Every public company is legally required to publish its full financials, for free, where anyone can read them. Almost nobody does. Five stages and forty modules that take you from opening your first 10-K to writing a valuation you'd defend out loud.
The Full Course
All five stages unlock with a single one-time $27.95 payment. One account, lifetime access, no subscription.
What You'll Be Able To Do
This course does not tell you what to buy. It teaches you a method for working that out yourself — and for recognising when the honest answer is "I don't know."
A Sample of What's Inside
Nine of the forty-plus ratios covered across the course. Each one comes with where the inputs live in the filings, a worked example, and an honest note on where it breaks.
| Ratio | Formula | What it tells you |
|---|---|---|
| Gross margin | (Revenue − Cost of revenue) ÷ Revenue | Product economics before any overhead — the most structural line on the income statement |
| Free cash flow | Cash from operations − Capital expenditures | Cash actually available to pay dividends, buy back shares, or repay debt |
| FCF conversion | Free cash flow ÷ Net income | How much reported profit becomes real money — the core earnings-quality check |
| Cash conversion cycle | DSO + DIO − DPO | Days your cash is tied up between paying suppliers and collecting from customers |
| Net debt / EBITDA | (Total debt − Cash) ÷ EBITDA | Leverage expressed as years of earnings needed to repay it |
| Enterprise value | Market cap + Debt + Preferred + Minority − Cash | What it would cost to own the whole operating business, free of debt |
| ROIC | NOPAT ÷ (Debt + Equity − Cash) | Return on every dollar of capital employed — the closest thing to a moat detector |
| WACC | (E/V × Re) + (D/V × Rd × (1 − tax)) | The blended cost of a company's capital, and the discount rate in your DCF |
| Terminal value | FCF × (1 + g) ÷ (r − g) | Everything beyond your forecast — usually 60–80% of a DCF's total answer |
Included With the Course
Downloadable inside Stage 5. Built for the method taught in the course, not generic filler.
A weighted 20-criterion scorecard across business quality, financial strength, competitive position, management and valuation — each criterion cross-referenced to the module that teaches it. Plus a five-year data sheet with every ratio pre-built as a formula.
.XLSX · 2 SHEETSEvery formula used across all five stages, grouped by category, with where each input lives in the filings, what the number is telling you, and how to orient on it. The reference you keep open while you work.
.XLSX · 43 RATIOSA printable one-page structure covering the business, the disagreement, the numbers, the risks and the position — including space for the three falsifiable things that would prove you wrong. If it doesn't fit on the page, the thesis isn't clear enough yet.
.PDF · PRINTABLEWho This Is For
This is the substance, at a one-time $27.95, written for someone who has never opened a 10-K.
Fundamental analysis can't tell you when a stock will move, and it won't protect you from being wrong about the future. What it does is give you a defensible estimate of what a business is worth, with an honest range around it, so you can act when the market price sits far outside that range and do nothing the rest of the time. Every module is built on documents any public company must publish, and points you at the primary source rather than at somebody's opinion about it.
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Educational content only. Not financial, investment, tax, or legal advice. Price includes all tax — nothing is added at checkout. We don't offer discretionary refunds; Stripe handles the payment as seller of record and applies your local cancellation rights. See our Terms of Service.
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