How To Read An Annual Report (10-K)

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In this video I explain how to read an annual report when analysing businesses. A key part of fundamental or long-term value investing is reading and interpreting SEC filings such as the 10-K. Here I break down which sections I focus on, how often I read annual reports and how you can thoroughly understand how a company works.
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Disclaimer:
The information in this video is general information only and should not be taken as constituting professional advice from Hamish Hodder.
Hamish Hodder is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances.
Hamish Hodder is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this video.

Опубликовано:

5 окт 2024

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Комментарии : 170

@frankie_soprano 4 года назад

1) Business 2) Risk Factors 3) Financial Data 4) Managements Discussions 5)Official Fiancial Statements 5.1) Notes to Financial Statements Good Vid, Thanks

@nathantaylor3773 4 года назад

Good comment.

@dginvestor6483 4 года назад

Thanks for sharing part of reading in annual report

@nothingnothing3211 3 года назад

Thanks for revision

@nicab300 3 года назад

@Yasuke ϟ Musa What is the difference bte Item 6 & 8? & What is Item 7 MD&A? Appreciate if u can help?

@nahshonroche5060 2 года назад

4.1 Long-term strategies 4.2 Key measures to evaluate sucess

@john8909 4 года назад

Yes I completely agree, the management discussion and analysis part is an extremely important area to focus on. It also led me to find out that 46% of a particular revenue stream was simply caused from the adoption of a new rule, where revenues would be recognized earlier.

@BitcoinWillSaveUs 4 года назад

Great high-level overview. It's good to review an annual report through different lenses too - as a customer, as an investor, as a current employee, as a future employee...

@TysonHartnett 3 года назад

Thank you! Buffett says he reads lots of annual reports and I’ve been doing that also...yet they have over 175 pages so keeping focused is important!

@Katice634 4 года назад

Thanks. Learned this during my mba program but I definitely needed a refresher since I want to start investing.

@john8909 4 года назад

Interesting timing, I’m reading an entire annual report Rn! This seriously takes many hours especially when your new to it.

@HamishHodder 4 года назад

Keep at it! Once you get the hang of finding the important sections you will become much more efficient

@MensahAcademics Год назад

As a newbie investor this really helped give me laser focus when doing fundamental analysis. Very much appreciated.

@petegriffo23 4 года назад

Hi Hamish What a great video showing what you focus on when reading annual reports. You noted that you read the business section in detail to gain an understanding of how the business operates. Could you please do a video about what you use to gain an understanding of the industry in which the business operates? Look forward to many more great vids 👍🏻

@HamishHodder 4 года назад

Thanks for watching! I'll put it on my list

@PandemicGameplay 4 года назад

I think notes to financial statements are very important considering their "definition" of something might change depending on the financial conditions at the time. This is especially true for banks or any regulated industry that might take a hit in a certain quarter due to certain environmental conditions. Otherwise, great video.

@temurteaches4811 4 года назад

Thank you for a Very useful video, but I would also read the Corporate Governance and Executive compensation part too see if there are any conflicts of interest, if the business is being conducted in a fair way.

@frankpowell29 Год назад

Thanks Hamish, I also believe the section on compensation for executives is very important.

@arobbo3153 Год назад

hi frank, the compensation is important in what area are you meaning? id like to know what to look for if you could expand, thank you regards

@aarongatt6061 4 года назад

Kindly educate us on how to calculate the average growth rate of a business for the next 10 Years or so. Cheers and keep em comin!

@nathantaylor3773 4 года назад

I second this

@TheBigShredO 4 года назад

You cant. It will always be an educated guess based off past growth rates

@Hi-mb1rr 4 года назад

@@TheBigShredO how do you find the last growth rates?

@TheBigShredO 4 года назад

@@Hi-mb1rr You can look at Revenue as a whole from each year annual reports or look at the businesses cash flow year to year. There’s a site called QuickFS that does this for you as well

@lawandalambert7932 2 года назад

Thank you for the video. I am new to understanding these reports, and I am in a business class .

