company-teardownlisted

# Company Teardown ## Purpose Build a fact-based working view of a company — how it makes money, what it actually costs to run, what its capital intensity looks like, who its customers and suppliers are, and where its risks concentrate — before any valuation or model is built. The teardown is the foundation. A model built on a misread of the business will be precise and wrong. ## Governing Principle **Read the business before you read the multiple.** The model is downstream of the teardown. The valuation is downstream of the model. The recommendation is downstream of the valuation. Skip the teardown and every downstream layer is contaminated. ## The Six Lenses Every Teardown Must Cover A teardown is incomplete unless all six are answered with primary-source evidence. 1. **Revenue lens** — what is sold, to whom, on what economics, growing in what way? 2. **Cost lens** — what is the cost structure, how does it scale, where is operating leverage? 3. **Capital lens** — how capital-intensive is the business, what does the cash flow conversion look like? 4. **Customer / supplier lens** — where is concentration risk, what is the bargaining position? 5. **Competitive lens** — what is the company's structural position, what protects margins? 6. **Governance lens** — who controls the business, what are the incentives, what does ownership want? ## Workflow ### Step 1 — Build the revenue decomposition Pull the most recent 10-K / 20-F / annual report and the last 4–8 quarters