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Cloud operating profit; capex, depreciation and diluted shares at the next report.", "uk": "Наступний звіт: виручка Search і витрати залучення трафіку; операційний прибуток Cloud; capex, амортизація та розбавлена кількість акцій.", "ru": "Следующий отчёт: выручка Search и расходы привлечения трафика; операционная прибыль Cloud; capex, амортизация и разводнённое число акций." }, "source": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm", "cik": "0001652044", "issuer": "Alphabet Inc.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "capex_split", "sbc", "nonoperating" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "GOOGL", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "MSFT", "weight": 9, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 493.78, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001104659-26-107526", "form": "8-K", "filed": "2026-09-14", "accepted": "2026-09-14T20:45:41.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000110465926107526/tm2624614d5_8k.htm", "sourceHash": "e12c1f29dc9deb9202456c28d81f77602a41e190c105d6364619fc35a9ec063d" }, { "accession": "0001018724-26-000036", "form": "8-K", "filed": "2026-09-09", "accepted": "2026-09-09T20:28:21.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000036/amzn-20260908.htm", "sourceHash": "e12c1f29dc9deb9202456c28d81f77602a41e190c105d6364619fc35a9ec063d" }, { "accession": "0001018724-26-000026", "form": "10-Q", "filed": "2026-07-31", "accepted": "2026-07-30T22:11:13.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000026/amzn-20260630.htm", "sourceHash": "e12c1f29dc9deb9202456c28d81f77602a41e190c105d6364619fc35a9ec063d" }, { "accession": "0001018724-26-000024", "form": "8-K", "filed": "2026-07-30", "accepted": "2026-07-30T20:06:23.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000024/amzn-20260730.htm", "sourceHash": "e12c1f29dc9deb9202456c28d81f77602a41e190c105d6364619fc35a9ec063d" }, { "accession": "0001104659-26-082293", "form": "8-K", "filed": "2026-07-09", "accepted": "2026-07-09T20:46:08.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1018724/000110465926082293/tm2619352d4_8k.htm", "sourceHash": "e12c1f29dc9deb9202456c28d81f77602a41e190c105d6364619fc35a9ec063d" } ], "changes": [], "hypothesis": { "en": "Custom silicon and AWS utilization could improve investment returns; retail and advertising must be valued separately.", "uk": "Власні чіпи й завантаження AWS можуть покращити окупність інвестицій; retail та рекламу треба оцінювати окремо.", "ru": "Собственные чипы и загрузка AWS могут улучшить окупаемость инвестиций; retail и рекламу нужно оценивать отдельно." }, "falsifier": { "en": "Reassess if capacity spending keeps outrunning cash generation without evidence of better utilization or unit returns.", "uk": "Перегляд, якщо витрати на потужності продовжують випереджати генерацію грошей без поліпшення завантаження чи питомої окупності.", "ru": "Пересмотр, если расходы на мощности продолжают опережать генерацию денег без улучшения загрузки или удельной окупаемости." }, "monitor": { "en": "AWS operating margin, capex/lease commitments, retail margins and rolling cash flow; exclude non-operating investment gains.", "uk": "Маржа AWS, capex і лізингові зобов’язання, маржа retail та ковзний грошовий потік; виключити неопераційну переоцінку інвестицій.", "ru": "Маржа AWS, capex и лизинговые обязательства, маржа retail и скользящий денежный поток; исключить неоперационную переоценку инвестиций." }, "source": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/default.aspx", "cik": "0001018724", "issuer": "AMAZON COM INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "capex_split", "leases", "working_capital", "sbc" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "AMZN", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "NVDA", "weight": 8, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 222.27, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001045810-26-000078", "form": "8-K", "filed": "2026-09-03", "accepted": "2026-09-03T12:03:56.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000078/nvda-20260902.htm", "sourceHash": "94a9ef1d6491be580b5e537d2982e06119e5be25c08152a88f2477ee894f0c40" }, { "accession": "0001045810-26-000075", "form": "10-Q", "filed": "2026-08-26", "accepted": "2026-08-26T20:36:00.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm", "sourceHash": "94a9ef1d6491be580b5e537d2982e06119e5be25c08152a88f2477ee894f0c40" }, { "accession": "0001045810-26-000073", "form": "8-K", "filed": "2026-08-26", "accepted": "2026-08-26T20:21:19.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/nvda-20260826.htm", "sourceHash": "94a9ef1d6491be580b5e537d2982e06119e5be25c08152a88f2477ee894f0c40" }, { "accession": "0001045810-26-000069", "form": "8-K", "filed": "2026-08-17", "accepted": "2026-08-17T12:41:33.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/nvda-20260817.htm", "sourceHash": "94a9ef1d6491be580b5e537d2982e06119e5be25c08152a88f2477ee894f0c40" }, { "accession": "0001045810-26-000060", "form": "8-K", "filed": "2026-07-02", "accepted": "2026-07-02T13:23:16.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000060/nvda-20260628.htm", "sourceHash": "94a9ef1d6491be580b5e537d2982e06119e5be25c08152a88f2477ee894f0c40" } ], "changes": [], "hypothesis": { "en": "System/software integration may preserve economic rents as inference expands; technical leadership alone does not justify any entry price.", "uk": "Інтеграція систем і ПЗ може зберегти надприбутковість зі зростанням inference; технологічна першість не виправдовує будь-яку ціну входу.", "ru": "Интеграция систем и ПО может сохранить сверхприбыльность при росте inference; технологическое первенство не оправдывает любую цену входа." }, "falsifier": { "en": "Reassess if margins erode while receivables/inventory outgrow sales, or customers demonstrate superior ASIC economics at scale.", "uk": "Перегляд, якщо маржа падає, а дебіторка/запаси випереджають продажі, або клієнти доводять кращу економіку ASIC у масштабі.", "ru": "Пересмотр, если маржа падает, а дебиторка/запасы опережают продажи, либо клиенты доказывают лучшую экономику ASIC в масштабе." }, "monitor": { "en": "Gross margin, receivables relative to sales, inventory commitments, customer concentration and real deployment economics.", "uk": "Валова маржа, дебіторка відносно продажів, зобов’язання щодо запасів, концентрація клієнтів та економіка реальних впроваджень.", "ru": "Валовая маржа, дебиторка относительно продаж, обязательства по запасам, концентрация клиентов и экономика реальных внедрений." }, "source": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2027/default.aspx", "cik": "0001045810", "issuer": "NVIDIA CORP", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "reverse_dcf", "adjustments": [ "cycle", "working_capital", "sbc", "concentration" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "NVDA", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "META", "weight": 7, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 665.75, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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customer bargaining power can absorb that gain.", "uk": "Власні прискорювачі клієнтів і мережі можуть збільшувати частку витрат навіть за зростання GPU; переговорна сила клієнтів може забрати вигоду.", "ru": "Собственные ускорители клиентов и сети могут увеличивать долю расходов даже при росте GPU; переговорная сила клиентов может забрать выгоду." }, "falsifier": { "en": "Reassess if cash margins fall as AI sales rise, or a major design program is cancelled or insourced.", "uk": "Перегляд, якщо грошова маржа падає зі зростанням AI-продажів або великий проєкт скасовано чи забрано всередину клієнта.", "ru": "Пересмотр, если денежная маржа падает с ростом AI-продаж либо крупный проект отменён или перенесён внутрь клиента." }, "monitor": { "en": "AI sales converted to cash, customer concentration, software renewals and net debt.", "uk": "Перетворення AI-продажів на гроші, концентрація клієнтів, поновлення ПЗ та чистий борг.", "ru": "Превращение AI-продаж в деньги, концентрация клиентов, продления ПО и чистый долг." }, "source": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial", "cik": "0001730168", "issuer": "Broadcom Inc.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "acquisitions", "net_debt", "sbc", "concentration" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "AVGO", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "TSM", "weight": 7, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 434.67001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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geographic disruption remains a separate tail risk.", "uk": "Вихід придатних чіпів та пакування можуть давати дохід незалежно від переможця серед дизайнерів; географічний шок лишається окремим хвостовим ризиком.", "ru": "Выход годных чипов и упаковка могут давать доход независимо от победителя среди дизайнеров; географический шок остаётся отдельным хвостовым риском." }, "falsifier": { "en": "Reassess after sustained yield/ramp failure or lower utilization with rising capital intensity; analyze disruption separately.", "uk": "Перегляд після стійких проблем виходу придатних чіпів/запуску або падіння завантаження зі зростанням капіталомісткості; шок постачання — окремо.", "ru": "Пересмотр после устойчивых проблем выхода годных чипов/запуска либо снижения загрузки с ростом капиталоёмкости; шок поставок — отдельно." }, "monitor": { "en": "Node mix, utilization, packaging capacity, overseas-fab margin impact, capex and monthly sales with seasonal comparisons.", "uk": "Мікс техпроцесів, завантаження, потужності пакування, вплив закордонних фабрик на маржу, capex і сезонно зіставні місячні продажі.", "ru": "Микс техпроцессов, загрузка, мощности упаковки, влияние зарубежных фабрик на маржу, capex и сезонно сопоставимые месячные продажи." }, "source": "https://pr.tsmc.com/schinese/news/3326", "cik": "0001046179", "issuer": "TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "cycle_dcf", "adjustments": [ "cycle", "capex_split", "adr_fx", "concentration" ], "readiness": "conversion_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "TSM", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "ASML", "weight": 5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 1679.92004, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001551182-26-000030", "form": "10-Q", "filed": "2026-07-31", "accepted": "2026-07-31T16:16:16.