Corva
Corva Free to start · Plans from $29.90/mo
Corva
How it works What you get The method Preview Pricing

Hi, Value Investor

You are one click away from researching your

100x company with a complete research report.

This report saves you money, time, and energy

No card · takes about 90 seconds
Read the method
Works with global exchanges Your research saves to your account Live financials on any listed company
108
checklist questions scored
18
report sections per company
125
moat & competitive questions researched
0
spreadsheets required
A few of the 100+ questions it makes you answer
Is the business simple enough to truly understand? Does it have a durable competitive moat? Is management honest and capable? Is it priced below intrinsic value? Would a 50% drop shake your conviction? Is the debt survivable in a bad year? Is the business simple enough to truly understand? Does it have a durable competitive moat? Is management honest and capable? Is it priced below intrinsic value? Would a 50% drop shake your conviction? Is the debt survivable in a bad year?
Are margins expanding or compressing, and why? Is ROE driven by profit, or by leverage? Are receivables growing faster than revenue? Who is quietly taking their market share? What did management promise last year, and deliver? Is the dividend funded by cash, or by debt? Are margins expanding or compressing, and why? Is ROE driven by profit, or by leverage? Are receivables growing faster than revenue? Who is quietly taking their market share? What did management promise last year, and deliver? Is the dividend funded by cash, or by debt?
The actual problem

Most “research” is twelve tabs and a gut feeling

You open the 10-K, a screener, a forum thread, maybe a video. Then you close the laptop having checked none of it properly, and buy on a feeling you could not defend to anyone.

Without a system
  • Debt, margins and dilution get skipped because they are boring
  • Your research lives in twelve tabs, a screenshot folder and your memory
  • Conviction is a feeling, so you cannot explain later why you bought
  • Nothing is saved, so you dig it all up again the next time the stock moves
With Corva
  • Financials, ratios and quality scores are on screen before you write a word
  • One structured report per company: business, moat, valuation, risks, monitoring
  • A 108-question checklist turns conviction into a number you can defend
  • Every report saves to your account, so you pick up exactly where you stopped
The workspace, live data, checklist, and score for one company at a time
your-deep-dive.app / AAPL
Apple Inc. (AAPL)
Live data
$313.33 +1.8%
Price
4.57T
Market cap
35.9
P/E TTM
Sample view · 6-month price trend
Secret Checklist
75%
Conviction score
81 of 108 answered
Durable moat?Yes
Management honest & capable?Yes
Priced below intrinsic value?Partial
Downside minimal?No
Live market data Cross-checked against SEC EDGAR filings Nothing here is investment advice, it's structure
How it works

Three steps, one company at a time

This is not a screener firing 500 tickers at you. It is built to go deep on one business until you actually understand it.

Enter a ticker

Price, market cap, P/E, ROE, debt, margins, four years of revenue and net income, the six-month chart and recent news — on screen in about 90 seconds, across most global exchanges.

Work the report

Eighteen sections in the order professionals use, from business through moat, valuation and risks. Write it yourself, or have the written sections drafted with live web search and then edit them.

Score your conviction

108 questions across competence, moat, management, financial strength, valuation and downside. Answer honestly and you stop guessing how strong your case is — you read it off the page.

Takes about 90 seconds to see your first company's numbers.
What’s in the report

Eighteen sections, in four parts.

The same four groups you navigate inside the report, in the same order. Plans open whole groups, so the badge tells you exactly where each one starts.

The Company

Starter

Who they are, what protects them, who is coming for them, and what could break it.

  1. 01

    Business & Investment Thesis

    Can you explain how this company makes money in two plain sentences? Write the business down first, then the two or three things that must stay true — and you will know inside ten minutes whether you hold a thesis or a hunch.

  2. 02

    Industry Overview

    A great company inside a dying industry is the most expensive lesson in investing. Size the market, its direction and its regulators here, and find out which one you are buying before your money does.

  3. 03

    Moat

    Why can a rival with money and talent still not take this business? Brand, switching costs, network effects, scale, patents — or nothing at all, and discovering it is nothing will save you more than any winner you pick.

