How to read an annual report

[@TheFinanceStoryteller]

Enjoyed this video? Then subscribe to the channel, and let's dive into the core of the annual report in the next video: the Management Discussion and Analysis (MD&A) kzbin.info/www/bejne/gnWZinV4qdV4mdU

[@shubhamboni2500]

Next time take an example and enunciate how to read an annual report.

[@TheFinanceStoryteller]

@@shubhamboni2500 Hi Shubham! More information (including the examples you are looking for) in the related video on the content of a 10-K kzbin.info/www/bejne/p36VkIWiisdmoMU and the video zooming into the MD&A section kzbin.info/www/bejne/gnWZinV4qdV4mdU Many examples of walking through the financial statements in the same playlist.

[@nabeelakhan3229]

I dont know what good deed have i done today that I end up here and watched your videos...I 'm starting a research project and didnt know how to start...But your videos really helped me...I thank you very much Sir...Please continue the good work..we really appreciate your work...

[@TheFinanceStoryteller]

Thank you very much for watching and commenting, Nabeela! Yep, there are quite a few videos on my channel to help you read an annual report and its financial statements. Let me know how your research goes! I try to make one new video per week.

[@nabeelakhan3229]

@@TheFinanceStoryteller Actually I am ACCA finalist student and now doing Oxford Brookes University project to get Bachelor degree (The main subject is analysis and business and financial evaluation of a company over 3yrs)...and for that I have selected Honda Pakistan Vs. Toyota Pakistan (as I'm from pakistan)...after watching ur videos i hve started reading specially the important areas which u have highlighted in your videos...

[@TheFinanceStoryteller]

Interesting! Be careful interpreting the profitability of a country organization (versus full company on worldwide basis) as transfer pricing between the country where the cars are manufactured vs the country where they are sold can play a big role.

[@TheFinanceStoryteller]

Which annual reports (of companies) have you read, or are you planning to read? Let me know by commenting below!

[@TheFinanceStoryteller]

@@susanjackson1218 Hello Susan! Yes, I have videos on each of these. :-) Might be good to start with my overview video on financial ratios and go from there: kzbin.info/www/bejne/g4XUaHurq9R6mc0

[@vitoraguiar8647]

@@TheFinanceStoryteller I'm reading the annual report of Siemens AG, but I've not found the Letter to shareholders and the 1 page financial summary on the report, as you talked on the video.

[@TheFinanceStoryteller]

@@vitoraguiar8647 Hello Vitor! I have just browsed through the Siemens annual report as well, and agree with you. It is very detailed (and therefore very large). Most of my experience is with annual reports of US-based companies, which focus a lot on "telling the story" (letter to the shareholders, financial summary) first, and then providing more background information later. American CEO's tend to be very forward-looking and optimistic. In other countries (like Germany where Siemens is based), the corporate governance structure is different, which leads to a different "style" of corporate reporting. In my experience, UK CEO's, for example, in their letter to the shareholders tend to be more modest than US CEO's, and focus more on the actual performance of the previous year rather than outlooks on the future. Here's a blog article I wrote on the topic www.devroe.org/?p=73 and a related video on US GAAP vs IFRS that might be helpful for you: kzbin.info/www/bejne/bXOcZ4CehKyUp6c

[@vitoraguiar8647]

@@TheFinanceStoryteller Thanks for you answer ! This will help me a lot to understand better this topics. I will study your recomendations. Thanks !!

[@JM-il6ft]

I’m currently looking at Mastercard’s annual report

[@josephammouri2337]

This was very concise and helpful. The most helpful was the suggestion that the income statement and cash flow statements can first be reviewed vertically, and then horizontally.

[@TheFinanceStoryteller]

Hello Joseph! Nice to hear that. :-) I have recently made specific videos on horizontal and vertical analysis, have a look: kzbin.info/www/bejne/i6PIkJuEjdWGjtk&pp=gAQBiAQB Hope these can be helpful for you.

[@curiousmind4381]

Salute to you!!! It's like a Goldmine for learners, one of the most valuable channel available on KZbin. You explain l concept in simplest way with suitable examples!! Thank you "Story Teller"🙏🙏

[@TheFinanceStoryteller]

Wow, thank you! Please spread the word. Enjoy the 200+ videos I have posted so far. 😎

[@theetravisb]

Great video

[@TheFinanceStoryteller]

Glad you enjoyed it, Travis!

