https://www.valystrresearch.com/guides/ Plain-English stock research guides: valuation, market expectations, screening, investment theses and earnings. en https://www.valystrresearch.com/guides/earnings-analysis/ebitda-formula/ https://www.valystrresearch.com/guides/earnings-analysis/ebitda-formula/ EBITDA formula two ways, from operating income and from net income, a worked example at $240m, what EBITDA is for, the bridge to operating cash flow. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/enterprise-value-vs-market-cap/ https://www.valystrresearch.com/guides/stock-valuation/enterprise-value-vs-market-cap/ Enterprise value vs market cap: the formula, what goes into EV, a worked example on two companies, which multiples go with each, and the mistakes that mix them. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/ev-to-ebitda/ https://www.valystrresearch.com/guides/stock-valuation/ev-to-ebitda/ EV to EBITDA: the formula, a worked example at 7.4×, why acquirers use it, what a good multiple looks like, and the capex blind spot that flatters it. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/how-to-analyze-a-stock/ https://www.valystrresearch.com/guides/investment-thesis/how-to-analyze-a-stock/ How to analyze a stock in seven steps: understand the business, test its quality and balance sheet, read what the price implies, value it, write the thesis. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/how-to-calculate-market-cap/ https://www.valystrresearch.com/guides/stock-valuation/how-to-calculate-market-cap/ How to calculate market cap: price times diluted shares, a worked example, the size bands from micro to mega cap, why size changes the research. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-10-k/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-10-k/ How to read a 10-K in about an hour: what each section holds, the order to read them in, a worked example, the red flags, and how it differs from a 10-Q. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-balance-sheet/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-balance-sheet/ How to read a balance sheet: what each line means, a worked example that balances, and the five checks that matter: liquidity, leverage, working capital. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-cash-flow-statement/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-cash-flow-statement/ How to read a cash flow statement: the operating, investing and financing sections on a worked example, the checks at each line, the year-to-date trap. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-an-income-statement/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-an-income-statement/ How to read an income statement: every line from revenue to earnings per share on a worked example, what to check at each one, the common-size view. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/operating-margin-formula/ https://www.valystrresearch.com/guides/earnings-analysis/operating-margin-formula/ Operating margin formula, with gross and net margin: what each measures, a worked example from revenue to net income, operating leverage, and the traps. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/price-to-book-ratio/ https://www.valystrresearch.com/guides/stock-valuation/price-to-book-ratio/ Price to book ratio: the formula, a worked example at 2.3×, why ROE sets the multiple a company deserves, when P/B works and when it misleads. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/price-to-sales-ratio/ https://www.valystrresearch.com/guides/stock-valuation/price-to-sales-ratio/ Price to sales ratio: the formula, a worked example at 1.0× and 5.0×, why the multiple a company deserves depends on its margin, when P/S is the right tool. Mon, 12 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/current-ratio-formula/ https://www.valystrresearch.com/guides/stock-screener/current-ratio-formula/ Current ratio formula and the quick ratio: a worked example at 1.8× and 1.1×, what a good number looks like, the cash conversion cycle behind it. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/dcf-model-example/ https://www.valystrresearch.com/guides/stock-valuation/dcf-model-example/ A full DCF model example: forecast free cash flow, set WACC, compare two terminal value methods and bridge to value per share, with a sensitivity table. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/debt-to-equity-ratio/ https://www.valystrresearch.com/guides/stock-screener/debt-to-equity-ratio/ Debt to equity ratio: the formula, a worked example at 0.5× that jumps to 1.7× after a buyback, what counts as normal, why book equity misleads. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/dividend-discount-model/ https://www.valystrresearch.com/guides/stock-valuation/dividend-discount-model/ Dividend discount model: the Gordon growth formula, a worked example at $23.63, the growth the price implies, a two-stage version, the total-payout variant. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/dividend-yield-formula/ https://www.valystrresearch.com/guides/stock-screener/dividend-yield-formula/ Dividend yield formula: annual dividend over price, a worked example at 3.0%, payout and cash cover, yield plus growth as a return, and the yield trap. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/earnings-calendar-guide/ https://www.valystrresearch.com/guides/earnings-analysis/earnings-calendar-guide/ Open a live earnings calendar, then learn to use it: before-open vs after-close timing, confirmed vs estimated dates, and a checklist to prepare for reports. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/earnings-surprise/ https://www.valystrresearch.com/guides/earnings-analysis/earnings-surprise/ What an earnings surprise is, how to calculate it (even with negative estimates), why guidance surprises often matter more, and pitfalls in consensus data. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/earnings-yield/ https://www.valystrresearch.com/guides/stock-valuation/earnings-yield/ Earnings yield: the inverse of the P/E, a worked example at 4.8%, the EBIT to enterprise value version, how to compare it with a bond yield, and the traps. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/economic-moat/ https://www.valystrresearch.com/guides/investment-thesis/economic-moat/ Economic moat explained: the five sources of durable advantage, the ROIC test that shows whether one exists, a worked example, how moats erode. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/forward-pe-vs-trailing-pe/ https://www.valystrresearch.com/guides/stock-valuation/forward-pe-vs-trailing-pe/ Forward P/E vs trailing P/E: how each is calculated, why they differ, a worked example, the traps in each, and which one to use for growth and cyclical stocks. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/free-cash-flow-formula/ https://www.valystrresearch.com/guides/stock-screener/free-cash-flow-formula/ Free cash flow formula from a 10-K: operating cash flow minus capex, a worked reconciliation from net income, the adjustments that matter, and the traps. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/free-cash-flow-yield/ https://www.valystrresearch.com/guides/stock-screener/free-cash-flow-yield/ Free cash flow yield: the formula, market cap vs enterprise value versions, a worked example comparing a 6.7% and a 2.0% yield, and how to screen with it. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/good-pe-ratio/ https://www.valystrresearch.com/guides/stock-valuation/good-pe-ratio/ What is a good P/E ratio? It depends on growth, risk and which earnings you use. See the growth a P/E implies, forward vs trailing P/E, and where PEG fails. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-10-q/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-a-10-q/ How to read a 10-Q: what the quarterly report contains, the order to read it in, a worked example, the red flags to check, and the year-to-date cash flow trap. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-an-earnings-call/ https://www.valystrresearch.com/guides/earnings-analysis/how-to-read-an-earnings-call/ How to read an earnings call transcript in twenty minutes: guidance first, then the questions, then the prepared remarks, with a worked example and the tells. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/reverse-dcf/implied-growth-rate/ https://www.valystrresearch.com/guides/reverse-dcf/implied-growth-rate/ Calculate a stock's implied growth rate from its P/E or with a reverse DCF, see how discount and terminal assumptions move it, and test it against history. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/interest-coverage-ratio/ https://www.valystrresearch.com/guides/stock-screener/interest-coverage-ratio/ Interest coverage ratio: EBIT over interest expense, a worked example at 11.7× that halves after a buyback, what counts as safe, the EBITDA and cash variants. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/intrinsic-value-of-a-stock/ https://www.valystrresearch.com/guides/stock-valuation/intrinsic-value-of-a-stock/ How to calculate the intrinsic value of a stock three ways: DCF, earnings power and a reverse DCF, with a worked example and the inputs that move the answer. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/investment-journal/ https://www.valystrresearch.com/guides/investment-thesis/investment-journal/ How to keep an investment journal: what to record at entry, review and exit, a sample entry, review cadence and post-mortems that separate skill from luck. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/investment-thesis-template/ https://www.valystrresearch.com/guides/investment-thesis/investment-thesis-template/ A free investment thesis template to copy and fill in, with a guide to each field, a completed example and a one-page kill criteria sheet for when to sell. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/margin-of-safety/ https://www.valystrresearch.com/guides/stock-valuation/margin-of-safety/ Margin of safety: the formula, a worked example with a valuation range, how large a discount to demand for different businesses, and the mistakes that erase it. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/net-debt-to-ebitda/ https://www.valystrresearch.com/guides/stock-screener/net-debt-to-ebitda/ Net debt to EBITDA: the formula, a worked example at 0.9×, what counts as safe, the ratios to read beside it, and the traps in adjusted EBITDA and leases. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/peg-ratio/ https://www.valystrresearch.com/guides/stock-valuation/peg-ratio/ PEG ratio: the formula, a worked example on three companies, why the rule that a PEG of 1 is fair breaks for slow and fast growers, and what to use instead. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/reverse-dcf/priced-for-perfection/ https://www.valystrresearch.com/guides/reverse-dcf/priced-for-perfection/ What priced for perfection means, the warning signs that a stock's price assumes everything goes right, and why small misses can trigger large drops. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/return-on-equity-formula/ https://www.valystrresearch.com/guides/stock-screener/return-on-equity-formula/ Return on equity formula: net income over average equity, a worked example at 17.6%, the DuPont breakdown, ROE vs ROIC, what counts as good, and the traps. