□ Can I describe what this company does in one sentence?
□ How does it make money? (Revenue model)
□ Who are the customers? Are they diversified or concentrated?
□ What industry is it in? Is the industry growing, stable, or declining?
□ Who are the top 3 competitors?

PROFITABILITY
□ Revenue growth rate (5-year CAGR): ____%
□ Net profit margin: ____% (Compare to industry average)
□ Return on Equity (ROE): ____% (>15% is generally good)
□ Return on Invested Capital (ROIC): ____% (>10% beats most cost of capital)
□ Free Cash Flow positive? □ Yes □ No
□ FCF margin: ____%

BALANCE SHEET
□ Debt-to-Equity ratio: ____ (<1.0 preferred for non-financials)
□ Current ratio: ____ (>1.5 preferred)
□ Interest coverage ratio: ____ (>5x preferred)
□ Cash and equivalents: $____
□ Total debt: $____
□ Net debt/EBITDA: ____ (<3x preferred)

CONSISTENCY
□ Has revenue grown in 8+ of the last 10 years?
□ Has earnings grown in 7+ of the last 10 years?
□ Has the dividend been maintained or grown? (if applicable)
□ Any major earnings misses or restatements in the past 5 years?

MOAT EVALUATION (check all that apply)
□ Brand power — Can the company charge premium prices?
□ Network effects — Does the product become more valuable with more users?
□ Switching costs — Would it be painful/expensive for customers to switch?
□ Cost advantages — Can it produce at lower cost than competitors?
□ Regulatory barriers — Are there licenses/regulations that limit competition?
□ Intangible assets — Patents, proprietary technology, data advantages?

MOAT STRENGTH
□ Strong (3+ factors, multi-decade track record)
□ Moderate (1-2 factors, proven but potentially at risk)
□ Weak or none (competitive commodity business)

□ CEO tenure: ____ years
□ Insider ownership: ____%  (Higher is generally better)
□ Capital allocation track record:
  □ Good — Consistent buybacks at fair prices, smart acquisitions
  □ Average — Mixed results
  □ Poor — Overpaying for acquisitions, empire building
□ Executive compensation: Reasonable relative to company size?
□ Any governance red flags? (Related party transactions, excessive dilution)
□ Management communication: Honest about problems or overly promotional?

RELATIVE VALUATION
□ P/E ratio: ____ vs. industry average: ____ vs. 5-year average: ____
□ P/FCF ratio: ____ vs. industry average: ____
□ EV/EBITDA: ____ vs. industry average: ____
□ P/B ratio: ____ vs. industry average: ____
□ PEG ratio: ____ (<1 suggests undervaluation)

INTRINSIC VALUE (DCF)
□ Estimated future FCF growth rate: ____% (conservative)
□ Discount rate (WACC): ____%
□ Terminal growth rate: ____% (typically 2-3%)
□ Estimated intrinsic value per share: $____
□ Current market price: $____
□ Margin of safety: ____% (aim for 25%+ minimum)

REALITY CHECK
□ Does my valuation make intuitive sense?
□ Am I using reasonable assumptions, not "best case" numbers?
□ Would I still buy at 20% above the current price? If yes, I'm probably right.

□ What could go wrong in the next 2 years?
  1. ____________________
  2. ____________________
  3. ____________________

□ Is the company dependent on a single product/customer/geography?
□ Is there significant regulatory risk?
□ Is the industry being disrupted by technology?
□ Could AI/automation significantly impact the business model?
□ What happens to earnings in a recession?
□ Is the stock heavily shorted? (Short interest > 10%)

SCORING
Business quality (1-10): ____
Financial health (1-10): ____
Competitive advantage (1-10): ____
Management quality (1-10): ____
Valuation attractiveness (1-10): ____
Risk level (1=high risk, 10=low risk): ____

TOTAL: ____/60

DECISION FRAMEWORK
□ Score 50+: Strong buy candidate at current prices
□ Score 40-49: Watchlist — wait for better entry point
□ Score 30-39: Pass — not enough conviction
□ Score <30: Clear avoid

MY DECISION: □ Buy □ Watchlist □ Pass
Position size: ____% of portfolio