● What it does
[Company] sells X to Y and makes money through Z.
● Why it wins
What makes this business better than others? Brand, scale, technology, cost advantage, etc.
● Key metrics that matter
- Return on Capital: ___%
- Gross Margin: ___%
- Operating Margin: ___%
- Revenue Growth: ___%
- Free Cash Flow: $___
● Is revenue recurring or one-off?
[Recurring / One-off] – e.g. SaaS, subscriptions, repeat purchases vs. project-based contracts.
● Moat / Competitive edge
Does it have brand power, network effects, cost structure advantage, IP protection, or distribution dominance?
● Risks
What could go wrong? Tech disruption, competition, regulation, debt, etc.
● Valuation (as of today)
- Market Cap: $___
- Earnings: $___
- PE: ___
- Free Cash Flow Yield: ___%
● Would I buy the whole business today?
[Yes/No] — Explain your reasoning based on fundamentals, risks, and conviction.
📘 Example: Apple — In One Page
● What it does
Apple sells premium tech devices and makes money from both hardware and services.
● Why it wins
Its ecosystem traps users, margins are high, brand is global, and cash flow is king.
● Key metrics that matter
- Return on Capital: ~25%
- Gross Margin: ~44%
- Operating Margin: ~30%
- Revenue Growth: ~5%
- Free Cash Flow: ~$100B
● Is revenue recurring or one-off?
Recurring — ~$85B in Services (iCloud, App Store, Apple Music, etc.).
● Moat / Competitive edge
Ecosystem (iPhone, Watch, AirPods, iCloud, App Store), scale, supply chain, and brand loyalty.
● Risks
China exposure, regulation, slowing iPhone growth.
● Valuation (as of today)
- Market Cap: $3 Trillion
- Earnings: ~$100B
- PE: ~30x
- Free Cash Flow Yield: ~3.3%
● Would I buy the whole business today?
Yes — for its consistent cash generation, pricing power, and sticky users.
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