Reading a 10-K
A 10-K is the most underused document in retail investing. It's where management has to tell you the truth, in plain language, under penalty of fraud. This journey walks you front-to-back: how to read the financial statements, where the real disclosures hide in the notes, what the MD&A is actually saying between the lines, and why the auditor's report is more interesting than it looks.
Your path
Work through the courses in order, or skip to whichever fits where you are. Every course is free and saves your progress locally.
- 1Reading Financial StatementsBeginner
Learn to read the three financial statements that every public company must file with the SEC.
- 2Key Financial RatiosBeginner
Master the essential ratios that analysts use to evaluate profitability, efficiency, leverage, and liquidity.
- 3Financial AccountingIntermediate
Learn what accountants actually do, how financial statements are built, and how to spot earnings quality issues. Covers accrual accounting, adjusting entries, revenue recognition (ASC 606), bad debts, inventory methods (FIFO/LIFO), depreciation, cash flow mechanics, DuPont analysis, EPS and dilution, deferred taxes, and lease accounting.
- 4Intermediate Accounting for AnalystsIntermediate
Go beyond the basics and master the accounting topics that separate surface-level readers from analysts who catch what others miss. Covers earnings quality scoring, intangible asset valuation, fair value hierarchies, investment securities classification, GAAP vs IFRS divergences, equity method investments, and how to interpret accounting changes and restatements.
- 5Reading SEC Filings: A Field GuideIntermediate
The companies you invest in tell you what they actually believe in their filings — but only if you know where to look. Learn the practitioner habit of reading 10-Ks, 13D / 13G, and Form 4 the way professional investors do: tracking what changed, what was newly disclosed, and who else is paying attention.
- 6Auditing for InvestorsIntermediate
Learn to evaluate the reliability of financial statements through the lens of auditing. Understand audit opinions, fraud red flags, internal controls, and materiality — the tools that separate informed investors from those who take financial statements at face value.