Lesson 19 · CompsL19 · CompsXP0PASSED0

The comparative brief — read the leaders, not one number

A comps table is raw; a comparative brief is the read. For each metric it names the set's leader, its laggard, and the SPREAD between them — turning a grid into claims you can check. Below is the generated brief for a real chip-peer set.

Your job is to read it: find the section that answers a specific question. When someone asks "where do these companies differ most?", the brief points to one reading — the widest spread.

Each reading gives a leader, a laggard, and the spread — the gap between them. The spread is how far apart the set is on that metric; the widest spread is where the companies are least alike. A large single figure is not the same as a large gap.

NVIDIA CORP 10-K comps brief (NVDA · AMD · INTC · QCOM), each reading computed from filed figures, via SEC EDGAR

Your answerThe comparative brief below gives one reading per metric — the set's leader, its laggard, and the SPREAD between them. A "where do these companies differ most?" question points to one reading: select the metric on which the set is LEAST alike (the widest spread).

Revenue growth (YoY): NVDA leads at +65.5% vs FY2025, INTC trails at -0.5% vs FY2024 — spread 66.0 pts.Gross margin: NVDA leads at 71.1%, INTC trails at 34.8% — spread 36.3 pts.Operating margin: NVDA leads at 60.4%, INTC trails at -4.2% — spread 64.6 pts.Net margin: NVDA leads at 55.6%, INTC trails at -0.5% — spread 56.1 pts.Return on equity: NVDA leads at 76.3%, QCOM trails at 26.1% — spread 50.2 pts.

One line: why is the widest spread — not the highest single figure — what "differ most" points to?

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.