Intermediate
How to read listed-company financial statements
Fast framework for reading revenue, margins, net income, balance-sheet strength, and valuation ratios.
Start from changes, not only absolute amounts
Compare periods and identify breaks in trajectory before judging absolute scale.
Connect income statement and balance sheet
A rise in net income without support from equity, margins, or cash profile deserves caution.
Link statements, multiples, and market price
Ratios only become useful when read in sector, cycle, and current-price context.