Company Research
Teaching documents, not stock tips. Each profile runs one listed company through its sector's framework using the numbers the company itself reports.
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01 Mining
Mining guides →Mining
Mining Sector Primer →- Newmont (NEM) World's largest gold miner. AISC analysis, mine-by-mine NAV, and reserve replacement.
- Barrick Mining (B) Tier-1 gold/copper miner. Jurisdiction mix, Nevada Gold Mines JV, copper optionality.
- Agnico Eagle Mines (AEM) Tier-1 gold producer. Canada, Australia and Finland bar one Mexican mine, industry-low AISC, organic growth pipeline.
- Teck Resources (TECK) Copper/zinc miner. QB2 ramp-up, energy transition copper exposure, post-coal transformation.
- Skeena Resources (SKE) Construction-stage developer. Eskay Creek 49% built, DFS at US$1,800/oz, stage-gated NAV bridge.
- Snowline Gold (SGD) Resource-stage explorer. Valley MRE, EV per ounce in the ground against its own PEA.
Royalty & Streaming
Royalty & Streaming Sector Primer →- Franco-Nevada (FNV) Royalty-dominant senior. 435 assets, debt-free, and the Cobre Panama concentration case study.
- Wheaton Precious Metals (WPM) Largest streamer. Stream economics, the $4.3B Antamina deal, and fixed-price versus percentage-of-spot contracts.
- Royal Gold (RGLD) US royalty/stream hybrid. The sector's consolidation case after absorbing Sandstorm and Horizon.
- OR Royalties (OR) Mid-cap hybrid royalty and stream portfolio, and its Canadian Malartic concentration.
- Triple Flag (TFPM) Post-2020 streamer. Record GEOs, the Cerro Lindo step-down, and what drives GEO volume from here.
Steel & Bulk Commodities
Steel & Bulk Commodities Primer →- ArcelorMittal (MT) Global integrated steelmaker. 54 Mt shipped, 72% iron ore self-sufficient, and the capex-intensity case study.
- Nucor (NUE) 100% EAF steelmaker. The scrap-spread model, dual shipment bases, and how EAF economics differ from integrated mills.
- Cleveland-Cliffs (CLF) US integrated BF-BOF with captive pellets. Operating leverage at the cycle trough and ~30% automotive exposure.
- Vale (VALE) Iron ore major. The C1-to-all-in cost bridge, product mix, and where the cost curve sets the equity story.
- Fortescue (FMG) Pure-play iron ore. Bottom-of-curve C1 costs, the grade discount against the Platts 61% Fe index, June fiscal year.
- Warrior Met Coal (HCC) Premium met coal pure play. PLV quality ladder, trough-cycle margins, and the Blue Creek growth case.
02 Energy
Energy guides →Oil & Gas
Oil & Gas Sector Primer →- EOG Resources (EOG) Multi-basin US E&P. Reserve quality, organic versus acquired reserve replacement, and F&D cost.
- ConocoPhillips (COP) Global E&P. Returns-focused framework, ROCE and cost of supply, three-tier capital return model.
- Canadian Natural (CNQ) Diversified Canadian E&P. Long-life oil sands, 25+ year reserve life, progressive dividend.
- ExxonMobil (XOM) The world's largest publicly traded energy company. Dominant Permian Basin operator post-Pioneer acquisition.
- Devon Energy (DVN) Delaware and Marcellus E&P post-Coterra. Fixed dividend plus buybacks, capital efficiency, reinvestment rate.
- Cenovus Energy (CVE) Canadian integrated. Oil sands upstream plus refining downstream, WCS differential hedging.
Midstream & Pipelines
Midstream Sector Primer →- Enterprise Products Partners (EPD) MLP gold standard on coverage discipline, fee-based mix, and DCF vs distribution.
- Energy Transfer (ET) Scale MLP at the complex end of the coverage spectrum: coverage construction and EBITDA quality.
- MPLX (MPLX) Refiner-sponsored MLP: the 1.4× coverage floor, dropdown M&A, and the sponsor risk of MPC owning 63.7%.
- Kinder Morgan (KMI) C-corp gas network after its 2014 roll-up: why take-or-pay is 65% of earnings when the composite reads 96%.
- Williams (WMB) C-corp demand-pull gas: Transco expansion backlog and high fee-based earnings mix.
- Enbridge (ENB) Canadian liquids mainline plus utility-like gas: low-risk EBITDA mix and mainline throughput.
