Value-oriented research on individual public companies: what the business earns, what the balance sheet can bear, what the shares may be worth, and what could go wrong.
Each company links to a full research note built from SEC filings, with every figure sourced and every valuation assumption stated.
Figures come from 10-K and 10-Q filings, company releases and named market-data sources. When we can't verify a number, we leave it out or mark it unavailable.
We estimate intrinsic value with transparent bear, base and bull cases and list every assumption. We look for a margin of safety rather than a story.
Accounting quality, governance, cash conversion, dilution and concentration get as much space as growth. Each note says plainly what could go wrong.
Pathos Investments (pathosinvestments.com) publishes independent, long-horizon research on individual public companies. Our notes focus on the questions a value investor asks: how durable the business is, how much cash it actually generates, how strong the balance sheet is, how management allocates capital, and what the shares may be worth under sober assumptions.
Notes are dated. Price-based figures are tied to a stated close, and fundamentals to a stated filing. Markets move and facts change after publication, so check the "as of" dates before relying on any figure.