Read 10-K & 10-Q in a repeatable order
Compare business, risk, financial statements, footnotes, and changes across reporting periods.
COMPANY RESEARCH • COURSE GUIDE • 5 TOPICS
Research a stock as a business, not a symbol.
A company-research discipline that connects the business model, industry, management, SEC filings, financial statements, cash flow, valuation, catalysts, and business risk.
COURSE TOPICS
Topics in this course
Research a public company through primary filings, business economics, financial statements, valuation, market context, and ongoing review.
01
3 MIN
Research foundations
Build the research file from primary sources, connect business questions to financial statements, and define the evidence needed before drawing a conclusion.
- Source hierarchy
- Research dashboard
- Evidence and review
03
18 MIN
Analyze the business before the valuation
Understand the company before valuation: business model, industry structure, revenue engine, segments, filings, governance, and the four core financial statements.
- Business and industry
- Segments and concentration
- SEC and ownership filings
- Core financial statements and balance-sheet structure
04
13 MIN
Test financial quality before valuation
Reconcile growth with cash collection, working capital, reinvestment, dilution, leverage, capital allocation, operating metrics, and consensus expectations.
- Revenue quality and working capital
- Free cash flow and capital intensity
- Dilution and capital allocation
- Peer metrics and consensus expectations
05
3 MIN
Valuation
Compare valuation methods, build DCF assumptions, test sensitivity, and understand how terminal value shapes the valuation range.
- Valuation methods
- DCF assumptions
- DCF sensitivity & terminal value
06
9 MIN
Build an investment thesis that can be monitored and tested
Write an investment thesis with explicit drivers, valuation assumptions, risks, contradictory evidence, monitoring indicators, and exit or review conditions.
- Investment thesis and monitoring
- Price and volume as context
- Use charts as a timeline of expectations and execution
- Research checklist
02
11 MIN
AI in investment research: verify sources, data, and model output
Use AI to accelerate document search and comparison while keeping primary evidence, timestamps, and human verification in the research record.
- Research use cases
- Evidence hierarchy
- Model & prompt risk
GUIDE ORDER
Read the guides in order for a complete path.
All 6 guides in this category are listed here in the recommended learning order. You can still open any guide directly from the navigation or search.
6 guides
01Set up stock research before forming a conclusionBeginner · 9 min02AI in investment research: verify sources, data, and model outputIntermediate · 11 min03SEC filings and company reports: a practical reading guideIntermediate · 14 min04Analyze the business before the valuationIntermediate · 19 min05Test financial quality before valuationIntermediate · 17 min06Valuation: turn business assumptions into a decision rangeAdvanced · 9 min07Build an investment thesis that can be monitored and testedAdvanced · 9 min
COMPANY RESEARCH · FEATURED LEARNING
Start with primary evidence, then build the thesis and valuation.
Optional articles for filings, footnotes, financial statements, and evidence-based company research.
Research limitation
A research conclusion expires when the facts change
Filings, estimates, capital structure, management guidance, prices, competitive conditions, and accounting judgments can change after analysis is published. Review research and historical-information limitations →
DEEP DIVES
Go deeper on filings, footnotes, and company evidence
FILINGS REVIEWEarnings release vs. SEC filing
Learn how an earnings release, Form 10-Q or 10-K, and related 8-K serve different purposes and how to reconcile them without getting trapped by headline metrics.
GOVERNANCEProxy statement basicsA practical guide to the proxy statement: board elections, executive compensation, shareholder proposals, related-party matters, ownership, and voting decisions.
FINANCIAL STATEMENTSFinancial statement footnotesRead accounting policies, obligations, estimates, and detailed statement context.
REVIEW & APPLY
Check your understanding
01Can you explain the business using primary filings?
02Can you separate operating results from per-share economics and valuation?
03What new evidence would weaken the thesis?