REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

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REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

REPORT · MCD

Fewer U.S. guests are spending more per visit

1What the company does

2Why it matters now

FINANCIALS · ETREntergy Corp

Revenue: $12.9 bn
Free cash flow: −$2.5 bn
Operating margin: 24.7%

FY 2025 · GFC

ALLAllstate Corp (The)

Share price · 1 year

REPORT · PG

Product renewal must lift demand without sacrificing margins

1What the company does

2Why it matters now

CBChubb Ltd

Share price · 1 year

REPORT · MA

Growing payments and services must leave enough profit after customer incentives

1What the company does

2Why it matters now

FINANCIALS · NTRANatera Inc

Revenue: $2.3 bn
Free cash flow: $109.1 m
Operating margin: -13.4%

FY 2025 · GFC

FCNCAFirst Citizens Bancshares Inc (Nc) - Class A

Share price · 1 year

REPORT · AMD

EPYC and Instinct growth must justify bigger commitments

1What the company does

2Why it matters now

LLoews Corp

Share price · 1 year

REPORT · ABBV

New medicines must keep replacing older sales

1What the company does

2Why it matters now

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

COFCapital One Financial Corp

Share price · 1 year

REPORT · AMAT

Technology comes first. Customer orders must follow.

1What the company does

2Why it matters now

METMetlife Inc

Share price · 1 year

REPORT · META

Advertising demand is strong; cost conversion needs to improve

1What the company does

2Why it matters now

FINANCIALS · ETNEaton Corporation PLC

Revenue: $27.4 bn
Free cash flow: $3.6 bn

FY 2025 · GFC

FITBFifth Third Bancorp

Share price · 1 year

REPORT · XOM

Operating progress must remain useful when price support fades

1What the company does

2Why it matters now

AXPAmerican Express Company

Share price · 1 year

REPORT · INTC

Processor strength, factory returns unresolved

1What the company does

2Why it matters now

FINANCIALS · MMM3m Company

Revenue: $24.9 bn
Free cash flow: $1.4 bn
Operating margin: 18.6%

FY 2025 · GFC

MTSIMacom Technology Solutions Holdings Inc

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

HUMHumana Inc

Share price · 1 year

REPORT · VLO

Strong refining margins meet a smaller refinery base

1What the company does

2Why it matters now

FINANCIALS · FDXFedex Corp

Revenue: $94.7 bn
Free cash flow: $5.1 bn
Operating margin: 5.8%

FY 2026 · GFC

IBKRInteractive Brokers Group Inc - Class A

Share price · 1 year

REPORT · AMZN

Capacity-return inflection

1What the company does

2Why it matters now

BAMBrookfield Asset Management

Share price · 1 year

REPORT · JPM

Higher fees and lending income must outgrow costs and credit losses

1What the company does

2Why it matters now

FINANCIALS · MCKMckesson Corporation

Revenue: $403.4 bn
Free cash flow: $5.7 bn
Operating margin: 1.5%

FY 2026 · GFC

AFLAflac Inc

Share price · 1 year

REPORT · ABNB

Marketplace profits growing; expansion returns unproven

1What the company does

2Why it matters now

MDTMedtronic PLC

Share price · 1 year

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

FINANCIALS · LRCXLam Research Corp

Revenue: $23.2 bn
Free cash flow: $4.9 bn
Operating margin: 35.3%

FY 2026 · GFC

MSMorgan Stanley

Share price · 1 year

GSGoldman Sachs Group Inc

Share price · 1 year

REPORT · GOOGL

Search and Cloud must earn the growing computing commitment

1What the company does

2Why it matters now

FINANCIALS · IOTSamsara Inc - Class A

Revenue: $1.6 bn
Free cash flow: $207.4 m
Operating margin: -3.2%

FY 2026 · GFC

KKRKkr & Co. Inc

Share price · 1 year

REPORT · PLTR

Deeper adoption, durability unproven

1What the company does

2Why it matters now

CCitigroup Inc

Share price · 1 year

REPORT · NVDA

Proven profits, open commitments

1What the company does

2Why it matters now

FINANCIALS · IDXXIdexx Laboratories Inc

Revenue: $4.3 bn
Free cash flow: $1.1 bn
Operating margin: 31.6%

FY 2025 · GFC

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · TSLA

Existing businesses are funding an unproven AI expansion

1What the company does

2Why it matters now

MKLMarkel Group Inc

Share price · 1 year

REPORT · BA

Aircraft recovery still lacks durable returns

1What the company does

2Why it matters now

FINANCIALS · ECLEcolab Incorporated

Revenue: $16.1 bn
Free cash flow: $1.9 bn
Operating margin: 17%

FY 2025 · GFC

APOApollo Global Management Inc

Share price · 1 year

REPORT · WMT

Price investment faces a durability test

1What the company does

2Why it matters now

BACBank Of America Corp

Share price · 1 year

REPORT · ABT

Device sales are growing. Acquired diagnostics must earn their cost.

1What the company does

2Why it matters now

FINANCIALS · MCOMoody`S Corp

Revenue: $7.7 bn
Free cash flow: $2.6 bn
Operating margin: 43.4%

FY 2025 · GFC

ORealty Income Corp

Share price · 1 year

REPORT · AVGO

Rapid product growth must remain profitable and cash-generative

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

REPORT · CSCO

Networking profits are improving. Cash has not followed yet.

1What the company does

2Why it matters now

FINANCIALS · FCXFreeport-Mcmoran Inc

Revenue: $25.9 bn
Free cash flow: $1.1 bn
Operating margin: 25.2%

FY 2025 · GFC

CINFCincinnati Financial Corp

Share price · 1 year

REPORT · DE

Other equipment markets must offset weak large agriculture

1What the company does

2Why it matters now

AIGAmerican International Group Inc

Share price · 1 year

REPORT · AAPL

Device scale proven, Services profit case open

1What the company does

2Why it matters now

FINANCIALS · LITELumentum Holdings Inc

Revenue: $3 bn
Free cash flow: $300.1 m
Operating margin: 17.4%

FY 2026 · GFC

ARESAres Management Corp - Class A

Share price · 1 year

REPORT · ACN

New transformation work must replace services technology displaces

1What the company does

2Why it matters now

FANGDiamondback Energy Incorporated

Share price · 1 year

REPORT · NFLX

Netflix must keep earning viewers' time profitably

1What the company does

2Why it matters now

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Comcast (CMCSA) — Stock Research & Financial Analysis

Opening report…

Comcast

Comcast is a US media and telecom company that provides broadband, video, and mobile services and owns content and theme-park assets including NBCUniversal. Its profile depends on scale, competitive position, demand trends, and margin execution.

Go to report

Ticker

CMCSA

IPO

1988

Sector

Communication Services

Industry

Telecom Services

Country

USA

Exchange

NASDAQ

Latest period

Mar 31, 2026

Fiscal year end

December

Market cap

$85.20B

EPS

$5.10

Latest price

Oct 16, 2026

$21.90+0.60%

Min $20.66-17.34%Max $31.17

TradingView

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