The lessons
- 4.1
The three statements, in one lesson
What each one is for, in the order you'd actually read them.
- 4.2
Earnings per share, and what dilutes it
Profit divided by shares — and why the second number keeps changing.
- 4.3
What a P/E ratio does and doesn't tell you
A price relative to profit. Useful between similar companies, misleading between different ones.
- 4.4
Revenue, margin, and where profit comes from
The gap between selling a lot and making money.
- 4.5
Free cash flow, the honest number
What's left after running the business and maintaining it. This is what pays you.
- 4.6
Debt: gearing, interest cover, covenants
How much of the business belongs to lenders before it belongs to you.
- 4.7
Buybacks: the other way of returning cash
Fewer shares, same profit. Why some companies prefer it to a dividend.
- 4.8
Reading a results announcement without reading all of it
Where the actual news sits in twelve pages of RNS.
- 4.9
What a moat is, and how people argue about it
The reason a company can keep earning above-average returns — and why it's an argument, not a metric.
- 4.10
Sectors, and why they behave differently
Cyclical, defensive, and where dividend investors tend to end up.
Educational content only. It is not personal financial advice.