AMD and SPCX are complete free examples — the same structure all company research uses, free to read. Open either one and read every section end to end.
FREE SAMPLE · AMDComplete public analysis
Advanced Micro Devices: AI demand only creates value if it turns into cash.
The question
AI accelerators can grow quickly while requiring heavy investment in design, manufacturing and software. The key question is how much cash remains for shareholders after those costs, and how long the advantage lasts.
What to examine
Read data-center segment revenue against research and development, capital spending and operating margin. Customer concentration matters, as does the difference between hyperscaler demand today and the durability of that demand across a product cycle.
How the valuation works
The dated business model forecasts each business's net profit, applies a chosen P/E multiple, and discounts the resulting equity value. The new financial-report section separately shows current reported revenue and an editable cash-flow allocation scenario. Their dates, methods and assumptions differ.
Bear
AI accelerator demand normalizes faster than expected and margins compress as competition responds.
Base
Data-center share gains convert into durable cash generation as the platform matures.
Bull
Sustained demand and improving mix justify higher revenue, margin and multiple.
What would change the conclusion?
Look for sustained free cash flow after investment, evidence that data-center wins are converting into cash, and how the competitive set changes. Faster revenue growth alone does not settle the valuation.
Space Exploration Technologies: separate today's businesses from future possibilities.
The question
How much value comes from launch, Starlink connectivity and the AI compute build-out today, and how much depends on Starship and other businesses that may develop later? Combining them into one growth assumption hides the biggest uncertainties.
What to examine
Review reported segment revenue, adjusted EBITDA and capital spending across Space, Connectivity and AI. For newer businesses, look for technical progress, commercial demand, regulatory standing and a plausible path to profit.
How the valuation works
A sum-of-the-parts model values each business separately. Reported segments use financial anchors; uncertain future businesses use explicit scenario trees with probabilities. Cash, debt and diluted shares connect the parts to a value per share.
Bear
Capital intensity stays high and newer businesses take longer to commercialize.
Base
Reported segments support value while future businesses receive limited, evidence-based value.
Bull
Profitable new services scale, backed by commercial and operating evidence.
What would change the conclusion?
Track durable operating profit and cash generation, then test whether future-business milestones arrive on schedule. A higher share price is not evidence that an operating assumption has been achieved.
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