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Fundamental Analysis
Learn to read the three statements, separate revenue from earnings, judge margins, sanity-check valuation multiples, and follow the cash.
- 01
The three financial statements
Income statement: performance over a period. Balance sheet: position at a moment. Cash flow statement: where cash actually moved.
11 min
- 02
Revenue, earnings, and what sits between
Revenue is the top line; earnings are what survives after costs, interest, and tax. The path between them is the story.
10 min
- 03
Margins: gross, operating, net
Margins turn absolute profit into a comparable percentage, exposing pricing power, cost discipline, and business model differences.
9 min
- 04
Valuation multiples and their traps
A multiple is shorthand for expectations. It is a question generator, never a verdict on cheap or expensive.
11 min
- 05
Cash flow and free cash flow
Operating cash flow shows what the business generates; free cash flow shows what is left after keeping the lights on and growing.
10 min