The Tear-Sheet Glossary

Tells you where the shares change hands, and for a foreign company, where home is.

The marketplace where a stock is listed and traded. Most companies here list on the New York Stock Exchange (NYSE) or Nasdaq; US ETFs often trade on NYSE Arca, and Canadian funds on the Toronto Stock Exchange (TSX).

On the tear sheet'Exchange:' in the header. Companies based abroad add their home market, e.g. 'NYSE (ADR) · home: Tokyo Stock Exchange'.

The header See also: ADR

Lets you own a foreign company in dollars without opening a foreign account.

A US-traded security that stands for shares of a foreign company held by a depositary bank. It lets investors buy the company in dollars on a US exchange. One ADR can equal one, several or a fraction of a home-market share.

On the tear sheetThe header gives the conversion, e.g. 'ADR: 1 ADR = 2 ordinary shares'. These reports price the US-listed shares in dollars.

The header See also: Exchange

The quickest read on a company's size; the S&P 500 weights its members by it.

What the stock market values the whole company at: the share price times the number of shares. It counts the shareholders' stake only; enterprise value adds the debt.

FormulaShare price × shares outstanding

ExampleGeneral Motors, Sep 4, 2026: $87.76 share price × 877.45 million shares outstanding ≈ $77.01 billion market cap.

On the tear sheet'Mkt Cap' in the header, at the banner-date price. It changes every trading day with the share price.

The header See also: Enterprise value (EV), Large-cap, mid-cap, mega-cap

Shows how the market reacted to news that landed after the closing bell.

Trading outside the regular US session of 9:30 a.m. to 4:00 p.m. Eastern: pre-market before the open, after-hours after the close. Fewer shares change hands, so prices can jump on news such as earnings.

On the tear sheetSome headers show an after-hours or pre-market quote under the close, with its own % change. The headline price is the regular-session close.

The header See also: Earnings report and call

Tells you which months a figure covers when a company's year isn't the calendar's.

A company's 12-month accounting year, which need not match the calendar. Q1 to Q4 are its four fiscal quarters and H1 the first half. 'Q2 FY2027' means the second quarter of the year the company calls fiscal 2027.

ExampleNVIDIA's fiscal 2026 ended January 25, 2026, so its Q2 FY2027 is the quarter that ended July 26, 2026.

On the tear sheetUsed in Next Earnings, on segment cards ('FY25 Revenue') and in catalysts. The overview usually gives the company's year-end, e.g. Apple's fiscal 2025 ended September 27, 2025.

The header See also: TTM, YoY and QoQ

Gives most metrics tables here their yardstick for the broad US market.

An index of about 500 large US companies, weighted by market value and chosen by a committee at S&P Dow Jones Indices. It is the benchmark most people mean by 'the market'.

FormulaFor the whole index, as our reports work it out: P/E = members' total market value on the sheet's date ÷ their total earnings, losses included. Forward P/E uses forecast earnings. Dividend yield = total dividends ÷ total market value. Net margin = total earnings ÷ total revenue. Gross margin, revenue growth, ROE and debt-to-equity come from the members' totals the same way.

On the tear sheetMost metrics tables compare each ratio with the S&P 500 as a whole.

Key Financial Metrics See also: Nasdaq-100, Dow Jones Industrial Average, Index fund

The tech-heavy yardstick, and the comparison column on some of its members' reports.

An index of the 100 largest companies listed on the Nasdaq stock exchange, leaving out banks and other financial companies. Technology companies make up much of it.

On the tear sheetSome metrics tables, mostly for Nasdaq-100 members, compare with the Nasdaq-100 instead of the S&P 500, worked out the same way (formulas under S&P 500).

Key Financial Metrics See also: S&P 500, Dow Jones Industrial Average

A 30-stock snapshot of US big business with more than a century of history.

One of the oldest US stock-market averages, running since 1896: 30 large US companies chosen by a committee. It is weighted by share price rather than market value, so higher-priced shares count for more.

Key Financial Metrics See also: S&P 500, Nasdaq-100

Lets you compare a stock's cash payout with what savings or bonds pay.

