The brief
Compare — 10 new problems, 3 problems cleared, 14 measures need attention
table built 1m ago
Open the full table →
Click a measure’s name — Days to
cover, say — for what it means and where its limit is; click its reading
for what it has been doing.
What the numbers say
How to read this. Every stock we hold is checked on 46 measures of the business itself — debt, cash, margins, growth, dilution, and what analysts and insiders are doing. Each measure has a limit. Past the limit it is a problem (red on the Compare table). Inside the limit but close to it, it is a warning (amber), not a problem. At the level our better names reach, it is a strength (green). This email reports what changed since the last one: which measures became problems, and which stopped being problems. Share-price moves are deliberately not counted — the Stock Movements email covers those.
NEW = became a problem in the last 30 days. WORSE = a problem that has moved materially further past its limit since we first saw it, or since you marked it as seen. Anything else is a long-standing problem you have already seen — it is counted, not repeated.
Beside each reading: for a measure the company reports each quarter, its last four quarters, oldest first — each quarter’s own figure, labelled by the month the quarter ended (rates such as return on equity are annualised so they compare with the headline). Where the quarterly history is still too short to compare — a year-over-year figure needs the same quarter a year earlier — the company’s last few fiscal years stand in, labelled as such, until there are as many quarters. For a measure that moves with the market, how long it has been past its limit.
New problems since the last email
These measures were inside their limit at the last email and have crossed it since. Each line shows where the measure is now and the limit it crossed. The last column is how many measures on that stock are past their limit in total, so a first problem can be told from a fifteenth.
| Stock | What became a problem | Total problems |
|---|---|---|
| CRWD Equity — Growth - Aggressive | Earnings volatility — now 1,948% (problem above 50.0%) · net income, last 4 quarters: Oct'25 -$34M, Jan'26 $59M, Apr'26 $28M, Jul'26 $5M EBITDA margin — now 2.0% (problem under 5.0%) · last 4 quarters: Oct'25 4.5%, Jan'26 10.9%, Apr'26 9.6%, Jul'26 7.2% | 8 |
| DUK Equity — Undervalued | Current debt vs cash — now 14.45× (problem above 1.00×) · last 4 quarters: Sep'25 13.57×, Dec'25 39.71×, Mar'26 4.56×, Jun'26 13.37× Capex / op cash flow — now 113.7% (problem above 80.0%) · last 4 quarters: Sep'25 95.1%, Dec'25 113.3%, Mar'26 270.4%, Jun'26 150.4% | 10 |
| NEE Equity — Undervalued | Current debt vs cash — now 2.12× (problem above 1.00×) · last 4 quarters: Sep'25 3.74×, Dec'25 2.16×, Mar'26 5.23×, Jun'26 3.98× Current ratio — now 0.53× (problem under 1.00×) · last 4 quarters: Sep'25 0.55×, Dec'25 0.60×, Mar'26 0.54×, Jun'26 0.53× | 10 |
| SBUX Equity — Turnaround | Book value/share growth — now -8.4% (problem under 0.0%) · last 3 fiscal years: Sep'23 7.7%, Sep'24 6.1%, Sep'25 -8.4% Current ratio — now 0.76× (problem under 1.00×) · last 4 quarters: Sep'25 0.72×, Dec'25 1.05×, Mar'26 0.92×, Jun'26 0.76× | 13 |
| VST Equity — Growth - Regular | Book value/share growth — now -8.0% (problem under 0.0%) · last 3 fiscal years: Dec'23 20.1%, Dec'24 8.6%, Dec'25 -8.0% Earnings beat rate — now 25.0% (problem under 50.0%) · past the limit for 31 days, was 25.0% | 12 |
Problems that cleared
These measures were past their limit at the last email and are back inside it now. Each line shows the reading then and the reading now. The last column is how many problems the stock still has.
| Stock | What stopped being a problem | Total problems |
|---|---|---|
| EOG Equity — Undervalued | Earnings beat rate — was 37.5%, now 100.0% (problem under 50.0%) | 8 |
| ORCL Equity — Growth - Regular | Current ratio — was 0.75×, now 1.17× (problem under 1.00×) | 8 |
| PFE Equity — Turnaround | FCF conversion — was 45.0%, now 116.8% (problem under 60.0%) | 8 |
New to the book since the last email: XSP
The stocks to look at, worst first
One block per stock: what the company does and what we own of it, its problems and its strengths side by side, then a short read of the two together. The counts are over the 46 watched measures, so price is not in them. A problem marked NEW or WORSE is one that needs attention; the rest are long-standing problems already seen, and are counted at the foot of the list rather than repeated. “What’s happening” reads the two lists together and is not a recommendation. Every stock name opens its row in the app, with Buy / Sell / Snooze beside it.
| Stock | Need attention | Problems | Strengths | Worst problem | |
|---|---|---|---|---|---|
| SBUX | 13 | 2 | Gross margin, trend -4.1pp | decide → | |
| VST | 12 | 3 | Current debt vs cash 9.71× | decide → | |
| NEE | 10 | 8 | Net debt / EBITDA 6.69× | decide → | |
| CRWD | 2 | 8 | 8 | Earnings volatility 1,948% NEW | decide → |
| DUK | 10 | 4 | Net debt / EBITDA 5.37× | decide → | |
| ORCL | 8 | 9 | FCF after interest -$28.3B | decide → | |
| PFE | 8 | 6 | Unusual items 14.3% | decide → | |
| EOG | 8 | 13 | Interest expense, YoY 70.3% | decide → | |
| BLK | 2 | 3 | 9 | Op cash flow/share growth -20.8% NEW | decide → |
| ETN | 2 | 3 | 6 | Current debt vs cash 1.64× NEW | decide → |
| JNJ | 2 | 3 | 9 | Interest expense, YoY 28.6% NEW | decide → |
| PG | 2 | 3 | 8 | Current ratio 0.68× NEW | decide → |
| NOW | 2 | 2 | 8 | Current ratio 0.70× NEW | decide → |
| DE | 1 | 7 | 3 | Current debt vs cash 2.93× WORSE | decide → |
| CEG | 1 | 5 | 3 | Current debt vs cash 2.50× WORSE | decide → |
| SBUX Equity — Turnaround | 13 problems · 2 strengths |
What it does — Restaurants company in consumer cyclical · Consumer Cyclical · Restaurants What we own — 1,350 shares · $122K · 0.14% of the book · -16.7% unrealised · 1 account (NW-LLC) | |
| Problems | Strengths |
Gross margin, trend -4.1pp (problem under -2.0pp) · last 3 fiscal years: Sep'23 1.4pp, Sep'24 -0.5pp, Sep'25 -4.1pp Rule of 40 11.52 (problem under 30.00) · last 3 fiscal years: Sep'23 26.85, Sep'24 14.68, Sep'25 12.42 Book value/share growth -8.4% (problem under 0.0%) · last 3 fiscal years: Sep'23 7.7%, Sep'24 6.1%, Sep'25 -8.4% Op cash flow/share growth -22.3% (problem under 0.0%) · last 3 fiscal years: Sep'23 37.3%, Sep'24 2.3%, Sep'25 -22.3% Payout on EPS 142.8% (problem above 80.0%) · last 4 quarters: Sep'25 520.5%, Dec'25 240.4%, Mar'26 138.2%, Jun'26 67.6% Payout on FCF 113.5% (problem above 100.0%) · last 4 quarters: Sep'25 74.9%, Dec'25 55.3%, Mar'26 769.4%, Jun'26 52.3% +7 long-standing | Capital returned vs earnings 149.3% (problem under 0.0%) · last 4 quarters: Sep'25 520.5%, Dec'25 240.4%, Mar'26 138.2%, Jun'26 67.6% Return on assets 8.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 1.7%, Dec'25 3.6%, Mar'26 6.7%, Jun'26 14.8% |