Refining
Refining Sector Primer →- Marathon Petroleum (MPC) Largest US refining system plus MPLX stake: system scale, capture-rate reading, and through-cycle screens.
- Valero Energy (VLO) Pure-play merchant benchmark: realised margin per barrel, RVO cost, and net-debt screens.
- Phillips 66 (PSX) Integrated refining, midstream and chemicals: segment EBITDA mix and through-cycle screens.
- HF Sinclair (DINO) Inland niche plus lubricants: throughput scale and adj. gross-margin framing.
- PBF Energy (PBF) High-beta crack leverage: merchant margin sensitivity and net-debt vs enterprise value.
- Par Pacific (PARR) Geographic niche (Hawaii/PNW/Rockies): multi-plant system at small scale, with four refineries on four separate margin indices.
03 Real Estate
Real Estate guides →- Prologis (PLD) Global logistics REIT. NAV analysis, cap rate framework, and development pipeline assessment.
- AvalonBay (AVB) Coastal multifamily REIT. Apartment economics, concession cycles, and the development platform.
- Simon Property (SPG) Quality-mall REIT. Sales productivity, occupancy and rent health checks, A-rated balance sheet.
- Realty Income (O) Net lease REIT with 15,500+ properties. Monthly dividend analysis and cap rate framework.
- Public Storage (PSA) Self-storage REIT. Unit economics, same-store revenue growth, and occupancy leverage.
- Welltower (WELL) Healthcare REIT. SHOP vs NNN structures, operating leverage, and the senior housing supply gap.
Mortgage REITs
Mortgage REIT Sector Primer →- Annaly Capital Management (NLY) Agency benchmark at scale: BVPS, economic return, and leverage screens.
- AGNC Investment Corp. (AGNC) Agency pure-play with monthly dividend: tangible BVPS, economic return, and at-risk leverage screens.
- Rithm Capital (RITM) Hybrid with origination, servicing and MSRs: EAD vs dividend coverage and servicing UPB scale.
- Starwood Property Trust (STWD) Diversified CRE lending: BVPS, distributable earnings vs dividend, and office mix on undepreciated assets.
- Blackstone Mortgage Trust (BXMT) Pure CRE lending: distributable EPS after charge-offs vs dividend, and office mix on net loan exposure.
Infrastructure & Digital REITs
Infra & Digital REIT Sector Primer →- American Tower (AMT) Global tower benchmark: international site mix, organic growth identity, and leverage screens.
- Crown Castle (CCI) US-only towers post-fibre exit: churn, leverage, and AFFO framing.
- SBA Communications (SBAC) Leveraged tower compounder: churn and net debt/adj. EBITDA vs its own target band.
- Equinix (EQIX) Retail colocation and interconnection: campus scale, MRR churn, and AFFO framing.
- Digital Realty (DLR) Hyperscale capacity and AI demand: bookings discipline, and what scarce energised power does and does not buy.
04 Financials
Financials guides →Banks
Banks Sector Primer →- JPMorgan Chase (JPM) Universal-bank benchmark. 20% ROTCE, the capital buffer above its own requirement, and what scale does to the overhead ratio.
- Bank of America (BAC) The most rate-sensitive deposit franchise of the six. Net interest yield and returns on tangible equity, set beside JPMorgan.
- Wells Fargo (WFC) Life after the asset cap. Efficiency ratio, margin, and whether the cost story is reaching returns yet.
- US Bancorp (USB) Super-regional efficiency leader. How a 58.6% efficiency ratio produces near-universal-bank returns without the scale.
- PNC Financial (PNC) Regional scale with commercial property on the book. Spread, charge-offs, and how the two move together.
- Citigroup (C) The restructuring case. Why single-digit returns sit on a 13.2% capital ratio, and what has to change for returns to rise.
Insurance
Insurance Sector Primer →- Chubb (CB) The underwriting-quality benchmark. Combined ratio, reserve discipline, and how much of the return comes from the investment book.
- Progressive (PGR) Telematics compounder in personal auto. The 96% combined-ratio rule, the growth-versus-margin trade, and what high returns do to book value.
- Travelers (TRV) Commercial and personal lines at scale. Combined ratio, catastrophe load, and a portfolio yield still repricing upward.
- AIG (AIG) Turnaround and capital return, read through the gap between GAAP and core operating returns.
- MetLife (MET) Life and group benefits read as a spread business. Where the 115 bps comes from, and how adjusted returns are built on top of it.