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/roic-calculator/ https://www.valystrresearch.com/guides/stock-screener/roic-calculator/ Free ROIC calculator: enter operating income, tax rate, debt, equity and cash to get NOPAT, invested capital, ROIC and the spread over the cost of capital. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/stock-buybacks-explained/ https://www.valystrresearch.com/guides/stock-valuation/stock-buybacks-explained/ Stock buybacks explained: how repurchases work, the per-share arithmetic on a worked example, why the price paid decides whether value is created or destroyed. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/stock-down-after-earnings-beat/ https://www.valystrresearch.com/guides/earnings-analysis/stock-down-after-earnings-beat/ Stock down after earnings beat? Learn the mechanisms behind it, what to check in the release for each one, and a fully worked example with the numbers. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/stock-valuation-calculator/ https://www.valystrresearch.com/guides/stock-valuation/stock-valuation-calculator/ Free stock valuation calculator: enter free cash flow, growth, discount rate and net debt to get intrinsic value per share, upside and a sensitivity table. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/terminal-value-formula/ https://www.valystrresearch.com/guides/stock-valuation/terminal-value-formula/ Terminal value formula, two ways: perpetuity growth and exit multiple on a worked example, why it dominates a DCF, how to cross-check them, and the traps. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/value-stock-screener/ https://www.valystrresearch.com/guides/stock-screener/value-stock-screener/ A ready-to-use value stock screener: exact criteria and thresholds, three variants for deep value, quality and dividends, and what to do with the results. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/value-trap/ https://www.valystrresearch.com/guides/stock-screener/value-trap/ What a value trap is, the six patterns behind most of them, a checklist to run before buying a cheap stock, and an illustrative case with the numbers. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/wacc-formula/ https://www.valystrresearch.com/guides/stock-valuation/wacc-formula/ The WACC formula: CAPM cost of equity, after-tax cost of debt, market-value weights, a worked example landing near 8.5%, and when a plain hurdle rate is better. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/what-is-a-good-eps/ https://www.valystrresearch.com/guides/earnings-analysis/what-is-a-good-eps/ What is a good EPS? Why the level means little by itself, how to judge EPS growth and quality, with a worked example that splits growth into its three sources. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/what-is-beta-in-stocks/ https://www.valystrresearch.com/guides/stock-valuation/what-is-beta-in-stocks/ What is beta in stocks? How it is measured, what a beta of 1.1 means, how leverage raises it on a worked example, its role in the cost of equity. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/what-is-roic/ https://www.valystrresearch.com/guides/stock-screener/what-is-roic/ What is ROIC? Learn the return on invested capital formula, two ways to measure invested capital, a worked example, ROIC vs ROE, and the pitfalls to avoid. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/what-time-do-earnings-come-out/ https://www.valystrresearch.com/guides/earnings-analysis/what-time-do-earnings-come-out/ What time do earnings come out? Before the open or after the close, why companies pick those windows, how to find a company's slot, and what to do first. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/when-to-sell-a-stock/ https://www.valystrresearch.com/guides/investment-thesis/when-to-sell-a-stock/ When to sell a stock: five sell rules tied to your thesis, valuation and position size, what not to sell on, and a decision table for trimming vs exiting. Tue, 06 Oct 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-valuation/ https://www.valystrresearch.com/guides/stock-valuation/ Learn how to value a stock with DCF and multiples, see a worked example with the formulas, and avoid the mistakes that make cheap stocks look undervalued. Mon, 28 Sep 2026 12:00:00 GMT https://www.valystrresearch.com/guides/reverse-dcf/ https://www.valystrresearch.com/guides/reverse-dcf/ A reverse DCF solves for the growth rate a stock's price already implies. Learn the formula, work an example, and judge whether that bar is realistic. Mon, 28 Sep 2026 12:00:00 GMT https://www.valystrresearch.com/guides/stock-screener/ https://www.valystrresearch.com/guides/stock-screener/ How to find undervalued stocks with a screener: the value, quality and balance-sheet criteria to use, sensible thresholds, and how to avoid value traps. Mon, 28 Sep 2026 12:00:00 GMT https://www.valystrresearch.com/guides/investment-thesis/ https://www.valystrresearch.com/guides/investment-thesis/ Learn how to write an investment thesis with a fill-in template, a worked example, kill criteria and rules for when to sell a stock, not only when to buy. Mon, 28 Sep 2026 12:00:00 GMT https://www.valystrresearch.com/guides/earnings-analysis/ https://www.valystrresearch.com/guides/earnings-analysis/ Learn how to read an earnings report in 10 minutes: what to check first, which line items matter, and why a stock can fall even after beating estimates. Mon, 28 Sep 2026 12:00:00 GMT https://www.valystrresearch.com/guides/reverse-dcf/reverse-dcf-calculator/ https://www.valystrresearch.com/guides/reverse-dcf/reverse-dcf-calculator/ Free reverse DCF calculator: enter the share price, shares, net debt, free cash flow and discount rate to solve for the growth the market has priced in. Mon, 28 Sep 2026 12:00:00 GMT