recognised systems. Why the order number is the least useful figure in the release.
Jul 16, 2026 · 7 min · Quarterly analysis
Annual report analysis
The full-year filing read line by line, with the parts management would rather you skimmed.
Reading the 10-K rather than the letter: insurance float, look-through earnings, and how the cash position has been deployed over three years.
Jul 15, 2026 · 26 min · Annual report analysis
Medical loss ratio, Optum segment disclosure and the intercompany eliminations that make consolidated margins hard to interpret.
Jun 20, 2026 · 23 min · Annual report analysis
How much of the growth was volume and how much was price. Segment margins and the working-capital cost of inventory-heavy luxury.
Jul 09, 2026 · 18 min · Annual report analysis
Industry research
A whole industry read through supply, capital intensity and returns over a full cycle.
What a genuine single-supplier position looks like in the financial statements – backlog, deferred revenue, customer prepayments – and where the fragility sits.
Jul 28, 2026 · 16 min · Industry research
Capacity, pricing and gross-to-net. What the annual report discloses about manufacturing investment and what it does not disclose about net realised price.
Jul 02, 2026 · 17 min · Industry research
Why foundry returns depend more on depreciation schedules than on process leadership, read across four companies and a full cycle.
Jun 30, 2026 · 15 min · Industry research
Comparisons
Two or three businesses on identical definitions, so the difference means something.
Three semiconductor equipment makers compared on revenue durability, gross margin, R&D intensity and returns on invested capital over a full cycle.
Jul 11, 2026 · 15 min · Comparison
Near-identical business models, persistently different margins. We isolate the mix, incentive-expense and cross-border effects that account for the gap.
Jun 14, 2026 · 14 min · Comparison
One caps its gross margin by policy and earns on membership; the other earns on scale. What each model does to returns on capital.
Jun 08, 2026 · 13 min · Comparison