- Prudential Financial (PRU) US life, retirement and asset management. Reading a spread business that never discloses a group spread, from the general-account yield up.
Alternative Asset Managers
Alternative Asset Managers Primer →- Blackstone (BX) The fee-earnings benchmark. Fee-related versus distributable earnings, perpetual capital as a share of AUM, and why fee earnings carry the valuation.
- KKR (KKR) Private equity with an insurance balance sheet attached. Fee earnings, the unrealised carry pool, and valuing the book alongside them.
- Apollo Global Management (APO) Credit-led, with Athene doing the compounding. Spread earnings against fee earnings, and how insurance float changes the earnings mix.
- Ares Management (ARES) Credit specialist with the steadiest fee stream. Realised income, the long-dated capital share, and the margin gap to larger peers.
- Brookfield Asset Management (BAM) The perpetual-capital archetype in real assets. Fee-bearing capital against the headline platform number, and why 87% long-dated changes the fee stream's worth.
- Carlyle Group (CG) The carry cyclical. Accrued carry versus fee earnings, and why carry makes earnings swing.
05 Defence & Aerospace
Defence & Aerospace guides →Defence Primes
Defence Primes Sector Primer →- Lockheed Martin (LMT) Platform prime: reading a $193.6B backlog, F-35 at 27% of consolidated sales and 138% FCF conversion against FY2025 revenue of $75.0B.
- RTX Corporation (RTX) Defence and commercial integrator: how a 52% defence / 48% commercial FY2025 revenue split reads through a $268B backlog, 1.56x book-to-bill and 11.8% segment ROS.
- Northrop Grumman (NOC) B-21, space and missile defence: segment margins from Mission Systems 14.6% down to Aeronautics 6.3%, read beside a $95.7B backlog, 1.10x book-to-bill and 79% FCF conversion.
- General Dynamics (GD) Combat systems plus Gulfstream: reading a $118B backlog and 1.6x defence book-to-bill with submarines at 24% of sales, a 51% fixed-price US govt mix and 94% FCF conversion.
- L3Harris Technologies (LHX) C4ISR and tactical communications: a 25.2% Communication Systems margin, 1.3x book-to-bill, and what sits behind 170% GAAP FCF conversion.
- BAE Systems (BA.L) European prime with a large US subsidiary: reading a £83.6B backlog, 1.2x book-to-bill and 92% FCF conversion, with the Air sector at 30% of sales.
Commercial Aerospace
Commercial Aerospace Sector Primer →- Boeing (BA) The OEM ramp trough case: >6,100-aircraft BCA backlog, 737 at 42/month, BCA −17.1% vs BGS ~18.5% margin split, ~1.96× book-to-bill, and ($1.9B) FCF on 600 FY2025 deliveries.
- Airbus (AIR.PA) The OEM leader anchor: 8,754-aircraft commercial backlog, A320 Family 607 deliveries, derived ~11.8 yr backlog-years, 10.4% Commercial EBIT Adjusted, €4.8B FCF and €12.2B net cash.
- GE Aerospace (GE) The engine razor/blade benchmark: ~$190B backlog (~90% services in CES), 71% services mix at 26.6% CES margin, ~45,000-engine installed base, $7.7B FCF and ~1.44× book-to-bill.
- Safran (SAF.PA) CFM/LEAP engine partner: Propulsion aftermarket 64.6% of revenue, 23.0% recurring operating margin, 1,802 LEAP deliveries, and €6.3B adjusted EBITDA.
- Howmet Aerospace (HWM) Engine components and structures: ~21% spares mix with +44% commercial engine spares YoY, Engine Products 33.3% Adj. EBITDA margin, and $1.4B FCF.
- TransDigm (TDG) Proprietary sole-source aftermarket: 60.1% gross margin, 53.9% EBITDA As Defined, commercial aftermarket 31.8%, ~$27.2B net debt, and no traditional backlog.
Space & Satellites
Space & Satellites Sector Primer →- Rocket Lab (RKLB) The launch-to-prime teaching case: FY2025 revenue of $601.8M (+38%), $1.85B backlog skewed to space systems, $816M SDA prime contract, and ~$1.10B liquidity against ~$166M OCF burn.
- Iridium Communications (IRDM) The profitable LEO operator benchmark: FY2025 revenue of $871.7M, OEBITDA of $495.3M, 2.54M billable subscribers, EMSS government contract at $738.5M, and capex at ~11.5% of revenue.
