Fundamental analysis of US public companies. Every piece is built on verified, filing-level data.
Market movers PENG
Penguin Solutions filed its 10-K on 20 October, covering the year to August 2026. Revenue grew 26.5% and reported net income jumped, while free cash flow turned negative at a -9.4% margin. Our dated model value moved from $12.90 to $58.00 a share.
Market movers MLI
Mueller fell 7.4% on 20 October after third-quarter results that showed net sales, net income and earnings per share all higher than a year earlier. Our figures through June show revenue up 14.8% and free cash flow of $666m, the trend going into this report.
Explainer
US mortgage rates opened the week lower, Goldman Sachs expects a weaker housing market, and a reader is resolved to rent for life. The practical question underneath: buy, refinance or rent, and how to decide on what you control rather than a forecast.
Explainer
US investors are being sold more income and more ways to trade: monthly payouts from covered-call funds, fat dividend yields, round-the-clock options. The question behind the pitches: what does a yield actually measure, and what does reaching for it cost?
Explainer
Five US retirement stories, from a sceptical 25-year-old to a couple weighing a $15,000-a-year policy, point to one question: across a retirement that can last decades, where does your attention actually pay off? These are the choices, the trade-offs and the traps.
Earnings analysis HUBS
The 6 October filing was not an earnings report but a memo cutting about 7% of staff. Against the June quarter, with adjusted EPS of $3.26 versus a $3.02 analysts' average and free cash flow at a record 23.1% margin, the cut comes from apparent strength, not distress.
Explainer
Four recent US retirement stories trace one arc: the pot you build, the tax you pay to use it, the late-life care costs that can drain it, and the life it is meant to fund. The account names are American; the trade-offs they describe are not.
A screen of SEC filings for double-digit growth, free cash flow of at least a quarter of revenue and a falling share count returns fourteen names. We read the figures behind the top six and the caveat each one carries.
Dropbox leads the 2026-Q4 Buyback Monitor with its diluted share count down 18.25% in a year, ahead of Pegasystems and CarGurus. Across the 58 companies ranked, the pattern to watch is buyback spending running ahead of free cash flow.
Datadog's revenue grew 31.5% on a trailing-twelve-month basis and is accelerating; Dynatrace's grew 17.9%, the slowest in its filed history. Yet Dynatrace runs a 12.1% operating margin to Datadog's 0.4%. A dimension-by-dimension read of two observability vendors' SEC filings.
Earnings analysis PEGA
Pegasystems is estimated to report around 20 October. Its filings pose three questions: does the 6.5pp operating-margin slide extend; does cash keep pace with net income up 47.2%; and does 3.6% revenue growth lift off its historical floor.
Research NVDA
NVIDIA's trailing-twelve-month net income grew 122.7% year over year; free cash flow grew 76.3%. Both are extraordinary, but the gap between booked profit and banked cash is now wide enough to deserve its own explanation, and the filings' structured data alone cannot supply one.
Research ADBE
Adobe converts roughly 41 cents of every revenue dollar into free cash flow and is using it to retire more than 6% of its diluted shares a year. The cash economics remain among the strongest a software company can show. The debate is what they're worth.
Original finding MSFTAAPLNVDAADBE
We computed trailing-twelve-month capex intensity and free-cash-flow margin for the four companies in our coverage universe. The AI buildout's cost is concentrated almost entirely in one of them, and the free-cash-flow consequences are now the widest in the dataset.
Earnings analysis MSFT
Microsoft closed fiscal 2026 with near-record operating margins and 17.8% revenue growth, and the weakest free-cash-flow margin in the seventeen years of filings we analyse. The gap between those two sentences is $115.9B of capital expenditure.