  4. 04

    Management Deep-Dive

    Judge the people holding your capital on what they did with the last lot: buybacks, acquisitions, debt, their own pay. What they are paid to maximise is what they will maximise — and it shows here years before it shows in the price.

  5. 05

    Competitive Positioning

    A shrinking leader and a rising challenger look identical on a screener. Put the company against its named rivals and see which way market share is actually moving.

  6. 06

    Investment Risks

    Every risk gets a probability, a number in valuation terms, and what would blunt it. “Competition” is a worthless bullet point; “300bps of margin, 15% of value” tells you how much to buy.

Evidence

Starter

The record itself: the numbers, the call, the site, the news.

  1. 01

    Financial Analysis

    Four years of growth, margins, returns and leverage in one view, with Lynch’s value tests computed live. A 12% margin climbing beats a 20% margin sliding, and a single snapshot cannot tell you which one you own.

  2. 02

    Earnings Call Analysis

    The prepared remarks are marketing. The Q&A is where it leaks: the question answered with another question, the topic that vanished since last quarter.

  3. 03

    Company Website

    Every claim the company makes about itself, gathered in one place. Read it as the story you are about to test, not as evidence you have already checked.

  4. 04

    Recommended Videos

    Keep the interviews, teardowns and factory tours worth watching in one place. Long-form interviews are where management leaves the script, and off-script is where the detail no filing carries lives.

  5. 05

    Recent News & Developments

    Your thesis should not rest on a filing four months old. Every headline gets one test: does this change a number in your case, or is it noise wearing a deadline?

Advanced Report

Plus

Whether it compounds for a decade, what it is worth, and what the market is doing to that answer.

  1. 01

    Long-Term Potential

    Could you hold this for ten years without checking the price? Runway, reinvestment, durability, disruption and alignment, read from several angles — because where those angles disagree is where a ten-year holding breaks.

  2. 02

    Valuation

    A two-stage DCF with cost of capital and terminal growth in your hands, not buried in a black box. The number matters less than what it exposes: the one assumption your entire case rests on.

  3. 03

    Graham Test

    Graham’s defensive, enterprising and net-net screens, computed from filing history rather than estimated. Almost nothing passes, and that is the value: it prices exactly how much margin of safety you are giving up.

  4. 04

    Euphoria Check

    Is this a business, or a story with a ticker? Tests the company, its sector and the market against the pattern behind three centuries of manias — including whether the profit comes from operations or from financial engineering.

  5. 05

    Macroeconomics

    Yields, the dollar, oil, gold, volatility and growth — the weather every holding sits in. Rates set the discount rate in every valuation on earth: when they move, your company reprices even if nothing about it changed.

Decision

Pro

Turning the evidence into a number you can defend, and a record of why you acted.

  1. 01

    Valuation Methods & Weighting

    Weight DCF, peer multiples and your own methods into one target price you can defend. When two methods disagree by 40%, that gap is the finding — an average buries it.

  2. 02

    Discipline & Monitoring

    The only section that studies you instead of the company: tripwires, ATR position sizing, Kelly sizing, a pre-mortem and a dated decision journal. Write it while you are calm, so when the price moves and you are not, a steadier version of you tells you whether anything real changed.

What you get

Everything in one page, nothing you don’t need

Live market data

Quotes, key ratios, annual financials, price history and news across most major exchanges. No API key, no spreadsheet, no setup.

CFA-style deep dive

Eighteen sections in the shape professionals expect, modeled on the CFA Institute Research Challenge format — so your write-up holds up when someone asks why you bought.

Secret Checklist

108 questions in six categories, scored live as you answer, with room for your own. Conviction stops being a feeling and becomes a number.

Analyze Company

One click and the written sections come back drafted, with live web search behind them and the instruction to say “unsure” rather than invent a figure. Edit what it gives you — the checklist stays yours to answer, because a conviction score you did not earn is worth nothing.

Saved to your account

Every report is stored against your login, so six months later you open your old notes instead of starting the company again from scratch.

