Equity Research
Company analysis, from financial statements to business insight.
A repeatable way to ask better questions about how a company earns, reinvests, finances growth and manages risk.
Six lenses we use
1. Business qualityCustomers, products, competitive position and the durability of profits.
2. Financial performanceGrowth, margins, earnings quality and returns on capital.
3. Cash flowOperating cash flow, free cash flow and working capital.
4. Balance sheetLeverage, liquidity, contingent items and funding sources.
5. Valuation contextPeer comparison, assumptions and what is already priced in.
6. Risks and industryGovernance, regulation, cycles and what could go wrong.
Company pages and analyses
We have not yet published a company-specific page. A company page or report is added only after every figure has been entered from a named filing and checked. We do not display stock prices, ratings or target prices.
Equity Research notes
Equity Research
Growth at what cost? Incremental returns and funding needs
Revenue growth is not the same as value creation. How to examine the capital a business consumes to grow, and what it earns on the extra capital.
Equity Research
Profit is an opinion. Cash flow is a test.
How to read the relationship between reported earnings, receivables, inventory and operating cash flow, and what deserves a closer look.
Equity Research
Return on capital: how to read ROCE and ROE
What return on capital employed and return on equity measure, how leverage can flatter them, and what to compare them against.
Related tools
- Ratio calculator Margins, ROE, ROCE, debt to equity, interest cover and cash flow to profit from one year's figures.
- CAGR and compounding Work out a growth rate between two values, or see where a rate compounds to.
- Company comparison Enter two companies' figures side by side and compare the same ratios.