Aerarium Research Learn
Research guides for reading public-company data.
Use this library to move from a company page into the source material behind it: SEC filings, financial statements, revenue segments, ownership disclosures, market data, and operating metrics. The goal is factual context, not investment advice.
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Financial statements
6 guides in this topic.
Reading an income statement
How an income statement works line by line: revenue − cost of revenue = gross profit, gross profit − operating expenses (R&D, SG&A) = operating income, down to net income and EPS — plus the margins each line produces.
Read guide →Reading a balance sheet
How a balance sheet works: assets = liabilities + shareholders’ equity, what cash, long-term debt, total assets, and equity mean, why it is a point-in-time snapshot, and how it connects to book value.
Read guide →Reading a cash flow statement
How the cash flow statement works: operating cash flow, capital expenditure, free cash flow = operating cash flow − capex, dividends and buybacks as return of capital, and why cash flow differs from accrual earnings.
Read guide →How the three financial statements connect — and how we verify our data
How the income statement, balance sheet, and cash flow statement link: net income flows into equity and tops the cash flow statement, depreciation bridges the income statement and cash flow — plus how Aerarium Research builds and checks every chart from SEC filings.
Read guide →Free cash flow explained
A factual guide to free cash flow — how it is built from the cash flow statement, why presentations differ, and how Aerarium Research shows the source.
Read guide →Cash flow versus earnings
A factual guide to why reported earnings and cash flow differ — accruals, non-cash items, and what a gap between profit and cash can and cannot tell you.
Read guide →Metrics & ratios
17 guides in this topic.
Revenue segments explained
A factual guide to revenue segment disclosures and how Aerarium Research uses them to make company business mix easier to inspect.
Read guide →Reading company KPIs
A factual guide to operating KPIs — the company-specific metrics in filings, why they are not standardized, and how Aerarium Research surfaces them.
Read guide →Profit margins explained
A factual guide to gross, operating, and net margin — how each is calculated from the income statement and why margins are only comparable in context.
Read guide →Valuation multiples explained
A factual guide to P/E, EV/EBITDA, and P/S — what each ratio compares, why capital structure matters, and why a multiple is never cheap or expensive on its own.
Read guide →Earnings and forward guidance
A factual guide to reported earnings versus forward guidance — where each comes from, why guidance is an expectation rather than a promise, and how to read revisions.
Read guide →Return on equity and return on assets
A factual guide to ROE and ROA — how each measures profit relative to capital, why leverage distorts ROE, and what the two ratios do not tell you.
Read guide →Debt-to-equity and leverage
A factual guide to the debt-to-equity ratio and financial leverage — what they show about how a company is financed, and why safe levels differ by industry.
Read guide →Dilution and share count
A factual guide to share dilution — how options, convertibles, and stock compensation change the share count, and why it matters for comparing per-share figures.
Read guide →Seasonality and comparable sales
A factual guide to seasonal revenue patterns and comparable (same-store) sales — why year-over-year comparisons matter and what comp sales strip out.
Read guide →Stock-based compensation
A factual guide to stock-based compensation, how it appears in company filings, and why it connects cash flow to share count.
Read guide →Working capital explained
A factual guide to working capital, current assets, current liabilities, and the operating cash cycle.
Read guide →Goodwill and intangible assets
A factual guide to goodwill, intangible assets, acquisitions, and impairment charges in company financial statements.
Read guide →Deferred revenue explained
A factual guide to deferred revenue, cash collected before revenue is earned, and why the liability can matter for recurring businesses.
Read guide →Dividends and buybacks
A factual guide to dividends, share repurchases, and how companies can return capital to shareholders.
Read guide →Book value and tangible book value
A factual guide to book value, tangible book value, and balance-sheet net worth measures.
Read guide →EBITDA and enterprise value (EV/EBITDA)
What EBITDA is and is not, how enterprise value differs from market cap, why EV/EBITDA is used to compare companies with different amounts of debt — and the costs EBITDA leaves out.
Read guide →EPS explained: basic, diluted and adjusted
How earnings per share is calculated, why diluted EPS is lower than basic, why the EPS in an earnings headline often differs from the EPS in the 10-Q, and why four quarters of EPS rarely add up to the annual figure.
Read guide →SEC filings
4 guides in this topic.
Reading an SEC 10-K
A factual guide to the core 10-K sections investors use for company context: business description, risk factors, MD&A, financial statements, and segment disclosures.
Read guide →Reading a 10-Q
A factual guide to quarterly SEC Form 10-Q reports, how they differ from annual 10-K filings, and what readers can inspect first.
Read guide →Understanding 8-K filings
A factual guide to SEC Form 8-K current reports and the material company events they can disclose between quarterly filings.
Read guide →S-1 and the IPO prospectus
A factual guide to Form S-1 registration statements and the disclosures companies provide before a public offering.
Read guide →Ownership & insiders
5 guides in this topic.
How to read a 13F filing
A factual guide to 13F filings, what they show, what they omit, and how Aerarium Research turns them into holder and overlap views.
Read guide →Institutional vs insider ownership
A factual guide to the difference between institutional holder data, insider transaction data, and activist ownership disclosures.
Read guide →Insider transactions and SEC Form 4
A factual guide to Form 4 — who must file, what insider buys and sells disclose, and why a single transaction rarely explains itself.
Read guide →Proxy statement DEF 14A
A factual guide to definitive proxy statements, shareholder voting matters, board information, and executive compensation disclosures.
Read guide →Schedule 13D versus 13G
A factual guide to Schedule 13D and 13G beneficial ownership reports for holders with more than 5% stakes.
Read guide →Market data & macro
9 guides in this topic.
Yield curve explained
A factual guide to Treasury yield curves, common spread measures, and how Aerarium Research presents macro context without turning it into a forecast.
Read guide →Short interest and fails-to-deliver
A factual guide to short interest, days to cover, and fails-to-deliver — what each data point shows, how it is reported, and its timing limits.
Read guide →Market cap and float
A factual guide to market capitalization, shares outstanding, public float, and why share-count definitions matter.
Read guide →Trading volume and liquidity
A factual guide to trading volume, liquidity, spreads, and what market activity can and cannot show.
Read guide →Beta and volatility
A factual guide to beta, volatility, and measures of price variability that describe past market behavior.
Read guide →Fed funds futures: how markets price rate cuts
How 30-day fed funds futures (ZQ) turn into a market-implied path for the Fed policy rate: price = 100 − the expected average effective rate, why a mid-month FOMC meeting only moves part of a contract, and how "cuts priced" is calculated.
Read guide →CPI vs PCE: the two US inflation measures
The difference between the Consumer Price Index (CPI) and the PCE price index — who publishes each, what they cover, why CPI often runs higher, which one the Fed targets, and what "core" excludes.
Read guide →How interest rates affect stocks
The channels through which interest rates reach a company's value: discount rates, interest expense, bank margins and capital-intensive sectors — and where in a 10-K each company discloses its own rate sensitivity.
Read guide →Why mortgage rates follow the 10-year Treasury
Why the 30-year fixed mortgage rate tracks the 10-year Treasury yield rather than the Fed funds rate, what the spread between them reflects, and where the weekly mortgage data comes from.
Read guide →Reference
1 guide in this topic.
Source-first research surfaces
Start with the covered-company directory, then move into financials, segments, ownership, research notes, and macro context. All public pages remain crawlable so search engines and AI assistants can cite the source-backed surfaces directly.