Macroeconomics

Treasury yields, the dollar, oil, gold, VIX and regional GDP growth on live charts — the conditions that reprice your holdings whether the business changed or not.

The method

A century of value investing, wired into software

Every score here is one of the classics, computed from the filed statements. The engine writes prose around numbers that are already verified — it never invents them.

How every figure in your report is held to account
Computed, not guessedScores derived from the filed statements, never estimated
Filings firstThe annual report is read before the open web, not after
Cross-checkedHeadline figures verified against SEC EDGAR
Three sourcesFiling, web and news — disagreements flagged, not averaged
Graded evidenceEvery citation rated A–E by the authority of its source
Admits the gapTold to say what it could not find rather than invent it
Your thresholdsChange any target and every score recomputes
Nothing skipped18 sections and 100+ questions, on every company
“Price is what you pay. Value is what you get.”Warren Buffett
Where it sits

Between a spreadsheet and a $24,000 terminal

Screeners tell you what's cheap. Terminals drown you in data. Neither tells you whether one specific business is actually good, that's the gap this fills.

DIY spreadsheetStock screenersCorvaPro terminals
CostFreeFree–$40/moFree · Research from $29.90/mo$2k–24k/yr
Depth on one companyAs deep as your patienceSurface metrics18 structured sectionsDeep but unstructured
Tells you what to check✗ You're on your own✗ Filters only✓ 100+ guided questions✗ Data, not judgment
Conviction scoring✗✗✓ 108-question checklist✗
Research saved & compared over timeSort of✗✓ Snapshots + thesis drift✓
Learning curveHighLowLow, the structure teaches youVery high
What investors say

Built for people who read the filings

From investors using the report, the Secret Checklist and the live data to finish their research — not just start it.

“

I used to talk myself into stocks on a feeling. Now the 18-section report keeps surfacing the questions I’d been skipping for years, and the checklist won’t let my conviction hide behind a vibe — it’s a number, scored against answers I actually wrote down. My last three buys came with a written case I can defend.

DR
Daniel R.
Retail investor, Singapore
“

The Secret Checklist is quietly brutal. I thought I loved a stock — scoring 61 of 108 with the whole downside section unticked told me the truth. It has already talked me out of two positions I would have regretted.

WT
Wei T.
Retail investor, Hong Kong
“

It pulls four years of financials, the debt picture and insider activity before I’ve even opened the 10-K. What used to take an evening takes minutes now — and the “boring” sections aren’t skippable, which is exactly why they finally get done.

PS
Priya S.
Part-time analyst, Mumbai
“

Half my watchlist is Bursa Malaysia, the other half US tech. Everything else I tried covered one or the other. This does both — and the SEC cross-check flagged a figure on one of my US names I would have taken at face value.

AK
Amir K.
Retail investor, Kuala Lumpur
“

What sold me was the honesty. Where it can’t find a number it says “unsure” instead of inventing one, and every claim carries a graded source I can open. I stopped having to fact-check my own tools.

ML
Marcus L.
Software engineer, London
“

Six months after I wrote it, a stock finally moved — and my thesis, checklist score and tripwires were exactly where I left them. I opened my old notes instead of starting from scratch. That changed how I follow companies.

GL
Grace L.
Retired engineer, Melbourne
“

I’m new to this. The walkthrough on every section and the plain-language checklist mean I’m learning a process instead of copying picks. My conviction is a number now — and I know exactly what would change it.

JC
J. Chen
First-year investor, Penang
“

The moat section is where it earns the subscription. It made me write down why nobody can undercut this company, and I couldn’t. I passed, and the stock is down 30% since.

SL
Serena L.
Retail investor, Singapore
“

I run the Graham Test on everything now. Most of my watchlist fails it, which was uncomfortable to learn but genuinely useful — it reset what I think “cheap” means.

HN
Hafiz N.
Engineer, Shah Alam
“

As an accountant I went looking for the mistakes. The owner-earnings figure ties out to the cash flow statement, and the Beneish inputs are the real ones. It does the arithmetic properly.

