: A snapshot of what the company owns (assets), what it owes (liabilities), and the value left for shareholders (equity).

: Assessing the specific sector's health, competitive intensity, and potential for growth or disruption.

Fundamental analysis is typically performed using a "top-down" approach, moving from the broad economy down to specific company details:

Ratios allow investors to compare companies of different sizes or within the same industry: Fundamental Analysis: Principles, Types, and How to Use It

: A deep dive into an individual firm’s financial statements, management quality, and competitive advantages (often called a "moat"). The Quantitative "Toolbox"

: Tracks the actual cash moving in and out, which is vital for seeing if a company can pay its bills regardless of "paper" profits. Key Financial Ratios