Annual Report Digest · 90 Seconds

Summary

One six-panel template applied to the latest annual reports of 200 listed companies: revenue mix, gross margin sources, cash and debt, large line-item moves, audit opinion and key assumptions, and a single sentence naming the question most worth asking this period.

The value is comparability. The basis for each panel is fixed, so putting two companies side by side surfaces real differences rather than noise from differing disclosure conventions.

The large-moves panel uses one threshold: a line item must move more than 30% year on year and exceed 2% of revenue in absolute terms before it is listed, which keeps percentage swings in small accounts from reading as signal. Thirty-seven of the 200 tripped three or more moves this period; those names and their triggering line items get their own page for triage…

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