| What’s happening — 20 watched measures sit past their limits and 11 of them well past, led by Op cash flow/share growth -22.3%. Against that, 5 read as strengths, Capital returned vs earnings 149.3% first. The open question for Starbucks is global comparable store sales, which the next report answers. | |
| VST Equity — Growth - Regular | 12 problems · 3 strengths |
What it does — Utilities - Independent Power Producers company in utilities · Utilities · Utilities - Independent Power Producers What we own — 2,320 shares · $373K · 0.43% of the book · -10.0% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Current debt vs cash 9.71× (problem above 1.00×) · last 4 quarters: Sep'25 2.42×, Dec'25 5.38×, Mar'26 4.18×, Jun'26 5.00× Debt / equity 373.3% (problem above 150.0%) · last 4 quarters: Sep'25 335.9%, Dec'25 393.7%, Mar'26 355.8%, Jun'26 362.9% Gross margin, trend -10.8pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 25.1pp, Dec'24 6.3pp, Dec'25 -10.8pp Operating margin, YoY -11.7pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 26.4pp, Dec'24 5.4pp, Dec'25 -11.7pp Rule of 40 8.27 (problem under 30.00) · last 3 fiscal years: Dec'23 25.99, Dec'24 40.24, Dec'25 15.01 Book value/share growth -8.0% (problem under 0.0%) · last 3 fiscal years: Dec'23 20.1%, Dec'24 8.6%, Dec'25 -8.0% +6 long-standing | Return on equity 43.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 50.1%, Dec'25 18.3%, Mar'26 73.5%, Jun'26 22.3% EBITDA margin 34.6% (problem under 5.0%) · last 4 quarters: Sep'25 36.0%, Dec'25 28.0%, Mar'26 38.5%, Jun'26 32.5% Analyst rating 1.33 (problem above 3.20) |
| What’s happening — 17 watched measures sit past their limits and 11 of them well past, led by Current debt vs cash 9.71×. Against that, 12 read as strengths, 1 week 14.9% first. The open question for Vistra is adjusted EBITDA, which the next report answers. | |
| NEE Equity — Undervalued | 10 problems · 8 strengths |
What it does — Utilities - Regulated Electric company in utilities · Utilities · Utilities - Regulated Electric What we own — 9,300 shares · $712K · 0.83% of the book · -9.6% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Net debt / EBITDA 6.69× (problem above 3.00×) · last 4 fiscal years: Dec'22 6.88×, Dec'23 4.21×, Dec'24 5.76×, Dec'25 5.78× FCF after interest -$1.4B (problem under $0) · last 4 quarters, per quarter: Sep'25 $393M, Dec'25 -$308M, Mar'26 -$1.9B, Jun'26 $1.3B Current debt vs cash 2.12× (problem above 1.00×) · last 4 quarters: Sep'25 3.74×, Dec'25 2.16×, Mar'26 5.23×, Jun'26 3.98× Interest expense, YoY 104.6% (problem above 20.0%) · last 3 fiscal years: Dec'23 468.2%, Dec'24 -32.8%, Dec'25 104.6% Op cash flow/share growth -7.0% (problem under 0.0%) · last 3 fiscal years: Dec'23 32.5%, Dec'24 17.0%, Dec'25 -7.0% Payout on FCF 145.7% (problem above 100.0%) · by quarter: Jun'25 104.1%, Sep'25 75.5%, Dec'25 426.4%, Jun'26 72.0% +2 long-standing · +2 already seen | EBITDA margin 50.9% (problem under 5.0%) · last 4 quarters: Sep'25 65.7%, Dec'25 55.7%, Mar'26 58.9%, Jun'26 65.1% Gross margin 61.0% (problem under 20.0%) · last 4 quarters: Sep'25 64.4%, Dec'25 57.4%, Mar'26 58.9%, Jun'26 62.4% Operating margin 31.5% (problem under 0.0%) · last 4 quarters: Sep'25 29.9%, Dec'25 23.4%, Mar'26 29.1%, Jun'26 30.2% Net margin 32.4% (problem under 0.0%) · last 4 quarters: Sep'25 30.6%, Dec'25 23.6%, Mar'26 32.6%, Jun'26 41.7% Gross margin, trend 2.2pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 15.6pp, Dec'24 -3.9pp, Dec'25 2.2pp Capital returned vs earnings 68.5% (problem under 0.0%) · last 4 quarters: Sep'25 47.9%, Dec'25 76.9%, Mar'26 59.6%, Jun'26 41.3% +2 more |
| What’s happening — 15 watched measures sit past their limits and 7 of them well past, led by Interest expense, YoY 104.6%. Against that, 10 read as strengths, EBITDA margin 50.9% first. The open question for NextEra Energy is adjusted EPS growth, which the next report answers. | |
| CRWD Equity — Growth - Aggressive | 2 need attention · 8 problems · 8 strengths |
What it does — Software - Infrastructure company in technology · Technology · Software - Infrastructure What we own — 1,400 shares · $372K · 0.43% of the book · +194.1% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Earnings volatility 1,948% (problem above 50.0%) NEW · net income, last 4 quarters: Oct'25 -$34M, Jan'26 $59M, Apr'26 $28M, Jul'26 $5M EBITDA margin 2.0% (problem under 5.0%) NEW · last 4 quarters: Oct'25 4.5%, Jan'26 10.9%, Apr'26 9.6%, Jul'26 7.2% Interest coverage -3.53× (problem under 1.50×) · last 4 quarters: Oct'25 -2.36×, Jan'26 8.66×, Apr'26 7.39×, Jul'26 1.65× Stock comp / revenue 22.8% (problem above 15.0%) · last 4 quarters: Oct'25 23.9%, Jan'26 21.0%, Apr'26 21.5%, Jul'26 25.6% Operating margin -2.3% (problem under 0.0%) · last 4 quarters: Oct'25 -5.6%, Jan'26 1.1%, Apr'26 -2.2%, Jul'26 -2.3% Operating margin, YoY -3.2pp (problem under -2.0pp) · last 3 fiscal years: Jan'24 7.9pp, Jan'25 -2.3pp, Jan'26 -3.2pp +2 long-standing | Net debt / EBITDA -22.98× (problem above 3.00×) · last 3 fiscal years: Jan'24 -9.69×, Jan'25 -11.83×, Jan'26 -24.17× Book value/share growth 32.1% (problem under 0.0%) · last 3 fiscal years: Jan'24 52.9%, Jan'25 31.7%, Jan'26 32.1% Debt / equity 16.0% (problem above 150.0%) · last 4 quarters: Oct'25 20.4%, Jan'26 18.5%, Apr'26 17.7%, Jul'26 16.1% Gross margin 75.2% (problem under 20.0%) · last 4 quarters: Oct'25 75.1%, Jan'26 76.1%, Apr'26 75.3%, Jul'26 74.6% Op cash flow/share growth 14.2% (problem under 0.0%) · last 3 fiscal years: Jan'24 20.4%, Jan'25 9.6%, Jan'26 14.2% Analyst rating 1.72 (problem above 3.20) +2 more |
| What’s happening — 13 watched measures sit past their limits and 7 of them well past, led by Earnings volatility 1,948%. Against that, 44 read as strengths, Net debt / EBITDA -22.98× first. The open question for CrowdStrike is ending ARR, which the next report answers. | |
| DUK Equity — Undervalued | 10 problems · 4 strengths |
What it does — Utilities - Regulated Electric company in utilities · Utilities · Utilities - Regulated Electric What we own — 3,230 shares · $372K · 0.43% of the book · -8.2% unrealised · 1 account (NW-LLC) | |
| Problems | Strengths |