[@kirthikraja6889]

Clearly understanding everything by watching your videos.Keep on doing your great job I make sure I'll keep on following you.😊

[@TheFinanceStoryteller]

Happy to hear that! Hope I can inspire you to do some of your own analysis of financial results of companies. :-) It's fun, and you learn a lot along the way. For me, the best way to learn is to dive into the actual real world cases first and only then search for concepts, frameworks, etc. that can help me understand them: kzbin.info/www/bejne/hnqciWiPl8qelac

[@kirthikraja6889]

I searched for annual reports of companies in thier respective websites but I couldn't find. Will you please help me to find company's original annual report.

[@TheFinanceStoryteller]

@@kirthikraja6889 I always type the name of the company plus "investor relations" into a search engine, which should get you the link to annual reports, investor presentations, etc.

[@alexyogendran196]

Thanks man, ive gone into too many rabbit holes by reading annual reports. I always keep myself from investing, because I got confused and didnt see the big picture

[@TheFinanceStoryteller]

Happy to help! Maybe a mix between investing in individual stocks and ETFs could be the way to go for you? See: kzbin.info/www/bejne/fXOvf36YhMyEatk

[@mandardahake]

Detailed overview of how to look into annual reports. Informative and helpful. Thanks TFS!

[@TheFinanceStoryteller]

Thank you, Mandar! I think you will enjoy the related videos as well that dive deeper into various sections of the annual report, and discuss the financial statements one by one: kzbin.info/www/bejne/gnWZinV4qdV4mdU

[@TheFinanceStoryteller]

Made another playlist to compile the videos on financial statements: kzbin.info/www/bejne/fqKQZWeGfcx0n7c

[@mandardahake]

@@TheFinanceStoryteller much appreciated, thanks again! 😃

[@shakiratadenikeasaolu5300]

Great way to learn how to an annual report.

[@TheFinanceStoryteller]

Glad it was helpful! Have a look at some of the related videos in this playlist if you want to dive in deeper: kzbin.info/www/bejne/gnWZinV4qdV4mdU&pp=gAQBiAQB

[@poojabhandari6283]

This is fabulous easy to understand..All thanks to you for posting this.

[@TheFinanceStoryteller]

Thank you very much for the kind words, Pooja! Here's the link to a playlist where I walk through the various financial statements in the annual report: kzbin.info/www/bejne/r5Kao4WQf6h_e8U

[@konstancyja82]

It is very clear guideance, very helpful, and gives a good direction how to get started and to loose your focus on that enourmous amount of pages!

[@TheFinanceStoryteller]

Thank you! Hope you can use it to read the annual report of your company once it comes out.

[@paulsmith1565]

Where is the best place to find this info

[@unclechris1755]

Thank you for your good videos. You light me up in reading the annual reports and how to do the analysis. Can I ask you, after following your guidelines of doing analysis and comes up with figures from the 3 main reports, so what is the next step to how we use those data to determine the company is in good shape and growth? Is the company good in value and safe to invest? Can you film a video to cover this topic? Highly appreciated!

[@TheFinanceStoryteller]

Thanks for the kind words and the questions, Chris! If I look at my personal pattern of investing, I would say that I use my analysis of the narrative and the numbers (mainly the cash flow pattern) from the annual report to see if I feel positively excited about a company. I have a preference for investing in companies that are in the embryonic or growth phase of their development (see video link below for my ideas on cash flow patterns across a business lifecycle). These companies tend to have strong year-over-year revenue growth in the income statement, may or not be profitable yet, and at the same time have heavy cash outflows due to investments (cash flow statement). I might be missing out on investment opportunities in companies in the "aging" category that are attractively priced, but companies that are "shrinking themselves to greatness" simply fail to excite me. ;-) I also stay away from companies that are under SEC investigation, and/or use too many non-GAAP metrics. kzbin.info/www/bejne/i3jHY5-ie6ecg6M I describe a bit more about my ideas of how to build an investment portfolio in the video below. In particular tip number 6 may be of use to you. Understand the strategy of the companies you invest in: what is the unique and sustainable competitive advantage they are trying to build. Furthermore, what is the "optionality" of the companies you invest in? Are there any indicators that the stock is ready for take-off? Is the company a potential takeover target, will they suddenly announce a big increase in the dividend they pay, will they split up their conglomerate structure into individual divisions? kzbin.info/www/bejne/gWXQiJdor6eMjM0

[@jay1232000]

Thank you for the in depth video. Liked and subscribed.