A year's dividends per share as a percentage of the share price: the cash income each dollar invested brings in before tax, if the dividend stays the same.

FormulaAnnual dividends per share ÷ share price × 100

ExampleMcDonald's, Aug 18, 2026: $7.44 annual dividend per share ÷ $266.99 share price ≈ 2.79% dividend yield.

On the tear sheetContext gives the dollar dividend, how often it is paid and recent raises. A falling share price lifts the yield even when the dividend is unchanged.

Key Financial Metrics See also: Dividend, Payout Ratio

Shows what the market pays for each dollar of the past year's profit.

How many dollars investors pay for each dollar of the company's profit over the last 12 months. A high P/E usually signals that the market expects strong growth; a low one, slower growth or doubts about the profit.

FormulaShare price ÷ EPS (TTM)

ExampleCoca-Cola, Aug 12, 2026: $86.71 share price ÷ $3.33 EPS over the last 12 months ≈ 26.0×.

On the tear sheetA loss-making company has no meaningful P/E. For REITs, property depreciation depresses earnings and inflates the P/E, so their sheets point to price ÷ FFO instead.

At the tableLike valuing a player on last year's winnings: it prices the record, not the next session.

Key Financial Metrics See also: EPS (TTM), Forward P/E, PEG Ratio, Multiple, re-rating and multiple compression

The per-share profit behind the P/E, and a headline figure on every earnings day.

The company's profit over the last 12 months divided by its number of shares: the year's profit that belongs to each share. Diluted EPS also counts shares that options and convertible securities could add.

FormulaNet income to common shareholders ÷ weighted average diluted shares, over the last four quarters

ExampleNet income $10 billion, 2 billion shares: EPS = $5.

On the tear sheetContext gives the change from a year earlier and any one-off items inside it. A negative EPS means a loss and earns the card tag Not yet profitable.

Key Financial Metrics See also: Trailing P/E, TTM, GAAP and adjusted (non-GAAP), Dilution

Set beside the trailing P/E, it shows whether analysts expect profits to grow or shrink.

The share price divided by the earnings per share analysts expect over the coming year. Forward below trailing means profits are expected to grow; above trailing, to shrink.

FormulaShare price ÷ consensus EPS estimate for the next fiscal year (or next 12 months)

ExampleCostco, Sep 29, 2026: $924.59 share price ÷ $22.77 consensus EPS for fiscal 2027 ≈ 40.6× forward P/E.

On the tear sheetNIKE's forward 23.96 sat above its trailing 19.55 because analysts expected lower earnings. Forecasts are often on an adjusted basis, so the two P/Es can also differ in basis.

At the tableTrailing P/E prices the hand already shown; forward P/E prices the hand the table expects next.

Key Financial Metrics See also: Trailing P/E, Consensus estimate, GAAP and adjusted (non-GAAP), PEG Ratio

Lets you compare a fast grower and a slow one on the same price scale.

The P/E divided by the expected yearly growth rate of earnings, in percent. It asks whether a high P/E is matched by fast growth: near 1, the two roughly match; well above 1, investors pay more per point of growth.

FormulaP/E ÷ expected annual EPS growth rate (%)

ExampleCisco, Sep 21, 2026: 21.9× forward P/E ÷ 17.3% expected EPS growth ≈ 1.27 PEG.

On the tear sheetApple's 3.15 pairs a P/E near 36 with forecast growth of about 11–13%. Growth forecasts differ between data providers, and the ratio means little when growth is near zero or negative.

Key Financial Metrics See also: Trailing P/E, Forward P/E, Consensus estimate

Tells you how much borrowing stands ahead of the owners when a bad year comes.

Borrowings compared with the shareholders' stake in the company. A higher figure means more of the business is financed with debt, which magnifies both returns and risk.

FormulaTotal debt ÷ shareholders' equity (some data providers use total liabilities)

ExampleJohnson & Johnson, Aug 10, 2026: $49 billion of debt ÷ $85 billion of shareholders' equity ≈ 0.58.