Net debt / EBITDA 5.37× (problem above 3.00×) · last 4 fiscal years: Dec'22 6.00×, Dec'23 5.78×, Dec'24 5.66×, Dec'25 5.32× FCF after interest -$5.3B (problem under $0) · last 4 quarters, per quarter: Sep'25 -$723M, Dec'25 -$1.4B, Mar'26 -$3.5B, Jun'26 -$2.3B Current debt vs cash 14.45× (problem above 1.00×) · last 4 quarters: Sep'25 13.57×, Dec'25 39.71×, Mar'26 4.56×, Jun'26 13.37× FCF conversion -34.1% (problem under 60.0%) · last 4 quarters: Sep'25 12.6%, Dec'25 -41.0%, Mar'26 -166.2%, Jun'26 -127.5% Capex / op cash flow 113.7% (problem above 80.0%) · last 4 quarters: Sep'25 95.1%, Dec'25 113.3%, Mar'26 270.4%, Jun'26 150.4% Current ratio 0.66× (problem under 1.00×) · last 4 quarters: Sep'25 0.63×, Dec'25 0.55×, Mar'26 0.66×, Jun'26 0.66× +4 long-standing | EBITDA margin 50.7% (problem under 5.0%) · last 4 quarters: Sep'25 54.1%, Dec'25 53.7%, Mar'26 51.7%, Jun'26 53.7% Operating margin 27.5% (problem under 0.0%) · last 4 quarters: Sep'25 27.1%, Dec'25 26.5%, Mar'26 25.5%, Jun'26 27.5% Capital returned vs earnings 66.4% (problem under 0.0%) · last 4 quarters: Sep'25 59.5%, Dec'25 71.4%, Mar'26 54.6%, Jun'26 77.6% Earnings beat rate 100.0% (problem under 50.0%) |
| What’s happening — 13 watched measures sit past their limits and 6 of them well past, led by Current debt vs cash 14.45×. Against that, 7 read as strengths, EBITDA margin 50.7% first. The open question for Duke Energy is adjusted EPS, which the next report answers. | |
| ORCL Equity — Growth - Regular | 8 problems · 9 strengths |
What it does — Software - Infrastructure company in technology · Technology · Software - Infrastructure What we own — 11,460 shares · $1.61M · 1.87% of the book · -26.7% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
FCF after interest -$28.3B (problem under $0) · last 4 quarters, per quarter: Nov'25 -$11.0B, Feb'26 -$12.7B, May'26 -$3.3B, Aug'26 -$6.8B Debt / equity 251.7% (problem above 150.0%) · last 4 quarters: Nov'25 415.3%, Feb'26 397.8%, May'26 367.4%, Aug'26 233.5% Interest expense, YoY 28.5% (problem above 20.0%) · last 3 fiscal years: May'24 0.3%, May'25 1.8%, May'26 28.5% Gross margin, trend -4.7pp (problem under -2.0pp) · last 3 fiscal years: May'24 -1.4pp, May'25 -0.9pp, May'26 -4.7pp FCF conversion -138.6% (problem under 60.0%) · last 4 quarters: Nov'25 -162.5%, Feb'26 -308.6%, May'26 -43.5%, Aug'26 -113.4% Capex / op cash flow 174.1% (problem above 80.0%) · last 4 quarters: Nov'25 582.4%, Feb'26 260.6%, May'26 112.8%, Aug'26 123.4% +2 long-standing | EBITDA margin 48.0% (problem under 5.0%) · last 4 quarters: Nov'25 59.2%, Feb'26 47.5%, May'26 50.3%, Aug'26 53.7% Return on equity 41.2% (problem under 0.0%) · last 4 quarters, annualised: Nov'25 81.9%, Feb'26 38.7%, May'26 40.5%, Aug'26 28.5% Book value/share growth 102.6% (problem under 0.0%) · last 3 fiscal years: May'24 698.8%, May'25 130.6%, May'26 102.6% Op cash flow/share growth 49.7% (problem under 0.0%) · last 3 fiscal years: May'24 7.1%, May'25 9.4%, May'26 49.7% Gross margin 64.0% (problem under 20.0%) · last 4 quarters: Nov'25 66.5%, Feb'26 64.6%, May'26 65.2%, Aug'26 60.0% Operating margin 35.6% (problem under 0.0%) · last 4 quarters: Nov'25 32.1%, Feb'26 32.8%, May'26 36.3%, Aug'26 35.3% +3 more |
| What’s happening — 42 watched measures sit past their limits and 31 of them well past, led by Capex / op cash flow 174.1%. Against that, 12 read as strengths, Book value/share growth 102.6% first. The open question for Oracle is remaining performance obligations, which the next report answers. | |
| PFE Equity — Turnaround | 8 problems · 6 strengths |
What it does — Drug Manufacturers - General company in healthcare · Healthcare · Drug Manufacturers - General What we own — 13,480 shares · $372K · 0.43% of the book · +9.2% unrealised · 1 account (NW-FDN) | |
| Problems | Strengths |
Unusual items 14.3% (problem above 2.0%) · last 4 quarters: Sep'25 11.6%, Dec'25 30.6%, Mar'26 5.1%, Jun'26 26.4% Op cash flow/share growth -8.5% (problem under 0.0%) · last 3 fiscal years: Dec'23 -70.4%, Dec'24 45.9%, Dec'25 -8.5% Earnings volatility 139.8% (problem above 50.0%) · net income, last 4 quarters: Sep'25 $3.5B, Dec'25 -$1.6B, Mar'26 $2.7B, Jun'26 -$248M Payout on EPS 226.3% (problem above 80.0%) · last 4 fiscal years: Dec'22 28.6%, Dec'23 436.4%, Dec'24 118.4%, Dec'25 125.7% Target raises - lowers, 30d -1 (problem when negative) · past the limit for 31 days, was -1 Net debt / EBITDA 3.09× (problem above 3.00×) · last 4 fiscal years: Dec'22 0.30×, Dec'23 6.09×, Dec'24 2.38×, Dec'25 3.00× +2 long-standing | Capital returned vs earnings 125.7% (problem under 0.0%) · last 4 fiscal years: Dec'22 35.0%, Dec'23 436.4%, Dec'24 118.4%, Dec'25 125.7% Gross margin 74.7% (problem under 20.0%) · last 4 quarters: Sep'25 74.9%, Dec'25 70.0%, Mar'26 75.4%, Jun'26 72.8% Operating margin 27.9% (problem under 0.0%) · last 4 quarters: Sep'25 33.2%, Dec'25 21.0%, Mar'26 29.5%, Jun'26 23.5% EBITDA margin 39.9% (problem under 5.0%) · last 4 quarters: Sep'25 33.9%, Dec'25 4.3%, Mar'26 37.7%, Jun'26 10.9% Gross margin, trend 2.4pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 -8.0pp, Dec'24 13.8pp, Dec'25 2.4pp Earnings beat rate 100.0% (problem under 50.0%) |
| What’s happening — 9 watched measures sit past their limits and 6 of them well past, led by Unusual items 14.3%. Against that, 19 read as strengths, Capital returned vs earnings 125.7% first. The open question for Pfizer is revenue excluding COVID products, which the next report answers. | |
| EOG Equity — Undervalued | 8 problems · 13 strengths |
What it does — Oil & Gas E&P company in energy · Energy · Oil & Gas E&P What we own — 2,520 shares · $372K · 0.43% of the book · +33.2% unrealised · 1 account (NW-ROTH) | |
| Problems | Strengths |
Interest expense, YoY 70.3% (problem above 20.0%) · last 3 fiscal years: Dec'23 -17.3%, Dec'24 -6.8%, Dec'25 70.3% Gross margin, trend -5.0pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 -6.4pp, Dec'24 -3.3pp, Dec'25 -5.0pp Unusual items 3.8% (problem above 2.0%) · last 4 quarters: Sep'25 0.5%, Dec'25 12.8%, Mar'26 1.6%, Jun'26 0.9% Op cash flow/share growth -14.3% (problem under 0.0%) · last 3 fiscal years: Dec'23 3.4%, Dec'24 11.6%, Dec'25 -14.3% Target raises - lowers, 30d -1 (problem when negative) · past the limit for 31 days, was -1 Net debt issued 23.3% (problem above 20.0%) · last 4 fiscal years: Dec'22 -0.7%, Dec'23 -31.1%, Dec'24 18.8%, Dec'25 22.9% +2 long-standing | Interest coverage 28.07× (problem under 1.50×) · last 4 quarters: Sep'25 26.69×, Dec'25 14.79×, Mar'26 39.71×, Jun'26 53.22× EBITDA margin 54.2% (problem under 5.0%) · last 4 quarters: Sep'25 53.5%, Dec'25 39.0%, Mar'26 56.4%, Jun'26 56.8% Rule of 40 99.42 (problem under 30.00) · last 3 fiscal years: Dec'23 16.96, Dec'24 36.15, Dec'25 28.70 Share count, YoY -3.5% (problem above 3.0%) · last 3 fiscal years: Dec'23 -1.2%, Dec'24 -4.1%, Dec'25 -3.5% Capital returned vs earnings 94.9% (problem under 0.0%) · last 4 quarters: Sep'25 69.6%, Dec'25 175.0%, Mar'26 48.6%, Jun'26 67.5% Debt / equity 25.9% (problem above 150.0%) · last 4 quarters: Sep'25 26.8%, Dec'25 28.2%, Mar'26 26.9%, Jun'26 25.9% +7 more |
