#financial-analysis
Analyze financial data and metrics to evaluate business performance and health
Circle's Q1 2026 revenue was $694.1M (+20% YoY) with USDC in circulation at $77.0B, but $405.4M — 58.4% — went to distribution partners, leaving an RLDC margin of 41%. Reserve income is 94% of revenue, so the top line tracks short-term interest rates. Rebuilding Circle's books in a public Beancount ledger also shows FY2025 was a net-loss year (−$70M), driven by a one-time $503.4M IPO compensation charge in Q2.
Micron's fiscal Q3 2026 revenue rose 345.7% to $41.46 billion while cost of goods sold rose only 10.5% to $6.40 billion, lifting GAAP gross margin from 37.7% to 84.6% and net income to $28.24 billion — a margin built on DRAM pricing, not cost structure, in a business that posted a negative 9.1% gross margin as recently as FY2023.
MiniMax's first annual report as a listed company shows FY2025 revenue of $79.0M (+158.9% YoY) and gross margin up to 25.4%, alongside an IFRS net loss of $1.87B — but $1.59B of that loss is a non-cash fair-value remeasurement of convertible redeemable preferred shares that converted to equity at the January 9, 2026 Hong Kong listing. Adjusted net loss grew only 2.7%, from $244.2M to $250.9M. A public Beancount ledger of FY2022–FY2025 shows exactly where the paper loss sits and why it disappears in FY2026.
NVIDIA's Q1 FY2027 revenue hit $81.6B (+85% YoY) and net income $58.3B (+211%), but $15.9B of that profit came from marking up its equity portfolio, not selling chips — core net income is closer to $42.4B. The quarter also retired the five-segment breakout for two platforms, Data Center (92% of revenue) and Edge Computing. Full income statement and balance sheet, FY2024–Q1 FY2027, in a public Beancount ledger.
Palantir's Q1 2026 revenue grew 84.7% to $1.633 billion while total costs grew only 24%, lifting operating margin to 46.2% and net margin to 53.7% — a net margin that exceeds the operating margin because interest income adds $134.6 million and the effective tax rate is just 1.4%, against an accumulated deficit that still stands at $2.69 billion.
Tesla's Q1 2026 revenue reached $22.4 billion (+16% YoY) with automotive gross margin hitting a 5-quarter high of 19.2% ex-regulatory-credits, but a capex guidance raise to over $25 billion and a $2.0 billion SpaceX equity stake sent the stock down 3.56% despite the earnings beat. Full income statement and balance sheet, FY2021-Q1 2026, in a public Beancount ledger.
Microsoft's FY2026 Q3 revenue rose 18.3% to $82.9B with net income up 23.1% to $31.8B, while Azure re-accelerated to 40% growth — but gross margin compressed for a third straight quarter (69.1% → 68.0% → 67.6%) as capex tracks toward $190B for calendar 2026. Full income statement and balance sheet, FY2020–FY2026 Q3, in a public Beancount ledger.
SpaceX's IPO filing shows FY2025 revenue of $18.7B (+33%) and a $4.9B net loss — Starlink earned a $4.4B operating profit at a 38.8% margin while the AI segment (X and xAI) lost $6.4B on $3.2B of revenue and consumed $12.7B of capex. A bull-vs-bear analysis backed by an open double-entry Beancount ledger covering FY2023 through Q1 2026.
Menu engineering classifies every dish by two numbers — contribution margin (menu price minus food cost) and popularity (sales mix) — into four quadrants, Stars, Plowhorses, Puzzles, and Dogs, revealing that a high-volume 32% food-cost burger can generate far more total profit than a "leaner" 38% food-cost entree that rarely sells.
The Altman Z-Score combines five financial ratios into one number that predicted bankruptcy with 72% accuracy two years out. This guide covers the original formula, the Z' and Z'' versions for private and non-manufacturing firms, a worked example, and how to screen your own company, customers, and suppliers.
Common-size analysis restates every line of a financial statement as a percentage of revenue or total assets; trend analysis indexes the same lines across years. Together they expose cost creep, margin erosion, and balance sheet drift that raw dollars hide, and they make a $2M business meaningfully comparable to a $50M peer.
Two businesses with identical revenue and operating income can react very differently to the same 10% sales decline. This guide explains the three DOL formulas, walks through a worked SaaS example, identifies which industries carry the highest operating leverage, and lays out a five-step stress test for your own cost structure.