YC
Yee C.
Accountant, Kuala Lumpur
“

I have maybe forty minutes a week for this. The report structure means those forty minutes go into judgement instead of hunting for the debt number.

RT
Ravi T.
Doctor, Chennai
“

The tripwires are the part I didn’t know I needed. Writing “sell if gross margin drops below 38%” while calm is completely different from deciding that mid-selloff.

AW
Adrian W.
Retail investor, Melbourne
“

English filings used to slow me down badly. Having the business, moat and risks laid out section by section means I understand US companies properly for the first time.

KT
Kenji T.
Retail investor, Osaka
“

I started with the free account on a company I already owned. It found two things in the filing I had never noticed. I paid the next day.

MO
Mei O.
Teacher, Taipei
“

The decision journal is humbling. Reading what I believed a year ago, before I knew the outcome, is the single most useful thing I’ve done as an investor.

BF
Ben F.
Product manager, London
“

Adding my own checklist questions was what made it stick. I have three about related-party transactions that no generic checklist would include.

CL
Chloe L.
Retail investor, Hong Kong
“

Dividend safety plus the cash-flow coverage told me one of my income holdings was paying out of borrowings. I’d held it four years without checking.

DS
Daniel S.
Retired, Auckland
“

I use it as a first pass before the real model. If a company can’t survive the 18 sections, it never gets a spreadsheet from me.

NP
Nadia P.
Analyst, Dubai
“

I run a business, so the management section resonates. Judging people on what they did with the cash rather than what they said is exactly how I’d judge a partner.

JT
Jason T.
Small business owner, Penang
“

The pre-mortem is deceptively hard. Writing a specific story for how it fails, three years out, killed a thesis I’d been very proud of.

EK
Elena K.
Retail investor, Toronto
“

Plain language throughout. I don’t have a finance degree and I’ve never once had to google a term the report used without explaining it.

SM
Siti M.
Civil servant, Putrajaya
“

Position sizing off ATR stopped me putting 20% of the portfolio into a thesis I was excited about. That one restraint has probably paid for a decade of subscription.

TW
Tom W.
Retail investor, Sydney
“

What convinced me was watching it flag a 3% gap between its revenue figure and the 10-K. Every other tool I’ve used would have shown one number and stayed quiet.

AR
Aaron R.
Software engineer, Seattle
“

Being able to research US, Hong Kong and Southeast Asian names in one place, with the same structure, is the whole reason I stayed.

LC
Linh C.
Retail investor, Ho Chi Minh City
“

The walkthrough on the monitoring section taught me more about risk than a year of YouTube. It shows you how to use it, with real numbers, not just what it is.

GP
Grace P.
Retail investor, Manila
“

The euphoria check saved me from a sector I’d convinced myself was “different this time”. Seeing the pattern named and dated made it obvious.

MH
Marcus H.
Retail investor, Berlin
“

I like that it refuses to answer the checklist for me. Every other tool wants to hand me a verdict. This one makes me earn it.

PW
Priya W.
Retail investor, Bangalore
“

Snapshots over time are underrated. Comparing what I wrote in March against what I think now shows me exactly where my thinking drifted.

CT
Colin T.
Retail investor, Glasgow
“

It never once told me to buy anything, and that’s precisely why I trust it. Everything else in this space is selling picks.

AS
Amelia S.
Retail investor, Jakarta
“

The capital allocation table showing buybacks against stock comp changed how I read every “shareholder friendly” press release.

RK
Rahul K.
Retail investor, Delhi
“

Night shifts mean I research in twenty-minute pieces. Everything saves as I go, so I pick up exactly where I stopped.

JL
Joanne L.
Nurse, Singapore
“

Two valuation methods disagreeing by 40% taught me more than either number would have. It shows the spread instead of averaging it away.

OD
Oliver D.
Retail investor, Dublin
“

Both languages, properly translated, not machine-mangled. Small thing, but it’s the first research tool my father can actually use.

WK
Wen K.
Retail investor, Shenzhen
“

The macro section stopped me blaming a company for what was really a rates problem. Knowing which is which matters more than I realised.