| What’s happening — 8 watched measures sit past their limits and 5 of them well past, led by Interest expense, YoY 70.3%. Against that, 24 read as strengths, EBITDA margin 54.2% first. The open question for EOG Resources is production, which the next report answers. | |
| BLK Equity — Growth - Regular | 2 need attention · 3 problems · 9 strengths |
What it does — Asset Management company in financial services · Financial Services · Asset Management What we own — 670 shares · $709K · 0.82% of the book · -6.8% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Op cash flow/share growth -20.8% (problem under 0.0%) NEW · last 3 fiscal years: Dec'23 -15.2%, Dec'24 14.0%, Dec'25 -20.8% Gross margin, trend -2.7pp (problem under -2.0pp) NEW · last 3 fiscal years: Dec'23 -0.5pp, Dec'24 1.4pp, Dec'25 -2.7pp Operating margin, YoY -4.3pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 -0.7pp, Dec'24 1.4pp, Dec'25 -4.3pp | Book value/share growth 17.6% (problem under 0.0%) · last 3 fiscal years: Dec'23 5.1%, Dec'24 15.7%, Dec'25 17.6% Capital returned vs earnings 95.4% (problem under 0.0%) · last 4 quarters: Sep'25 93.3%, Dec'25 121.0%, Mar'26 80.6%, Jun'26 72.8% Debt / equity 23.2% (problem above 150.0%) · last 4 quarters: Sep'25 27.1%, Dec'25 26.8%, Mar'26 26.4%, Jun'26 26.0% Operating margin 35.1% (problem under 0.0%) · last 4 quarters: Sep'25 31.4%, Dec'25 31.8%, Mar'26 33.8%, Jun'26 34.9% Net margin 24.1% (problem under 0.0%) · last 4 quarters: Sep'25 20.3%, Dec'25 16.1%, Mar'26 33.0%, Jun'26 27.0% EBITDA margin 40.7% (problem under 5.0%) · last 4 quarters: Sep'25 38.1%, Dec'25 30.2%, Mar'26 50.1%, Jun'26 45.7% +3 more |
| What’s happening — 5 measures past the limit, the loudest Op cash flow/share growth -20.8%. Against 12 strengths led by Capital returned vs earnings 95.4%. The open question for BlackRock is net inflows, which the next report answers. | |
| ETN Equity — Growth - Regular | 2 need attention · 3 problems · 6 strengths |
What it does — Specialty Industrial Machinery company in industrials · Industrials · Specialty Industrial Machinery What we own — 860 shares · $373K · 0.43% of the book · +21.5% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Current debt vs cash 1.64× (problem above 1.00×) NEW · last 4 quarters: Sep'25 3.36×, Dec'25 1.42×, Mar'26 3.45×, Jun'26 3.02× Interest expense, YoY 85.4% (problem above 20.0%) NEW · last 3 fiscal years: Dec'23 4.9%, Dec'24 -13.9%, Dec'25 85.4% Net debt / EBITDA 3.34× (problem above 3.00×) · last 4 fiscal years: Dec'22 2.13×, Dec'23 1.47×, Dec'24 1.38×, Dec'25 1.57× | Capital returned vs earnings 85.3% (problem under 0.0%) · last 4 quarters: Sep'25 75.8%, Dec'25 52.7%, Mar'26 47.9%, Jun'26 54.0% Interest coverage 21.46× (problem under 1.50×) · last 4 quarters: Sep'25 20.03×, Dec'25 19.50×, Mar'26 11.44×, Jun'26 6.69× Return on assets 7.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 9.9%, Dec'25 11.0%, Mar'26 6.3%, Jun'26 5.8% Share count, YoY -1.3% (problem above 3.0%) · last 3 fiscal years: Dec'23 0.4%, Dec'24 -1.6%, Dec'25 -1.3% Analyst rating 1.57 (problem above 3.20) Earnings beat rate 100.0% (problem under 50.0%) |
| What’s happening — 6 watched measures sit past their limits and 3 of them well past, led by Interest expense, YoY 85.4%. Against that, 16 read as strengths, Capital returned vs earnings 85.3% first. The open question for Eaton is Electrical Americas orders, which the next report answers. | |
| JNJ Equity — Undervalued | 2 need attention · 3 problems · 9 strengths |
What it does — Drug Manufacturers - General company in healthcare · Healthcare · Drug Manufacturers - General What we own — 2,810 shares · $711K · 0.83% of the book · +63.5% unrealised · 1 account (NW-LLC) | |
| Problems | Strengths |
Interest expense, YoY 28.6% (problem above 20.0%) NEW · last 3 fiscal years: Dec'23 179.7%, Dec'24 -2.2%, Dec'25 28.6% Target raises - lowers, 30d -1 (problem when negative) NEW · past the limit for 9 days, was -1 Unusual items 6.3% (problem above 2.0%) · last 4 quarters: Sep'25 1.0%, Dec'25 3.1%, Mar'26 1.9%, Jun'26 0.1% | Interest coverage 34.55× (problem under 1.50×) · last 4 quarters: Sep'25 31.58×, Dec'25 24.21×, Mar'26 23.02×, Jun'26 25.01× Gross margin 68.1% (problem under 20.0%) · last 4 quarters: Sep'25 69.6%, Dec'25 67.6%, Mar'26 66.3%, Jun'26 68.2% Operating margin 29.2% (problem under 0.0%) · last 4 quarters: Sep'25 29.6%, Dec'25 22.8%, Mar'26 26.6%, Jun'26 28.3% Net margin 21.5% (problem under 0.0%) · last 4 quarters: Sep'25 21.5%, Dec'25 20.8%, Mar'26 21.8%, Jun'26 21.9% EBITDA margin 35.6% (problem under 5.0%) · last 4 quarters: Sep'25 39.7%, Dec'25 29.3%, Mar'26 34.4%, Jun'26 35.5% Return on equity 25.7% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 26.0%, Dec'25 25.1%, Mar'26 25.8%, Jun'26 26.1% +3 more |
| What’s happening — 6 watched measures sit past their limits and 4 of them well past, led by Unusual items 6.3%. Against that, 13 read as strengths, Interest coverage 34.55× first. The open question for Johnson & Johnson is Innovative Medicine sales, which the next report answers. | |
| PG Equity — Undervalued | 2 need attention · 3 problems · 8 strengths |
What it does — Household & Personal Products company in consumer defensive · Consumer Defensive · Household & Personal Products What we own — 4,770 shares · $711K · 0.83% of the book · +3.6% unrealised · 1 account (NW-ROTH) | |
| Problems | Strengths |
Current ratio 0.68× (problem under 1.00×) NEW · last 4 quarters: Sep'25 0.71×, Dec'25 0.72×, Mar'26 0.73×, Jun'26 0.68× Current debt vs cash 1.14× (problem above 1.00×) NEW · last 4 quarters: Sep'25 1.04×, Dec'25 1.02×, Mar'26 1.07×, Jun'26 1.14× Rule of 40 23.58 (problem under 30.00) · last 3 fiscal years: Jun'24 26.14, Jun'25 24.56, Jun'26 25.95 | Capital returned vs earnings 95.1% (problem under 0.0%) · last 4 quarters: Sep'25 80.0%, Dec'25 111.6%, Mar'26 80.2%, Jun'26 114.5% Interest coverage 24.23× (problem under 1.50×) · last 4 quarters: Sep'25 31.63×, Dec'25 25.64×, Mar'26 23.37×, Jun'26 17.67× EBITDA margin 28.4% (problem under 5.0%) · last 4 quarters: Sep'25 31.2%, Dec'25 29.0%, Mar'26 28.2%, Jun'26 23.5% Return on equity 30.3% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 35.7%, Dec'25 32.6%, Mar'26 28.9%, Jun'26 22.5% Return on assets 10.7% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 14.9%, Dec'25 13.6%, Mar'26 12.3%, Jun'26 9.6% Op cash flow/share growth 10.6% (problem under 0.0%) · last 3 fiscal years: Jun'24 18.0%, Jun'25 -9.6%, Jun'26 10.6% +2 more |
| What’s happening — 5 measures past the limit, the loudest PEG 3.79×. Against 11 strengths led by Capital returned vs earnings 95.1%. The open question for Procter & Gamble is organic sales growth, which the next report answers. | |
| NOW Equity — Growth - Regular | 2 need attention · 2 problems · 8 strengths |
