Forensic Equity Research

We read the footnotes.

Deep forensic analysis of public company filings.

01

10-K forensics

Footnotes reveal what management hides — from lease obligations buried in note 7 to silent liability transfers.

02

Accounting signal detection

Useful-life extension tricks, off-balance-sheet exposure, and goodwill that should have been impaired three quarters ago.

03

FCF vs net income divergence

The tell of every blow-up. When accruals widen and cash conversion deteriorates, the earnings story ends.

04

Thesis with evidence

Every call backed by primary source — original filings, not consensus summaries or sell-side recycling.

Published Research — Equity

Mar 23, 2026cautious

Oracle: When Software Margins Meet Infrastructure Capex

Capex went from $2.1B to $21.2B in four years. FCF turned negative. ROIC compressed from 35% to 13%. And $261 billion in off-balance-sheet lease commitments have not yet hit the balance sheet. The cloud story is real. The valuation assumes it works perfectly.

Mar 18, 2026neutral

EOG Resources: The Base Case Is Priced In

At ~$140, the market appears to be pricing EOG's base case. The key driver from here is scenario weighting around the conflict-up oil path.