@k.6072 4 года назад

This was extremely informative and clear. Thank you.

@karenstringfellow919 4 года назад

Thank you Hamish, this video was super valuable and helpful.

@elyshawatson6801 4 года назад

Love your content ! Keep it up. I think the back ground could be more visually appealing if you had some investing books, maybe a plant or if you have any of your own products. Just a thought! Keep up the great work. Love the podcast too 🙂

@psulionz87 4 года назад

Good stuff - would love to see a deeper dive

@stoyanminev1714 4 года назад

Hi, Hamish, nice video with good content and value, thank you. I’m glad you’re back ;)

@HamishHodder 4 года назад

Thanks for watching!

@rustythrombosis5417 Год назад

The risk section of every 10-k I've ever encountered always read like it was written for 7 year olds. The warning "natural disasters can adversely affect business" is the equivalent of a waring label stating "may contain peanuts" on a container of peanut brittle.

@gauravthadanii Год назад

lmao i couldn't agree more with you here. they gotta answer in a more mature and detailed way and express their views and opinions clearly

@dong-kyukim6050 4 года назад

Greetings from Korea. Thanks for a great video. Big fan.

@meriellehenry5088 2 года назад

Thank You very much. You helped me in understanding my company’s 10-K Report. Great Information!

@77magicbus 11 месяцев назад

Thanks. Do more of these so we can become more educated. Thanks

@Cyberstreamerx 4 года назад

Thank you for your video I learned a lot from this video and will start to read a few 10ks Nathan

@filipmazur4763 3 года назад

gold mine of value here I would say 10x to 20x formo read watch now type video. Really great thank you

@spaul5501 4 года назад

As a 12yr old trying to learn about stocks some of it can be confusing but this video was extremely helpful thank you soo much

@11god87 2 года назад

Thanks! I've been looking all over for a video like this

@brainstormer2520 3 года назад

Nice video. It highlights the important parts of the intimidating 10K.

@stamatouvable 4 года назад

I have the biggest problem of not knowing when to stop reading, when I don’t like something.

@nathantaylor3773 4 года назад

Thankyou for the video.

@marianadavila323 4 года назад

Great clear explanation!

@HamishHodder 4 года назад

Thanks!

@edc614 3 года назад

Good presentation - helpful. Thanks...

@kseag1194 3 года назад

i enjoyed every bit of the video. it really is helpful. but i need to ask you where we could find the equity control relationship chart, the shareholding ratio of the company's largest shareholder, the control rights and ownership rights of the actual controller as well as the degree of separation in the annual report of any listed company. i am doing an assignment and i am lost. i couldn't find anything that could help.

@kevinliang1775 4 года назад

Thank you Mate! very informative!

@Blogdorf 5 месяцев назад

Warren Buffett went through the 10-K from Lehman Brothers in the middle of the night when he was asked for money. He annotated the report in the margins and said “no”. Reviewing his notes would be a great lesson in how he looks at a business. David Einhorn probably did the same. To be a fly on the wall of either would be fascinating.

@pankajhindal9444 2 года назад

Thank you brother It was really helpful for me It saved time and efforts 😊

@Afteryouregone90 4 года назад

Thank you so much 😭

@michaelschmidt5464 4 года назад

Great to see what you are focusing on in an annual report. Thanks for sharing. Are AUS reports any different to US reports? For example regarding the required information shared from a company?

@HamishHodder 4 года назад

They vary slightly however for the most part they are the same as US annual reports

@goodenoughmsawenkosidlamuk1458 4 года назад

Thanks Hamish easily broken down into pieces that even someone without financial background can understand.

@kexunye3950 Год назад

THANKS FOR SHARING THIS CONTENT!

@juansuarez3384 4 года назад

@hamish hodder can you please make a video addressing the US repo market, QE and fed buying T bills? I'm not sure what to make of all this and raging market.

