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Original, source-based guides to industry analysis for investors.
20 articles · Original research guides with primary sources and worked examples
Vehicle sales figures tell only part of the story. Separate wholesale from retail sales, premium vehicle mix, incentives, and exchange rates to understand changes in revenue and profitability.
Read article →Read battery factory utilization by comparing available capacity with actual output. Examine new factories, yields, inventories, and fixed costs to understand when expansion translates into profit.
Read article →Separate metal price pass-through in cathode materials from inventory timing. Compare how processing returns can hold up as selling prices fall, while expensive raw material inventory can hurt earnings.
Read article →See what is missed by simply converting shipbuilding backlog into annual revenue. Examine vessel types, contract dates, construction progress, and estimated costs to assess workload and earnings quality.
Read article →Distinguish framework agreements from firm contracts in defense export announcements. Check equipment, ammunition, maintenance, and local production scope to understand when large contracts become revenue and cash.
Read article →Understand long nuclear equipment production cycles and revenue recognition. Connect order announcements to earnings by examining major components, design and maintenance contracts, progress, and contract assets.
Read article →Transformer and power distribution equipment orders mean different things depending on lead times and capacity. Interpret book-to-bill ratios, backlog pricing, expansion costs, and customer project schedules together.
Read article →Understand the differences between robot components such as reducers and servos and complete robots and systems. Separate adoption, in-house production, installation costs, and services when linking robot growth to earnings.
Read article →When a biotech company announces trial success, examine patients, controls, prespecified endpoints, effect size, and safety. Learn to distinguish statistical significance from clinical relevance in investment materials.
Read article →Biopharmaceutical CDMO bioreactor capacity does not translate directly into revenue. Examine technology transfer, batch schedules, product mix, and contract scope to interpret utilization and backlog.
Read article →Interpret gaming results by linking DAU and MAU to paying users and ARPPU. Read bookings and player spending separately from accounting revenue, alongside new-user retention and marketing costs.
Read article →Platform GMV differs from company revenue. Check refunds, taxes, and marketplace versus first-party sales, then separate commission, payment, and subscription revenue to interpret results.
Read article →Break advertising revenue into impressions and average ad prices. Examine how user growth, ad load, regional and format mix, and advertising effectiveness affect the quality of growth.
Read article →ARR annualizes the size of a subscription business at a specific date. Assess sustainable growth by separating new contracts, expansion, churn, acquisitions, exchange rates, and usage-based billing.
Read article →Telecom ARPU varies with subscriber definitions, discounts, and the share of low-priced connections. Link ARPU to subscribers, churn, and acquisition costs to assess service revenue quality.
Read article →Check NIM's numerator, average interest-earning assets, and repricing lags. Read loan growth, deposit funding costs, and credit losses together to assess a bank's actual profitability.
Read article →Under IFRS 17, the contractual service margin represents unrecognized insurance contract profit. Separate new business, assumption changes, and service-related releases, and distinguish insurance results from investment results.
Read article →Distinguish area-based and property-count vacancy measures from actual rent collection. Examine rent-free periods, lease expirations, tenant concentration, and interest costs to assess rental income stability.
Read article →Shipping supply depends on voyage distance and turnaround times as well as vessel count. Read shipping results by separating spot and contract rates, actual cargo volumes, and fuel and charter costs.
Read article →Compare steel selling prices and raw material input costs on a consistent unit basis. Examine furnace routes, inventory lags, product mix, and utilization to understand their effects on actual earnings.
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