FourWeekMBA explains how companies make money: their business models, revenue, profits, segments, brands and ownership. These are the standards our analysis follows. The sourcing method is described in detail in How we source; how we fix mistakes is in our corrections policy.
1. Facts from primary sources
- US-listed companies: Form 10-K annual reports, 10-Q quarterly reports, 8-K earnings releases and proxy statements (DEF 14A), taken from SEC EDGAR.
- Non-US companies: the company’s own annual report, interim reports and results releases.
- Ownership: the shareholder disclosures in proxy statements and annual reports, with the date of the disclosure.
- If a company doesn’t disclose a figure, we say so instead of filling the gap.
2. Every number has a period and a source
Each figure is stated with the period it covers and the filing it comes from. Where a company’s fiscal year doesn’t follow the calendar (Apple’s ends in late September, Microsoft’s in June, Nike’s in May), the fiscal year is labelled on the page and on every chart. Adjusted or non-GAAP figures are labelled as such.
3. One set of numbers per company
All pages about the same company draw on one shared set of figures taken from its filings. A revenue figure on a company’s business model page and on its revenue page come from the same source, so they match.
4. Estimates are labelled, with their method
Some questions readers ask aren’t answered by any filing, such as profit per product or a founder’s net worth. Where we show an estimate, we label it as an estimate, say who made it and when, and explain the method. An estimate is never presented as a disclosed figure.
5. Facts and analysis are kept apart
Reported figures and the company’s own explanations are stated as facts, in the company’s wording where causes are concerned. Interpretation is labelled: sections headed ‘The Business Engineer view’ are our analysis, built on the disclosed facts.
6. Pages are kept current
Company pages are refreshed after each quarterly or annual report. Each page states the latest period it covers and when it was last refreshed. Earlier figures are kept and marked as history rather than silently replaced.
7. Charts are built from the same data
Charts and featured graphics are generated from the same filing data as the text, and each one names its source. Where part of a graphic is illustrative rather than to scale, the graphic says so.
Who is responsible
The research is led by Gennaro Cuofano, who created FourWeekMBA and writes The Business Engineer newsletter. He is responsible for what is published here.