@christianwoods5850 4 года назад

thanks for the explanation, very helpful!!!

@jasontheone8406 4 года назад

thanks for the information!

@Kingfish214rs 4 года назад

Thanks Hamish. Really enjoying your content. Are these sort of reports only available for companies on the US stock market? I can't find any of these reports for companies on ASX or NZX?

@wickedeyefilmz 5 месяцев назад

Thanks bro! Very informative!

@AviKhali 4 года назад

Excellent content, thank you for this

@lipangmicky9027 4 года назад

nice vid mate !

@fennatthanaphop6623 3 года назад

Thanks, Hamish. Good content.

@zoro8727 7 месяцев назад

Nice one! Well explained

@zhyarjalal4179 10 месяцев назад

What i understood through my whole study and searches that investing in public companies(stocks) is: step1-read and analyze company annual report. step2-check the intrinsic value of stock, is it undervalue 20% or more. if it’s, then don’t need to worry. Is there other thing that I will be need it to invest ...if yes, what is that?

@arturodanielgarciaaispuro7367 3 года назад

This has been very helpful thank you so much!!

@thomassim5600 4 года назад

Very helpful explanation, thanks

@tienvdoan 4 года назад

Could you do vertical, horizontal, trend analysis on 10k report? Thank you

@liayoon4015 10 месяцев назад

thanks for sharing the insights!

@nuevaeconomiatv1845 4 года назад

Great, thanks!

@tisaac2142 4 года назад

Very helpful and interesting. Thanks.

@michaelnelson8174 3 года назад

My first payroll job was bussing table at Texas Roadhouse 👍🏻

@nerycarrasco3862 2 года назад

Thanks for this video!

@AchillesAnew1 3 года назад

Very helpful, thanks a lot!

@danhantack3051 3 года назад

Great video. I’ve been looking at Texas Roadhouse lately. Love the restaurant and the numbers are great over the past 10 years. The numbers would suggest it, but I can’t put my finger on what their moat is. Have you read anything that suggests they have a big moat? Great channel.

@jesusruiz523 3 года назад

You are a crack bro, thanks!!

@Buddwh1001 4 года назад

Nice video Hamish good value as always.

@dginvestor6483 4 года назад

Hi im daniel from Philippines thank you for the nice video to help my investment strategy

@ArvindBhave 3 года назад

Extremely useful

@moonlightnappeprs3108 2 года назад

AMAZING VIDEO!!

@AG-dv7uy 4 года назад

Hi, I am wondering, when analyzing a company should you also look at the Registration Statement, 10-Q, 8-K, Proxy statement and so on? Thank you!

@lkeith88 3 года назад

I would definitely suggest reading the co 10q to see if they're executing on their strategies, if any new headwinds crop up that may be material to earnings, etc etc.

@ehitareabieba3788 3 года назад

very useful information

@blassanchez2461 2 года назад

Should I go from 2010 to 2019 when am I glancing over the last 10 years reports? Or is it better to go the opposite way, from 2019 to 2010 to have a better understanding?

@gauravthadanii Год назад

i have the same question as well.

@pavlom4745 Год назад

Good content. Like. Though check you video on phone. I believe it looks good on large screen, but on small, the text line takes one half of screen and chars are too small.

@thecrazymonks01 Год назад

Thanks

@emaillixinemaillixin8558 3 года назад

Could you please explain how to read the financial statements of a real estate development company

@nicab300 3 года назад

Thank you. How do you calculate "Change in Working Capital" in Cash Flow Statement? Appreciate if u can explain.

@Go4Yourz 3 года назад

The Risk factor section does change over time.

@evocars4530 8 месяцев назад

do you have a spreadsheet?

@Silver_Sponge_Kalamunda 4 года назад

Thats great..

@25MedCom 4 года назад

I have that same shirt. Nice 👍🏼. Also, good video!