- Viasat (VSAT) EBITDA-rich, GAAP-loss satellite operator: FY2025 revenue of $4.52B, adjusted EBITDA of $1.55B, +$908M OCF, $3.55B firm backlog with $984M defence, and ~22% capex intensity.
- EchoStar (SATS) Distressed connectivity conglomerate: FY2025 revenue of $15.0B, $(14.5)B GAAP net loss, $1.49B adjusted OIBDA, going-concern flag on 2026 debt maturities, and ~$1.4B BSS backlog.
- Globalstar (GSAT) Apple-anchored LEO operator: FY2025 revenue of $273M (+9%), adjusted EBITDA of $136M, Apple at 63% of revenue, $869M deferred revenue, and capex at 201% of revenue funded by prepayments.
- Planet Labs (PL) Earth-observation data subscription: FY2025 revenue of $244.4M (+11%), backlog of $503.7M, 976 customers at 97% recurring ACV, ~$222M liquidity, and OCF burn ~$14M/yr.
06 Power & Infrastructure
Power & Infrastructure guides →Regulated Utilities
Regulated Utilities Sector Primer →- NextEra Energy (NEE) Regulated-plus-renewables hybrid: FPL regulatory capital employed $73.5B, 10.80% authorised ROE, FY2025 adjusted EPS $3.71, 19.0% S&P FFO/debt, ~$178B cap.
- Duke Energy (DUK) Southeast regulated scale: $103.1B regulated earnings base, ~9.6% CAGR through 2030, 14.8% FFO/debt, ~67% payout, ~$97.3B cap.
- Southern Company (SO) Regulated Southeast plus Vogtle nuclear: ~$60B plan-base rate base, 9% RB CAGR, Georgia Power 10.50% ROE, 14.8% FFO/debt, ~$105.6B cap.
- Dominion Energy (D) Virginia repositioning and offshore wind: $48.2B Virginia rate base, 10.2% group rate-base CAGR to 2030 (Virginia 11.9%), 10.3% weighted allowed ROE, 15.3% FFO/debt, ~$58.0B cap.
- American Electric Power (AEP) T&D-heavy multi-jurisdiction mosaic: ~$77.6B derived rate base, ~10% RB CAGR, ROEs 9.25%-10.50%, Moody's FFO/debt 13.9%, ~$69.5B cap.
- Sempra (SRE) California/Texas utilities plus LNG: $57B rate base, 11% RB CAGR, Oncor 9.75% ROE, ~13.5% derived FFO/debt, 55% payout, ~$59.4B cap.
Renewables & IPPs
Renewables & IPPs Sector Primer →- Constellation Energy (CEG) Largest listed US nuclear operator: 31.7 GW owned pre-Calpine, FY2025 Adjusted Operating Earnings $2,944M, clean-baseload PPA optionality, ~$89B cap.
- Vistra (VST) Merchant plus retail plus nuclear: 43.6 GW net capacity, FY2025 Ongoing Ops Adj. EBITDA $5,912M, ~$47B cap.
- NRG Energy (NRG) Texas retail-merchant integrated: 12.3 GW pre–LS Power, FY2025 Adj. EBITDA $4,087M, ~$25.8B cap.
- Brookfield Renewable (BEP) Global contracted yieldco: 47.2 GW proportionate capacity, ~89% LTA GWh contracted, CAFD $1,264M at 90% payout.
- Clearway Energy (CWEN) US contracted yieldco: ~12.9 GW gross capacity, CAFD $430M, ~91% non-emitting revenue proxy, ~$8.2B cap.
- AES Corporation (AES) Global C-corp renewables pivot: 34.7 GW (54% renewables), Parent FCF $1,219M, 12.0 GW backlog, ~9.5× leverage, ~$10.5B cap.
Transport Infrastructure
Transport Infrastructure Sector Primer →- Ferrovial (FER) North American toll-road hybrid: 407 ETR to 2098 (~73 yrs), FY2025 revenue €9,627M, group EBITDA ~15.1%, consolidated net debt ~4.0× with ex-infra net cash, ~€40.6B cap.
- Vinci (DG) European concessions-plus-contracting: Autoroutes 71.0% margin (+0.9% traffic), Airports 63.4% (+5.0% pax to 334M), Escota ~6 yrs to 2032, net debt 1.4×, ~€69.8B cap.
- Aena (AENA) Regulated Spanish airport network: FY2025 passengers +4.2% to 384.8M, EBITDA margin 59.3%, DORA II RAB €9,387.1M, IMAAJ €10.35/passenger, net debt 1.46×, ~€35.7B cap.