On the tear sheetBuybacks shrink equity and can inflate the ratio, as Apple's Context notes; negative equity makes it meaningless. Banks run high ratios by design, and their sheets point to CET1.

Key Financial Metrics See also: Leverage and net debt, Net Debt / EBITDA, CET1 Ratio

Tells you whether the company can pay the coming year's bills without new money.

Assets that turn into cash within a year against bills due within a year: a test of short-term liquidity. Above 1, short-term assets exceed short-term debts. The quick ratio is stricter and leaves out inventory.

FormulaCurrent assets ÷ current liabilities; quick ratio = (cash + marketable securities + receivables) ÷ current liabilities

ExampleCostco, Sep 29, 2026: $46.6 billion of current assets ÷ $44.0 billion of current liabilities ≈ 1.06.

On the tear sheetMarked not meaningful for banks and REITs. NVIDIA's Context sets its current ratio of 4.59 beside a quick ratio of 2.92; the gap is inventory.

Key Financial Metrics See also: Debt-to-Equity, Free Cash Flow

Shows whether customers are spending more with the company, before costs enter the picture.

How much more, or less, the company sold than a year earlier, in percent. It is the plainest measure of whether the business is getting bigger.

Formula(Revenue this period ÷ revenue in the same period a year earlier − 1) × 100

ExampleOracle, Sep 21, 2026: $19.3 billion revenue last quarter ÷ $14.9 billion a year earlier − 1 ≈ +30%.

On the tear sheetThe period varies: the trailing 12 months, the last fiscal year or the latest quarter. Context says which; Apple's +14.2% is trailing 12 months.

Key Financial Metrics See also: Revenue, YoY and QoQ, Organic growth and constant currency

A clue to pricing power: how much a company can charge above its direct costs.

The share of each sales dollar left after the direct cost of making or buying what was sold. High gross margins usually point to pricing power or software-like products; low ones to manufacturing, retail or commodities.

Formula(Revenue − cost of goods sold) ÷ revenue × 100

ExampleLVMH, Louis Vuitton's owner, Oct 2, 2026: €52,854 million gross profit ÷ €79,641 million revenue over 12 months ≈ 66.4%.

On the tear sheetNot meaningful for banks. Apple's 48.7% sits far above its hardware peers' ~35%.

Key Financial Metrics See also: Operating Margin, Net Profit Margin, Margin expansion and operating leverage

Lets you compare how well companies run the business, whatever their debts or tax bills.

The share of sales left after all running costs, including research, marketing and administration, but before interest and taxes. It shows how profitable the core business is.

FormulaOperating income ÷ revenue × 100

ExampleDomino's, Sep 21, 2026: $969.2 million operating income ÷ $5.03 billion revenue over 12 months ≈ 19.3%.

On the tear sheetA row on some sheets. 'Adj. Operating Margin' leaves out items management treats as one-off.

Key Financial Metrics See also: Gross Margin, Net Profit Margin, Margin expansion and operating leverage, GAAP and adjusted (non-GAAP)

Tells you how many cents of each sales dollar the owners finally keep.

The share of sales that ends up as profit after every cost, interest payment and tax: the bottom line as a percentage of the top line.

FormulaNet income ÷ revenue × 100

ExampleMeta, Aug 10, 2026: $68.1 billion net income ÷ $228.3 billion revenue over 12 months ≈ 29.8%.

On the tear sheetOne-off gains or charges can swing it; the Notable One-Off Items note under the table flags them.

Key Financial Metrics See also: Gross Margin, Operating Margin, One-off items

A quick read on how well management turns shareholders' money into profit.

Profit as a percentage of the shareholders' stake (equity): how hard the owners' money is working. Return on assets (ROA) measures profit against everything the company owns instead, which suits banks.

FormulaROE = net income ÷ average shareholders' equity × 100; ROA = net income ÷ average total assets × 100

ExampleBP, Oct 2, 2026: $5.49 billion profit over 12 months ÷ $55.74 billion average shareholders' equity ≈ 9.85% ROE.

On the tear sheetBuybacks and debt shrink equity and inflate ROE: Apple's 148.8% is flagged as a product of its capital structure. Bank sheets point to ROTCE in Context.