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1551182/000155118226000030/etn-20260630.htm", "sourceHash": "4d2edab34de648d1a9574ab4572c87b1a2cd6378a7b436aceb804b80fff0d7bc" }, { "accession": "0001551182-26-000027", "form": "8-K", "filed": "2026-07-31", "accepted": "2026-07-31T11:00:30.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1551182/000155118226000027/etn-20260731.htm", "sourceHash": "4d2edab34de648d1a9574ab4572c87b1a2cd6378a7b436aceb804b80fff0d7bc" }, { "accession": "0000950142-26-001733", "form": "8-K", "filed": "2026-06-11", "accepted": "2026-06-11T10:40:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1551182/000095014226001733/eh260792115_8k.htm", "sourceHash": "4d2edab34de648d1a9574ab4572c87b1a2cd6378a7b436aceb804b80fff0d7bc" }, { "accession": "0001551182-26-000013", "form": "10-Q", "filed": "2026-05-05", "accepted": "2026-05-05T16:23:07.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1551182/000155118226000013/etn-20260331.htm", "sourceHash": "4d2edab34de648d1a9574ab4572c87b1a2cd6378a7b436aceb804b80fff0d7bc" }, { "accession": "0001551182-26-000010", "form": "8-K", "filed": "2026-05-05", "accepted": "2026-05-05T11:00:23.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1551182/000155118226000010/etn-20260505.htm", "sourceHash": "4d2edab34de648d1a9574ab4572c87b1a2cd6378a7b436aceb804b80fff0d7bc" } ], "changes": [], "hypothesis": { "en": "Electrical bottlenecks may sustain pricing, but acquisitions must not be confused with organic demand.", "uk": "Дефіцит електрообладнання може підтримувати ціни, але придбання компаній не слід плутати з органічним попитом.", "ru": "Дефицит электрооборудования может поддерживать цены, но приобретения компаний нельзя путать с органическим спросом." }, "falsifier": { "en": "Reassess if order growth slows while delivery capacity expands and price/cash conversion deteriorates.", "uk": "Перегляд, якщо замовлення сповільнюються за розширення потужностей, а ціни й конверсія в гроші погіршуються.", "ru": "Пересмотр, если заказы замедляются при расширении мощностей, а цены и конверсия в деньги ухудшаются." }, "monitor": { "en": "Organic orders, book-to-bill, backlog conversion, margins, working capital and acquisition returns.", "uk": "Органічні замовлення, book-to-bill, виконання backlog, маржа, оборотний капітал і окупність придбань.", "ru": "Органические заказы, book-to-bill, исполнение backlog, маржа, оборотный капитал и окупаемость приобретений." }, "source": "https://www.eaton.com/us/en-us/company/news-insights/news-releases/2026/eaton-reports-record-second-quarter-2026-results.html", "cik": "0001551182", "issuer": "Eaton Corp plc", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "working_capital", "acquisitions", "capex_split" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "ETN", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "ORCL", "weight": 3, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 147.61, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/ORCL/history/", "sourceStatus": "fetched", "sourceHash": "0d7b72e393501d13b2d61b2d6663689e14b9abf83427315bc0820cd2802c43f7", "financial": { "period": { "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521" }, "currency": "USD", "metrics": { "revenue": { "value": 67357000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "operatingIncome": { "value": 20606000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "netIncome": { "value": 17087000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "operatingCash": { "value": 31977000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "capex": { "value": 55663000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "sbc": { "value": 4811000000, "unit": "USD", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "dilutedShares": { "value": 2914000000, "unit": "shares", "start": "2025-06-01", "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "cash": { "value": 31289000000, "unit": "USD", "start": null, "end": "2026-05-31", "filed": "2026-06-22", "accession": "0001193125-26-277521", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.html" }, "debtCurrent": null, "debtNoncurrent": null }, "missing": [ "debtCurrent", "debtNoncurrent" ], "reviewed": false, "bridge": { "operatingCash": 31977000000, "cashCapex": 55663000000, "cashProxy": -23686000000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001193125-26-389753", "form": "8-K", "filed": "2026-09-14", "accepted": "2026-09-14T10:01:59.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526389753/d20034d8k.htm", "sourceHash": "d77dbc2aed199679c2c865d63c88a4e0f4631acac2c01904e8207570e312f34a" }, { "accession": "0001193125-26-389274", "form": "10-Q", "filed": "2026-09-11", "accepted": "2026-09-11T20:10:12.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm", "sourceHash": "d77dbc2aed199679c2c865d63c88a4e0f4631acac2c01904e8207570e312f34a" }, { "accession": "0001193125-26-387905", "form": "8-K", "filed": "2026-09-10", "accepted": "2026-09-10T20:16:50.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-20260910.htm", "sourceHash": "d77dbc2aed199679c2c865d63c88a4e0f4631acac2c01904e8207570e312f34a" }, { "accession": "0001193125-26-277521", "form": "10-K", "filed": "2026-06-22", "accepted": "2026-06-22T20:12:40.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm", "sourceHash": "d77dbc2aed199679c2c865d63c88a4e0f4631acac2c01904e8207570e312f34a" }, { "accession": "0001193125-26-265848", "form": "8-K", "filed": "2026-06-10", "accepted": "2026-06-10T20:13:46.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526265848/orcl-20260610.htm", "sourceHash": "d77dbc2aed199679c2c865d63c88a4e0f4631acac2c01904e8207570e312f34a" } ], "changes": [], "hypothesis": { "en": "Customer funding may reduce financing pressure, but backlog value depends on payment, capacity delivery and residual obligations.", "uk": "Фінансування клієнтами може зменшити тиск, але цінність backlog залежить від оплати, введення потужностей і решти зобов’язань.", "ru": "Финансирование клиентами может снизить давление, но ценность backlog зависит от оплаты, ввода мощностей и оставшихся обязательств." }, "falsifier": { "en": "Reassess after material deferrals, adverse contract revisions or financing needs that dilute per-share value.", "uk": "Перегляд після суттєвих відтермінувань, погіршення контрактів чи потреби фінансування, що розмиває вартість на акцію.", "ru": "Пересмотр после существенных отсрочек, ухудшения контрактов или потребности финансирования, размывающей стоимость на акцию." }, "monitor": { "en": "RPO maturity/counterparties, cash receipts, customer hardware, debt, leases and OCI operating economics.", "uk": "Строки та контрагенти RPO, надходження грошей, обладнання клієнтів, борг, лізинг і операційна економіка OCI.", "ru": "Сроки и контрагенты RPO, поступление денег, оборудование клиентов, долг, лизинг и операционная экономика OCI." }, "source": "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Record-Q4-and-FY-2026-Results-Driven-by-Cloud-Infrastructure--Cloud-Applications/", "cik": "0001341439", "issuer": "ORACLE CORP", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "contract_dcf", "adjustments": [ "contract_quality", "leases", "net_debt", "capex_split" ], "readiness": "negative_reported_proxy", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "ORCL", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "ANET", "weight": 3, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 199.39, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/ANET/history/", "sourceStatus": "fetched", "sourceHash": "e548756a238d794e61322ba2d70b913b5d2f925c161fba73236f54a13df85c2f", "financial": { "period": { "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013" }, "currency": "USD", "metrics": { "revenue": { "value": 9005700000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "operatingIncome": { "value": 3856100000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "netIncome": { "value": 3511400000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "operatingCash": { "value": 4371900000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "capex": null, "sbc": { "value": 439200000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "dilutedShares": { "value": 1275700000, "unit": "shares", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "cash": { "value": 1963900000, "unit": "USD", "start": null, "end": "2025-12-31", "filed": "2026-02-17", "accession": "0001596532-26-000013", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/0001596532-26-000013-index.html" }, "debtCurrent": null, "debtNoncurrent": null }, "missing": [ "capex", "debtCurrent", "debtNoncurrent" ], "reviewed": false, "bridge": { "operatingCash": 4371900000, "cashCapex": null, "cashProxy": null, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001596532-26-000175", "form": "10-Q", "filed": "2026-08-05", "accepted": "2026-08-04T22:08:09.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000175/anet-20260630.htm", "sourceHash": "1971bc3954f83ffe1e67772fd3e46d5cc8e90482e1e90183d371ccfcb638b284" }, { "accession": "0001596532-26-000174", "form": "8-K", "filed": "2026-08-04", "accepted": "2026-08-04T20:06:44.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000174/anet-20260804.htm", "sourceHash": "1971bc3954f83ffe1e67772fd3e46d5cc8e90482e1e90183d371ccfcb638b284" }, { "accession": "0001596532-26-000118", "form": "8-K", "filed": "2026-06-02", "accepted": "2026-06-02T20:06:06.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000118/anet-20260529.htm", "sourceHash": "1971bc3954f83ffe1e67772fd3e46d5cc8e90482e1e90183d371ccfcb638b284" }, { "accession": "0001596532-26-000078", "form": "10-Q", "filed": "2026-05-06", "accepted": "2026-05-05T21:55:04.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000078/anet-20260331.htm", "sourceHash": "1971bc3954f83ffe1e67772fd3e46d5cc8e90482e1e90183d371ccfcb638b284" }, { "accession": "0001596532-26-000074", "form": "8-K", "filed": "2026-05-05", "accepted": "2026-05-05T20:06:48.