What it does — Software - Application company in technology · Technology · Software - Application What we own — 8,280 shares · $1.13M · 1.31% of the book · +41.6% unrealised · 1 account (NW-TRUST) | |
| Problems | Strengths |
Current ratio 0.70× (problem under 1.00×) NEW · last 4 quarters: Sep'25 1.06×, Dec'25 1.00×, Mar'26 0.84×, Jun'26 0.70× Rule of 40 28.06 (problem under 30.00) NEW · last 3 fiscal years: Dec'23 32.32, Dec'24 34.86, Dec'25 34.62 | Interest coverage 99.30× (problem under 1.50×) · last 4 quarters: Sep'25 116.67×, Dec'25 109.20×, Mar'26 113.17×, Jun'26 7.64× FCF conversion 259.3% (problem under 60.0%) · last 4 quarters: Sep'25 113.3%, Dec'25 498.8%, Mar'26 326.0%, Jun'26 158.7% Book value/share growth 33.0% (problem under 0.0%) · last 3 fiscal years: Dec'23 50.2%, Dec'24 24.9%, Dec'25 33.0% Op cash flow/share growth 25.8% (problem under 0.0%) · last 3 fiscal years: Dec'23 23.7%, Dec'24 24.5%, Dec'25 25.8% Capital returned vs earnings 105.3% (problem under 0.0%) · by quarter: Jun'25 93.8%, Sep'25 116.3%, Dec'25 148.9%, Mar'26 474.4% Gross margin 74.8% (problem under 20.0%) · last 4 quarters: Sep'25 77.3%, Dec'25 76.6%, Mar'26 75.1%, Jun'26 70.7% +2 more |
| What’s happening — 14 watched measures sit past their limits and 5 of them well past, led by P/E trailing 85.11×. Against that, 14 read as strengths, Interest coverage 99.30× first. The open question for ServiceNow is subscription revenue growth, which the next report answers. | |
| DE Equity — Growth - Regular | 1 needs attention · 7 problems · 3 strengths |
What it does — Farm & Heavy Construction Machinery company in industrials · Industrials · Farm & Heavy Construction Machinery What we own — 1,110 shares · $711K · 0.83% of the book · +85.3% unrealised · 1 account (NW-LLC) | |
| Problems | Strengths |
Current debt vs cash 2.93× (problem above 1.00×) WORSE · last 4 quarters: Oct'25 2.10×, Jan'26 2.52×, Apr'26 2.31×, Jul'26 2.25× Net debt / EBITDA 4.94× (problem above 3.00×) · last 4 fiscal years: Oct'22 3.86×, Oct'23 3.16×, Oct'24 3.88×, Oct'25 4.68× Debt / equity 230.3% (problem above 150.0%) · last 4 quarters: Oct'25 247.6%, Jan'26 238.8%, Apr'26 234.1%, Jul'26 229.3% Op cash flow/share growth -18.8% (problem under 0.0%) · last 3 fiscal years: Oct'23 93.9%, Oct'24 11.4%, Oct'25 -18.8% Gross margin, trend -2.1pp (problem under -2.0pp) · last 3 fiscal years: Oct'23 6.4pp, Oct'24 1.6pp, Oct'25 -2.1pp Operating margin, YoY -3.8pp (problem under -2.0pp) · last 3 fiscal years: Oct'23 6.6pp, Oct'24 -1.6pp, Oct'25 -3.8pp +1 long-standing | Book value/share growth 14.2% (problem under 0.0%) · last 3 fiscal years: Oct'23 14.1%, Oct'24 8.6%, Oct'25 14.2% Capital returned vs earnings 56.9% (problem under 0.0%) · last 4 quarters: Oct'25 41.3%, Jan'26 113.3%, Apr'26 35.8%, Jul'26 46.0% Earnings beat rate 100.0% (problem under 50.0%) |
| What’s happening — 9 watched measures sit past their limits and 4 of them well past, led by Current debt vs cash 2.93×. Against that, 12 read as strengths, Unrealised P&L 85.3% first. The open question for Deere is production & precision ag sales, which the next report answers. | |
| CEG Equity — Growth - Regular | 1 needs attention · 5 problems · 3 strengths |
What it does — Utilities - Independent Power Producers company in utilities · Utilities · Utilities - Independent Power Producers What we own — 2,440 shares · $713K · 0.83% of the book · +5.0% unrealised · 1 account (NW-GROWTH) | |
| Problems | Strengths |
Current debt vs cash 2.50× (problem above 1.00×) WORSE · last 4 quarters: Sep'25 0.45×, Dec'25 0.48×, Mar'26 6.84×, Jun'26 8.02× Net debt / EBITDA 4.03× (problem above 3.00×) · last 4 fiscal years: Dec'22 3.43×, Dec'23 1.87×, Dec'24 0.77×, Dec'25 0.90× Gross margin, trend -7.0pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 4.2pp, Dec'24 12.4pp, Dec'25 -7.0pp Operating margin, YoY -4.1pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 11.2pp, Dec'24 11.0pp, Dec'25 -4.1pp FCF conversion 55.5% (problem under 60.0%) · last 4 quarters: Sep'25 156.8%, Dec'25 -41.9%, Mar'26 -53.5%, Jun'26 -23.0% | Op cash flow/share growth 272.3% (problem under 0.0%) · last 3 fiscal years: Dec'23 -132.4%, Dec'24 52.9%, Dec'25 272.3% Book value/share growth 10.5% (problem under 0.0%) · last 3 fiscal years: Dec'23 2.3%, Dec'24 22.1%, Dec'25 10.5% Analyst rating 1.55 (problem above 3.20) |
| What’s happening — 10 watched measures sit past their limits and 4 of them well past, led by Current debt vs cash 2.50×. Against that, 15 read as strengths, Op cash flow/share growth 272.3% first. The open question for Constellation Energy is adjusted operating EPS, which the next report answers. | |
Snoozed, not shown (the desk asked not to be reminded until the date): HD until 25 Oct · INTU until 31 Oct · KO until 03 Nov · PEP until 09 Oct · VZ until 26 Dec
Everything else with a problem
Every other stock with at least one measure past its limit, worst first, with what each name has going for it. These are unchanged names — the standing state rather than the news — on the same watched measures, so price is not in here either.
| Stock | Problems | Strengths |
|---|---|---|
| ABBV Equity — Undervalued | Current debt vs cash 1.30× (problem above 1.00×) · last 4 quarters: Sep'25 1.02×, Dec'25 1.63×, Mar'26 0.89×, Jun'26 1.27× Unusual items 8.3% (problem above 2.0%) · last 4 quarters: Sep'25 17.1%, Dec'25 7.7%, Mar'26 5.0%, Jun'26 1.7% Book value/share growth -198.2% (problem under 0.0%) · last 3 fiscal years: Dec'23 -39.8%, Dec'24 -67.9%, Dec'25 -198.2% Earnings volatility 83.0% (problem above 50.0%) · net income, last 4 quarters: Sep'25 $186M, Dec'25 $1.8B, Mar'26 $695M, Jun'26 $3.6B Payout on EPS 190.4% (problem above 80.0%) · last 4 quarters: Sep'25 1,565%, Dec'25 160.3%, Mar'26 444.0%, Jun'26 85.0% Net debt / EBITDA 3.65× (problem above 3.00×) · last 4 fiscal years: Dec'22 2.24×, Dec'23 2.71×, Dec'24 4.13×, Dec'25 3.53× +1 more | EBITDA margin 47.8% (problem under 5.0%) · last 4 quarters: Sep'25 22.3%, Dec'25 32.3%, Mar'26 24.6%, Jun'26 40.7% FCF conversion 421.6% (problem under 60.0%) · last 4 quarters: Sep'25 3,572%, Dec'25 269.2%, Mar'26 512.8%, Jun'26 86.2% Gross margin 72.8% (problem under 20.0%) · last 4 quarters: Sep'25 66.4%, Dec'25 72.6%, Mar'26 71.9%, Jun'26 74.7% Operating margin 40.0% (problem under 0.0%) · last 4 quarters: Sep'25 29.1%, Dec'25 35.0%, Mar'26 31.6%, Jun'26 39.6% Operating margin, YoY 11.7pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 -7.5pp, Dec'24 -3.8pp, Dec'25 11.7pp Return on assets 10.5% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 0.6%, Dec'25 5.4%, Mar'26 2.0%, Jun'26 10.7% +2 more |
