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.
Mining
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
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 with a senior-grade EV/GEO multiple and Canadian Malartic concentration.
Triple Flag (TFPM)
Post-2020 streamer. Record GEOs, the Cerro Lindo step-down, and the cheapest EV/GEO in the set.
Steel & Bulk Commodities
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 the valuation premium over integrated peers.
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.
Oil & Gas
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
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: MPC owns 63.7%, 1.4× coverage floor, dropdown M&A and sponsor risk.
Kinder Morgan (KMI)
C-corp gas network post-2014 roll-up: 65% take-or-pay earnings, not the 96% composite.
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
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.
REIT
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 REIT
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
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.
Banks
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, returns on tangible equity, and the valuation gap to 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 the discount to close.
Insurance
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 why it trades near 4× book.
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. GAAP versus core operating returns, and what a below-book valuation is actually pricing.
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
Blackstone (BX)
The fee-earnings benchmark. Fee-related versus distributable earnings, perpetual capital as a share of AUM, and what the premium multiple buys.
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 why the multiple sits above the group.
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 what the cheapest multiple of the six is compensating for.
Defence Primes
Lockheed Martin (LMT)
Platform-prime teaching case: FY2025 revenue $75.0B, $193.6B backlog, F-35 at 27% of consolidated sales, and 138% FCF conversion.
RTX Corporation (RTX)
Dual defence/commercial integrator: $268B backlog, 1.56x book-to-bill, FY2025 revenue split 52% defence / 48% commercial, and 11.8% segment ROS.
Northrop Grumman (NOC)
B-21, space and missile defence: $95.7B backlog, 1.10x book-to-bill, segment OM dispersion from Mission Systems 14.6% to Aeronautics 6.3%, and 79% FCF conversion.
General Dynamics (GD)
Combat systems plus Gulfstream: $118B backlog, 1.6x defence book-to-bill, submarines at 24% of sales, 51% fixed-price US govt mix, and 94% FCF conversion.
L3Harris Technologies (LHX)
C4ISR and tactical communications: Communication Systems at 25.2% margin, 170% GAAP FCF conversion, and 1.3x book-to-bill.
BAE Systems (BA.L)
European prime with a large US subsidiary: £83.6B backlog, 1.2x book-to-bill, Air sector 30% of sales, and 92% FCF conversion.
Commercial Aerospace
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
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.
Regulated Utilities
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 rate base, 11.9% CAGR to 2030, 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
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
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.
Shipping
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
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
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.