Key Financial Metrics See also: ROIC, ROTCE, Debt-to-Equity, Buyback

A truer read than ROE on how well the business itself uses its money.

After-tax operating profit as a percentage of all the money invested in the business by lenders and shareholders alike. It shows what each invested dollar earns, and is harder to inflate with debt than ROE.

FormulaOperating income × (1 − tax rate) ÷ (debt + equity − cash); data providers define invested capital slightly differently

ExampleAfter-tax operating profit $15 billion on $100 billion invested: ROIC 15%.

On the tear sheetNot meaningful for banks, where JPMorgan's sheet uses ROTCE. A high ROIC with little debt earns the card tag Quality.

Key Financial Metrics See also: ROE, ROTCE

Tells you whether the stock has tended to amplify or dampen the market's moves.

How much a stock has tended to move when the market moves: 1 means in step, above 1 bigger swings, below 1 smaller. Correlation, from −1 to +1, measures how consistently the two move together.

FormulaCovariance of the stock's returns with the market's ÷ variance of the market's returns

ExampleBeta 1.5: when the market has moved 10%, the stock has typically moved about 15%.

On the tear sheetMeasured against the S&P 500; where a sheet states its period, it is usually five years. Bitcoin's beta of 1.82 with a correlation of 0.51 means much of its movement is unrelated to stocks.

At the tableA high-beta stock plays like a loose-aggressive opponent: bigger swings both ways, which says nothing about whether it wins.

Key Financial Metrics See also: Volatility, S&P 500

Shows whether reported profit turns into real cash the company can spend.

The cash a business generated after paying its running costs and its investment in equipment, buildings and the like. It is what's left for dividends, buybacks, paying down debt or acquisitions. FCF yield compares it with market cap.

FormulaOperating cash flow − capital expenditures; FCF yield = FCF ÷ market cap × 100

ExampleDisney, Aug 17, 2026: $16.99 billion operating cash flow − $8.70 billion capital spending = $8.29 billion free cash flow over 12 months.

On the tear sheetNot meaningful for banks. A REIT's can be negative by design when property purchases count as investment, as Realty Income's Context explains.

Key Financial Metrics See also: Capex, EBITDA

Shows how crowded the bet against the stock is, which can fuel sharp jumps.

Shares that investors have sold short, a bet that the price will fall, as a percentage of the shares available to trade (or of all shares). Days to cover divides shares short by average daily trading volume.

FormulaShares sold short ÷ float × 100; days to cover = shares short ÷ average daily volume

ExampleProgressive, Aug 18, 2026: 8.08 million shares sold short ÷ 579 million shares of float ≈ 1.4% short interest.

On the tear sheetThe label or its tooltip gives the basis, % of float or % of shares. FINRA publishes it twice a month, so some sheets date it to a settlement date. Double digits means heavy betting against the stock.

At the tableThe share of the table betting against the hand. When a crowded short is forced to fold at once, the price can jump.

Key Financial Metrics See also: Float and share count, Beta

Prices the whole business, debt and all, the way a buyer of the company would.

The value of the whole business, debt included, divided by its yearly operating earnings before depreciation. Because it counts debt, it compares companies that borrow different amounts more evenly than P/E does.

FormulaEnterprise value ÷ EBITDA (trailing 12 months)

ExampleLowe's, Sep 21, 2026: $146.01 billion enterprise value ÷ $12.73 billion EBITDA over 12 months ≈ 11.47×.

Key Financial Metrics See also: Enterprise value (EV), EBITDA, Multiple, re-rating and multiple compression

Shows whether investors value a bank above or below what its books say it's worth.

The share price against book value per share, the accounting value of what shareholders own (assets minus liabilities). Tangible book also leaves out intangibles such as goodwill, the premium paid for past acquisitions. Most used for banks and insurers, whose assets are mostly financial.

FormulaShare price ÷ (shareholders' equity ÷ shares outstanding)

ExampleMetLife, Aug 28, 2026: $96.51 share price ÷ $38.59 book value per share ≈ 2.50× price-to-book.