- Transurban (TCL) Urban toll-road pure play: FY2025 proportional toll revenue A$3,732m, operating EBITDA margin 75.1%, ADT +2.2%, gearing 37.8% and FFO/debt 10.5%, ~A$47.4bn cap.
- Getlink (GET) Channel Tunnel mono-asset to 2086 (~61 yrs): FY2025 revenue €1,595m, EBITDA €859m at 53.9% margin, net debt 3.9×, mixed inflation-linked rail access and LeShuttle pricing, ~€10.1bn cap.
- Auckland Airport (AIA) Regulated single airport: vested land, PSE4 to Jun 2027, FY2025 passengers +1.1% to 18.7m, EBITDAFI margin ~69.8%, net debt ~2.32× on company EBITDA, ~NZ$14.0bn cap.
07 Transport Operators
Transport Operators guides →Shipping
Shipping Sector Primer →- Frontline (FRO) Crude tankers at spot rates: 80 owned ships and FY2025 VLCC earnings of $47,200/day against forward cash breakevens of $23,700-25,000/day.
- Star Bulk Carriers (SBLK) Dry bulk across every size class: 136 owned ships at FY2025 year-end, a fleet-average daily rate of $18,392 and a $2,875m vessel book with no filed NAV.
- ZIM Integrated Shipping (ZIM) How an asset-light container line works: ZIM operated 128 ships but owned 16, and averaged $1,551 of freight per TEU in FY2025. Hapag-Lloyd deal pending.
- Scorpio Tankers (STNG) Product tankers at spot rates: 89 owned ships, FY2025 fleet-average earnings of $25,964/day, net cash of $123.5m and a ~$11,000/day breakeven.
- Golar LNG (GLNG) Golar LNG's floating LNG plants: Gimi producing, Hilli redeploying to Argentina, a 3.5 MTPA conversion, and why revenue is liquefaction fees, not freight.
- Danaos (DAC) Danaos owns containerships and rents them to liner companies on multi-year charters: 85 ships, $35,892/day container earnings in FY2025, 27 newbuilds on order.
Airlines
Airlines Sector Primer →- Delta Air Lines (DAL) Premium-skewed US network carrier: FY2025 adjusted TRASM of 19.56¢ against CASM-Ex of 13.86¢, the Monroe refinery as fuel hedge, non-GAAP FCF of $4.64B.
- United Airlines (UAL) Global US network carrier growing capacity into international hubs: FY2025 ASM growth of +6.1% on TRASM 17.88¢ and CASM-ex 12.64¢.
- American Airlines (AAL) US network carrier guiding on total debt: FY2025 RASM of 18.25¢ against CASM ex fuel of 14.12¢, net debt of $30.7B and company-defined FCF of −$83M.
- Southwest Airlines (LUV) How to read Southwest Airlines' FY2025 filings: load factor down to 77.4%, computed free cash flow of −$831M, and fuel hedging discontinued in 2025.
- Ryanair (RYAAY) Reading Ryanair's FY2025 filings: a 94% booked load factor, yield per passenger mile against cost per seat mile, and net cash of €1.30B at 31 March 2025.
- International Airlines Group (IAG.L) Reading International Airlines Group's FY2025 filings: unit revenue and cost in euro cents per seat-kilometre, and why its €5,948m net debt includes leases.
Railroads
Railroads Sector Primer →- Union Pacific (UNP) Largest US western Class I, seeking to acquire Norfolk Southern: FY2025 adjusted operating ratio 59.3%, adjusted ROIC 16.3%, post-dividend FCF $2,292m.
- CSX (CSX) US eastern Class I with intermodal at 48% of FY2025 rail units: implied adjusted OR of 66.8%, total RPU of $2,234 (−4% YoY), FCF before dividends $1,789m.
- Norfolk Southern (NSC) US eastern Class I railroad Union Pacific has agreed to acquire: FY2025 GAAP OR of 64.2% (−220 bps YoY), intermodal 57.7% of units, merchandise 63% of revenue.
- Canadian National (CNI) Transcontinental Canadian Class I railroad: FY2025 adjusted operating ratio 61.7%, adjusted ROIC 13.0%, freight revenue per carload C$3,056, all in CAD.
- Canadian Pacific Kansas City (CP) Only Class I railroad spanning Mexico, the US and Canada: FY2025 core adjusted operating ratio 59.9%; intermodal 39.4% of carloads, 18% of freight revenue.