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1596532/000159653226000074/anet-20260505.htm", "sourceHash": "1971bc3954f83ffe1e67772fd3e46d5cc8e90482e1e90183d371ccfcb638b284" } ], "changes": [], "hypothesis": { "en": "Ethernet may gain AI-network spending share; open standards do not automatically guarantee Arista captures the margin.", "uk": "Ethernet може збільшувати частку AI-мереж, але відкриті стандарти не гарантують, що маржа дістанеться Arista.", "ru": "Ethernet может увеличивать долю AI-сетей, но открытые стандарты не гарантируют, что маржа достанется Arista." }, "falsifier": { "en": "Reassess if AI-network deployments shift to rivals or white boxes while Arista’s margins or customer retention weaken.", "uk": "Перегляд, якщо AI-мережі переходять до конкурентів чи white-box, а маржа або утримання клієнтів Arista слабшають.", "ru": "Пересмотр, если AI-сети переходят к конкурентам или white-box, а маржа либо удержание клиентов Arista слабеют." }, "monitor": { "en": "Disclosed AI-network revenue, large-customer concentration, gross margin, deferred revenue and cash conversion.", "uk": "Розкрита виручка AI-мереж, концентрація великих клієнтів, валова маржа, відкладена виручка й конверсія в гроші.", "ru": "Раскрытая выручка AI-сетей, концентрация крупных клиентов, валовая маржа, отложенная выручка и конверсия в деньги." }, "source": "https://investors.arista.com/Communications/Press-Releases-and-Events/Press-Release-Detail/2026/Arista-Networks-Inc--Reports-Second-Quarter-2026-Financial-Results/default.aspx", "cik": "0001596532", "issuer": "Arista Networks, Inc.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "equity_dcf", "adjustments": [ "cycle", "concentration", "sbc", "capex_split" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "ANET", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "VRT", "weight": 3, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 249.39, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001193125-26-379306", "form": "8-K", "filed": "2026-09-02", "accepted": "2026-09-02T10:42:34.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000119312526379306/d472406d8k.htm", "sourceHash": "be2dee73a5dd7a77659ca285018883dd8b449e4563ab859e15445b0977f77a1d" }, { "accession": "0001628280-26-059961", "form": "8-K", "filed": "2026-09-02", "accepted": "2026-09-02T10:04:11.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026059961/vrt-20260902.htm", "sourceHash": "be2dee73a5dd7a77659ca285018883dd8b449e4563ab859e15445b0977f77a1d" }, { "accession": "0001628280-26-050609", "form": "10-Q", "filed": "2026-07-29", "accepted": "2026-07-29T20:08:23.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm", "sourceHash": "be2dee73a5dd7a77659ca285018883dd8b449e4563ab859e15445b0977f77a1d" }, { "accession": "0001628280-26-050323", "form": "8-K", "filed": "2026-07-29", "accepted": "2026-07-29T10:01:57.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026050323/vrt-20260729.htm", "sourceHash": "be2dee73a5dd7a77659ca285018883dd8b449e4563ab859e15445b0977f77a1d" }, { "accession": "0001628280-26-044317", "form": "8-K", "filed": "2026-06-18", "accepted": "2026-06-18T20:17:55.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1674101/000162828026044317/vrt-20260617.htm", "sourceHash": "be2dee73a5dd7a77659ca285018883dd8b449e4563ab859e15445b0977f77a1d" } ], "changes": [], "hypothesis": { "en": "Higher power density may increase cooling and power content per rack faster than data-center floor area grows.", "uk": "Більша щільність потужності може збільшувати вартість охолодження й живлення на стійку швидше за площу дата-центрів.", "ru": "Большая плотность мощности может увеличивать стоимость охлаждения и питания на стойку быстрее площади дата-центров." }, "falsifier": { "en": "Reassess if orders fail to convert or competitive pricing/warranty costs erase the gain in content per rack.", "uk": "Перегляд, якщо замовлення не виконуються або цінова конкуренція/гарантійні витрати з’їдають вигоду від наповнення стійки.", "ru": "Пересмотр, если заказы не исполняются либо ценовая конкуренция/гарантийные расходы съедают выгоду от наполнения стойки." }, "monitor": { "en": "Organic orders and sales, liquid-cooling adoption, service mix, working capital and warranty expenses.", "uk": "Органічні замовлення й продажі, рідинне охолодження, частка сервісу, оборотний капітал та гарантійні витрати.", "ru": "Органические заказы и продажи, жидкостное охлаждение, доля сервиса, оборотный капитал и гарантийные расходы." }, "source": "https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx", "cik": "0001674101", "issuer": "Vertiv Holdings Co", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "equity_dcf", "adjustments": [ "working_capital", "capex_split", "acquisitions" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "VRT", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "CEG", "weight": 2.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 254.71001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001868275-26-000104", "form": "10-Q", "filed": "2026-08-06", "accepted": "2026-08-06T16:22:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000186827526000104/ceg-20260630.htm", "sourceHash": "cd6ed3167c5261e16c2439851c252840ca389340ab2f40e7476a861d7aaac391" }, { "accession": "0001868275-26-000097", "form": "8-K", "filed": "2026-08-06", "accepted": "2026-08-06T10:52:23.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000186827526000097/ceg-20260806.htm", "sourceHash": "cd6ed3167c5261e16c2439851c252840ca389340ab2f40e7476a861d7aaac391" }, { "accession": "0001868275-26-000089", "form": "8-K", "filed": "2026-08-05", "accepted": "2026-08-05T18:14:03.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000186827526000089/ceg-20260804.htm", "sourceHash": "cd6ed3167c5261e16c2439851c252840ca389340ab2f40e7476a861d7aaac391" }, { "accession": "0001868275-26-000080", "form": "8-K", "filed": "2026-07-14", "accepted": "2026-07-14T21:23:24.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000186827526000080/ceg-20260714.htm", "sourceHash": "cd6ed3167c5261e16c2439851c252840ca389340ab2f40e7476a861d7aaac391" }, { "accession": "0001104659-26-069482", "form": "8-K", "filed": "2026-06-02", "accepted": "2026-06-02T20:15:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000110465926069482/tm2616531d1_8k.htm", "sourceHash": "cd6ed3167c5261e16c2439851c252840ca389340ab2f40e7476a861d7aaac391" } ], "changes": [], "hypothesis": { "en": "Firm power scarcity can create valuable contracts, but megawatts alone say nothing about equity cash returns.", "uk": "Дефіцит надійної потужності може давати вигідні контракти, але самі мегавати нічого не кажуть про грошову віддачу акціонеру.", "ru": "Дефицит надёжной мощности может давать выгодные контракты, но сами мегаватты ничего не говорят о денежной отдаче акционеру." }, "falsifier": { "en": "Reassess if contract economics deteriorate after fuel, refurbishment, regulation or counterparty costs.", "uk": "Перегляд, якщо економіка контрактів погіршується після врахування палива, модернізації, регулювання чи ризику контрагента.", "ru": "Пересмотр, если экономика контрактов ухудшается после учёта топлива, модернизации, регулирования или риска контрагента." }, "monitor": { "en": "Contract duration/pricing when disclosed, fuel/hedges, outages, maintenance, debt and integration costs.", "uk": "Строки/ціни контрактів за наявності розкриття, паливо/хеджі, простої, ремонти, борг і витрати інтеграції.", "ru": "Сроки/цены контрактов при раскрытии, топливо/хеджи, простои, ремонты, долг и затраты интеграции." }, "source": "https://investors.constellationenergy.com/news-releases/news-release-details/constellation-reports-second-quarter-2026-results", "cik": "0001868275", "issuer": "Constellation Energy Corp", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "plant_dcf", "adjustments": [ "outage_fuel", "net_debt", "contract_quality", "capex_split" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "CEG", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "GEV", "weight": 2.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 940.33002, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001996810-26-000153", "form": "8-K", "filed": "2026-08-27", "accepted": "2026-08-27T20:20:31.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1996810/000199681026000153/gev-20260825.htm", "sourceHash": "69d23bd2f4977a560227761ef5947e4ee3fbfeff853191c19cb02a6f39e723e9" }, { "accession": "0001996810-26-000148", "form": "10-Q", "filed": "2026-07-22", "accepted": "2026-07-22T10:27:25.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1996810/000199681026000148/gev-20260630.htm", "sourceHash": "69d23bd2f4977a560227761ef5947e4ee3fbfeff853191c19cb02a6f39e723e9" }, { "accession": "0001996810-26-000147", "form": "8-K", "filed": "2026-07-22", "accepted": "2026-07-22T10:25:18.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1996810/000199681026000147/gev-20260722.htm", "sourceHash": "69d23bd2f4977a560227761ef5947e4ee3fbfeff853191c19cb02a6f39e723e9" }, { "accession": "0001996810-26-000115", "form": "8-K", "filed": "2026-05-22", "accepted": "2026-05-22T21:17:47.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1996810/000199681026000115/gev-20260520.htm", "sourceHash": "69d23bd2f4977a560227761ef5947e4ee3fbfeff853191c19cb02a6f39e723e9" }, { "accession": "0001996810-26-000064", "form": "10-Q", "filed": "2026-04-22", "accepted": "2026-04-22T10:27:20.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1996810/000199681026000064/gev-20260331.htm", "sourceHash": "69d23bd2f4977a560227761ef5947e4ee3fbfeff853191c19cb02a6f39e723e9" } ], "changes": [], "hypothesis": { "en": "Scarce turbine and grid capacity may improve future contract margins; reservations must not be treated as firm orders.", "uk": "Дефіцит турбін і мережевого обладнання може поліпшити маржу контрактів; резервування не можна вважати твердими замовленнями.", "ru": "Дефицит турбин и сетевого оборудования может улучшить маржу контрактов; резервирование нельзя считать твёрдыми заказами." }, "falsifier": { "en": "Reassess if reservations lapse, execution costs consume pricing gains or cash flow depends on growing advances.", "uk": "Перегляд, якщо резервування зникають, виконання з’їдає цінову вигоду або потік тримається на зростанні авансів.", "ru": "Пересмотр, если резервирования исчезают, исполнение съедает ценовую выгоду либо поток держится на росте авансов." }, "monitor": { "en": "Reservation conversion, backlog margins, service mix, customer advances and wind warranty/cash costs.", "uk": "Конверсія резервувань, маржа backlog, сервісний мікс, аванси клієнтів та гарантійні/грошові витрати wind.", "ru": "Конверсия резервирований, маржа backlog, сервисный микс, авансы клиентов и гарантийные/денежные расходы wind." }, "source": "https://www.gevernova.com/news/press-releases/ge-vernova-reports-second-quarter-2026-financial-results-raises-2026-financial", "cik": "0001996810", "issuer": "GE Vernova Inc.