Reading Financial Data - Step by Step
Company filings and the story behind the numbers
Use 10-Ks, 10-Qs, MD&A, and thread pages as plain reading aids.
Lessons
- What is a 10-K vs. a 10-Q? - A 10-K is annual. A 10-Q is quarterly.
- What is MD&A? - MD&A is management's discussion of financial condition and results of operations.
- What are risk factors? - Risk factors are a filing section that names uncertainties the company discloses.
- How a macro thread connects pages - A thread gathers a macro theme, mapped SIC sectors, company financials, and literal MD&A mentions.
- Source links and as-of dates - Every reading should include where the number came from and when it was current.