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Independent fundamental research built from annual reports, 10-K and 20-F filings, and audited financial statements. We explain how a business actually makes money — not where its share price goes next.
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Why our research is different
Primary sources
Every figure comes from the company own annual report, 10-K or 20-F, quarterly filing or investor presentation - never from a data aggregator we cannot audit.
Fundamental analysis
Business quality first: revenue drivers, margin structure, cash generation, balance sheet strength and how management has allocated capital over a full cycle.
Transparent methodology
Each metric is defined, each adjustment is disclosed, and every assumption behind a valuation range is written down where you can disagree with it.
Popular companies
The businesses our readers open most often. Figures are the latest reported full year.
AAPL · Technology
Revenue
$394.3B
ROIC
67%
FCF
$110.0B
Updated Aug 05, 2026
NVDA · Technology
Revenue
$130.5B
ROIC
118%
FCF
$60.9B
Updated Aug 12, 2026
MSFT · Technology
Revenue
$244.1B
ROIC
39%
FCF
$74.6B
Updated Aug 09, 2026
AMZN · Consumer
Revenue
$574.8B
ROIC
13%
FCF
$36.2B
Updated Aug 01, 2026
ASML · Technology
Revenue
$32.4B
ROIC
71%
FCF
$11.4B
Updated Jul 28, 2026
Latest research
Long-form company analysis, published as filings land and revised when they change.
Five years in which data-centre revenue went from a secondary line item to 88% of the business. We trace 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 Microsoft incremental operating income is genuinely incremental, and what depreciation does to reported returns.
Aug 09, 2026 · 22 min · Company analysis
Hardware revenue has been roughly flat for three years while Services compounds at double digits. 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. A segment-level reading of where operating income actually comes from.
Aug 01, 2026 · 24 min · Company analysis
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Fundamental
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The reading behind the research. Start anywhere; each topic builds on the last.
Free cash flow, ROIC, operating leverage – what each metric measures and what it quietly leaves out.
DCF, multiples, EV/EBITDA and reverse-engineered expectations – with the assumptions made visible.
Reading the three statements, and spotting where reported earnings drift away from economic reality.
What makes a good business, how moats are actually built, and how to size a position you can hold.
Rates, inflation, capital cycles and industry structure – the conditions that set the ceiling on returns.
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