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "working_capital", "contract_quality", "capex_split" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "GEV", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "AMD", "weight": 2, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 559.82001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/AMD/history/", "sourceStatus": "fetched", "sourceHash": "21a29c75076d90fced568785d855fc427a15c7458bc0bb153a9dedd88ad3349e", "financial": { "period": { "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018" }, "currency": "USD", "metrics": { "revenue": { "value": 34639000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "operatingIncome": { "value": 3694000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "netIncome": { "value": 4335000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "operatingCash": { "value": 7709000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "capex": { "value": 974000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "sbc": { "value": 1638000000, "unit": "USD", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "dilutedShares": { "value": 1636000000, "unit": "shares", "start": "2024-12-29", "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "cash": { "value": 5539000000, "unit": "USD", "start": null, "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "debtCurrent": { "value": 874000000, "unit": "USD", "start": null, "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:LongTermDebtCurrent", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" }, "debtNoncurrent": { "value": 2348000000, "unit": "USD", "start": null, "end": "2025-12-27", "filed": "2026-02-04", "accession": "0000002488-26-000018", "tag": "us-gaap:LongTermDebtNoncurrent", "source": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/0000002488-26-000018-index.html" } }, "missing": [], "reviewed": false, "bridge": { "operatingCash": 7709000000, "cashCapex": 974000000, "cashProxy": 6735000000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0000002488-26-000163", "form": "8-K", "filed": "2026-08-19", "accepted": "2026-08-19T20:16:56.000Z", "url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000163/amd-20260817.htm", "sourceHash": "ee2e45e80e5f2f32a16c1bca969f92fa3c8c0be79d6ec934319c4066c0e0da88" }, { "accession": "0001193125-26-354029", "form": "8-K", "filed": "2026-08-17", "accepted": "2026-08-17T20:05:40.000Z", "url": "https://www.sec.gov/Archives/edgar/data/2488/000119312526354029/d142696d8k.htm", "sourceHash": "ee2e45e80e5f2f32a16c1bca969f92fa3c8c0be79d6ec934319c4066c0e0da88" }, { "accession": "0000002488-26-000123", "form": "10-Q", "filed": "2026-08-05", "accepted": "2026-08-04T21:40:01.000Z", "url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm", "sourceHash": "ee2e45e80e5f2f32a16c1bca969f92fa3c8c0be79d6ec934319c4066c0e0da88" }, { "accession": "0000002488-26-000121", "form": "8-K", "filed": "2026-08-04", "accepted": "2026-08-04T20:16:24.000Z", "url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000121/amd-20260804.htm", "sourceHash": "ee2e45e80e5f2f32a16c1bca969f92fa3c8c0be79d6ec934319c4066c0e0da88" }, { "accession": "0000002488-26-000115", "form": "8-K", "filed": "2026-07-01", "accepted": "2026-07-01T20:27:26.000Z", "url": "https://www.sec.gov/Archives/edgar/data/2488/000000248826000115/amd-20260626.htm", "sourceHash": "ee2e45e80e5f2f32a16c1bca969f92fa3c8c0be79d6ec934319c4066c0e0da88" } ], "changes": [], "hypothesis": { "en": "A second accelerator supplier creates value only if production adoption and software economics translate into durable profit.", "uk": "Другий постачальник прискорювачів створює цінність лише тоді, коли промислове використання та економіка ПЗ дають стійкий прибуток.", "ru": "Второй поставщик ускорителей создаёт ценность лишь тогда, когда промышленное использование и экономика ПО дают устойчивую прибыль." }, "falsifier": { "en": "Reassess if announced deployments fail to scale or price discounts prevent accelerator growth from earning an adequate return.", "uk": "Перегляд, якщо оголошені впровадження не масштабуються або знижки не дають прискорювачам заробити достатню віддачу.", "ru": "Пересмотр, если объявленные внедрения не масштабируются либо скидки не дают ускорителям заработать достаточную отдачу." }, "monitor": { "en": "Separate CPU and accelerator growth; customer production usage, gross profit, inventory and software adoption.", "uk": "Розділяти зростання CPU й прискорювачів; промислове використання клієнтами, валовий прибуток, запаси та прийняття ПЗ.", "ru": "Разделять рост CPU и ускорителей; промышленное использование клиентами, валовую прибыль, запасы и принятие ПО." }, "source": "https://ir.amd.com/financial-information/sec-filings/content/0000002488-26-000121/amdq22026earningsslidesf.htm", "cik": "0000002488", "issuer": "ADVANCED MICRO DEVICES INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "cycle", "sbc", "concentration", "capex_split" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "AMD", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "KLAC", "weight": 2, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 176.99001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/KLAC/history/", "sourceStatus": "fetched", "sourceHash": "e47201ade7868d4c9134109f805cca6b79bd88864b229fa3bdbeb3eedb20c22c", "financial": { "period": { "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027" }, "currency": "USD", "metrics": { "revenue": { "value": 13579476000, "unit": "USD", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "operatingIncome": null, "netIncome": { "value": 4830771000, "unit": "USD", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "operatingCash": { "value": 4143079000, "unit": "USD", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "capex": { "value": 375945000, "unit": "USD", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "sbc": { "value": 310171000, "unit": "USD", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "dilutedShares": { "value": 1319633000, "unit": "shares", "start": "2025-07-01", "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "cash": { "value": 1649842000, "unit": "USD", "start": null, "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" }, "debtCurrent": null, "debtNoncurrent": { "value": 5887415000, "unit": "USD", "start": null, "end": "2026-06-30", "filed": "2026-08-06", "accession": "0000319201-26-000027", "tag": "us-gaap:LongTermDebt", "source": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/0000319201-26-000027-index.html" } }, "missing": [ "operatingIncome", "debtCurrent" ], "reviewed": false, "bridge": { "operatingCash": 4143079000, "cashCapex": 375945000, "cashProxy": 3767134000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0000319201-26-000027", "form": "10-K", "filed": "2026-08-06", "accepted": "2026-08-06T20:35:27.000Z", "url": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm", "sourceHash": "e24f78209ed2c13ba45d3521aa8169d488a838560f2e7a2ee0798b10356b40ba" }, { "accession": "0001193125-26-338242", "form": "8-K", "filed": "2026-08-06", "accepted": "2026-08-06T20:30:31.000Z", "url": "https://www.sec.gov/Archives/edgar/data/319201/000119312526338242/d165938d8k.htm", "sourceHash": "e24f78209ed2c13ba45d3521aa8169d488a838560f2e7a2ee0798b10356b40ba" }, { "accession": "0000319201-26-000024", "form": "8-K", "filed": "2026-07-28", "accepted": "2026-07-28T20:08:02.000Z", "url": "https://www.sec.gov/Archives/edgar/data/319201/000031920126000024/klac-20260728.htm", "sourceHash": "e24f78209ed2c13ba45d3521aa8169d488a838560f2e7a2ee0798b10356b40ba" }, { "accession": "0001193125-26-269375", "form": "8-K", "filed": "2026-06-12", "accepted": "2026-06-12T20:05:07.000Z", "url": "https://www.sec.gov/Archives/edgar/data/319201/000119312526269375/d144278d8k.htm", "sourceHash": "e24f78209ed2c13ba45d3521aa8169d488a838560f2e7a2ee0798b10356b40ba" }, { "accession": "0001193125-26-212093", "form": "8-K", "filed": "2026-05-07", "accepted": "2026-05-07T20:27:37.000Z", "url": "https://www.sec.gov/Archives/edgar/data/319201/000119312526212093/d116682d8k.htm", "sourceHash": "e24f78209ed2c13ba45d3521aa8169d488a838560f2e7a2ee0798b10356b40ba" } ], "changes": [], "hypothesis": { "en": "Process control can capture more spend per wafer as defects become more costly; this needs proof beyond AI-related demand.", "uk": "Контроль процесів може отримувати більше витрат на пластину, коли дефекти дорожчають; це потребує доказів понад загальний AI-попит.", "ru": "Контроль процессов может получать больше расходов на пластину, когда дефекты дорожают; это требует доказательств сверх общего AI-спроса." }, "falsifier": { "en": "Reassess if inspection intensity or competitive share declines, or cash growth persistently lags reported earnings.", "uk": "Перегляд, якщо інтенсивність інспекції чи частка ринку падає або грошове зростання стійко відстає від прибутку.", "ru": "Пересмотр, если интенсивность инспекции или доля рынка падает либо денежный рост устойчиво отстаёт от прибыли." }, "monitor": { "en": "Process-control intensity versus fab spending, service mix, margin, cash conversion and split-adjusted shares.", "uk": "Інтенсивність контролю проти витрат фабрик, сервісний мікс, маржа, конверсія в гроші та акції після спліту.", "ru": "Интенсивность контроля против расходов фабрик, сервисный микс, маржа, конверсия в деньги и акции после сплита." }, "source": "https://ir.kla.com/sec-filings/all-sec-filings/content/0000319201-26-000024/exhibit991earningsrelease7.htm", "cik": "0000319201", "issuer": "KLA CORP", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "cycle_dcf", "adjustments": [ "cycle", "sbc", "capex_split" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "KLAC", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "MRVL", "weight": 2, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 244.25, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001835632-26-000025", "form": "10-Q", "filed": "2026-08-28", "accepted": "2026-08-28T20:04:02.