Independent financial research
Financial research grounded in evidence.
Exploring business inflections through financial trends, company filings, and disciplined research.
Latest research
All researchGorman-Rupp (GRC) · Filing update
Gorman-Rupp posts a record quarter, but orders are no longer keeping pace
Gorman-Rupp grew third-quarter 2026 sales 11.8% to $193.3 million and lifted operating margin to 17.5% from 12.4%, while cutting debt by $58.0 million this year. The question for 2027 is demand: first-half orders rose only 1.4% and backlog has slipped since March.
Published October 24, 2026 · data through September 30, 2026
Texas Instruments (TXN) · Filing update
Texas Instruments: margins and cash flow turn as the investment cycle winds down
TI's third-quarter 2026 revenue rose 28% to $6.06 billion while operating margin climbed to 47.5% from 35.1% a year earlier. Capital spending fell to $463 million from $1,197 million, and trailing free cash flow reached $8.4 billion. The pending $7.5 billion Silicon Labs acquisition and heavy exposure to China are the main things to watch.
Published October 24, 2026 · data through September 30, 2026
Acuity (AYI) · Filing update
Acuity's record year rests on Intelligent Spaces while its lighting core shrinks
Acuity's fiscal 2026 sales rose 6.8% to $4.64 billion and diluted EPS 36.1% to $17.05, with operating cash flow up to $825.6 million. Underneath, lighting sales fell in each of the last two reported quarters, most of the GAAP profit jump reflects last year's acquisition charges rolling off, and about half its products are made in Mexico just as the U.S. declined to renew the USMCA.
Published October 24, 2026 · data through August 31, 2026
Worthington Enterprises (WOR) · Filing update
Worthington Enterprises earns most of its profit through partners, and steel is getting dearer
Worthington grew fiscal first-quarter 2027 sales 13.2% to $343.9 million with acquisitions, but adjusted operating income was flat at $13.7 million. Equity income from its WAVE and ClarkDietrich joint ventures, $40.6 million, was about three times operating income, while steel prices rose more than 30% and a refrigerant-driven tailwind faded.
Published October 24, 2026 · data through August 31, 2026
Macy's (M) · Filing update
Macy's: Bloomingdale's carries the growth, and tariff refunds carry the margin
Macy's grew second-quarter 2026 comparable sales 2.7% and raised its full-year guidance, with Bloomingdale's up 11.3% against 1.1% for the Macy's nameplate. The 180-basis-point gross margin gain came from tariff refunds; underneath, margin rose 10 basis points and adjusted EPS 14%.
Published October 24, 2026 · data through August 1, 2026
Methode Electronics (MEI) · Filing update
Methode Electronics grows sales again, but cash went out the door and the credit line is due in 2027
Methode grew fiscal first-quarter 2027 sales 10.4% to $265.4 million on data center and lighting demand, yet lost $11.4 million, saw adjusted EBITDA margin fall to 5.2% and burned $10.9 million of free cash flow. Its $400 million revolver matures in October 2027, and it has needed covenant waivers before.
Published October 24, 2026 · data through August 1, 2026
Marvell Technology (MRVL) · Filing update
Marvell's AI ramp is real, and so is the concentration behind it
Marvell grew second-quarter fiscal 2027 revenue 37% to $2.74 billion and guided to $3.15 billion for the next quarter, with data center now 79% of sales. The same filings show shipments to China doubling to 42% of revenue, one distributor at 44%, $8.5 billion of purchase commitments, and a customer warrant for up to 59 million shares.
Published October 24, 2026 · data through August 1, 2026
Workday (WDAY) · Filing update
Workday's margins are rising while backlog growth slows and buybacks outrun cash flow
Workday grew fiscal second-quarter 2027 subscription revenue 13.9% and widened its non-GAAP operating margin to 31.1%, but total subscription backlog growth slowed to 8.0% from 17.0% three quarters earlier. It bought back $2.9 billion of stock in six months against about $1.1 billion of free cash flow, and has since borrowed at 5.7% to 6.3%.
Published October 24, 2026 · data through July 31, 2026
Walmart (WMT) · Filing update
Walmart's quarter got a $2.9 billion tariff refund, and the guide is slowing
Walmart grew second-quarter fiscal 2027 net sales 5.9% to $186.1 billion, with U.S. eCommerce up to $29.4 billion and operating income up to $9.4 billion. About $2.9 billion of tariff refunds lowered cost of sales in the quarter, much of it reinvested in prices; net income fell, the third-quarter guide is 3.0% to 3.75%, and Walmart has since sold about $3 billion of U.S. and C$5 billion of Canadian notes.
Published October 24, 2026 · data through July 31, 2026
Arcosa (ACA) · Filing update
Arcosa's last chapter: what CRH paid $7.5 billion for
CRH completed its $150-a-share cash acquisition of Arcosa on October 23, 2026, months ahead of the expected first-quarter 2027 close, for about $7.5 billion. Arcosa's final filings show a business that had sold its barges for $450 million, grown its utility-structures backlog 49% in six months, and posted negative free cash flow in its last reported quarter.
Published October 24, 2026 · data through June 30, 2026
What the research looks at
Business inflections
Changes in revenue growth, margins and cash generation that suggest a business is turning, before it is obvious in headline results.
Filing-driven developments
What companies disclose in their quarterly, annual and current filings, and what changed since the previous one.
Risks and contrary evidence
The facts that argue against a thesis, the assumptions it depends on, and the signs that would show it is wrong.