COMPANY RESEARCH • COURSE GUIDE • 5 TOPICS

Research a stock as a business, not a symbol.

A repeatable company-research process that connects the business model, industry, management, SEC filings, financial statements, cash flow, valuation, catalysts, and thesis risk.

COURSE TOPICS

Topics in this course

Research a public company through primary filings, business economics, financial statements, valuation, thesis design, and monitoring. The course is organized around evidence that can confirm or invalidate an investment conclusion.

3 MIN

Research Setup

Set up a source hierarchy, research dashboard, screening questions, EDGAR evidence trail, and testable thesis before deciding what the stock is worth.

Source hierarchy
Research dashboard
The research process

Set up the research process →

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

Analyze the business →

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

Test financial quality →

3 MIN

Valuation

Compare relative, DCF, dividend, asset, scenario, and reverse-DCF methods, then stress the operating assumptions and convert value into a decision range instead of one precise number.

Valuation methods
DCF analysis
DCF sensitivity & terminal value

Build a valuation range →

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

Write the thesis and review triggers →

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

Use AI with source controls →

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 min 02AI in investment research: verify sources, data, and model outputIntermediate · 11 min 03SEC filings and company reports: a practical reading guideIntermediate · 14 min 04Analyze the business before the valuationIntermediate · 19 min 05Test financial quality before valuationIntermediate · 17 min 06Valuation: turn business assumptions into a decision rangeAdvanced · 9 min 07Build 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.

DOCUMENT SKILL

Read 10-K & 10-Q in a repeatable order

Compare business, risk, financial statements, footnotes, and changes across reporting periods.

Deep diveOpen

Keep the reference layer close:Research checklist Research terms Proxy statement basics

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 basics

A practical guide to the proxy statement: board elections, executive compensation, shareholder proposals, related-party matters, ownership, and voting decisions.

FINANCIAL STATEMENTSFinancial statement footnotes

Read accounting policies, obligations, estimates, and detailed statement context.

REVIEW

Key questions

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?