Mon, Nov 2, 202610 companies covered10 teardowns published

Coverage

How each business works and how it is performing, from its 10-Ks
NVDA+66.9%60.4%
SNOW+51.2%-30.6%
DDOG+41.5%-1.3%
CRWD+40.6%-6.1%
NET+38.1%-9.6%
NOW+24.1%13.7%
GOOGL+17.2%32.0%
MSFT+14.6%46.8%
ADBE+13.1%36.6%
AAPL+8.7%32.0%

Updates

What changed, and what it does to our read of the business

No updates yet.

How we rate

Each company: a dated teardown, ten years from its 10-Ks, a scorecard of the business
  • Technology edge

    How hard is the product to build again?

  • Switching costs

    How hard is it for a customer to leave?

  • Growth runway

    How much room is left, and how fast can it be taken?

  • Profitability

    How much of each dollar of revenue becomes cash for owners?

  • Capital allocation

    Does management spend owners' money well, dilution included?

Five axes rate the business, each scored out of ten with its reason and read on its own. The figures come from the company's own 10-Ks, computed in code, each linked to its filing or shown with its formula. A teardown is revised as the business changes, and each revision says what changed and why.