[@TheFinanceStoryteller]

Welcome! Hope you find many more videos on the channel that are useful to you!

[@ibrahim-el1jy]

You are the best of best

[@TheFinanceStoryteller]

Thank you, Ibrahim!!! :-)

[@arturoortega1101]

Really good video ⭐️⭐️⭐️⭐️⭐️

[@TheFinanceStoryteller]

Thank you very much, Arturo! I think you will like the recent follow-up videos "How to read an income statement" (Microsoft case study) kzbin.info/www/bejne/fqKQZWeGfcx0n7c and "Balance sheet explained" (Walmart case study) kzbin.info/www/bejne/m3rNdJSbg9JgjM0 as well.

[@dontworryaboutit9655]

Good stuff. Thank you

[@TheFinanceStoryteller]

Thank you, John!

[@naseeraijaz7009]

Thank you for the short and informative video. It is an excellent overview of annual reports . Please continue making such insightful videos.

[@TheFinanceStoryteller]

You're welcome! I enjoyed making them. This video is part of a playlist with more examples of walking through actual annual reports of companies, and discussion of specific sections. Enjoy! kzbin.info/www/bejne/gaiQYqGlpcibpKM

[@hurcilekadindwe8342]

Thank you so much for sharing your Knowledge. Really interesting video. I am writing an assignment where I have to provide an in-depth financial statement analysis report that will serve the needs of my clients such as potential and existing investors, community and environmental lobbying groups. I would like to analyse Tesco Plc. How do can break it through like what will be the key points?

[@TheFinanceStoryteller]

Hi Hurcile! I would suggest for you to watch my financial analysis video for that kzbin.info/www/bejne/oHiQoIuuapmkrqc where I discuss analyzing revenue growth, margin improvement, free cash flow generation, and solvency plus liquidity. If you analyze Tesco, then I think it is important to distinguish between the "financial footprint" characteristics of the retail industry in general, and Tesco-specific performance (vs Sainsbury and other peers). I have quite a few videos on analyzing the financial performance of Walmart (US retailer) in a playlist kzbin.info/www/bejne/oKDZfIqXit2Xo7c In the Return On Assets example video, you will see that retail tends to be a low margin, but high asset turnover industry. P.S. Be aware that Walmart's financial statements are compiled based on US GAAP, while Tesco uses IFRS. Hope this helps!

[@AnuarKu11]

Thank you, it's easy for me to understand to start with.

[@TheFinanceStoryteller]

You're welcome, Anuar! Great to hear that. There are many more videos on my channel to guide you through various sections of the annual report. Enjoy!

[@zhyarjalal4179]

What i understood through my whole study and searches that investing in public companies(stocks) is: step1-read and analyze company annual report. step2-check the intrinsic value of stock, is it undervalue 20% or more. if it’s, then don’t need to worry. Is there other thing that I will be need it to invest ...if yes, what is that?

[@TheFinanceStoryteller]

Step 2 is questionable, how do you objectively come to the conclusion what the "intrinsic value" is? Overvalued/undervalued is a subjective opinion, based on the divergence of opinion between people on the future prospects of a company. My advice: read Nassim Taleb's "The Black Swan" and "Antifragile", and familiarize yourself with the terms fragile - robust - antifragile. Fear the unknown unknown.

[@zhyarjalal4179]

@@TheFinanceStoryteller Thanks 4 advising me dear,i will. But also intrinsic value is something that you can know from annual report..also know that intrinsic value is over or under value?!

[@zhyarjalal4179]

@@TheFinanceStoryteller Like buffet said m.kzbin.info/www/bejne/rV6vaKVjr6pqd6c

[@TheFinanceStoryteller]

Great comments from Warren Buffett. I don't think he is talking about intrinsic value in this videoclip. It illustrates that valuation is a subjective thing ("How much do WE think it is worth", "I FELT..."), and stresses that he goes into a LOT of detail reading and analyzing annual reports. He really wants to understand the company before he invests. He independently comes up with his own valuation before checking the market price, to avoid what is called in psychology "anchoring".

[@bee398]

Yes sir, I am a student! I would like to know to to get the annual return from the annual report. Any terms or formula? Is that consider as Net Income?