FA
Faisal A.
Retail investor, Johor Bahru
“

I’ve had it flag “unsure” on a segment breakdown rather than guess. That single honest gap did more for my trust than a hundred confident paragraphs.

ML
Michelle L.
Retail investor, Vancouver
“

Kelly sizing made me confront how optimistic my odds really were. Once I put honest numbers in, the suggested size halved.

SP
Sunil P.
Retail investor, Colombo
“

Ten reports a month is more than I need, and the sections I get on Starter cover everything I actually use. Honest pricing for once.

HL
Hui L.
Retail investor, Ipoh
Pricing

Free to research. Pay only for the research engine that writes for you.

The whole Live Data tab on any listed company — quotes, ratios, financials, price history, news and the computed screens — is free forever, plus one Business & Thesis deep-dive on the house. Beyond that, pick how many companies a month you want researched, and how much of the report you want opened.

Pay for research, not for software.

What counts as a “report”? One company, researched automatically, once a month. Running every section you have access to on that company costs exactly one report — reopening it later the same month is free. Quotas reset monthly; unused reports don’t roll over.
Free
$0forever
1Business & Thesis deep-dive
one time, on the house
  • The whole Live Data tab — quotes, key ratios, annual financials, price history & news, most global exchanges
  • Quality scores, ownership & insider activity, dividend safety, analyst consensus
  • Every report you save stays yours, on any device
  • One free Business & Thesis deep-dive — one company, one time
  • No credit card, ever
Starter
$29.90/mo
10company reports
every month

For building a real watchlist — a couple of companies a week

  • Everything in Free
  • 10 company reports a month
  • Added with Starter
  • The Company — business & thesis, industry, moat, management, competitive position, risks
  • Evidence — financials, earnings call, website, videos, recent news
  • The 108-question Secret Checklist, plus your own questions
  • Saved reports, snapshots & thesis-drift over time
Cancel anytime
Most people pick this
Plus
$49.90/mo
30company reports
every month

For research you act on — valuation, Graham and the euphoria check

  • Everything in Starter
  • 30 company reports a month — three times Starter
  • Added with Plus
  • Advanced Report — long-term potential, valuation and the market-cycle tools
  • Two-stage DCF, editable WACC and terminal growth
  • Graham Test and Euphoria Check
Cancel anytime
Pro
$69.90/mo
50company reports
every month

For running a portfolio with discipline — everything, every section

  • Everything in Plus
  • 50 company reports a month, then pay as you go
  • Added with Pro
  • The complete report — all 18 sections, nothing held back
  • Discipline & Monitoring — the part that manages you, not the company
  • Weighted valuation methods blended into one defensible target price
  • Thesis tripwires, ATR position sizing and Kelly sizing
  • Lowest top-up rate: extra reports at $1.20 (vs $1.80 on Starter)
Cancel anytime

Your accountant bills by the hour. Your research shouldn’t.

Before you sign up

Questions people actually ask

Is it really free?

Yes. A free account gets live market data on any listed company — quotes, ratios, annual financials, price history, news and macroeconomics — plus the computed valuation and quality screens, with no card on file, ever. Every new account also gets one free Business & Thesis deep-dive, once, so you can judge the quality before deciding. The written report sections and the Secret Checklist are part of the paid plans, which start at $29.90 a month and can be cancelled anytime. Starter opens The Company and Evidence sections, Plus adds Advanced Report, and Pro opens the whole report.

Do I need to know finance to use this?

No, that's the point of the structure. The report walks you section by section (business, moat, financials, valuation, risks, monitoring), and the checklist asks plain-language questions rather than assuming you already know what to look for.

Where does the data come from, and can I trust it?

Live prices and financials come from our market data provider; where available, headline figures are cross-checked directly against the company's SEC filing. Nothing here is investment advice, it's a structure for doing your own research faster, not a signal to act on.

Is my research private?

Yes. Reports are stored against your login and aren't shared, published, or visible to other users.

What if I stop using it?

