Free research worksheet
A fundamental research checklist
Use this workflow alongside primary disclosures to document evidence and uncertainty.
1. Identify the security
Record the company, ticker, exchange and share class. Confirm the currency and units.
2. Record your sources
Save the filing URL, publication date and reporting period. Keep quote timestamps separate from reporting dates.
3. Understand the business
Describe the products, customers, markets and major risks in your own words.
4. Reconcile earnings with cash
Compare revenue, earnings and operating cash flow across consistent periods.
5. Check financing and capital returns
Record debt, cash and capital employed. Flag missing definitions instead of filling them with assumptions.
6. Compare valuation consistently
Use comparable sectors, periods, currencies and earnings definitions.
7. Challenge assumptions
Write base and downside cases and identify the assumptions driving your conclusion.
8. Set a review trigger
Record unanswered questions and the next filing or event to review.
Keep a research record
Company and exchange: __________ · Filing period: __________ · Source URL: __________ · Missing inputs: __________ · Next review: __________