08 Healthcare
Healthcare guides →Pharmaceuticals
Pharmaceuticals Sector Primer →- Eli Lilly (LLY) The GLP-1 growth case: tirzepatide was 56.0% of FY2025 revenue. How a growing franchise and a legacy bucket with dated patent and IRA events are modelled apart.
- Novo Nordisk (NVO) The most concentrated of the six, reporting in kroner: semaglutide was 73.9% of FY2025 net sales, with patent dates that differ by country.
- Merck (MRK) The Keytruda concentration case: 48.7% of FY2025 sales on one US compound patent ending December 2028, with a Medicare price expected from 2029.
- Pfizer (PFE) The post-COVID reset: a low-concentration portfolio with a staggered LOE calendar, and why a ~126% GAAP payout reflects non-cash charges.
- AbbVie (ABBV) The post-Humira hand-off to Skyrizi and Rinvoq, and why a ~276% GAAP payout mostly reflects non-cash amortisation and deal charges.
- Johnson & Johnson (JNJ) The diversified benchmark: drugs plus MedTech, DARZALEX at ~15% of FY2025 revenue and patent risk spread product by product.
Biotech
Biotech Sector Primer →- Vertex Pharmaceuticals (VRTX) The single-franchise case that still generates cash: FY2025 revenue of $12,001M with cystic fibrosis at 92.9% and GAAP net income of $3,953M.
- Regeneron Pharmaceuticals (REGN) Antibody economics and a booking trap: FY2025 revenue of $14,343M; Dupixent's $17.8B global sales booked by Sanofi against a $5,242M Regeneron profit share.
- Amgen (AMGN) The diversified large-cap biotech where earnings still anchor value: FY2025 revenue of $36,751M, Prolia at 12.0% of sales and FCF of $8.1B.
- Gilead Sciences (GILD) Franchise durability against a pipeline setback: FY2025 revenue of $29,443M with HIV at 70.5%, Biktarvy at $14,334M and the Trodelvy ASCENT-07 miss.
- Moderna (MRNA) The runway-and-rNPV case: FY2025 revenue of $1,944M, 93.1% from COVID, a $(2,822)M net loss and ~17 quarters of indicative runway on $8.1B of liquidity.
- BioMarin Pharmaceutical (BMRN) A profitable rare-disease specialist: FY2025 revenue of $3,221M, VOXZOGO at 28.8% of sales and FY GAAP net income of $349M.
Medtech
Medtech Sector Primer →- Medtronic (MDT) The slow-growth diversified anchor: FY2025 net sales of $33.5B at 4.9% organic growth and $5.2B of free cash flow, the benchmark for focused franchises.
- Abbott Laboratories (ABT) Diversified devices plus diagnostics with a CGM growth engine: FY2025 sales of $44.3B, over 8 million Libre users and Diabetes Care at $8.0B.
- Intuitive Surgical (ISRG) The recurring-mix archetype: FY2025 revenue of $10.1B, 84% of it recurring, on 11,106 da Vinci systems; the only peer that files a group recurring share.
- Stryker (SYK) Orthopaedics plus Mako robotics: FY2025 net sales of $25.1B at 10.3% organic growth, over 2.0M cumulative Mako procedures and $4.3B of computed FCF.
- Boston Scientific (BSX) The organic-vs-reported trap: FY2025 net sales of $20.1B, up 15.8% organic against 19.9% reported, and Urology at +4.7% organic versus +23.1% reported.
- Edwards Lifesciences (EW) Structural heart without an installed-base KPI: FY2025 net sales of $6.1B, TAVR at 74% of revenue and +10.7% constant-currency growth.
09 Chemicals
Chemicals guides →Commodity Chemicals
Commodity Chemicals Sector Primer →- Dow (DOW) Dow, the integrated ethylene and polyethylene case: FY2025 Operating EBITDA of $3,256M against the trough and peak lines it drew in 2024, on >80% light feed.
- LyondellBasell (LYB) LyondellBasell files the industry PE margin: $580/t in 2025 versus $830/t for 2013-22. FY2025 EBITDA ex. items was $2,543M.
- Westlake (WLK) Westlake as the PVC/chlor-alkali case: FY2025 adjusted EBITDA of $1,144M versus GAAP EBITDA of ($248)M after $1,392M of identified items.