| HON Equity — Undervalued | Debt / equity 185.4% (problem above 150.0%) · last 4 quarters: Sep'25 220.7%, Dec'25 255.8%, Mar'26 270.3%, Jun'26 183.4% Interest expense, YoY 28.2% (problem above 20.0%) · last 3 fiscal years: Dec'23 80.9%, Dec'24 39.9%, Dec'25 28.2% Unusual items 3.8% (problem above 2.0%) · last 4 quarters: Sep'25 2.3%, Dec'25 15.0%, Mar'26 8.6%, Jun'26 60.1% Book value/share growth -23.6% (problem under 0.0%) · last 3 fiscal years: Dec'23 -2.7%, Dec'24 17.8%, Dec'25 -23.6% Earnings volatility 101.3% (problem above 50.0%) · net income, last 4 quarters: Sep'25 $1.8B, Dec'25 -$115M, Mar'26 $821M, Jun'26 $5.7B Net debt / EBITDA 3.14× (problem above 3.00×) · last 4 fiscal years: Dec'22 1.30×, Dec'23 1.69×, Dec'24 2.58×, Dec'25 2.76× +1 more | Return on equity 46.6% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 43.5%, Dec'25 -3.3%, Mar'26 24.2%, Jun'26 122.6% Capital returned vs earnings 143.4% (problem under 0.0%) · by quarter: Jun'25 156.0%, Sep'25 45.8%, Mar'26 216.9%, Jun'26 14.0% Net margin 21.6% (problem under 0.0%) · last 4 quarters: Sep'25 17.5%, Dec'25 -1.7%, Mar'26 9.0%, Jun'26 58.5% Share count, YoY -2.2% (problem above 3.0%) · last 3 fiscal years: Dec'23 -2.4%, Dec'24 -0.3%, Dec'25 -2.2% Earnings beat rate 100.0% (problem under 50.0%) |
| NVO Equity — Growth - Regular | Interest expense, YoY 156.5% (problem above 20.0%) · last 3 fiscal years: Dec'23 43.4%, Dec'24 202.6%, Dec'25 156.5% Gross margin, trend -3.7pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 0.7pp, Dec'24 0.1pp, Dec'25 -3.7pp FCF conversion 28.3% (problem under 60.0%) · last 4 quarters: Sep'25 147.8%, Dec'25 -134.7%, Mar'26 24.8%, Jun'26 202.0% Payout on FCF 178.6% (problem above 100.0%) · by quarter: Jun'25 0.7%, Sep'25 56.4%, Mar'26 293.2%, Jun'26 0.0% Current ratio 0.87× (problem under 1.00×) · last 4 quarters: Sep'25 0.78×, Dec'25 0.80×, Mar'26 0.79×, Jun'26 0.87× Operating margin, YoY -2.9pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 1.9pp, Dec'24 0.0pp, Dec'25 -2.9pp +1 more | Interest coverage 32.03× (problem under 1.50×) · by quarter: Jun'25 7.82×, Dec'25 -7.20×, Mar'26 18.77×, Jun'26 18.92× Gross margin 82.0% (problem under 20.0%) · last 4 quarters: Sep'25 76.1%, Dec'25 80.9%, Mar'26 86.0%, Jun'26 78.2% Net margin 35.4% (problem under 0.0%) · last 4 quarters: Sep'25 26.7%, Dec'25 34.0%, Mar'26 50.2%, Jun'26 26.7% EBITDA margin 52.7% (problem under 5.0%) · last 4 quarters: Sep'25 41.9%, Dec'25 40.1%, Mar'26 71.5%, Jun'26 36.2% Return on equity 59.8% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 47.1%, Dec'25 55.4%, Mar'26 95.6%, Jun'26 37.9% Return on assets 18.7% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 15.6%, Dec'25 19.8%, Mar'26 34.7%, Jun'26 14.1% +4 more |
| SLB Equity — Undervalued | Unusual items 2.6% (problem above 2.0%) · last 4 quarters: Sep'25 2.8%, Dec'25 4.7%, Mar'26 0.5%, Jun'26 0.8% Op cash flow/share growth -7.9% (problem under 0.0%) · last 3 fiscal years: Dec'23 77.6%, Dec'24 1.3%, Dec'25 -7.9% Share count, YoY 6.7% (problem above 3.0%) · last 3 fiscal years: Dec'23 0.5%, Dec'24 -1.8%, Dec'25 6.7% Gross margin 17.0% (problem under 20.0%) · last 4 quarters: Sep'25 17.5%, Dec'25 17.7%, Mar'26 15.3%, Jun'26 15.5% Gross margin, trend -2.3pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 1.4pp, Dec'24 0.8pp, Dec'25 -2.3pp Operating margin, YoY -2.1pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 1.8pp, Dec'24 0.9pp, Dec'25 -2.1pp +1 more | Book value/share growth 15.8% (problem under 0.0%) · last 3 fiscal years: Dec'23 13.6%, Dec'24 6.6%, Dec'25 15.8% Capital returned vs earnings 119.0% (problem under 0.0%) · last 4 quarters: Sep'25 70.0%, Dec'25 51.7%, Mar'26 116.6%, Jun'26 138.4% Analyst rating 1.60 (problem above 3.20) Earnings beat rate 100.0% (problem under 50.0%) |
| TM Equity — Undervalued | Net debt / EBITDA 4.02× (problem above 3.00×) · by fiscal year: Mar'23 3.50×, Mar'24 2.46×, Mar'25 2.61×, Mar'26 3.49× Current debt vs cash 1.30× (problem above 1.00×) · last 4 quarters: Sep'25 0.96×, Dec'25 1.03×, Mar'26 1.05×, Jun'26 1.34× FCF conversion 4.7% (problem under 60.0%) · last 4 quarters: Sep'25 -21.9%, Dec'25 -38.9%, Mar'26 29.2%, Jun'26 -52.1% Capex / op cash flow 96.7% (problem above 80.0%) · last 4 quarters: Sep'25 119.1%, Dec'25 159.3%, Mar'26 86.0%, Jun'26 243.3% Payout on FCF 690.0% (problem above 100.0%) · by quarter: Jun'25 103.0%, Mar'26 0.0% Gross margin 16.8% (problem under 20.0%) · last 4 quarters: Sep'25 15.9%, Dec'25 17.8%, Mar'26 15.1%, Jun'26 18.0% +1 more | Interest coverage 86.47× (problem under 1.50×) · last 4 quarters: Sep'25 66.21×, Dec'25 46.20×, Mar'26 -375.76×, Jun'26 7.88× Op cash flow/share growth 48.2% (problem under 0.0%) · by fiscal year: Mar'24 43.3%, Mar'25 -9.2%, Mar'26 48.2% Book value/share growth 11.3% (problem under 0.0%) · by fiscal year: Mar'24 21.6%, Mar'25 8.4%, Mar'26 11.3% |
| MS Equity — Undervalued | FCF after interest -$69.8B (problem under $0) · last 4 quarters, per quarter: Sep'25 -$17.0B, Dec'25 -$15.2B, Mar'26 -$20.4B, Jun'26 -$16.7B Debt / equity 517.3% (problem above 150.0%) · last 4 quarters: Sep'25 321.1%, Dec'25 331.9%, Mar'26 345.0%, Jun'26 363.1% FCF conversion -123.3% (problem under 60.0%) · last 4 quarters: Sep'25 -87.7%, Dec'25 -70.9%, Mar'26 -141.0%, Jun'26 -63.9% Receivables / revenue 173.9% (problem above 40.0%) · last 4 fiscal years: Dec'22 156.4%, Dec'23 158.1%, Dec'24 149.5%, Dec'25 173.9% Op cash flow/share growth -1,433% (problem under 0.0%) · last 3 fiscal years: Dec'23 -439.8%, Dec'24 104.1%, Dec'25 -1,433% EBITDA margin 0.0% (problem under 5.0%) · past the limit for 31 days, was 0.0% | Cash runway 189.7q (problem under 4.0q) · by fiscal year: Dec'22 58.0q, Dec'23 7.0q, Dec'25 18.2q Gross margin 87.6% (problem under 20.0%) Operating margin 41.6% (problem under 0.0%) Net margin 25.9% (problem under 0.0%) · last 4 quarters: Sep'25 27.0%, Dec'25 26.2%, Mar'26 28.8%, Jun'26 28.1% Share count, YoY -1.5% (problem above 3.0%) · last 3 fiscal years: Dec'23 -2.9%, Dec'24 -1.2%, Dec'25 -1.5% Capital returned vs earnings 73.7% (problem under 0.0%) · last 4 quarters: Sep'25 61.8%, Dec'25 73.2%, Mar'26 82.3%, Jun'26 60.0% +1 more |
| PANW Equity — Growth - Aggressive | Operating margin, YoY -7.4pp (problem under -2.0pp) · last 3 fiscal years: Jul'24 2.9pp, Jul'25 5.0pp, Jul'26 -7.4pp Earnings volatility 255.5% (problem above 50.0%) · net income, last 4 quarters: Oct'25 $334M, Jan'26 $432M, Apr'26 -$177M, Jul'26 -$282M Share count, YoY 22.0% (problem above 3.0%) · last 3 fiscal years: Jul'24 5.4%, Jul'25 2.7%, Jul'26 22.0% Current ratio 0.87× (problem under 1.00×) · last 4 quarters: Oct'25 0.99×, Jan'26 1.04×, Apr'26 0.86×, Jul'26 0.87× Gross margin, trend -3.1pp (problem under -2.0pp) · last 3 fiscal years: Jul'24 2.1pp, Jul'25 -0.9pp, Jul'26 -3.1pp Stock comp / revenue 15.5% (problem above 15.0%) · last 4 quarters: Oct'25 15.0%, Jan'26 11.6%, Apr'26 21.4%, Jul'26 13.5% | Book value/share growth 188.0% (problem under 0.0%) · last 3 fiscal years: Jul'24 180.4%, Jul'25 47.3%, Jul'26 188.0% Net debt / EBITDA -0.36× (problem above 3.00×) · last 4 fiscal years: Jul'23 -0.14×, Jul'24 -0.96×, Jul'25 -1.32×, Jul'26 -0.41× Debt / equity 9.3% (problem above 150.0%) · last 4 quarters: Oct'25 4.0%, Jan'26 4.0%, Apr'26 7.5%, Jul'26 9.1% Gross margin 70.4% (problem under 20.0%) · last 4 quarters: Oct'25 74.2%, Jan'26 73.6%, Apr'26 67.6%, Jul'26 67.6% Analyst rating 1.71 (problem above 3.20) Earnings beat rate 100.0% (problem under 50.0%) +1 more |
