The Field Guide50 chaptersFree · no account

Learn to read a company the way a desk analyst does.

Start anywhere. Every chapter is one idea, plainly written — then you drive it: sliders, real filings, live benchmarks, and a checkpoint that tells you whether it stuck.

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What are you analyzing?Value a StockScore QualityBuild a Watch ListCheck ValuationModel GrowthGrade Capital AllocationAll 145 tools →
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Three ways in

Pick the one that sounds like your problem. Each path is short and in order.

Read the filingsOpen a 10-K and know exactly where the truth lives — and which sections most investors skip.Start with the 10-K →Value the businessDCF, multiples, EV/EBITDA — the four lenses, and the moment each one quietly lies to you.Start with valuation →Judge the numbersSpot earnings that flatter, dilution that compounds, and management that destroys value.Start with quality →

Browse by topic

Pick a category. Each one opens with the three chapters to read first.

Start here

01How to value a stockThe framing work that decides whether your model is worth the time.14 min02Discounted cash flow (DCF)How to build a DCF that survives a skeptical PM, not just looks precise.16 min03Dcf sensitivity analysisWhere your DCF actually breaks. Run this before quoting a target price.11 min
How to value a stockThe framing work that decides whether your model is worth the time.14 minDiscounted cash flow (DCF)How to build a DCF that survives a skeptical PM, not just looks precise.16 minDcf sensitivity analysisWhere your DCF actually breaks. Run this before quoting a target price.11 minDCF vs. comparablesDCF anchors to fundamentals; comps anchor to the market. Use both or get surprised.12 minHow stock multiples workWhat multiples tell you, what they hide, and when to walk away from them.10 minTech multiples guideWhy a tech multiple stops working the moment growth normalizes.12 minStock valuation methods comparedDCF, P/E, and EV/EBITDA each answer a different question. Pick wrong and you waste months.12 minEBITDA, explainedEBITDA is a useful bridge and a dangerous destination. The line is here.9 minEV/EBITDAWhen EV/EBITDA is honest about a business and when it lies for the seller.10 minEnterprise value vs. market capWhy two companies at the same market cap can be priced wildly differently.8 minFree cash flow guideWhat free cash flow actually tells you about a business — and the three ways investors misuse it.12 minFree cash flow yieldFCF yield is the cleanest valuation lens you have. Use it without fooling yourself.10 minPrice-to-book (P/B)P/B works for banks and asset-heavy businesses. It quietly fails for everything else.9 minSum-of-the-partsHow to value a conglomerate without papering over its worst segment.12 min
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Numbers to measure against

The reference points a desk keeps in its head — with the judgment attached.

Software · median33×P/E for softwareRich — but often earned by durable, high-margin growth.The quality bar15%+ROIC that creates valueBelow the cost of capital, growth destroys value.Cash-reality check≥ 1.0FCF ÷ net incomeUnder 1.0 for years running is an earnings-quality flag.

Questions about stock analysis

What is fundamental analysis?

Fundamental analysis evaluates a stock by examining the underlying business — its financial statements, earnings quality, management decisions, and competitive position — to estimate what the company is actually worth and compare that to the price.

How do I analyze a stock for the first time?

Frame the business, read the most recent 10-K (income statement, balance sheet, cash flow), then judge earnings quality and capital allocation, and finally estimate intrinsic value and write down your thesis. The Field Guide's parts walk this in order.

What tools do professional stock analysts use?

DCF models, comparable-company analysis (P/E, EV/EBITDA), earnings-quality frameworks, and capital-allocation scorecards. Basis Report offers free versions of each, and every chapter carries the matching instrument.

How do I read a 10-K filing?

Start with Item 1 (Business) and Item 1A (Risk Factors) — diff last year's risks to find what's new — then read the MD&A, the financial statements, and the footnotes. The Field Guide has a full 10-K reading sequence with a red-flag checklist.

When you want the answer, not the method

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