- Olin (OLN) Olin, the chlor-alkali case: FY2025 adjusted EBITDA of $651.8M against its own ~$2.0B target for 2029 in mid-cycle conditions, and what that does to leverage.
- Methanex (MEOH) Methanex, the methanol pure-play: FY2025 Adjusted EBITDA of $808M at a $361/t realised price, read against the company's own price sensitivity.
- Celanese (CE) Celanese, the acetyls case: FY2025 operating EBITDA of $1,893M at a 19.8% margin, leverage of ~6x, and gas-based methanol from its Gulf Coast Fairway venture.
Specialty Chemicals
Specialty Chemicals Sector Primer →- Sherwin-Williams (SHW) North American architectural coatings: FY2025 net sales $23.57B, gross margin 48.8%, Paint Stores same-store sales +1.7%, the clearest filed pricing-power case.
- Ecolab (ECL) Water, hygiene and infection-prevention services: FY2025 organic +3% with value pricing +2%, gross margin 44.5%, and the cleanest filed price/volume bridge.
- PPG Industries (PPG) Global coatings: FY2025 organic sales +2% (+1% price, +1% volume), gross margin 41.3%, segment EBITDA margin 19.3%, and April 2026 price increases of up to 20%.
- DuPont (DD) Specialty materials after the Electronics spin: FY2025 continuing-ops organic growth +2%, Healthcare & Water +7%, operating EBITDA margin 23.8%, leverage ~1.5x.
- Albemarle (ALB) Commodity-linked specialty: FY2025 net sales $5,143M on volume +7%, gross margin 13.0% after 1.2%, and an Energy Storage realised price of $11.50/kg LCE.
- International Flavors & Fragrances (IFF) Flavours, fragrances and health ingredients in transition: FY2025 CCN sales +2%, divestitures cut 7 points, gross margin 36.2%, adj. op. EBITDA margin 19.2%.
Industrial Gases
Industrial Gases Sector Primer →- Linde (LIN) The global industrial-gas benchmark: FY2025 revenue of $34.0B, adjusted EBITDA margin of 39.3%, adjusted after-tax ROC of 24.2% and a $10.0B project backlog.
- Air Products (APD) The on-site and clean-hydrogen case: FY2025 revenue of $12.0B, on-site 52% of sales, adjusted return on capital of 10.1%, and ~$26B of performance obligations.
- Air Liquide (AI.PA) The European-led global major: FY2025 revenue of €26.9B, recurring ROCE of 11.2%, Large Industries 27% of gas revenue, and a €4.9B investment backlog.
- Nippon Sanso Holdings (4091.T) A Japan-based major with four regional segments: revenue of ¥1,359.6B to March 2026, EBITDA margin of 24.3%, ROCE after tax of 7.1% and a ~¥180B approved capex backlog.
10 Agribusiness
Agribusiness guides →Fertilisers
Fertilisers Sector Primer →- Nutrien (NTR) The integrated fertiliser benchmark: potash, nitrogen, phosphate and a farm retail network, and how the segments add up to $6,046M of FY2025 adjusted EBITDA.
- CF Industries (CF) The North American nitrogen producer on Henry Hub gas: EBITDA per short ton, the gas cost behind it, and the urea sensitivity CF files.
- Mosaic (MOS) Phosphate and potash without a nitrogen segment: rock, ammonia and conversion costs, and why prices at its mines and plants sit below the world benchmarks.
- Yara International (YAR.OL) Global nitrogen on European gas: what a $13.2/MMBtu gas cost does to the nitrogen margin, and how importing ammonia limits a gas spike.
- ICL Group (ICL) Potash and specialty phosphate with no commodity nitrogen: reading a CIF potash price, covenant against reported net debt, and why one nutrient multiple does not fit.
- Intrepid Potash (IPI) A small US potash and Trio producer: short tons against metric tonnes, and why its potash price less its cost per ton is not a margin.
Ag Processing & Trading
Ag Processing and Trading Sector Primer →- Archer-Daniels-Midland (ADM) The whole merchant chain in one company. How to split crushing from grain trading, refining and a Wilmar stake, and what its two filed returns on capital measure.
- Bunge Global (BG) The oilseed crusher with the largest trading inventory. How its four segments group into processing and trading, and why its leverage reads 5.8× or 1.9×.
- Ingredion (INGR) A starch and sweetener maker beside the grain merchants. Why a crush map does not fit, and how to read it on segment income and filed returns instead.
- Darling Ingredients (DAR) Rendering and renewable diesel. How to read its Feed, Food and Fuel segments on fat and protein prices.
