What changed
Three operating, financial or disclosure changes—and why each can alter valuation or expectations.
Company coverage for self-directed U.S. investors
Know what changed.
Decide for yourself.
Bring your view. After a filing, receive the source-linked evidence that supports it, challenges it, and shows what would change it: material changes, market assumptions, internal valuation scenarios, capital context and the next facts to verify.
No trading advice. Final research is source-verified and editor-reviewed by a human.
The job we do
Not another stock summary.
Prices, ratings and headlines are easy to find. The hard part is showing whether the current market pricing has evidence behind it: what changed, what the price already assumes, what supports or challenges a view, and what could prove it wrong.
We do that work for the companies you already follow—then send the finished brief to your inbox.
What the price assumes
Internal valuation scenarios with the inputs, calculation boundary and explicit reason when reliable valuation is not possible.
Support and challenge
Two-sided evidence, plus capital and insider disclosures that belong in the per-share picture.
Next proof
The exact earnings, guidance, filing or operating fact that could strengthen or overturn the view.
Three issuer types · one reviewable standard
The framework changes with the company. The evidence standard does not.
A utility is only one kind of underwriting problem. These one-screen examples show how the brief changes for large technology and a cyclical company while keeping sources, counter-evidence, capital context and the next proof point visible.
Utility · VST
Cash conversion after EBITDA
2026 adjusted EBITDA guide: $6.8–7.6bnBridge enterprise value to common value after debt, cash and redeemable preferred claims. Test whether guidance converts into cash.Vistra Q2 2026 release + Form 10-Q ↗Large technology · ORCL
RPO is not revenue or cash
FY2026 year-end RPO: $638bnSeparate contracted demand, recognized cloud revenue, cash capex and funding. Test whether capacity and receivables support conversion.Oracle FY2026 Form 10-K ↗Cyclical · UAL
Guidance is not a cash-flow bridge
Q2 aircraft-secured borrowing: $3.7bnKeep operating results, aircraft financing, sale-leaseback gains and lease obligations on separate evidence lines.United Q2 2026 Form 10-Q ↗When EV / EBITDA is not reliable
The brief states the appropriate method—or states the boundary.
No company is forced into an EBITDA multiple simply because it is convenient. The delivered brief identifies the method, inputs, limitations and the next fact that could invalidate it.
Financials and insurers
Earnings / book-value scenario
Capital ratios, credit losses, reserve development, funding costs and the accounting basis behind book value.REITs and real estate
FFO / AFFO or NAV scenario
Property-level cash measures, leasing, development pipeline, debt maturities and the assumptions behind NAV.Pre-profit health care
Cash-runway and milestone scenario
Cash, quarterly burn, dilution pathways, trial or regulatory milestones and what result would change the scenario.The method changes. The source trail, counter-evidence and next verification point remain mandatory.
Choose coverage →Public sample · VST / illustrative format
In 60 seconds, see what the market is assuming—and what to verify next.
This is the format customers receive after a covered company files: the market assumption, disclosed changes, evidence for and against, per-share inputs, and the next fact that could overturn the view.
Already follow a company? Confirm its ticker first—no payment is started by selecting it.
Current market pricing
What $139.03 is asking VST to deliver.
- Three material changes, with numbers and valuation relevance.
- Support and counter-evidence remain visible together.
Internal valuation scenarios
$106 / $127 / $148—with the bridge visible.
- Scenarios are not targets or trade instructions.
- Debt, senior preferred claims, insider context and the next proof point stay visible.
Pick companies you already follow
One reporting period.
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First confirm a ticker. Then choose a plan, add your delivery email, and continue to a one-time PayPal payment only for that exact selection. The current eligible universe contains 820 Nasdaq and NYSE issuers that passed delivery-depth preflight: current SEC filing, comparable operating and earnings facts, capital and per-share paths, insider-search trail, and a defined research module. A new reporting period is a new purchase; we do not hide recurring charges.
Single Company
$191 companyOne current reporting-period briefChoose stock & pay →Watchlist
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$9915 companiesFifteen current reporting-period briefsChoose stocks & pay →One-time payment. No automatic renewal. Select companies and delivery email before PayPal; the recorded selection is used for fulfilment after payment. Delivery is by email within one business day after payment.
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Four steps: choose a plan, confirm your companies, enter a delivery email, then continue to one-time PayPal payment for that exact plan.
How the brief is made
Primary disclosures stay at the center.
Public filings, releases and market data are organized into a source-linked research record. Before delivery, key source links, reporting periods, definitions, internal-valuation assumptions and stated limits are reviewed.
Every brief identifies the information date and its data status. When reliable internal valuation is not possible, the brief says so.
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