Key Financial Metrics See also: ROE, ROTCE, Impairment and goodwill

Tells you how stretched the balance sheet is, in years of earnings rather than dollars.

How many years of operating earnings it would take to repay debt net of cash. Lenders and rating agencies watch it; a higher figure means heavier borrowing.

Formula(Total debt − cash) ÷ EBITDA

ExampleVerizon, Aug 17, 2026: ($193.65 billion debt − $1.80 billion cash) ÷ $50.0 billion of 2025 adjusted EBITDA ≈ 3.8×.

On the tear sheetSome REIT sheets, such as Realty Income's, use EBITDAre, the real-estate version of EBITDA defined by Nareit, the REIT industry body.

Key Financial Metrics See also: Leverage and net debt, EBITDA, Debt-to-Equity, Credit rating

Shows how much cushion stands between this year's profit and the dividend.

The share of profit paid out as dividends. A low ratio leaves room to raise the dividend; one above 100% means paying out more than the company earns.

FormulaDividends per share ÷ EPS × 100 (REITs: dividends ÷ FFO or AFFO)

ExampleNike, Oct 5, 2026: $1.64 annual dividend ÷ $2.09 EPS over the last 12 months ≈ 78.5% payout ratio.

Key Financial Metrics See also: Dividend, Dividend Yield, FFO and AFFO

Flags the figures one unusual event has bent, so a single quarter doesn't mislead.

Gains or charges that won't repeat, such as a legal fine, an asset sale or a write-down. They can make one period's profit look much better or worse than the business's normal run.

On the tear sheetA note under the metrics table lists them and the figures they distort, e.g. tariff refunds adding about 2 percentage points to Apple's gross margin in one quarter.

Key Financial Metrics See also: GAAP and adjusted (non-GAAP), Impairment and goodwill, Net Profit Margin

Shows how much a bank makes on the basic business of borrowing and lending.

A bank's core spread: interest earned on loans and securities minus interest paid on deposits and borrowings, as a share of the assets that earn interest. Net interest income (NII) is the same spread in dollars.

Formula(Interest income − interest expense) ÷ average interest-earning assets × 100

ExampleA NIM of 2.6% means about $2.60 of net interest a year on each $100 of loans and securities.

On the tear sheetBank sheets use it in place of gross margin, which doesn't apply to a bank; JPMorgan's Context gives a NIM of about 2.6%.

Key Financial Metrics See also: ROTCE, CET1 Ratio, Efficiency Ratio

Puts banks that grew by acquisition and banks that didn't on an even footing.

A bank's profit as a percentage of its tangible common equity: shareholders' equity minus goodwill, other intangibles and preferred stock. Stripping out acquisition accounting lets banks be compared on the capital that absorbs losses.

FormulaNet income to common shareholders ÷ average tangible common equity × 100

Key Financial Metrics See also: ROE, Price / Book, CET1 Ratio

Tells you how much loss a bank can absorb before nearing the minimums regulators set.

A bank's highest-quality capital, mainly common equity and retained earnings, as a percentage of its risk-weighted assets: loans and other holdings, each scaled by how risky it is. Regulators set minimums; a higher ratio means a thicker cushion against losses.

FormulaCommon equity tier 1 capital ÷ risk-weighted assets × 100

Key Financial Metrics See also: ROTCE, Net Interest Margin, Leverage and net debt

Tells you how lean a bank runs: the cost side of its profit.

A bank's operating costs as a share of its revenue; lower means leaner. Banks also report the net charge-off rate: loans written off as uncollectable in a year, net of recoveries, as a share of loans.

FormulaNon-interest expense ÷ total revenue × 100; net charge-off rate = net charge-offs ÷ average loans × 100

ExampleCitigroup, Aug 12, 2026: first-quarter expenses of $14.31 billion ÷ $24.63 billion revenue ≈ 58% efficiency ratio.

Key Financial Metrics See also: Net Interest Margin, ROTCE

Stands in for earnings at REITs, so their profit isn't buried under depreciation.