@ameliaradford2861 3 года назад

Poor people think of what they can buy with their money, Rich people thinks of what they can invest in with their money 💰💰💰

@achesekoko4341 3 года назад

The rich stay rich by investing and investing without stopping then the poor stay poor by spending like the Rich but yet not investing like the rich

@robertgeorge2603 3 года назад

Investing is a stepping stone to success, investing is what create wealth.

@lilianashley9990 3 года назад

Recently, I invested in both stock and Crypto but currently I believe crypto is doing more better !!

@maryjames9189 3 года назад

The best thing to do in this period is to invest in silver and crypto

@charlotteava8967 3 года назад

The rich become richer by spending like the poor and investing None stop, While the poor stay poor by spending like the rich yet not making any investment

@zhyarjalal4179 10 месяцев назад

If I can’t ,or I don’t’ want to waste my time by analyzing or studying annual report , is there someone(employee ,accountant, financial unit or etc…) that I can pay it for analyzing and reading the report of company that I want to invest in?

@mohdziabarati4649 4 года назад

Can you make a video about reading quarterly reports

@atulsoni70 4 года назад

Thanks for sharing it

@subscribetomyyoutubechanne1543 4 года назад

Are 8k important what you guys think?

@HamishHodder 4 года назад

Yes!

@uztrtrwhu3678 2 года назад

Hello, How do I find the competitors of companies like Apple, how should I know which companies are direct competitors of Apple. It's not that difficult with Apple, but what about other smaller companies, how do I find them?

@mamotivated 4 года назад

Nice job sir

@udarpavarota396 Год назад

For a foreign company, where do you find the annual report?

@tienvdoan 4 года назад

Should I choose big or small company to analyze? Big company has more data? would give you more info to analyze?

@lkeith88 3 года назад

Start with smaller companies in an industry you can get your head around. Check out SGC for example. Pretty straightforward company.

@businessman1060 4 года назад

Doesn't annual reports have a guidance or expectations of the future section?

@johnc8627 4 года назад

Good job

@glensmalll 4 года назад

Do you use formulas such as an Altman Z score or other formulas?

@born2beng 4 года назад

How can i find 1)Cost of equity? 2) interest rates for such company? (Tried in annual report but some are not clear, any easy way?)

@born2beng 4 года назад

And 3) Discount Rate

@Idiophones 11 месяцев назад

What happens if wrongly filled or not filled? Like Agrify

@joachimmajgaard9929 3 года назад

Hi there. Thanks for the videos! Im trying to do a analyse for MCDonalds, and trying to find out something about the land they own, the value of it. Can you please guide me where to find such information?

@vishmm895 3 года назад

I would look at their long lived assets and related schedules, usually going in notes to the financial statement

@hiphop2005233 3 года назад

What about annual reports of foreign companies ?

@dylankelly8499 9 месяцев назад

i fw texas roadhouse

@crisg.5766 4 года назад

Hey Hamish, not sure if this was intentional, but your thumbnail graphic for this video appears is missing the word "Read"

@HamishHodder 4 года назад

It was intentional :)

@heyme156 3 года назад

Where do you check how many shares has the CEO in your company?🙏

@mr.kapasi1513 2 года назад

It is there brother In annual report..

@ZafarAhmed-tr8bq 3 года назад

Can u tell me about wacc with real balancsheet

@MikhailGoncharov-tl4cr 3 года назад

great

@user-cx1pl7jc8m 4 года назад

thanks man! QQ: how can you understand in which month the "cash obligations" are due, since iy just tell for the whole year ?

@ProspectorB Год назад

🔥🔥

@aaronkaatz763 3 года назад

Annual report

@gazzerbot385 2 года назад

Wish it wasn't blurry.

@bilalsharif3063 4 года назад

What is the use of reading a 10k report,what is it that you can say to argue that reading the balance sheet and financial statements are more important than reading a 10k report, because essentially the numbers tell it all.