RSCH · US · HK · A
Stock research
The business, financials, management and valuation of popular US, Hong Kong and China A-share companies, one page each, from their filings.
US stocks
- AAPL AppleWide-moat ecosystem, TTM revenue $466.8B, gross margin 48.7%, ROIC 95.4%, net debt 0.13x EBITDA; at 37.8x P/E the price implies 13.35% FCF growth, base case shows -38.6% upside.
- MSFT MicrosoftElite franchise: +17.8% revenue growth, 46.8% operating margin, $36.55B net cash, but capex at 34.9% of revenue and 29.9x P/E price the bull case.
- NVDA NVIDIAWide-moat AI compute platform: FY2026 revenue $215.9B (+65.5%), 74.7% TTM gross margin, $23.2B net cash; but 56% receivables concentration and 18x sales leave base-case upside at 9.0%.
- AMZN AmazonWide-moat AWS and marketplace compounder, FY2025 revenue +12.4% with an 11.2% operating margin and near-net-cash balance sheet, but 22.3% capex intensity turned TTM free cash flow negative (-$11.6B); valuation implies 39% base-case downside.
- PEP PepsiCoNarrow-moat scale and 4.7% yield, but flat volumes, 12.2% operating margin, 2.79x net leverage and a base case 22% below market cap make risk/reward unattractive.
- RKLB Rocket LabRocket Lab: 52.5% TTM revenue growth, 37.3% gross margin, $2.3B net cash, but -$371.1M TTM FCF at 60x sales; base case values equity at $5.3B, so priced for flawless Neutron execution.
- CRWV CoreWeaveElite AI-cloud growth ($5.13B FY2025 revenue, $60.7B RPO) but 67% customer concentration, -$13.66B TTM FCF, $11.0B maturities vs $5.54B liquidity; base case shows -88% upside — demanding.