The REIT version of earnings. FFO adds back property depreciation, which cuts net income while buildings often hold their value, and removes gains on property sales. AFFO also subtracts recurring upkeep spending; each company defines it slightly differently.

FormulaFFO = net income + real-estate depreciation and amortization − gains (or + losses) on property sales + impairments of depreciable real estate; P/FFO = share price ÷ FFO per share

ExampleSimon Property Group, the mall owner, Aug 20, 2026: $219.90 share price ÷ $13.25 guided 2026 real estate FFO per share ≈ 16.6× P/FFO.

On the tear sheetREIT sheets keep the standard rows but flag P/E, and often ROE, as distorted by depreciation, and give FFO or AFFO figures in Context.

Key Financial Metrics See also: REIT, Payout Ratio, Trailing P/E

Shows whether an insurer profits from the policies it writes, before investment income.

An insurer's claims plus expenses as a percentage of the premiums it earned. Under 100% means the insurance itself made money before investment income. The catastrophe loss ratio is the slice caused by disasters such as hurricanes.

Formula(Claims + claim-handling costs + underwriting expenses) ÷ earned premiums × 100

ExampleProgressive, 2025 (report as of Aug 18, 2026): 66.0 claims-and-claim-handling ratio + 21.4 expense ratio = 87.4 combined ratio, per $100 of earned premium.

Key Financial Metrics See also: ROE, Price / Book

Tells you where a regulated utility's profit growth comes from.

For a regulated utility, the rate base is the value of its network (plants, wires, pipes) on which regulators let it earn a return. The allowed ROE is that approved return on equity, so profit grows mainly as the rate base grows.

ExampleA $10 billion rate base, half funded by equity, at a 10% allowed ROE: about $500 million of allowed profit.

Key Financial Metrics See also: ROE, Capex

The Street's view in one word; the breakdown shows how united that view is.

The average of the ratings given by the analysts who cover the stock, expressed as one word on a scale from Strong Sell to Strong Buy. Some data providers add in-between labels such as Moderate Buy.

On the tear sheetThe first card in section 05, with the number of analysts and the data provider, e.g. Apple's 'Buy' from 46 analysts polled by S&P Global.

Analyst Consensus See also: Strong Buy, Buy, Hold, Sell, Strong Sell, Sell-side analyst

Shows an analyst's view relative to the market or sector, not in absolute terms.

The common five-step scale for analysts' ratings. Buy means the analyst expects the stock to do better than the market or its sector over the next year or so; Hold, to keep pace; Sell, to lag.

On the tear sheetRating Breakdown counts the analysts on each step. Firms use their own words, which data providers map onto this scale.

Analyst Consensus See also: Overweight, Outperform, Neutral and other house ratings, Consensus Rating

Decodes the firm-specific words in analyst calls into plain buy, hold or sell.

Firms' own rating words, which US rules require each firm to sort into Buy, Hold and Sell. Overweight and Outperform usually count as Buy; Equal Weight, Market Perform, Sector Perform, Peer Perform and Neutral as Hold; Underweight and Underperform as Sell.

On the tear sheetThey appear in Key Recent Analyst Calls as each firm published them, e.g. Jefferies' downgrade of Apple to Underperform.

Analyst Consensus See also: Strong Buy, Buy, Hold, Sell, Strong Sell, Upgrade, downgrade, reiterate, initiate

Turns an analyst's model into a single price you can set beside today's.

An analyst's estimate of where the share price will be, usually 12 months out. It comes from a valuation model, often expected earnings times a chosen multiple.

ExampleExpected EPS of $10 next year × a P/E of 25 = a $250 target.

On the tear sheetAnalyst calls quote targets with the change, e.g. 'PT cut $286 → $264'.

Analyst Consensus See also: Average Price Target, Multiple, re-rating and multiple compression

Sums up the move analysts expect from the report's price, usually over 12 months.

The average of the price targets published by the analysts a data provider tracks. The gap between it and the current price is the upside (or downside) analysts expect, not counting dividends.

FormulaUpside = (average price target ÷ current price − 1) × 100

ExampleNetflix, Aug 10, 2026: $94.04 average price target ÷ $76.29 share price − 1 ≈ +23.3% upside.