| DDOG Equity — Growth - Aggressive | Interest expense, YoY 56.5% (problem above 20.0%) · last 3 fiscal years: Dec'23 -61.9%, Dec'24 12.2%, Dec'25 56.5% Stock comp / revenue 21.9% (problem above 15.0%) · last 4 quarters: Sep'25 22.6%, Dec'25 21.5%, Mar'26 19.6%, Jun'26 19.6% EBITDA margin 2.1% (problem under 5.0%) · last 4 quarters: Sep'25 5.9%, Dec'25 8.1%, Mar'26 7.8%, Jun'26 6.5% Operating margin, YoY -3.3pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 1.9pp, Dec'24 3.6pp, Dec'25 -3.3pp Share count, YoY 3.0% (problem above 3.0%) · last 3 fiscal years: Dec'23 3.7%, Dec'24 3.3%, Dec'25 3.0% | Net debt / EBITDA -19.13× (problem above 3.00×) · last 4 fiscal years: Dec'22 -79.95×, Dec'23 -15.14×, Dec'24 -8.82×, Dec'25 -16.49× FCF conversion 849.0% (problem under 60.0%) · last 4 quarters: Sep'25 631.4%, Dec'25 625.0%, Mar'26 549.9%, Jun'26 625.5% Book value/share growth 33.4% (problem under 0.0%) · last 3 fiscal years: Dec'23 38.4%, Dec'24 29.7%, Dec'25 33.4% Op cash flow/share growth 17.1% (problem under 0.0%) · last 3 fiscal years: Dec'23 52.1%, Dec'24 27.7%, Dec'25 17.1% Debt / equity 29.3% (problem above 150.0%) · last 4 quarters: Sep'25 37.2%, Dec'25 34.3%, Mar'26 32.2%, Jun'26 29.3% Gross margin 79.5% (problem under 20.0%) · last 4 quarters: Sep'25 80.1%, Dec'25 80.4%, Mar'26 79.2%, Jun'26 78.6% +2 more |
| FCX Equity — Undervalued | Op cash flow/share growth -21.4% (problem under 0.0%) · last 3 fiscal years: Dec'23 2.4%, Dec'24 35.4%, Dec'25 -21.4% Revenue growth -7.3% (problem under 0.0%) · last 3 fiscal years: Dec'23 0.3%, Dec'24 11.4%, Dec'25 1.8% FCF conversion 50.6% (problem under 60.0%) · last 4 quarters: Sep'25 90.2%, Dec'25 -76.8%, Mar'26 59.3%, Jun'26 95.9% Capex / op cash flow 80.1% (problem above 80.0%) · last 4 quarters: Sep'25 63.5%, Dec'25 145.0%, Mar'26 65.1%, Jun'26 53.9% Rule of 40 26.10 (problem under 30.00) · last 3 fiscal years: Dec'23 27.57, Dec'24 38.34, Dec'25 26.90 | Interest coverage 18.27× (problem under 1.50×) · last 4 quarters: Sep'25 18.98×, Dec'25 7.96×, Mar'26 18.84×, Jun'26 21.32× Debt / equity 32.1% (problem above 150.0%) · last 4 quarters: Sep'25 49.8%, Dec'25 55.5%, Mar'26 53.3%, Jun'26 51.5% Operating margin 33.4% (problem under 0.0%) · last 4 quarters: Sep'25 28.1%, Dec'25 14.4%, Mar'26 23.1%, Jun'26 28.2% EBITDA margin 36.9% (problem under 5.0%) · last 4 quarters: Sep'25 38.1%, Dec'25 24.2%, Mar'26 42.7%, Jun'26 36.2% Return on assets 7.6% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 4.7%, Dec'25 2.8%, Mar'26 6.0%, Jun'26 6.6% Analyst rating 1.78 (problem above 3.20) +1 more |
| GOOGL Equity — Growth - Regular | Net debt issued 26.6% (problem above 20.0%) · last 4 fiscal years: Dec'22 -4.0%, Dec'23 -2.8%, Dec'24 3.9%, Dec'25 54.2% Interest expense, YoY 174.6% (problem above 20.0%) · last 3 fiscal years: Dec'23 -13.7%, Dec'24 -13.0%, Dec'25 174.6% Unusual items 6.0% (problem above 2.0%) · last 4 quarters: Sep'25 10.5%, Dec'25 2.0%, Mar'26 33.6%, Jun'26 82.5% FCF conversion 55.4% (problem under 60.0%) · last 4 quarters: Sep'25 69.9%, Dec'25 71.3%, Mar'26 16.2%, Jun'26 -5.2% Earnings volatility 57.3% (problem above 50.0%) · net income, last 4 quarters: Sep'25 $35.0B, Dec'25 $34.5B, Mar'26 $62.6B, Jun'26 $112.2B | Interest coverage 216.80× (problem under 1.50×) · last 4 quarters: Sep'25 308.60×, Dec'25 132.27×, Mar'26 146.24×, Jun'26 109.57× Net margin 54.8% (problem under 0.0%) · last 4 quarters: Sep'25 34.2%, Dec'25 30.3%, Mar'26 56.9%, Jun'26 93.7% Return on equity 48.7% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 36.2%, Dec'25 33.2%, Mar'26 52.3%, Jun'26 70.1% Return on assets 13.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 26.1%, Dec'25 23.2%, Mar'26 35.6%, Jun'26 48.7% Book value/share growth 29.0% (problem under 0.0%) · last 3 fiscal years: Dec'23 14.1%, Dec'24 17.1%, Dec'25 29.0% Op cash flow/share growth 32.8% (problem under 0.0%) · last 3 fiscal years: Dec'23 14.7%, Dec'24 25.7%, Dec'25 32.8% +9 more |
| BRK-B Equity — Undervalued | Net interest income / assets -0.4% (problem under 1.0%) · by quarter, annualised: Jun'25 -0.4%, Dec'25 -0.4%, Mar'26 -0.4%, Jun'26 -0.4% Net interest income growth -3.2% (problem under 0.0%) · last 3 fiscal years: Dec'23 87.7%, Dec'24 -3.4%, Dec'25 -3.2% Cost / income proxy 79.9% (problem above 65.0%) · by quarter: Jun'25 85.1%, Dec'25 78.1%, Mar'26 86.6%, Jun'26 72.8% Earnings volatility 50.9% (problem above 50.0%) · net income, by quarter: Jun'25 $12.4B, Dec'25 $19.2B, Mar'26 $10.1B, Jun'26 $25.7B | Interest coverage 17.27× (problem under 1.50×) · by quarter: Jun'25 12.77×, Dec'25 19.84×, Mar'26 10.47×, Jun'26 25.02× Net margin 22.3% (problem under 0.0%) · by quarter: Jun'25 12.5%, Dec'25 17.2%, Mar'26 11.0%, Jun'26 21.8% Book value/share growth 10.5% (problem under 0.0%) · last 3 fiscal years: Dec'23 20.1%, Dec'24 16.0%, Dec'25 10.5% |
| CAT Equity — Growth - Regular | Current debt vs cash 2.13× (problem above 1.00×) · last 4 quarters: Sep'25 1.83×, Dec'25 1.27×, Mar'26 3.05×, Jun'26 1.95× Debt / equity 232.8% (problem above 150.0%) · last 4 quarters: Sep'25 201.1%, Dec'25 203.3%, Mar'26 230.8%, Jun'26 232.8% Gross margin, trend -4.2pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 5.2pp, Dec'24 1.3pp, Dec'25 -4.2pp Operating margin, YoY -3.7pp (problem under -2.0pp) · last 3 fiscal years: Dec'23 4.5pp, Dec'24 0.8pp, Dec'25 -3.7pp | Return on equity 57.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 44.5%, Dec'25 45.1%, Mar'26 54.6%, Jun'26 74.1% Capital returned vs earnings 89.5% (problem under 0.0%) · last 4 quarters: Sep'25 45.6%, Dec'25 42.6%, Mar'26 228.6%, Jun'26 61.6% Interest coverage 23.99× (problem under 1.50×) · last 4 quarters: Sep'25 24.51×, Dec'25 24.83×, Mar'26 24.96×, Jun'26 34.76× Return on assets 9.0% (problem under 0.0%) · last 4 quarters, annualised: Sep'25 9.8%, Dec'25 9.7%, Mar'26 10.7%, Jun'26 14.0% Book value/share growth 12.3% (problem under 0.0%) · last 3 fiscal years: Dec'23 27.0%, Dec'24 4.5%, Dec'25 12.3% Share count, YoY -2.6% (problem above 3.0%) · last 3 fiscal years: Dec'23 -3.3%, Dec'24 -4.3%, Dec'25 -2.6% +1 more |
and 38 more stocks carry at least one problem; the table in the app has them all.
What each measure means
Only the measures named in this email. The limit beside each reading above is the same level the fundamentals monitor alerts on, so this email and the monitor cannot disagree about what is a problem.
Net debt / EBITDA — Debt minus cash, divided by yearly cash earnings before interest, tax, depreciation and amortisation (EBITDA): roughly how many years of earnings it would take to repay the debt. The standard read on how heavily a company is borrowed. Blank where EBITDA is negative, which makes the multiple meaningless. A problem above 3x.
Interest coverage — Operating profit divided by the interest bill, i.e. how many times over the company can pay its interest. Near 1x the lenders are taking almost everything the business makes; below 1x it is not even earning its interest. A problem under 1.5x.
FCF after interest — Free cash flow minus the interest bill, in dollars: the cash left for shareholders once the lenders have been paid. Below zero the business cannot carry its own debt and must borrow or issue shares just to stand still. A problem below zero.
Cash runway — How many quarters the cash on hand would last at the current rate of burn: cash divided by the average quarterly operating cash outflow over the last four quarters. Only computed for a company that is actually burning cash - a cash generator has no runway question and is left blank. A problem under 4 quarters, i.e. less than a year before it must raise money.
Current ratio — What the company can turn into cash within a year (cash, money owed to it, inventory) divided by what it owes within a year. Under 1 the near-term bills exceed the near-term resources. A problem under 1x.
Current debt vs cash — Debt falling due within a year, divided by the cash on hand. Above 1 the cash cannot cover the debt coming due, so it will have to be refinanced or paid out of earnings. A problem above 1x.
Debt / equity — Total debt as a percentage of shareholders' equity, from the data vendor. The higher it is, the more of the company belongs to its lenders rather than its owners, and the less room there is when something goes wrong. A problem above 150%.
Net debt issued — Debt raised minus debt repaid over the latest financial year, as a percentage of the debt already outstanding. Positive means the company borrowed more than it paid back; borrowing while cash flow is negative is the signal. A problem above 20%.
Interest expense, YoY — The interest bill in the latest financial year against the year before, as a percentage change. A sharp rise means the debt is being refinanced at higher rates, or there is more of it. A problem when it is up by more than 20%.
Gross margin — Revenue left after the direct cost of what was sold, as a percentage of revenue. It says how much pricing power the product has; the right level depends on the industry, so the change over time (the trend column) is the better signal. A problem under 20%.
Operating margin — Operating profit as a percentage of revenue - what is left of each sale after all the costs of running the business, before interest and tax. Below zero the core business loses money. A problem below zero.
Net margin — Net profit as a percentage of revenue - what is left after everything, including interest and tax. A problem below zero.
EBITDA margin — Cash earnings before interest, tax, depreciation and amortisation (EBITDA) as a percentage of revenue - profit before financing costs and accounting charges, the nearest thing to cash profitability. A problem under 5%.
Gross margin, trend — Gross margin in the latest financial year minus the year before, in percentage points. A falling gross margin means the product is getting harder to sell at the old price, or costs more to make. A problem when it has fallen by more than 2 points, i.e. under -2pp.
Operating margin, YoY — Operating margin in the latest financial year minus the year before, in percentage points. A problem when it has fallen by more than 2 points, i.e. under -2pp.
Revenue growth — Revenue in the latest year against the year before, as a percentage, from the data vendor. A problem when revenue is shrinking, i.e. below 0%.
FCF conversion — Free cash flow as a percentage of reported net profit: how much of the profit actually arrives as cash. A wide gap between the two is where the accounting and the cash part company. Blank where profit is negative, which makes the ratio meaningless. A problem under 60%.
Capex / op cash flow — Capital spending as a percentage of operating cash flow - how much of the cash the business makes has to go straight back into plant, equipment and the like. Blank where operating cash flow is negative. A problem above 80%.
Receivables / revenue — Money owed by customers (accounts receivable) as a percentage of yearly revenue - how much of what has been sold has not yet been paid for. Rising, it means customers are paying more slowly, or sales are being booked ahead of the cash. A problem above 40%.
Unusual items — One-off gains and charges as a percentage of revenue (the size of the item, whichever direction). The more the reported numbers lean on things that will not repeat, the less the headline profit says about the ordinary business. A problem above 2%.
Rule of 40 — Revenue growth plus operating margin, both in percent - the software industry's test that a company may buy growth with margin or margin with growth, but the two together should still clear a bar. A problem under 30.
Return on equity — Net profit as a percentage of shareholders' equity: what the business earns on the money its owners have put in. A problem below zero.
Return on assets — Net profit as a percentage of total assets - what the company earns on everything it owns, which makes it the fairer test for a bank or any asset-heavy business. A problem below zero.
Book value/share growth — Book value per share (shareholders' equity divided by the share count) in the latest financial year against the year before, as a percentage. For a bank or insurer this is the compounding scorecard, where one quarter's profit says much less. A problem below zero, which means the compounding has stopped.
Op cash flow/share growth — Operating cash flow per share in the latest financial year against the year before, as a percentage. Used as a stand-in for a REIT's funds from operations, which we cannot compute exactly. A problem below zero.
Earnings volatility — How much net profit swings from quarter to quarter: the spread of the last eight quarters' profit as a percentage of their average. For an insurer it points at reserve charges or catastrophe losses; for anyone else, at earnings that are hard to rely on. A problem above 50%.
Net interest income / assets — A bank's net interest income (interest earned minus interest paid) as a percentage of its total assets - a stand-in for net interest margin, i.e. what it earns on the balance sheet it carries. Only asked of banks and lenders. A problem under 1%.
Net interest income growth — Growth in a bank's total revenue in the latest financial year against the year before, as a percentage - the closest the statements come to growth in net interest income, its core earnings line. Only asked of banks and lenders. A problem below zero, which means the core business is shrinking.
Cost / income proxy — A bank's total expenses as a percentage of its revenue. Banks report a stricter efficiency ratio of their own; this is the nearest thing the statements allow. Only asked of banks and lenders. A problem above 65%.
Share count, YoY — The number of shares outstanding in the latest financial year against the year before, as a percentage change. A rising count is dilution - the existing holders own less of the same company; a falling count is a buyback. A problem above +3%.
Stock comp / revenue — Stock-based pay (shares given to employees) as a percentage of revenue - a real cost of running the business that adjusted profit figures leave out, because no cash goes out the door. A problem above 15%.
Payout on EPS — The dividend as a percentage of earnings per share, from the data vendor. Above 80% little is left to reinvest or to absorb a bad year, and the dividend is one weak year away from a cut. A problem above 80%.
Payout on FCF — Dividends paid as a percentage of free cash flow - the harder of the two payout tests, because cash is what actually pays a dividend. Blank where free cash flow is negative. A problem above 100%, where the dividend is not covered by cash.
Capital returned vs earnings — Dividends plus share buybacks in the latest financial year, as a percentage of net profit - how much of what it earned the company handed back to shareholders. Blank where profit is negative or nothing was paid. For a bank a sharp fall is the sign that it is conserving capital. A problem below zero - which, as computed, it cannot be, so the colour here only ever marks a strength.
Analyst rating — The average analyst rating, where 1 is strong buy and 5 is strong sell. Above 3 the consensus leans towards sell. A problem above 3.2.
Earnings beat rate — The share of the last four quarterly reports in which earnings came in above the analysts' estimate. A company that keeps missing is either being guided badly or losing control of its numbers. A problem under 50%.
Target raises - lowers, 30d — Analysts' price-target raises minus lowers over the last 30 days - a count, and the measurable version of estimate revisions (the estimates themselves are not in our data). More cutting than raising means the covering analysts are turning. A problem when negative.