On the free plan, nothing happens, no card is on file to charge, so there's nothing to cancel. If you're on a paid plan (Starter, Plus, or Pro, from $29.90/month), you can cancel anytime and you'll keep full access to the free tier, you only lose the monthly report quota, not your account or saved reports.

Which markets does it cover?

Live prices and financials come from our market data provider, which covers most major global exchanges, US, Bursa Malaysia, HKEX, SGX and more (try searching a company name like "apple" or "maybank", not just a ticker). The SEC cross-check and the Graham Defensive Test's long filing history are US-listed companies only, since SEC EDGAR only holds filings for SEC registrants. Outside the US, the app tells you that check is unavailable rather than faking a score.

What powers the research?

Frontier language models with live web and filing search, run behind the scenes so you never have to choose or configure one. They are explicitly instructed to say “unsure” rather than invent a number when the evidence is not there, and every researched claim carries the source it came from, graded A–E.

Start with a company you already own

Free account, no card. Run it on a stock you think you know well — that is the fastest way to find out what you had never actually checked.

No card · takes about 90 seconds · free plan stays free
Corva

Research one company at a time, properly.

Product
How it works What you get Preview Pricing FAQ
The method
Secret Checklist Fisher's 15 points Piotroski & Altman scores Graham Number & DCF Owner earnings
Terms of Service Privacy Policy Refund Policy Contact
For research and educational use only. Nothing here is investment advice, and no output, including anything auto-drafted, is a recommendation to buy or sell any security. Market data is provided by third parties and may be delayed or inaccurate; verify anything important against primary sources such as company filings before acting on it.

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You've researched this before

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Research one company at a time · CFA-style report + the Secret Checklist

My Research

Same company either way — type the name once. Live data never costs a report; only the deep-dive research does.

?

Start with a company

Type a company name or ticker above, matches appear as you type. Picking one pulls live price, financials, and news, then you work through the CFA-style deep-dive report and the Secret Checklist on the next two pages. Everything you write is saved automatically to your account.

Live Data Deep-Dive Report Checklist
Live Data pulled automatically, refreshes each time you analyze

Market Sentiment

Market-wide, not specific to any one company, loads once per session.

Price Chart

Loading…
Scroll or pinch to zoom · drag to pan · hover for OHLC · double-click to reset
Curious why the price moved? Quick, narrow search for the actual catalyst, not a full deep-dive.

Relative Performance

Cumulative return normalized to 0% at the start of the selected range, same range tabs as the Price Chart above. Real computed data, not an estimate.

Macro & Commodity Sensitivity

Quality Scores

Computed from the reported statements, no estimates, no guesswork.

–
Piotroski F-Score

Return on Equity, Broken Apart

Margin Trend

Economic Value Added

Owner Earnings

Buffett's own metric (1986 letter): reported earnings + non-cash charges − capex − working-capital growth. Capex stands in for "maintenance capex" since companies rarely disclose that split, an estimate Buffett himself accepted: "vaguely right rather than precisely wrong."

Capital Intensity of Growth

Buffett's "Great, the Good and the Gruesome" test (2007 letter): earnings growth per dollar of capital reinvested. Great = grows with little/no extra capital (his example: See's Candies). Gruesome = needs heavy capital for little earnings growth (his example: airlines).

Financial Risk

Capital Allocation

Where operating cash flow actually went, by fiscal year. Stock-based comp is shown alongside buybacks, Buffett's point (2015/2016 letters): a headline buyback number can mask real dilution once SBC-funded share issuance is netted out.

Goodwill & Acquisition Risk

Munger: "two thirds of acquisitions don't work." A rising goodwill share of total assets is the tell for growth bought via M&A rather than built organically (1983 letter's economic-vs-accounting-goodwill distinction).

Ownership & Insider Activity

Top Institutional Holders

Recent Insider Transactions

Congressional Trading

Self-reported STOCK Act disclosures (Senate & House), not a verified feed, so it's on-demand rather than automatic.

Earnings Calendar

Beat / Miss History (Last 4 Quarters)

Dividend Safety

Valuation Multiples

How the market is pricing this company right now.

Fetches 5 sector peers, a few extra seconds, so it's on-demand rather than automatic.

Sell Discipline

Hard-stop trip-wires, checked automatically against data already on this page.

Analyst Consensus

Wall Street's own number, to check your DCF and thesis against, not a recommendation to follow it.

Financial Health

Year-on-year change shown beside each figure. Growth is calculated from the fiscal years below, so a partial or restated year will move it.

Fiscal YearRevenueYoY Net IncomeYoY Gross MarginNet Margin

Financial Statements

Recent News

Deep-Dive Report the CFA-style write-up you fill in

Deep-Dive Report

Modeled on CFA Institute Research Challenge report structure. Saved automatically per ticker to your account.

The Company
Evidence
Advanced Report
Decision

Business & Investment Thesis

Reads the company's latest annual report, the SEC filing if it files with the SEC, otherwise the report published on its own investor-relations site, then searches the web to fill what the report left blank and to find what's changed since it was published. Runs automatically as part of Auto-Research above, or trigger it here on its own:

Investment Thesis

Written after the business above, not before it — the thesis is the conclusion the description earns.

Environmental, Social & Governance

Industry Overview

Moat

Management Deep-Dive

Competitive Positioning

Long-Term Potential

Can you hold this for ten years? Judged on runway, growth potential, reinvestment, durability, disruption risk and alignment — each evidenced from the filed annual report, the open web, and recent news, so you can see where the three disagree.

Multi-Perspective View

The same ten-year question read from several vantage points at once — where they disagree is usually where the real risk to holding sits.

Investment Risks

Valuation

What are WACC and terminal growth?

These two numbers move the target price more than anything else on this page. It is worth knowing what they mean before you change them — and worth knowing that small edits to either can swing a valuation by tens of percent.

WACC — what the money costs

Weighted Average Cost of Capital. The blended annual return the company must earn just to satisfy everyone who funded it — shareholders and lenders together, weighted by how much of the funding each provides.

In the DCF it is the discount rate: it converts future cash into what that cash is worth today. A dollar arriving in ten years is worth far less than a dollar today, and WACC sets how much less.

Higher WACC means a lower valuation. A riskier business, or one carrying expensive debt, has to clear a higher bar, so its future cash is discounted harder.

Typical range: roughly 7–9% for a large, stable, cash-generative business; 9–12% for an average listed company; 12%+ for something small, cyclical, or heavily indebted. Below 6% or above 15%, check your reasoning rather than the spreadsheet.

Terminal growth — the forever number

A DCF projects cash flows for ten years. The company does not stop existing in year eleven, so everything after that is collapsed into a single terminal value. Terminal growth is the rate you assume those cash flows grow at, every year, permanently.

The discipline: nothing can outgrow the economy forever. A company compounding faster than global GDP in perpetuity would eventually become the entire economy. That is why this number stays small no matter how fast the business is growing today.

Typical range: 2–3%, roughly long-run inflation. Use 0–2% for a business in structural decline. Anything above 4% is claiming this company outgrows the world economy for ever.

The trap worth knowing: terminal value is typically half to two-thirds of the total here — around 55% for a mid-range case, and higher for a faster-growing company or a lower discount rate. So most of the answer comes from the two numbers you are least sure about. And as terminal growth approaches WACC, the maths divides by something near zero and the valuation explodes toward infinity. If a small nudge produces a wildly different target price, that is the model telling you the gap between these two is too narrow — not that you found value.

Not sure? Leave them as suggested. The figures are pre-filled from the company’s own capital structure and long-run inflation, and the sensitivity table below shows what happens across a range rather than betting everything on one guess.

Discounted Cash Flow

WACC and terminal growth come from the two fields above, change them and this recalculates.

Projected cash flows

Valuation Methods & Weighting

A separate worksheet from the Valuation section above — blend your valuation methods into one target price, CFA-report style: each method gets a weight and a value, and the weighted average becomes the Target Price for the Valuation section.

Cost of Equity (CAPM)

Cost of Equity = Risk-Free Rate + Beta × Market Risk Premium. An input for your own WACC judgment in the Valuation section — not auto-applied there.

The first row can pull straight from your DCF Target Price in the Valuation section, so you're not re-typing the same number.
MethodWeight %Value ($)Note

Financial Analysis

Quarterly Report

Annual Report

Quarterly Report

Annual Report

Quarterly Report

Annual Report

Peter Lynch Value Tests

Computed from live price and filed financials — no automation. Lynch's own arithmetic for deciding whether you are paying a sensible price for the growth you are getting.

Financial Ratios

Earnings Call Analysis

Company Website

Recommended Videos

Recent News & Developments

Looking for more? Search for 2-3 additional items not already covered above:

Discipline & Monitoring

The part of research that examines you, not the company. Written when you buy, checked later. Nothing here is generated for you — every judgment is yours and every number is computed from real data.

Investment Lens

Which style are you underwriting this as? It changes which evidence should carry the most weight below.

Thesis Tripwires

The specific, measurable things that would prove you wrong. Write them now, while you are calm and unanchored — a thesis you cannot falsify is a hope, not a thesis.

What I'm watchingBreaks ifThresholdWhy it kills the thesis

Position Sizing & Risk

Sized off ATR (Average True Range — the stock's own typical daily swing), so the stop sits outside normal noise instead of at a round number. Computed from the price history already loaded, with no extra data needed.

Kelly Sizing — Sizing by Edge

Pabrai's "heads I win, tails I don't lose much". The ATR sizing above asks how volatile the stock is; this asks how good the bet is. Estimate your own odds — the output is only as honest as those inputs.

Pre-Mortem — Invert

Munger: "Invert, always invert." It is three years from now and this position has lost half its value. Write the obituary before you buy — imagining a failure that has already happened surfaces risks that asking "what could go wrong?" does not.

Bias Check

From Munger's Psychology of Human Misjudgment. Tick anything you honestly recognise in your own thinking on this position. The point is not to score well — it is to notice.

Decision Journal

Dalio's Pain + Reflection = Progress. Recorded at the time of the decision, when you cannot yet know the outcome. Memory rewrites itself after the fact; a contemporaneous note does not.

Graham Test

Benjamin Graham's own numeric screens, computed directly from SEC EDGAR filing history rather than researched automatically — the defensive-investor test (seven criteria, ten to twenty years of data) and the stricter-on-price, looser-on-everything-else enterprising screen, plus the net-current-asset-value ("net-net") test. US SEC filers only.

Euphoria Check

After Galbraith's A Short History of Financial Euphoria and Chancellor's Devil Take the Hindmost — checks this company, its sector, and the market against the specific pattern that recurs across three centuries of manias, rather than a valuation call. Includes a computed profit-composition test (operating income vs. net income) for the company-level "zaitech" marker.

Macroeconomics

The economic backdrop every company sits in front of — not specific to this ticker. Live market data, refreshed on demand.

Treasury yields, dollar index, oil, gold, VIX — plus official CPI/unemployment/GDP/Fed funds data if a free FRED API key is configured.

Market Temperature (Howard Marks' Cycle Framework)

Read off live data — VIX and the S&P 500's trailing P/E for price psychology, plus the high-yield credit spread and bank lending standards for the credit cycle, which Marks says he watches most closely. Not specific to this ticker; a heuristic reading of where the market stands, not a timing signal.

VIX and S&P 500 P/E work with no setup; the credit-cycle indicators need a free FRED API key.
Checklist the qualitative screen you answer

Secret Checklist

The purpose of this checklist is to reach a verdict. Work through it only once you have read everything else on this company — the questions turn what you have learned into a single judgement: is this a business worth investing in, or not?

Lynch's 13 Attributes of the Perfect Stock

From One Up On Wall Street. Lynch's point was contrarian: the traits that make a company sound unappealing at a dinner party are often what keep it cheap and under-followed. Few companies score highly — treat any tick as a point in favour, not a requirement.

For research and educational use only, not investment advice. Market data comes from third parties and may be delayed or inaccurate; verify anything important against primary sources before acting on it.

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