On the tear sheetShown with the implied move from the banner-date price, e.g. '+4.6% upside from $308.26'.

Analyst Consensus See also: Price target, Consensus Rating

Tells you when an analyst's view has shifted, which can move the price that day.

What an analyst does to a rating. An upgrade moves it up the scale, a downgrade down; reiterate or maintain keeps it; initiate starts coverage. Rating changes, especially downgrades, can move the price that day.

On the tear sheetKey Recent Analyst Calls lists firm, analyst, date, action and target, e.g. Jefferies on Aug 10, 2026: downgraded Apple to Underperform, PT cut $286 → $264.

Analyst Consensus See also: Overweight, Outperform, Neutral and other house ratings, Price target, Sell-side analyst

Their forecasts are the bar a company's results are measured against.

A researcher at a bank or broker who follows a set of companies and publishes earnings forecasts, ratings and price targets for clients. 'The Street' means these analysts as a group.

On the tear sheetSection 05 sums up their views. Phrases like 'missed Street forecasts' compare results with their average forecast.

Analyst Consensus See also: Consensus estimate, Consensus Rating, Beat and miss

Shows who owns the most shares, and why index-fund giants top almost every list.

Organizations that invest large pools of money for others: fund managers, pension funds, insurers. US managers with $100 million or more in US-listed stocks and similar securities list their holdings on Form 13F with the SEC each quarter.

On the tear sheetNames the largest holders and approximate stakes, e.g. Vanguard (~9%) and BlackRock (~7%) for Apple. Big index-fund managers top most lists because their funds own every company in an index.

Analyst Consensus See also: Index fund, Insider, SEC filings: 10-K, 10-Q, 8-K

Keeps a split from looking like a crash on the chart.

A split divides each share into several, lowering the price per share without changing the company's value; a reverse split combines shares. Split-adjusted charts rescale older prices so a split doesn't look like a crash.

Example4-for-1 split: one $400 share becomes four $100 shares, and earlier prices are divided by 4.

On the tear sheetChart titles and notes state the basis, e.g. '(SPLIT-ADJUSTED)'. Stock charts are not adjusted for dividends unless the chart says so.

5-Year Stock Price Analysis See also: Total return, Spin-off

Shows what a holder actually earned, which price alone understates for dividend payers.

The gain from the price change plus dividends, assuming each dividend is reinvested. Price return counts the price alone, so for a dividend payer total return is higher.

Formula(Ending value with dividends reinvested ÷ starting value − 1) × 100

ExampleApple, five years to August 2026: price return about +103%, total return about +107%.

On the tear sheetMost stock charts plot price only, and the chart note says when one is dividend-adjusted. The VOO, VFV, XEQT and BND charts add a total-return line, rebased to start at the same price as the price line.

5-Year Stock Price Analysis See also: CAGR, Dividend

Makes the direction of the trend easy to see through the month-to-month noise.

The average of the last several closing prices, recalculated each period, so the line smooths out short-term swings and shows the trend. A price above a rising average is usually read as an uptrend.

FormulaSum of the last n closes ÷ n

On the tear sheetDashed lines on the price chart. Because most charts use month-end closes, their 1-month line (labeled '1-Month MA' or '20-Day MA') is the month-end price itself and sits on the price line.

5-Year Stock Price Analysis See also: 50-day moving average, 200-day moving average, RSI (Relative Strength Index)

Tells you which way the price has been heading over the past few months.

The average closing price over the last 50 trading days, about ten weeks. Traders use it as a gauge of the medium-term trend.

On the tear sheetOn the five-year chart it is approximated by the average of the last three month-end closes, labeled '3-Month MA' or '50-Day MA'.

5-Year Stock Price Analysis See also: Moving average (MA), 200-day moving average

Shows which way the long-term trend runs; it's the most watched long-term line.

The average closing price over the last 200 trading days, about ten months. It is the most widely watched long-term trend line, and a price crossing it tends to draw comment.