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000025/mrvl-20260801.htm", "sourceHash": "77bac12bf657b8e2c589d770e505fea531571b1a2f614bd1901fd6b38781a326" }, { "accession": "0001835632-26-000022", "form": "8-K", "filed": "2026-08-27", "accepted": "2026-08-27T20:05:59.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/mrvl-20260827.htm", "sourceHash": "77bac12bf657b8e2c589d770e505fea531571b1a2f614bd1901fd6b38781a326" }, { "accession": "0001193125-26-356217", "form": "8-K", "filed": "2026-08-19", "accepted": "2026-08-19T12:25:06.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1835632/000119312526356217/d412696d8k.htm", "sourceHash": "77bac12bf657b8e2c589d770e505fea531571b1a2f614bd1901fd6b38781a326" }, { "accession": "0001193125-26-299843", "form": "8-K", "filed": "2026-07-09", "accepted": "2026-07-09T21:19:10.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1835632/000119312526299843/d82462d8k.htm", "sourceHash": "77bac12bf657b8e2c589d770e505fea531571b1a2f614bd1901fd6b38781a326" }, { "accession": "0001628280-26-045564", "form": "8-K", "filed": "2026-06-25", "accepted": "2026-06-25T20:43:43.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1835632/000162828026045564/mrvl-20260625.htm", "sourceHash": "77bac12bf657b8e2c589d770e505fea531571b1a2f614bd1901fd6b38781a326" } ], "changes": [], "hypothesis": { "en": "Custom silicon and optical links may gain content per system; design wins only matter when they become profitable shipments.", "uk": "Замовні чіпи й оптика можуть збільшувати вартість на систему; design wins важливі лише після переходу в прибуткові поставки.", "ru": "Заказные чипы и оптика могут увеличивать стоимость на систему; design wins важны лишь после перехода в прибыльные поставки." }, "falsifier": { "en": "Reassess if program delays or dilution absorb operating gains, or committed supply outruns customer demand.", "uk": "Перегляд, якщо затримки чи розмивання поглинають операційний виграш або закупівельні зобов’язання випереджають попит.", "ru": "Пересмотр, если задержки или размывание поглощают операционный выигрыш либо закупочные обязательства опережают спрос." }, "monitor": { "en": "Ramp revenue, cash flow, wafer commitments, acquisition costs and fully diluted shares including preferred equity.", "uk": "Виручка запусків, грошовий потік, зобов’язання щодо пластин, витрати придбань та повне розмивання з привілейованими акціями.", "ru": "Выручка запусков, денежный поток, обязательства по пластинам, расходы приобретений и полное размывание с привилегированными акциями." }, "source": "https://investor.marvell.com/news-events/press-releases/detail/1031/marvell-technology-inc-reports-second-quarter-of-fiscal-year-2027-financial-results", "cik": "0001835632", "issuer": "Marvell Technology, Inc.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "contract_dcf", "adjustments": [ "concentration", "net_debt", "sbc", "acquisitions" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "MRVL", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "PWR", "weight": 2, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 636.71002, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/PWR/history/", "sourceStatus": "fetched", "sourceHash": "0ade68a7b36cb1ef71104428122b0c3c43c98ac84b4f960a3c691c8ac29e4604", "financial": { "period": { "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006" }, "currency": "USD", "metrics": { "revenue": { "value": 28479697000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "operatingIncome": { "value": 1611509000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "netIncome": { "value": 1028378000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "operatingCash": { "value": 2229970000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "capex": { "value": 609154000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "sbc": { "value": 181947000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "dilutedShares": { "value": 151291000, "unit": "shares", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "cash": { "value": 439508000, "unit": "USD", "start": null, "end": "2025-12-31", "filed": "2026-02-19", "accession": "0001050915-26-000006", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000006/0001050915-26-000006-index.html" }, "debtCurrent": null, "debtNoncurrent": null }, "missing": [ "debtCurrent", "debtNoncurrent" ], "reviewed": false, "bridge": { "operatingCash": 2229970000, "cashCapex": 609154000, "cashProxy": 1620816000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001193125-26-391989", "form": "8-K", "filed": "2026-09-15", "accepted": "2026-09-15T20:30:22.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1050915/000119312526391989/d78508d8k.htm", "sourceHash": "3564c88ed5a6947ebaeee625645f785291f9db5a46640dd6ffddf15ce87fcbb0" }, { "accession": "0001193125-26-337945", "form": "8-K", "filed": "2026-08-06", "accepted": "2026-08-06T20:05:07.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1050915/000119312526337945/d164254d8k.htm", "sourceHash": "3564c88ed5a6947ebaeee625645f785291f9db5a46640dd6ffddf15ce87fcbb0" }, { "accession": "0001193125-26-331400", "form": "8-K", "filed": "2026-08-04", "accepted": "2026-08-04T10:04:14.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1050915/000119312526331400/d114917d8k.htm", "sourceHash": "3564c88ed5a6947ebaeee625645f785291f9db5a46640dd6ffddf15ce87fcbb0" }, { "accession": "0001050915-26-000025", "form": "10-Q", "filed": "2026-07-30", "accepted": "2026-07-30T14:07:12.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1050915/000105091526000025/pwr-20260630.htm", "sourceHash": "3564c88ed5a6947ebaeee625645f785291f9db5a46640dd6ffddf15ce87fcbb0" }, { "accession": "0001193125-26-324855", "form": "8-K", "filed": "2026-07-30", "accepted": "2026-07-30T10:58:06.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1050915/000119312526324855/d56853d8k.htm", "sourceHash": "3564c88ed5a6947ebaeee625645f785291f9db5a46640dd6ffddf15ce87fcbb0" } ], "changes": [], "hypothesis": { "en": "Grid energization and skilled execution may be scarcer than announced data-center plans; execution margins decide value.", "uk": "Підключення до мережі й кваліфіковане виконання можуть бути дефіцитнішими за плани дата-центрів; цінність визначає маржа виконання.", "ru": "Подключение к сети и квалифицированное исполнение могут быть дефицитнее планов дата-центров; ценность определяет маржа исполнения." }, "falsifier": { "en": "Reassess if project overruns or labor inflation erase margins, or receivables rise faster than completed work.", "uk": "Перегляд, якщо перевитрати проєктів чи оплата праці з’їдають маржу або дебіторка випереджає виконані роботи.", "ru": "Пересмотр, если перерасходы проектов или оплата труда съедают маржу либо дебиторка опережает выполненные работы." }, "monitor": { "en": "RPO/backlog conversion, organic revenue, contract margins, labor capacity, receivables and cash flow.", "uk": "Виконання RPO/backlog, органічна виручка, маржа контрактів, персонал, дебіторка та грошовий потік.", "ru": "Исполнение RPO/backlog, органическая выручка, маржа контрактов, персонал, дебиторка и денежный поток." }, "source": "https://investors.quantaservices.com/news-events/press-releases/detail/402/quanta-services-reports-second-quarter-2026-results", "cik": "0001050915", "issuer": "QUANTA SERVICES, INC.", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "contractor_dcf", "adjustments": [ "working_capital", "contract_quality", "acquisitions" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "PWR", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "AMAT", "weight": 1.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 444.57001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001628280-26-059257", "form": "8-K", "filed": "2026-08-27", "accepted": "2026-08-27T20:12:40.000Z", "url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026059257/amat-20260827.htm", "sourceHash": "8a0de162ae5b0e9f27c4fba708a00fdb19d9f01daee323c6057ec504913a71a4" }, { "accession": "0001628280-26-058235", "form": "10-Q", "filed": "2026-08-20", "accepted": "2026-08-20T20:01:46.000Z", "url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026058235/amat-20260726.htm", "sourceHash": "8a0de162ae5b0e9f27c4fba708a00fdb19d9f01daee323c6057ec504913a71a4" }, { "accession": "0001628280-26-056699", "form": "8-K", "filed": "2026-08-13", "accepted": "2026-08-13T20:03:36.000Z", "url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026056699/amat-20260813.htm", "sourceHash": "8a0de162ae5b0e9f27c4fba708a00fdb19d9f01daee323c6057ec504913a71a4" }, { "accession": "0001628280-26-037227", "form": "10-Q", "filed": "2026-05-21", "accepted": "2026-05-21T20:01:47.000Z", "url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026037227/amat-20260426.htm", "sourceHash": "8a0de162ae5b0e9f27c4fba708a00fdb19d9f01daee323c6057ec504913a71a4" }, { "accession": "0001628280-26-035071", "form": "8-K", "filed": "2026-05-14", "accepted": "2026-05-14T20:03:53.000Z", "url": "https://www.sec.gov/Archives/edgar/data/6951/000162828026035071/amat-20260514.htm", "sourceHash": "8a0de162ae5b0e9f27c4fba708a00fdb19d9f01daee323c6057ec504913a71a4" } ], "changes": [], "hypothesis": { "en": "More materials steps and advanced packaging may expand spend per chip even when wafer growth slows.", "uk": "Більше матеріалознавчих операцій і складне пакування можуть збільшувати витрати на чіп навіть за сповільнення пластин.", "ru": "Больше материаловедческих операций и сложная упаковка могут увеличивать расходы на чип даже при замедлении пластин." }, "falsifier": { "en": "Reassess if growth depends on a short capacity surge rather than intensity/share gains, or cash conversion keeps weakening.", "uk": "Перегляд, якщо зростання залежить від короткого сплеску потужностей, а не інтенсивності/частки, або конверсія в гроші слабшає.", "ru": "Пересмотр, если рост зависит от короткого всплеска мощностей, а не интенсивности/доли, либо конверсия в деньги слабеет." }, "monitor": { "en": "Foundry/DRAM mix, services, gross margin, cash conversion and customer capex excluding acquisition effects.", "uk": "Мікс foundry/DRAM, сервіс, валова маржа, конверсія в гроші та capex клієнтів без ефекту придбань.", "ru": "Микс foundry/DRAM, сервис, валовая маржа, конверсия в деньги и capex клиентов без эффекта приобретений." }, "source": "https://ir.appliedmaterials.com/news-releases/news-release-details/applied-materials-announces-third-quarter-2026-results", "cik": "0000006951", "issuer": "APPLIED MATERIALS INC /DE", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "cycle_dcf", "adjustments": [ "cycle", "capex_split", "sbc" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "AMAT", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "MU", "weight": 1.