[@TheFinanceStoryteller]

Hi there! Are you looking for the annual return on the stock, as a shareholder kzbin.info/www/bejne/iordeHqFoJJroac Or are you looking for metrics that link the balance sheet and the income statement like ROE kzbin.info/www/bejne/mXPEd3uIm9WCgZo

[@test-mm7bv]

great guidance. my focus is credit risk.

[@erickwalsh9258]

This is great! Thanks!!

[@TheFinanceStoryteller]

You're welcome, Erick! :-)

[@Fargan1000]

awesome!

[@TheFinanceStoryteller]

Thank you very much. :-)

[@bcc1432]

Hi thank you for your video. I need to compare the business strategies of 2 construction companies, could you please advice where I need to start?

[@TheFinanceStoryteller]

Are the companies publicly listed on the stock market, or privately owned? That makes a big difference in terms of availability of information. I would start off with the classic Michael Porter model of cost leadership vs. differentiation vs. niche, and see if you can find information to place the companies in one of these categories, and then review the financial information to see if the strategy narrative fits with the financial outcomes. One of the more detailed topics I would suggest to review is how the companies are doing on working capital kzbin.info/www/bejne/jqercp-rnpJ1pNE and deferred revenue kzbin.info/www/bejne/iX_KpoyvgNekgpY

[@akhilbisht798]

Thanku that mean a lot

[@TheFinanceStoryteller]

Happy to hear that, Akhil! Thank you for watching and commenting.

[@akhilbisht798]

😁

[@kennethbeard5553]

Philip thanks for your series of videos, which provide useful insight into doing analyses of annual and specifically financial reports. The range of terminology across the accounting industry makes it more challenging to follow but that comes with practice. A question arising: From a strategic perspective, Economic Profit is important (NOPATDA = Net Profit less WACC) but this is never mentioned in any financial report. Yet it is critical to all stakeholders including the shareholders and the company (both management & employees). Your thoughts on this this?

[@TheFinanceStoryteller]

Thanks for your kind words, Kenneth! Great question on economic profit. Let me contemplate this a bit and get back to you.

[@kennethbeard5553]

Thanks Philip. Even if not EP, why is there more focus on EBITDA than NP? Another non-financial person question: In the presentation of information why is the order of sequence always IS, BS, CF but the order of analysis is IS, CF, BS? Is this just pure convention or is there a reason for it?

[@TheFinanceStoryteller]

I think the reasons that Economic Profit is not reported by a company to the outside world are manyfold: not a disclosure requirement in in US GAAP or IFRS, potentially sensitive information from a competitive standpoint that a company would rather keep internally, difficult to "audit" as there are a lot of assumptions in the Economic Profit and WACC calculations, or even shame that the company is possibly not generating enough economic benefit (which could hurt bonuses). I would guess that quite a few companies use it at the corporate level internally.

[@TheFinanceStoryteller]

Q: Why is there more focus on EBITDA than NP? A: See my EBITDA video explaining the acronym and the reasons for companies to prefer taking I, T, D&A out: kzbin.info/www/bejne/hGe9mHyMdraYjrM Q: Why is the order of sequence always IS, BS, CF but the order of analysis is IS, CF, BS? Is this just pure convention or is there a reason for it? A: IS, BS, CF is convention, IS, CF, BS is my personal preference! ;-) I think the value of the information in the cash flow statement is hugely underestimated.

[@kennethbeard5553]

Thank you for your considered and thoughtful responses. Much appreciated!

[@nicolassuarezblog]

great, wonderfull work, nice, thanks to you

[@TheFinanceStoryteller]

You're welcome! Happy to help. :-)

[@MikhailGoncharov-tl4cr]

thanks

[@TheFinanceStoryteller]

You're welcome!

[@shinshurouga3420]

Thanx for video . It is easy to understand. Can you give me company which one is better company based this year and last year on financial report . I need to make detail understanding if i make financial report.

[@TheFinanceStoryteller]

Thank you! Very nice to hear that. I have two videos that I think you will enjoy: Balance sheet comparison Alphabet Inc (Google) versus Facebook kzbin.info/www/bejne/r5Kao4WQf6h_e8U Income statement analysis Alphabet Inc (Google) with ratio analysis comparison versus Facebook kzbin.info/www/bejne/iqCoXqKdnLacp7M

[@mozpassion8996]

Thank you for your videos. Could you please make a video on how to calculate a company needs?