On the tear sheetOn the five-year chart it is approximated by the average of the last ten month-end closes, labeled '10-Month MA' or '200-Day MA'.

5-Year Stock Price Analysis See also: Moving average (MA), 50-day moving average

Shows how stretched a run has become, not whether the price is right.

A 0–100 gauge of how strongly a price has risen versus fallen over recent periods. Above 70 is commonly read as overbought (a hot run), below 30 as oversold (a deep slide). It measures momentum, not value.

FormulaRSI = 100 − 100 ÷ (1 + average gain ÷ average loss), over n periods with Wilder's smoothing

On the tear sheetThe panel under the price chart. Most sheets use 6 periods of monthly closes rather than the usual 14 days, so it moves slowly and flags multi-month extremes.

At the tableA read on how hot the run has been, not on the cards: a heater can stay hot well past 70.

5-Year Stock Price Analysis See also: Moving average (MA)

Shows how deep the holes have been: the pain a holder had to sit through.

A fall from a previous high, in percent. The maximum drawdown is the largest such fall over a period, from a peak to the lowest point before a new high.

Formula(Trough price ÷ prior peak price − 1) × 100

ExampleNvidia, Nov 2021 to Sep 2022 (report as of Sep 15, 2026): $12.11 trough close ÷ $32.57 prior peak close − 1 ≈ −62.8% drawdown.

On the tear sheetThe chart story names each big fall, e.g. Apple's −27% in 2022. Fund and crypto reports give a max drawdown row; month-end data understate falls within a month.

At the tableA downswing: the deepest hole below the bankroll's last high before it recovered.

5-Year Stock Price Analysis See also: Bear market and correction, Volatility

Puts a common name on how deep a fall has gone.

By convention, a correction is a fall of 10% or more from a recent high, and a bear market a fall of 20% or more. A bull market is a long stretch of rising prices.

On the tear sheetUsed in the five-year story, e.g. Apple's 'rate-shock bear market low' of June 2022.

5-Year Stock Price Analysis See also: Drawdown, Cyclical, defensive and secular, Bull case and bear case

Tells you how rough the ride is, whichever way the price is heading.

How widely returns swing around their average, measured as the standard deviation of returns and usually scaled to a yearly figure. Higher volatility means a bumpier ride in both directions.

FormulaStandard deviation of monthly returns × √12

ExampleFive years to August 2026: VOO 15.87% a year; bitcoin 56.3%.

On the tear sheetFund and crypto reports compute it from up to 60 monthly returns (ARTI since its 2024 launch); stock sheets discuss it in the prose and through beta.

At the tableVariance in poker terms: how far results swing around the average, whether or not the player is winning.

5-Year Stock Price Analysis See also: Beta, Sharpe ratio, Drawdown

The top line every other number on the income statement is carved from.

The money a company takes in from selling its goods and services, before any costs. It sits at the top of the income statement, hence 'top line'.

On the tear sheetSegment cards give revenue for the latest fiscal year or quarter, e.g. 'FY25 Revenue' or 'Q2'26 Revenue'.

Company, moat and earnings See also: Revenue Growth (YoY), Segment and revenue mix, Net Profit Margin

Shows which parts of the business really pay the bills.

A segment is a business line the company reports separately, such as Apple's iPhone or Services. Revenue mix is each segment's share of total revenue, which shows what the company really depends on.

On the tear sheetSection 02 opens with a bar splitting revenue by segment (Apple: iPhone 50.4%, Services 26.2%), then a card per segment with its revenue, growth, market share and main competitors.

Company, moat and earnings See also: Revenue, Industry size (TAM)

Shows how much room a business has to grow in the markets it serves.

The total yearly spending on a product category: the most a company could sell if it had every customer. It frames how much room a business has to grow.

On the tear sheetA line under each segment card, e.g. 'Industry Size: Global smartphone market ~$520B; ~2–3% CAGR projected through 2030'.

Company, moat and earnings See also: CAGR, Segment and revenue mix

Explains why a company's profits haven't been competed away, and what could change that.

A lasting advantage that keeps competitors from taking a company's profits, like a moat around a castle. