Premium track · Fundamental Analysis

Fundamental Analysis

The free Foundations stages teach investing fundamentals. This track goes further: how traders read earnings, valuation, macro releases, and catalysts — and how those numbers actually move prices.

6 stages · 68 lessons · interactive
Stage 112 lessons

Deconstructing Financial Statements

Read income, balance-sheet and cash-flow statements like an analyst — and spot where reported earnings part ways with real cash.

  1. From Reader to Analyst — Reading Like a Pro
  2. The Three Statements as One System
  3. Following the Cash — Profit vs. Real Cash
  4. Revenue Recognition & One-Off Items
  5. The Balance Sheet, Decomposed — Operating vs. Financial
  6. Working Capital & the Cash Conversion Cycle
  7. Free Cash Flow — FCF, FCFF & FCFE
  8. Capitalize vs. Expense — Where Costs Hide
  9. Reading the Notes — Segment & Geographic Detail
  10. Normalizing Earnings — Finding the Real Number
  11. Common-Size & Trend Analysis
  12. Mastery Challenge — Full Statement Workout
Stage 212 lessons

Ratios & Earnings Quality

Turn the statements into diagnostic ratios — returns, leverage, liquidity, cash coverage — and learn the way each one deceives. Owns forensic red-flags and the GAAP vs non-GAAP games.

  1. What Ratios Really Tell You
  2. Returns on Capital
  3. The DuPont Decomposition
  4. Efficiency & Asset Turnover
  5. Liquidity & Solvency
  6. Leverage & the Debt Profile
  7. Cash-Flow Coverage & FCF Yield
  8. Earnings Quality — Accruals vs Cash Earnings
  9. Red Flags & Manipulation Signals
  10. GAAP vs Non-GAAP & the 'Adjusted' Games
  11. Comparing Ratios the Right Way
  12. Forensic Diagnosis Mastery Challenge
Stage 311 lessons

Business, Industry & Moat

Step back from the numbers and judge the business itself — how it makes money, the industry it competes in, and whether its competitive edge will last. The qualitative ASSESS stage of fundamental analysis.

  1. The Business Model — How It Actually Makes Money
  2. Unit Economics & Revenue Drivers
  3. Industry Structure — Porter's Five Forces
  4. The Industry Life Cycle & Cyclicality
  5. Economic Moats — The Five Sources
  6. Testing Moat Durability — Widening or Eroding?
  7. TAM, Growth Runway & Market Share
  8. Management & Capital Allocation
  9. Competitive Positioning & Peer Mapping
  10. ESG & Non-Financial Risk
  11. Business & Moat Mastery Challenge
Stage 412 lessons

Intrinsic Valuation — DCF

Build a discounted-cash-flow valuation from scratch — forecast the cash, discount it for time and risk, add a terminal value, and turn it into a per-share number you can compare to the price. The intrinsic-VALUE stage of fundamental analysis, run on a live model you steer yourself.

  1. Intrinsic Value — The Big Idea
  2. Forecasting Revenue — Building the Top Line
  3. Forecasting Margins & the Operating Model
  4. From Earnings to Free Cash Flow
  5. The Discount Rate — WACC & Cost of Capital
  6. Terminal Value — Perpetuity vs Exit Multiple
  7. Putting the DCF Together — Enterprise to Equity Value
  8. Sensitivity & Scenario Analysis
  9. The Dividend Discount Model & When to Use It
  10. Reverse DCF — What Is the Market Pricing In?
  11. DCF Pitfalls — Garbage In, Garbage Out
  12. Intrinsic Valuation Mastery Challenge
Stage 510 lessons

Relative Valuation — Multiples & Comps

Value a company against its peers and the market with multiples and a comp set. Standardize price into a multiple, build the comp set, read the median and where the target sits, normalize apples-to-apples, and separate a genuine bargain from a value trap — the relative cross-check to the Stage 32 DCF.

  1. Why Multiples Exist — Relative vs Intrinsic
  2. Earnings Multiples — P/E, Forward P/E, PEG
  3. Enterprise-Value Multiples — EV/EBITDA, EV/Sales
  4. Asset & Book Multiples — P/B, P/TBV
  5. Cash-Flow & Yield Multiples — P/FCF, FCF & Dividend Yield
  6. Building a Comp Set — Choosing True Peers
  7. Normalizing Multiples — Apples to Apples
  8. Precedent Transactions & Takeout Value
  9. Reading the Multiple — Cheap, Expensive, or a Trap?
  10. Relative Valuation Mastery Challenge
Stage 611 lessons

Building the Investment Thesis

Combine the statements, quality, business and valuation into a written investment thesis — a falsifiable claim about a mispricing, with a value range, a margin of safety, catalysts, a bear case, a position size and a verdict. The synthesis that owns the buy/sell decision, sizing, the written memo and monitoring — the capstone of the whole FA track.

  1. What a Real Investment Thesis Looks Like
  2. The Variant View
  3. Triangulating Value — DCF, Comps & Assets
  4. Margin of Safety & the Range of Outcomes
  5. Catalysts & Time Horizon
  6. The Bear Case & Pre-Mortem
  7. Position Sizing & Conviction
  8. Writing the One-Page Memo
  9. Monitoring the Thesis — Knowing When You're Wrong
  10. Full Company Workup — End-to-End
  11. Fundamental Analysis Mastery Capstone

Every TradeWize account starts with the free Foundations curriculum — 20 investing stages, no card required. The Fundamental Analysis track is part of Premium, alongside the other advanced trading tracks, real-time market data, and unlimited hearts.

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