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 1015.79999, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/MU/history/", "sourceStatus": "fetched", "sourceHash": "a8b088c2111daef36536e53c81fef4c0f01220c64933e126a665b00a9257f882", "financial": { "period": { "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028" }, "currency": "USD", "metrics": { "revenue": { "value": 37378000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "operatingIncome": { "value": 9770000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "netIncome": { "value": 8539000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "operatingCash": { "value": 17525000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "capex": { "value": 15857000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "sbc": { "value": 972000000, "unit": "USD", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "dilutedShares": { "value": 1125000000, "unit": "shares", "start": "2024-08-30", "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "cash": { "value": 9642000000, "unit": "USD", "start": null, "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" }, "debtCurrent": null, "debtNoncurrent": { "value": 11533000000, "unit": "USD", "start": null, "end": "2025-08-28", "filed": "2025-10-03", "accession": "0000723125-25-000028", "tag": "us-gaap:LongTermDebt", "source": "https://www.sec.gov/Archives/edgar/data/723125/000072312525000028/0000723125-25-000028-index.html" } }, "missing": [ "debtCurrent" ], "reviewed": false, "bridge": { "operatingCash": 17525000000, "cashCapex": 15857000000, "cashProxy": 1668000000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001104659-26-101067", "form": "8-K", "filed": "2026-08-26", "accepted": "2026-08-26T12:06:55.000Z", "url": "https://www.sec.gov/Archives/edgar/data/723125/000110465926101067/tm2624017d1_8k.htm", "sourceHash": "1792d677ccb061981e1d9c868502c9e2d05fd0ec583bc1dfec8b8be377518aae" }, { "accession": "0000723125-26-000015", "form": "10-Q", "filed": "2026-06-25", "accepted": "2026-06-24T22:59:46.000Z", "url": "https://www.sec.gov/Archives/edgar/data/723125/000072312526000015/mu-20260528.htm", "sourceHash": "1792d677ccb061981e1d9c868502c9e2d05fd0ec583bc1dfec8b8be377518aae" }, { "accession": "0000723125-26-000013", "form": "8-K", "filed": "2026-06-24", "accepted": "2026-06-24T20:02:01.000Z", "url": "https://www.sec.gov/Archives/edgar/data/723125/000072312526000013/mu-20260624.htm", "sourceHash": "1792d677ccb061981e1d9c868502c9e2d05fd0ec583bc1dfec8b8be377518aae" }, { "accession": "0001104659-26-071845", "form": "8-K", "filed": "2026-06-09", "accepted": "2026-06-09T20:13:47.000Z", "url": "https://www.sec.gov/Archives/edgar/data/723125/000110465926071845/tm2617112d1_8k.htm", "sourceHash": "1792d677ccb061981e1d9c868502c9e2d05fd0ec583bc1dfec8b8be377518aae" }, { "accession": "0001104659-26-038249", "form": "8-K", "filed": "2026-04-01", "accepted": "2026-04-01T12:33:36.000Z", "url": "https://www.sec.gov/Archives/edgar/data/723125/000110465926038249/tm2610810d1_8k.htm", "sourceHash": "1792d677ccb061981e1d9c868502c9e2d05fd0ec583bc1dfec8b8be377518aae" } ], "changes": [], "hypothesis": { "en": "HBM mix and supply discipline could improve through-cycle returns; extrapolating a memory boom is the central valuation trap.", "uk": "Мікс HBM і дисципліна пропозиції можуть покращити віддачу через цикл; екстраполяція буму пам’яті — головна пастка оцінки.", "ru": "Микс HBM и дисциплина предложения могут улучшить отдачу через цикл; экстраполяция бума памяти — главная ловушка оценки." }, "falsifier": { "en": "Reassess if supply expands faster than demand while pricing and inventory turn adverse; test a downcycle explicitly.", "uk": "Перегляд, якщо пропозиція випереджає попит, а ціни й запаси погіршуються; спад циклу тестувати окремо.", "ru": "Пересмотр, если предложение опережает спрос, а цены и запасы ухудшаются; спад цикла тестировать отдельно." }, "monitor": { "en": "HBM contract economics, bit supply, pricing, inventory, capex and cash margins across cycles.", "uk": "Економіка HBM-контрактів, пропозиція бітів, ціни, запаси, capex та грошова маржа через цикли.", "ru": "Экономика HBM-контрактов, предложение битов, цены, запасы, capex и денежная маржа через циклы." }, "source": "https://investors.micron.com/financials/quarterly-results/", "cik": "0000723125", "issuer": "MICRON TECHNOLOGY INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "cycle_dcf", "adjustments": [ "cycle", "capex_split", "working_capital" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "MU", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "CDNS", "weight": 1.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 282.89999, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/CDNS/history/", "sourceStatus": "fetched", "sourceHash": "0bfb80dcfb082f1368b0f19c256ca5b35585e20bda411cea2163627b55f0955b", "financial": { "period": { "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016" }, "currency": "USD", "metrics": { "revenue": { "value": 5296759000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "operatingIncome": { "value": 1492042000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "netIncome": { "value": 1108888000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "operatingCash": { "value": 1728781000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "capex": { "value": 141871000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "sbc": { "value": 455175000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "dilutedShares": { "value": 273312000, "unit": "shares", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "cash": { "value": 3001317000, "unit": "USD", "start": null, "end": "2025-12-31", "filed": "2026-02-19", "accession": "0000813672-26-000016", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/0000813672-26-000016-index.html" }, "debtCurrent": null, "debtNoncurrent": null }, "missing": [ "debtCurrent", "debtNoncurrent" ], "reviewed": false, "bridge": { "operatingCash": 1728781000, "cashCapex": 141871000, "cashProxy": 1586910000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0000813672-26-000092", "form": "10-Q", "filed": "2026-07-29", "accepted": "2026-07-28T21:45:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000092/cdns-20260630.htm", "sourceHash": "fb63e71fb11da835607f570af18a4b764e33aa1a44095467a12255cd7d4b0b09" }, { "accession": "0000813672-26-000089", "form": "8-K", "filed": "2026-07-27", "accepted": "2026-07-27T20:03:05.000Z", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000089/cdns-20260727.htm", "sourceHash": "fb63e71fb11da835607f570af18a4b764e33aa1a44095467a12255cd7d4b0b09" }, { "accession": "0000813672-26-000067", "form": "8-K", "filed": "2026-05-12", "accepted": "2026-05-11T22:14:53.000Z", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000067/cdns-20260507.htm", "sourceHash": "fb63e71fb11da835607f570af18a4b764e33aa1a44095467a12255cd7d4b0b09" }, { "accession": "0000813672-26-000047", "form": "10-Q", "filed": "2026-05-01", "accepted": "2026-05-01T20:30:51.000Z", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000047/cdns-20260331.htm", "sourceHash": "fb63e71fb11da835607f570af18a4b764e33aa1a44095467a12255cd7d4b0b09" }, { "accession": "0000813672-26-000044", "form": "8-K", "filed": "2026-04-27", "accepted": "2026-04-27T20:03:41.000Z", "url": "https://www.sec.gov/Archives/edgar/data/813672/000081367226000044/cdns-20260427.htm", "sourceHash": "fb63e71fb11da835607f570af18a4b764e33aa1a44095467a12255cd7d4b0b09" } ], "changes": [], "hypothesis": { "en": "Design complexity and more custom chips can increase software value; AI productivity may also pressure seat-based pricing.", "uk": "Складність дизайну та нові замовні чіпи можуть збільшувати цінність ПЗ; продуктивність ШІ водночас може тиснути на оплату за місця.", "ru": "Сложность дизайна и новые заказные чипы могут увеличивать ценность ПО; продуктивность ИИ одновременно может давить на оплату за места." }, "falsifier": { "en": "Reassess if AI usage grows without monetization, renewal pricing weakens or dilution offsets cash growth.", "uk": "Перегляд, якщо AI-використання зростає без монетизації, ціни поновлень слабшають або розмивання нівелює зростання грошей.", "ru": "Пересмотр, если AI-использование растёт без монетизации, цены продлений слабеют или размывание нивелирует рост денег." }, "monitor": { "en": "Organic recurring growth, renewal economics, RPO conversion, cash flow and stock-based compensation.", "uk": "Органічне регулярне зростання, економіка поновлень, виконання RPO, грошовий потік та оплата акціями.", "ru": "Органический регулярный рост, экономика продлений, исполнение RPO, денежный поток и оплата акциями." }, "source": "https://investor.cadence.com/news/news-details/2026/Cadence-Reports-Second-Quarter-2026-Financial-Results/default.aspx", "cik": "0000813672", "issuer": "CADENCE DESIGN SYSTEMS INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "equity_dcf", "adjustments": [ "sbc", "acquisitions", "contract_quality" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "CDNS", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "SNPS", "weight": 1.