[@TheFinanceStoryteller]

You're welcome! Can you be a bit more specific in your question? Are you referring to a company's financing needs (borrowing capacity, ability to raise equity through a public offering)?

[@mozpassion8996]

The Finance Storyteller yes. How do I measure if t the company needs a finance for working capital?

[@TheFinanceStoryteller]

Thank you! That is a great topic for a video. I will add it to my "to do" list. For now, let me try to point you in the right direction. Working capital can be defined in various ways, my preference is to use the sum of accounts receivable + inventory - accounts payable - deferred revenue. For most companies, the result of this calculation is a positive number, i.e. they might need financing for their working capital. For some companies, particularly in the retail industry, working capital might be negative (meaning that accounts payable plus deferred revenue exceed accounts receivable plus inventory). That negative working capital situation is great to be in! You get paid by your customers before you have to pay others. If you want to study that area more closely, read up on for example Amazon and Walmart. They manage their supply chain very well, and have a good cash conversion cycle.

[@mozpassion8996]

The Finance Storyteller thank you

[@pamelaswords989]

Thank you for your videos - I am a student, and recently had to evaluate a global company whose dupont indices came up flat but is still making $$ - how can I find out if they are just shuffling their numbers around? -

[@TheFinanceStoryteller]

You're welcome! Thank you for your questions! It's very hard to know whether (as you say) a company is "shuffling their numbers around". Here are some things to check: What does the auditor report in the company's annual report state, and how long have they had the same auditor: kzbin.info/www/bejne/iXKvcmR4qN2ig5Y Have they done any business unit restructurings/mergings, where potentially disappointing results in one division are now masked by more positive results from another division? What is the "story" (strategy, targets) they present at investor relation conferences (most companies publish these documents on their website)? What do financial journalists say about their strategy? In terms of financial fraud, I would recommend to watch the documentary movie "Enron: The Smartest Guys in the Room", and read the book "Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower" by Michael Woodford.

[@poppyray7613]

I bought a book by Howard schiltz called financial shenanigans to help me.it was recommended by in the revised book , the intellagent investor

[@AnimationSlot3600]

Thanku

[@TheFinanceStoryteller]

You're welcome! Thank you for watching, Malik!

[@AnimationSlot3600]

@@TheFinanceStoryteller ur work raelly appreciated .

[@AnimationSlot3600]

@@TheFinanceStoryteller am wants to know about Cal. Free cash flow of campanies with Beta factor n SML calcualtion ?

[@TheFinanceStoryteller]

Please tell your friends and colleagues! ;-)

[@TheFinanceStoryteller]

I don't have an answer to that question. Only thing I can help you with is an explanation of the concept of Free Cash Flow: kzbin.info/www/bejne/nZ2WgH-qer1lhq8

[@andrewwong5670]

My first experience to read annual reports due to MBA requirements is really tedious and lenghthy to read on.

[@TheFinanceStoryteller]

Hi Andrew! Take a look at some of my finance case studies to see how to approach this, it can be very insightful if you know where to look: kzbin.info/www/bejne/hnqciWiPl8qelac

[@Torack]

Hi, Is there another name like Business, or a section of a 10K report that relates to Letter to the Shareholders. I've been looking and all I can see in the 10K Table of Contents is 1.BUSINESS, 2. RISK FACTORS. ETC... but no Letter to the Shareholders section. Thanks in advance.

[@TheFinanceStoryteller]

Good question! It depends on the company you are looking at. Go to the investor relations section on the website of the company you want to research, and check what they have available. Some companies publish an attractive-to-read annual report for shareholders and journalists (glossy, nice layout, lots of infographics, this would normally have the letter to the shareholders in the front of the report) as well as a separate 10-K SEC filing (more formal, few or no pictures, sometimes only covering the legally required sections, without letter to the shareholders). Other companies might only publish a 10-K version, then the narrative would be mostly in a section called MD&A.

[@Torack]

@@TheFinanceStoryteller Thank you, I'll keep digging around and reviewing company financials till I can start wrapping my head around this info a little better. I've only been investing for a year or so and started with Technical Analysis, but I'm quickly realizing that looking at the nuts and bolts of a company regarding their financial health and future growth is a much more rewarding approach to investing. I'm extremely grateful for your knowledge of valuing companies and admire your teaching methods. You've created simplified ways to break down these heavy financial reports for new investors like me. Keep up the great videos.