- The Andersons (ANDE) A US grain handler with an ethanol business. How ethanol came to earn half the profit on a quarter of the revenue, and what its inventory does to cash flow.
Aquaculture
Aquaculture Sector Primer →- Mowi (MOWI) The largest salmon farmer and the benchmark for unit economics: what its EUR 5.49/kg cost in box and EUR 1.30/kg operational EBIT include, and why its seven countries earn such different margins.
- SalMar (SALM) Norwegian salmon farmer with the largest filed licence capacity: how a NOK 13.6/kg group figure averages regions from NOK 20.7/kg in Northern Norway to losses in Iceland and offshore.
- Lerøy Seafood (LSG) The vertical-integration case: farming EBIT of NOK 6.7/kg against NOK 13.3/kg with processing and sales, three definitions of the same debt, and a year of more lice treatments.
- Bakkafrost (BAKKA) Faroes versus Scotland in one filing: DKK 5.17/kg earned against DKK 17.77/kg lost in FY2025, what a disease outbreak costs, and how the Faroes regulate capacity differently.
- Grieg Seafood (GSF) A one-region farmer after selling three regions: the full path from NOK 80.5/kg revenue through NOK 61.4/kg farming cost to NOK 14.2/kg operational EBIT, and a nearly full licence.
- Austevoll Seafood (AUSS) The holding company behind Lerøy: how to separate the salmon farming leg from pelagic fishing and fishmeal, and whose debt and minorities sit where.
11 Technology
Technology guides →Software
Software Sector Primer →- Microsoft (MSFT) Software at platform scale: how cloud capacity makes a software margin capital-intensive, read through RPO, stock pay and capex.
- Salesforce (CRM) The mature seat-based subscription company: slowing growth, high free cash flow, and the stock-pay gap between GAAP and cash.
- ServiceNow (NOW) High-growth seat subscription software: high renewal, a wide gap between GAAP and adjusted profit, and stock pay that nearly halves the FCF margin.
- SAP (SAP) A licence-to-cloud transition under IFRS: cloud now the majority, licences fading, and RPO as the record of contracted cloud demand.
- Snowflake (SNOW) Usage-priced software: consumption revenue, net retention by customer cohort, and stock pay that turns positive FCF negative.
- Constellation Software (CSU) The serial buyer of vertical-market software: low organic growth, recurring revenue, and free cash flow after interest and leases.
Technology Hardware
Technology Hardware Sector Primer →- Apple (AAPL) Devices plus a high-margin services book, with suppliers funding a negative cash cycle. How the installed base and the product mix shape the margin.
- Dell Technologies (DELL) Servers, storage and PCs at thin product margins: a negative cash cycle, a large RPO book, and why so much revenue passes straight through.
- Cisco Systems (CSCO) Networking equipment with half its revenue on subscription: high gross margin, heavy stock pay and a positive cash cycle.
- Arista Networks (ANET) Data-centre networking with high margins, long inventory days and two large customers, and what an inventory build means for cash.
- Seagate Technology (STX) A cyclical hard-drive maker whose gross margin ran from 18.3% in FY2023 to 45.6% in FY2026, and why the mid-cycle margin matters more than either.
- Amphenol (APH) Connectors and sensors sold across many end markets: a narrow gross-margin band, organic growth and a positive cash cycle.
- Jabil (JBL) Contract manufacturing at an 8.9% gross margin: a six-day cash cycle after selling receivables, and a concentrated customer list.
Semiconductors
Semiconductors Sector Primer →- Nvidia (NVDA) The fabless chip designer: high margins, low capex, concentrated customers and large manufacturing commitments.
- Taiwan Semiconductor Manufacturing (TSM) The foundry, reported in New Taiwan dollars: utilisation as the margin lever, capex near a third of revenue, and the leading-edge mix.
- Intel (INTC) A leading-edge integrated chip maker with revenue and margin well below past peaks, heavy gross capex, and a foundry arm that still sells mostly to Intel.
- Micron Technology (MU) The memory maker: gross margin from -9.1% in FY2023 to 80.7% in FY2026, and how to find a mid-cycle margin between them.
- Texas Instruments (TXN) An analog chip maker in what its 10-K calls a six-year cycle of elevated capital spending: rising depreciation and inventory days above 220.
- ASML (ASML) The chip-equipment maker: backlog and bookings lead revenue, with a large installed-base service business and concentrated customers.