ValueScreener

ValueScreener company report

Immunovant, Inc. (IMVT)

NASDAQ / Healthcare / Biotechnology

Share price

26.73 USD Market dataClose of Oct 16, 2026

Market capitalisation

5.52B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2026, filed May 20, 2026
Ratios computed
Oct 16, 2026
Filed years
8, FY2019 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

-59.3% Computed

From the FY2026 filing

Read quality

Valuation

Price to book

5.72x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-8.3% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2018 Net income: -136.7M USDFY2019 Net income: -28.6M USDFY2020 Net income: -66.4M USDFY2021 Net income: -107.4M USDFY2022 Net income: -156.7M USDFY2023 Net income: -211.0M USDFY2024 Net income: -259.3M USDFY2025 Net income: -413.8M USDFY2026 Net income: -505.6M USD
Revenue Net income9 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -59.3% in FY2026, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Biotechnology industry (494 companies), -59.3% sits at the 52nd percentile; the middle half of that group runs from -146.9% to -28.9%.

Is it safe

Debt to equity was 0.00008 in FY2026, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Biotechnology industry (252 companies), 0.00008 sits at the 13th percentile; the middle half of that group runs from 0.01 to 0.29.

Year by year against peers
Whether Immunovant, Inc.'s return on equity stayed above the median of the Biotechnology industry, year by year. (FY2024 to FY2026, 3 fiscal years of Immunovant, Inc. with a comparable figure)
The direction
Which way Immunovant, Inc.'s current ratio has moved, and how steadily. (FY2018 to FY2026, 9 filed years of Immunovant, Inc.)
What could explain it
What in Immunovant, Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines Immunovant, Inc. filed)
What to check next
What to check next on Immunovant, Inc., and where in its filings. (3 questions for Immunovant, Inc.)
In one paragraph
One paragraph on Immunovant, Inc.'s returns, cash, balance sheet and price. (5 of sixteen figures read for Immunovant, Inc.)

These are IMVT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research IMVTPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed May 20, 2026, accession 0001764013-26-000064.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Immunovant, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Return on equity-59.3% ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Return on assets-52.8% ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Gross margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Operating margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Net margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Immunovant, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.00008 ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Current ratio9.09 ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Quick ratio9.09 ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Altman Z-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Net debt-902.0M ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Total assets 957.0MTotal liabilities 104.4MShareholders' equity 852.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Immunovant, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 20, 2026, 0001764013-26-000064).

Immunovant, Inc: balance sheet position
Total assets957.0M FiledFY2026 10-K, filed May 20, 2026
Total liabilities104.4M FiledFY2026 10-K, filed May 20, 2026
Shareholders' equity852.6M FiledFY2026 10-K, filed May 20, 2026
Cash902.1M FiledFY2026 10-K, filed May 20, 2026
Total debt72.0K FiledFY2026 10-K, filed May 20, 2026
Net debt-902.0M
Current ratio9.09
Debt to equity0.00008
  • Interest cover: FY2026: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Immunovant, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
P/E on trailing twelve months
Why n/a

Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

n/a ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book5.72x ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Price to sales
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Diluted earnings per share-2.77 USD FiledFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064

We publish no fair value or price target of our own. Value IMVT on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Immunovant, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Immunovant, Inc: valuation
Share price26.73 USD
Market capitalisation5.52B USD
Enterprise value to EBITDAn/a
Graham numbern/m
Diluted earnings per share, FY2026-2.77 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like Immunovant, Inc

  1. Abivax S.A. (ABVX)Market cap 6.47B USD
  2. Praxis Precision Medicines, Inc. (PRAX)Market cap 6.75B USD
  3. Scholar Rock Holding Corporation (SRRK)Market cap 4.86B USD
  4. Erasca, Inc. (ERAS)Market cap 4.68B USD
  5. Kodiak Sciences Inc. (KOD)Market cap 5.39B USD

Same industry (Biotechnology) and size band (Mid, 2B to 10B), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Immunovant, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-8.3% ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Free cash flow-407.3M USD ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Free cash flow margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 16, 2026 · FY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
FY2018 Free cash flow: -128.3M USDFY2018 Net income: -136.7M USDFY2019 Free cash flow: -28.6M USDFY2019 Net income: -28.6M USDFY2020 Free cash flow: -53.4M USDFY2020 Net income: -66.4M USDFY2021 Free cash flow: -83.5M USDFY2021 Net income: -107.4M USDFY2022 Free cash flow: -106.4M USDFY2022 Net income: -156.7M USDFY2023 Free cash flow: -188.4M USDFY2023 Net income: -211.0M USDFY2024 Free cash flow: -214.6M USDFY2024 Net income: -259.3M USDFY2025 Free cash flow: -376.6M USDFY2025 Net income: -413.8M USDFY2026 Free cash flow: -407.3M USDFY2026 Net income: -505.6M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Immunovant, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2026Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
5.72xFY2026Oct 16, 2026
n/aFY2026Oct 16, 2026
n/a The filed income statement reports no operating income.
-8.3%FY2026Oct 16, 2026
n/aFY2026May 20, 2026
n/a No operating income line is filed for this year.
n/aFY2026Oct 16, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.00008FY2026May 20, 2026
9.09FY2026May 20, 2026
n/aFY2026Oct 16, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/mFY2026Oct 16, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2026Oct 16, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2026May 20, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2026May 20, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 8 filed fiscal years on record, FY2019 to FY2026, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

9 fiscal years, FY2018 to FY2026. 8 read from the annual reports Immunovant, Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Immunovant, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026n/an/a-505.6M-2.77-407.3Mn/a-59.3%10-K, May 20, 20260001764013-26-000064
FY2025n/an/a-413.8M-2.73-376.6Mn/a-58.5%10-K, May 29, 20250001764013-25-000092
FY2024n/an/a-259.3M-1.88-214.6Mn/a-42.0%10-K, May 29, 20240001764013-24-000109
FY2023n/an/a-211.0M-1.71-188.4Mn/a-58.2%10-K, May 22, 20230001764013-23-000065
FY2022n/an/a-156.7M-1.43-106.4Mn/a-33.4%10-K, Jun 8, 20220001764013-22-000059
FY2021n/a-107.8M-107.4M-1.22-83.5Mn/a-27.4%10-K, Jun 1, 20210001764013-21-000052
FY2020n/a-65.7M-66.4M-1.54-53.4Mn/a-70.6%10-K, Jun 29, 20200000950123-20-006444
FY2019n/an/a-28.6M-1.29-28.6Mn/a-389.7%10-K, Jun 29, 20200000950123-20-006444
FY2018n/a-136.7M-136.7M-13.67-128.3Mn/an/mMarket data, supplied Oct 15, 2026accession n/a
  • Revenue: Fewer than two filed years carry revenue.
  • Earnings: Earnings was not positive in both 2018 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2018 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2018 and 2026, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Immunovant, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Piotroski F-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2026 10-K, filed May 20, 2026, 0001764013-26-000064
Named tests met0 of 30 Computed
Beta1.27 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 0 met, 18 not met, 12 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); High returns and growth; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; ROIC at or above WACC; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); Cash-covered dividend; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(20)
  • Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No operating income line is filed for this year.
  • Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 20 figures could not be read on this company, among them Piotroski F-Score, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 12 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 8 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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