[@TheFinanceStoryteller]

Thank you very much for the compliments, my friend! I like your approach of investigating how companies make money. :-) My suggestions for videos to watch next are: the 10-K table of contents kzbin.info/www/bejne/p36VkIWiisdmoMU and how to read an income statement example kzbin.info/www/bejne/iqCoXqKdnLacp7M and how to build an investment portfolio kzbin.info/www/bejne/gWXQiJdor6eMjM0 Keep in touch! I am still learning as well.

[@Torack]

Thank you, I'lll be sure to check these videos out.

[@TheFinanceStoryteller]

@@Torack Great! Let me know if you think any topics are missing on my channel. I am always keeping a list of new topics for future videos....

[@tongobong1]

I miss times when annual reports were short and concise - below 50 pages.

[@TheFinanceStoryteller]

The more complex the business, the more complex the accounting rules, the more risk-averse the legal and compliance team, the longer the annual report.

[@zhyarjalal4179]

If I can’t ,or I don’t’ want to waste my time by analyzing or studying annual report , is there someone(employee ,accountant, financial unit or etc…) that I can pay it for analyzing and reading the report of company that I want to invest in?

[@TheFinanceStoryteller]

It is not a waste of time, if you are investing significant amounts of money into a stock. The problem with "outsourcing" the research is that they have no skin in the game: there is no negative impact to them in case they are wrong, only YOU are the one losing money. So it would suggest to take the analysis into your own hands. Just like an airline pilot personally walks around the aircraft to do a safety check prior to take-off. If you are going to be flying the plane, you better make sure it is not going to crash. Same thing applies to investing in the stock market.

[@zhyarjalal4179]

@@TheFinanceStoryteller Thank you so much for telling me this,could you tell me what is the best way for know,reading and understanding annual reports. Which way i can fully understand it?

[@TheFinanceStoryteller]

Look for the things that they need to disclose per GAAP rules, but would rather hide from you or "play down" pretending it's not a big deal.... If I download the annual report in PDF, I like to search for the word "impairment" and see what comes up. Also, when reviewing the financial statements, in the income statement a lack of revenue growth and shrinking margings are concerning. On the balance sheet, huge debt and very little equity is a concern. Have a look at some of my finance case studies for some examples (even the balance sheets of Apple and Tesla have some concerns!): kzbin.info/www/bejne/gJCUd2t9pLGCf5o&pp=gAQBiAQB The Management Discussion and Analysis in the annual report can also provide good insights: kzbin.info/www/bejne/gnWZinV4qdV4mdU&pp=gAQBiAQB

[@zhyarjalal4179]

@@TheFinanceStoryteller I will looks at the whole of them it’s super beneficial,thanks a-lot.

[@davidroldan6007]

Apart of reading and analyzing the annual report, what else you do when analyzing a company you are interested to invest in it?

[@TheFinanceStoryteller]

Hi David! I have summarized my thoughts on how to build an investment portfolio in this video: kzbin.info/www/bejne/gWXQiJdor6eMjM0 and I disclose the contents of my portfolio in this video on ETFs: kzbin.info/www/bejne/fXOvf36YhMyEatk Basically, I either look for "stable and boring" stocks with a high dividend yield (companies that generate solid cash from operating activities that allows them to invest as well as pay dividends) or more adventurous stocks with convex payoff potential. For a description of convexity and concavity, see the second half of my videos on either SWOT analysis kzbin.info/www/bejne/nYakgIeHl7iHbqc or sensitivity analysis kzbin.info/www/bejne/pWeQeXaFfJZ2ppY Apologies for the long answer, it's a fascinating question that you ask!

[@Erez.Levi.Stocks]

first thanks a lot that you share with us your knowledge. why you are reminds always "net income" "operating income" "net sales" and never talk about gross margin? it is not important ? thanks

[@TheFinanceStoryteller]

Great question! Yes, it is important, but in my view as "second level" of analysis, in other words once you start drilling down. Take a look at my Gross Margin versus Operating Margin video to see the "financial footprint" of four different companies. Hope you get the "quiz" question right! ;-) kzbin.info/www/bejne/jHSwe619ZqaUjqM

[@chmodkill]

So helpful; thank you!!

[@TheFinanceStoryteller]

You're welcome! Happy to help!