The curriculum · 34 lessons · 8 models · practice on 35 companies

Learn by doing the analysis.

Graded, hands-on work on real filed data, in the order an analyst learns it: read the statements, find the drivers, compare, value, build the model, then pitch. Every lesson opens on a real company, and every figure you work from is that company's own filing, cited to its accession.

Every lesson, by unit

The lessons in the order the curriculum teaches them. Under a unit, the practice track runs the same exercises on other companies, for when you want more reps.

Unit 1Read the statements7 lessons

  1. 01Apple's gross marginAAPL
  2. 02NVIDIA's gross margin: the transfer testNVDA
  3. 03Microsoft's operating marginMSFT
  4. 04JPMorgan's net marginJPM
  5. 05Apple's revenue growth: one filing, both yearsAAPL
  6. 06Alphabet's balance sheet: the identityGOOGL
  7. 07Apple's working capital: reading a negative numberAAPL
Practice track · 31 companies

Gross margin13 companies

Operating margin14 companies

Net margin13 companies

Revenue growth: one filing, both years13 companies

Balance sheet: the identity13 companies

Working capital: reading the sign13 companies

Unit 2Drivers, not definitions8 lessons

  1. 08Apple's margin move: what the filing can and can't attributeAAPL
  2. 09Microsoft's operating leverage: the opex ratio, two yearsMSFT
  3. 10NVIDIA's margin bridge: where each point goesNVDA
  4. 11Coca-Cola's DuPont decomposition: three ratios, one returnKO
  5. 12NVIDIA's revenue growth: the trap scales with the moveNVDA
  6. 13NVIDIA's operating margin: the leverage readNVDA
  7. 14NVIDIA's DuPont decomposition: the transfer testNVDA
  8. 15Microsoft's margin bridge: the walk you already know, wholeMSFT
Practice track · 24 companies

Operating leverage: the opex ratio, two years14 companies

Margin bridge: where each point goes14 companies

DuPont decomposition: three ratios, one return13 companies

Unit 3Statements in time4 lessons

  1. 16Berkshire's five-year read: and the number that changedBRK-B
  2. 17Two companies, two calendars: when FY2025 isn't the same yearNVDA
  3. 18Year-to-date, not this quarter: reading the cash-flow cadenceKO
  4. 19Deal paper: the items decide, not the form nameGOOGL

Unit 4Comps4 lessons

  1. 20Build the set: a comp is a company, not a tickerNVDA
  2. 21Read the table honestly: what a dash means, and what may be comparedNVDA
  3. 22The comparative brief: read the leaders, not one numberNVDA
  4. 23The wrong peer: why a set can be built badlyNVDA

Unit 5Valuation inputs3 lessons

  1. 24Earnings per share: the yield's honest halfAAPL
  2. 25The P/E driver tree: three levers, one filedMSFT
  3. 26Enterprise value: the filed componentsAAPL

ModelsBuild the model8 models

  1. M1Three-statement linkage
  2. M2Comps (fundamentals)
  3. M3EBITDA bridge
  4. M4WACC build-up
  5. M5Single-stage DCF
  6. M6DCF sensitivity grid
  7. M7Basic LBO
  8. M8Accretion / dilution

Unit 6The pitch5 lessons

  1. 27Thesis structure: the shape every pitch is built onAAPL
  2. 28Evidence discipline: and the claim you must refuseAAPL
  3. 29The auditor's flag: the weakest link in a draftAAPL
  4. 30Falsifiability: what would prove you wrongAAPL
  5. 31The full pitch: the analyst's artifactAAPL

Unit 7The street template3 lessons

  1. 32Catalysts: events you can calendar, not hopesAAPL
  2. 33Scenario valuation: arithmetic, not forecastsAAPL
  3. 34Risks & mitigants: attack your own pitchAAPL

New here? Start at Lesson 01. The pitch template maps the street's structure to the graded lessons, and the methodology documents how every figure is sourced and cited. The glossary defines every metric the lessons use by formula and driver, and the daily tape is one filed fact and one graded rep, every market day.

Educational use only — not investment advice. Figures come from public SEC filings; Echelon teaches you to analyze data, it never recommends buying or selling any security.