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 384.97, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/SNPS/history/", "sourceStatus": "fetched", "sourceHash": "7e9b6e13ac2481586b56f1db93af14b9b014a1b7f92af2a09075d7cbd51526d4", "financial": { "period": { "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028" }, "currency": "USD", "metrics": { "revenue": { "value": 7054178000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "operatingIncome": { "value": 914927000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "netIncome": { "value": 1332220000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "operatingCash": { "value": 1518608000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "capex": { "value": 169454000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "sbc": { "value": 893294000, "unit": "USD", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "dilutedShares": { "value": 165656000, "unit": "shares", "start": "2024-11-01", "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "cash": { "value": 2888030000, "unit": "USD", "start": null, "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "debtCurrent": { "value": 22117000, "unit": "USD", "start": null, "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:LongTermDebtCurrent", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" }, "debtNoncurrent": { "value": 13462398000, "unit": "USD", "start": null, "end": "2025-10-31", "filed": "2025-12-22", "accession": "0000883241-25-000028", "tag": "us-gaap:LongTermDebtNoncurrent", "source": "https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/0000883241-25-000028-index.html" } }, "missing": [], "reviewed": false, "bridge": { "operatingCash": 1518608000, "cashCapex": 169454000, "cashProxy": 1349154000, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0000883241-26-000025", "form": "10-Q", "filed": "2026-08-26", "accepted": "2026-08-26T21:02:25.000Z", "url": "https://www.sec.gov/Archives/edgar/data/883241/000088324126000025/snps-20260731.htm", "sourceHash": "53f59bb0cd228fdf59c98f62129e7dde852595baa09434542fb3294e140f5dbc" }, { "accession": "0001193125-26-368620", "form": "8-K", "filed": "2026-08-26", "accepted": "2026-08-26T20:21:49.000Z", "url": "https://www.sec.gov/Archives/edgar/data/883241/000119312526368620/d157153d8k.htm", "sourceHash": "53f59bb0cd228fdf59c98f62129e7dde852595baa09434542fb3294e140f5dbc" }, { "accession": "0001193125-26-345878", "form": "8-K", "filed": "2026-08-12", "accepted": "2026-08-12T13:15:06.000Z", "url": "https://www.sec.gov/Archives/edgar/data/883241/000119312526345878/d148701d8k.htm", "sourceHash": "53f59bb0cd228fdf59c98f62129e7dde852595baa09434542fb3294e140f5dbc" }, { "accession": "0000883241-26-000018", "form": "10-Q", "filed": "2026-05-27", "accepted": "2026-05-27T20:31:21.000Z", "url": "https://www.sec.gov/Archives/edgar/data/883241/000088324126000018/snps-20260430.htm", "sourceHash": "53f59bb0cd228fdf59c98f62129e7dde852595baa09434542fb3294e140f5dbc" }, { "accession": "0001193125-26-241920", "form": "8-K", "filed": "2026-05-27", "accepted": "2026-05-27T20:15:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/883241/000119312526241920/d96543d8k.htm", "sourceHash": "53f59bb0cd228fdf59c98f62129e7dde852595baa09434542fb3294e140f5dbc" } ], "changes": [], "hypothesis": { "en": "Verification, IP and broader engineering tools may deepen the customer relationship, but purchased growth must earn its capital cost.", "uk": "Верифікація, IP та інженерні інструменти можуть поглибити відносини з клієнтом, але придбане зростання має окупити капітал.", "ru": "Верификация, IP и инженерные инструменты могут углубить отношения с клиентом, но приобретённый рост должен окупить капитал." }, "falsifier": { "en": "Reassess if integration/dilution prevents recurring cash earnings per share from improving, or IP demand deteriorates.", "uk": "Перегляд, якщо інтеграція/розмивання не дають зростати регулярному грошовому прибутку на акцію або попит IP слабшає.", "ru": "Пересмотр, если интеграция/размывание не дают расти регулярной денежной прибыли на акцию либо спрос IP слабеет." }, "monitor": { "en": "Organic versus acquired growth, IP licensing, cash conversion, debt, integration expenses and diluted shares.", "uk": "Органічне проти придбаного зростання, ліцензії IP, конверсія в гроші, борг, витрати інтеграції та розбавлені акції.", "ru": "Органический против приобретённого роста, лицензии IP, конверсия в деньги, долг, расходы интеграции и разводнённые акции." }, "source": "https://investor.synopsys.com/news/news-details/2026/Synopsys-Posts-Financial-Results-for-Third-Quarter-Fiscal-Year-2026/default.aspx", "cik": "0000883241", "issuer": "SYNOPSYS INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "segment_dcf", "adjustments": [ "acquisitions", "net_debt", "sbc", "nonoperating" ], "readiness": "reported_proxy_available", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "SNPS", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "EQIX", "weight": 1.5, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 1021.34003, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/EQIX/history/", "sourceStatus": "fetched", "sourceHash": "354770cca12b451c5ee670a98a3ff6d7f28e83aa1e2b3ace43b35921f37df395", "financial": { "period": { "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032" }, "currency": "USD", "metrics": { "revenue": { "value": 9217000000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "operatingIncome": { "value": 1848000000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:OperatingIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "netIncome": { "value": 1350000000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:NetIncomeLoss", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "operatingCash": { "value": 3911000000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "capex": null, "sbc": { "value": 498000000, "unit": "USD", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:ShareBasedCompensation", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "dilutedShares": { "value": 98123000, "unit": "shares", "start": "2025-01-01", "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "cash": { "value": 1727000000, "unit": "USD", "start": null, "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:CashAndCashEquivalentsAtCarryingValue", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "debtCurrent": { "value": 1299000000, "unit": "USD", "start": null, "end": "2025-12-31", "filed": "2026-02-11", "accession": "0001101239-26-000032", "tag": "us-gaap:LongTermDebtCurrent", "source": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/0001101239-26-000032-index.html" }, "debtNoncurrent": null }, "missing": [ "capex", "debtNoncurrent" ], "reviewed": false, "bridge": { "operatingCash": 3911000000, "cashCapex": null, "cashProxy": null, "normalizedOwnerCash": null, "adjustments": [], "status": "unreviewed", "note": "OCF minus cash capex is a reported cash proxy, not normalized distributable equity cash. SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0001104659-26-092009", "form": "8-K", "filed": "2026-08-06", "accepted": "2026-08-06T20:12:32.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1101239/000110465926092009/tm2622384d1_8k.htm", "sourceHash": "811c8b7a077c0ebbd6b798cfeac07abe6cdc1ad0baf11ab2c783b324fc70575f" }, { "accession": "0001101239-26-000148", "form": "8-K", "filed": "2026-07-29", "accepted": "2026-07-29T20:20:05.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000148/eqix-20260727.htm", "sourceHash": "811c8b7a077c0ebbd6b798cfeac07abe6cdc1ad0baf11ab2c783b324fc70575f" }, { "accession": "0001101239-26-000147", "form": "10-Q", "filed": "2026-07-29", "accepted": "2026-07-29T20:17:20.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000147/eqix-20260630.htm", "sourceHash": "811c8b7a077c0ebbd6b798cfeac07abe6cdc1ad0baf11ab2c783b324fc70575f" }, { "accession": "0001101239-26-000145", "form": "8-K", "filed": "2026-07-29", "accepted": "2026-07-29T20:13:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000145/eqix-20260729.htm", "sourceHash": "811c8b7a077c0ebbd6b798cfeac07abe6cdc1ad0baf11ab2c783b324fc70575f" }, { "accession": "0001101239-26-000131", "form": "8-K", "filed": "2026-07-14", "accepted": "2026-07-14T20:30:32.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1101239/000110123926000131/eqix-20260708.htm", "sourceHash": "811c8b7a077c0ebbd6b798cfeac07abe6cdc1ad0baf11ab2c783b324fc70575f" } ], "changes": [], "hypothesis": { "en": "Interconnection density may produce durable pricing beyond commodity space, provided returns exceed construction and financing costs.", "uk": "Щільність взаємоз’єднань може підтримувати ціни понад звичайну площу, якщо віддача перевищує будівництво й фінансування.", "ru": "Плотность взаимосоединений может поддерживать цены сверх обычной площади, если отдача превышает строительство и финансирование." }, "falsifier": { "en": "Reassess if recurring AFFO stagnates despite capex, or development returns fall below the cost of funding.", "uk": "Перегляд, якщо регулярний AFFO не зростає попри capex або віддача будівництва нижча за вартість фінансування.", "ru": "Пересмотр, если регулярный AFFO не растёт вопреки capex либо отдача строительства ниже стоимости финансирования." }, "monitor": { "en": "Recurring AFFO per share, interconnections, power availability, development yields, debt maturities and refinancing costs.", "uk": "Регулярний AFFO на акцію, взаємоз’єднання, доступна електрика, дохідність будівництва, погашення боргу й ціна рефінансування.", "ru": "Регулярный AFFO на акцию, взаимосоединения, доступное электричество, доходность строительства, погашения долга и цена рефинансирования." }, "source": "https://investor.equinix.com/news-events/press-releases/detail/1114/equinix-reports-second-quarter-results-raises-2026", "cik": "0001101239", "issuer": "EQUINIX INC", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "reit_affo", "adjustments": [ "affo", "net_debt", "capex_split", "working_capital" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "EQIX", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "LRCX", "weight": 1, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 288.10999, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; 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SBC, leases, debt service, acquisitions, working capital and cycle require review. Do not deduct debt again in an equity-per-share DCF." } }, "filings": [ { "accession": "0000707549-26-000043", "form": "8-K", "filed": "2026-08-27", "accepted": "2026-08-27T21:20:05.000Z", "url": "https://www.sec.gov/Archives/edgar/data/707549/000070754926000043/lrcx-20260824.htm", "sourceHash": "4b1e52e0cf56205194f103aef70c7fec186bde7de38d14cdf3fa35774bf32c52" }, { "accession": "0000707549-26-000037", "form": "10-K", "filed": "2026-08-07", "accepted": "2026-08-07T20:06:32.000Z", "url": "https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm", "sourceHash": "4b1e52e0cf56205194f103aef70c7fec186bde7de38d14cdf3fa35774bf32c52" }, { "accession": "0000707549-26-000033", "form": "8-K", "filed": "2026-07-29", "accepted": "2026-07-29T20:07:10.000Z", "url": "https://www.sec.gov/Archives/edgar/data/707549/000070754926000033/lrcx-20260729.htm", "sourceHash": "4b1e52e0cf56205194f103aef70c7fec186bde7de38d14cdf3fa35774bf32c52" }, { "accession": "0000707549-26-000022", "form": "10-Q", "filed": "2026-04-23", "accepted": "2026-04-23T20:05:20.000Z", "url": "https://www.sec.gov/Archives/edgar/data/707549/000070754926000022/lrcx-20260329.htm", "sourceHash": "4b1e52e0cf56205194f103aef70c7fec186bde7de38d14cdf3fa35774bf32c52" }, { "accession": "0000707549-26-000020", "form": "8-K", "filed": "2026-04-22", "accepted": "2026-04-22T20:09:16.000Z", "url": "https://www.sec.gov/Archives/edgar/data/707549/000070754926000020/lrcx-20260422.htm", "sourceHash": "4b1e52e0cf56205194f103aef70c7fec186bde7de38d14cdf3fa35774bf32c52" } ], "changes": [], "hypothesis": { "en": "More etch/deposition steps may increase value per wafer, but memory spending remains cyclical.", "uk": "Більше етапів травлення/осадження може збільшувати вартість на пластину, але витрати виробників пам’яті лишаються циклічними.", "ru": "Больше этапов травления/осаждения может увеличивать стоимость на пластину, но расходы производителей памяти остаются циклическими." }, "falsifier": { "en": "Reassess if node transitions fail to increase tool intensity or a memory downturn exposes excess capacity.", "uk": "Перегляд, якщо нові техпроцеси не збільшують інтенсивність обладнання або спад пам’яті виявляє надлишок потужностей.", "ru": "Пересмотр, если новые техпроцессы не увеличивают интенсивность оборудования либо спад памяти выявляет избыток мощностей." }, "monitor": { "en": "DRAM/NAND/foundry mix, process intensity, service revenue, margins and customer acceptance timing.", "uk": "Мікс DRAM/NAND/foundry, інтенсивність процесів, сервісна виручка, маржа та строки приймання клієнтами.", "ru": "Микс DRAM/NAND/foundry, интенсивность процессов, сервисная выручка, маржа и сроки приёмки клиентами." }, "source": "https://investor.lamresearch.com/2026-07-29-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-June-28%2C-2026", "cik": "0000707549", "issuer": "LAM RESEARCH CORP", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "cycle_dcf", "adjustments": [ "cycle", "capex_split", "sbc" ], "readiness": "special_model_required", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "LRCX", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "SPCX", "weight": 1, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 152.71001, "fetchedAt": "2026-09-18T22:00:25.213Z", "calendar": "US exchange sessions; latest completed regular close; one-session provider-delay tolerance" }, "quoteSource": "https://finance.yahoo.com/quote/SPCX/history/", "sourceStatus": "fetched", "sourceHash": "cd3b109b3790272e1bce6153d0b183476ea23a377c26132f1d7449e4e722de7f", "financial": { "period": null, "currency": null, "metrics": { "revenue": null, "operatingIncome": null, "netIncome": null, "operatingCash": null, "capex": null, "sbc": null, "dilutedShares": null, "cash": null, "debtCurrent": null, "debtNoncurrent": null }, "missing": [ "revenue", "operatingIncome", "netIncome", "operatingCash", "capex", "sbc", "dilutedShares", "cash", "debtCurrent", "debtNoncurrent" ], "reviewed": false }, "filings": [ { "accession": "0001628280-26-056945", "form": "8-K", "filed": "2026-08-14", "accepted": "2026-08-14T12:23:02.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm", "sourceHash": "66dc7256fa3e1de8f61c81e01dc1d01bcec563d5b3d82d39259badc51863fb5b" }, { "accession": "0001628280-26-052535", "form": "10-Q", "filed": "2026-08-04", "accepted": "2026-08-04T20:05:48.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm", "sourceHash": "66dc7256fa3e1de8f61c81e01dc1d01bcec563d5b3d82d39259badc51863fb5b" }, { "accession": "0001628280-26-052515", "form": "8-K", "filed": "2026-08-04", "accepted": "2026-08-04T20:01:05.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026052515/spcx-20260804.htm", "sourceHash": "66dc7256fa3e1de8f61c81e01dc1d01bcec563d5b3d82d39259badc51863fb5b" }, { "accession": "0001628280-26-045763", "form": "8-K", "filed": "2026-06-26", "accepted": "2026-06-26T20:14:27.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026045763/spcx-closing8xkjune2026.htm", "sourceHash": "66dc7256fa3e1de8f61c81e01dc1d01bcec563d5b3d82d39259badc51863fb5b" }, { "accession": "0001628280-26-044955", "form": "8-K", "filed": "2026-06-23", "accepted": "2026-06-23T20:53:39.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026044955/spcx-pricing8xk.htm", "sourceHash": "66dc7256fa3e1de8f61c81e01dc1d01bcec563d5b3d82d39259badc51863fb5b" } ], "changes": [], "hypothesis": { "en": "Space/AI optionality is investable only when the listed entity’s ownership, operating cash flows and funding obligations are understood.", "uk": "Опціональність космосу/ШІ придатна для оцінки лише після розуміння складу біржового емітента, потоків і зобов’язань фінансування.", "ru": "Опциональность космоса/ИИ пригодна для оценки лишь после понимания состава биржевого эмитента, потоков и обязательств финансирования." }, "falsifier": { "en": "Do not advance the valuation if entity scope or financial reconciliation is unclear; reject a thesis supported only by a space-compute narrative.", "uk": "Не просувати оцінку без ясного складу емітента й узгодженої звітності; відхилити тезу, підкріплену лише історією про space-compute.", "ru": "Не продвигать оценку без ясного состава эмитента и согласованной отчётности; отклонить тезис, подкреплённый лишь историей о space-compute." }, "monitor": { "en": "Read the prospectus and periodic filing: segment cash flow, satellite replacement, related parties, dilution and shareholder rights.", "uk": "Прочитати проспект і періодичний звіт: потоки сегментів, заміна супутників, пов’язані сторони, розмивання та права акціонерів.", "ru": "Прочитать проспект и периодический отчёт: потоки сегментов, замена спутников, связанные стороны, размывание и права акционеров." }, "source": "https://ir.spacex.com/updates/releases-details/2026/Space-Exploration-Technologies-Corp--Announces-Closing-of-Initial-Public-Offering-Including-Full-Exercise-of-Underwriters-Option-to-Purchase-Additional-Shares-2026-RgoR-Y1Vwh/default.aspx", "cik": "0001181412", "issuer": "SPACE EXPLORATION TECHNOLOGIES CORP", "sourceFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsFetchedAt": "2026-09-18T22:00:49.022Z", "submissionsStatus": "fetched", "normalization": { "version": "1.0.0", "status": "model_specification_complete", "family": "ipo_sotp", "adjustments": [ "entity_scope", "capex_split", "net_debt", "sbc" ], "readiness": "financial_statements_missing", "normalizedCashApproved": false, "investmentCommitteeApproved": false, "tradeAuthorized": false }, "candidate": { "ticker": "SPCX", "status": "blocked", "blockers": [ "human_review_missing", "source_version_mismatch", "normalized_cash_missing", "review_incomplete", "assumptions_missing" ], "value": null, "tradeAuthorized": false } }, { "ticker": "IBM", "weight": 0, "market": { "status": "recent", "ageDays": 0, "sessionLag": 0, "expectedSessionDate": "2026-09-18", "date": "2026-09-18", "currency": "USD", "price": 229.55, "fetchedAt": "2026-09-18T22:00:37.164Z", "calendar": "US exchange sessions; 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}, { "id": "f7edaa8c7785dd3d1132a0ba1ed97d2ff6effa7ec2e2f1216da00f06e1457401", "ticker": "CEG", "type": "baseline", "observedAt": "2026-09-06T08:29:07.096Z", "accession": "0001868275-26-000104", "form": "10-Q", "filed": "2026-08-06", "accepted": "2026-08-06T16:22:28.000Z", "url": "https://www.sec.gov/Archives/edgar/data/1868275/000186827526000104/ceg-20260630.htm", "sourceHash": "cdf3672599be75ea59665d2442bd714070aa612f2919eee7b0a7535143b2d5d6", "status": "unreviewed", "impact": "unknown", "changes": [] } ], "mandate": { "id": "agi-fundamental-forward-v1", "status": "draft_requires_separate_human_approval", "realMoney": false, "strategy": "Test whether reviewed normalized equity cash valuation adds net return beyond unchanged thematic exposure.", "primaryComparator": "AIQ within the same asset-class budget", "secondaryComparators": [ "unchanged AGI baseline", "QQQ", "SPY" ], "selection": "Only source-version-bound, human-reviewed normalizations with a documented falsifier. No allocation until sizing and expected-return hurdle are approved.", "rebalance": "Quarterly review candidate; no activation until limits and turnover budget are approved.", "sizing": null, "returnHurdleAfterCosts": null, "activationDate": null, "requiredBeforeActivation": [ "approved risk and sizing limits", "normalized cash review", "licensed dated prices and independent cross-check", "broker costs and execution assumptions", "predeclared factor attribution and multiple-testing method" ], "evaluation": { "walkForward": true, "pointInTimeUniverseRequired": true, "stressCosts": [ 1, 2, 3 ], "recordFailedExperiments": true, "rewriteOldJournals": false, "historicalPerformanceClaim": false }, "note": "Infrastructure for a prospective study; not an approved trading strategy or proof of alpha." }, "coverage": { "companies": 26, "portfolioCompanies": 25, "watchlistCandidates": 1, "financialBases": 25, "workbooks": 26, "normalizedCashApproved": 0, "approved": 0 }, "limits": [ "annual aligned periods, not TTM", "automated extraction is not accounting review", "26 model specifications are complete: 25 portfolio companies + IBM at 0%; normalized cash remains unapproved", "no independently verified quotes or licensed execution feed", "no measured consensus gap", "no new mandate activated", "source radar detects changes; it does not establish truth or trading causality" ] }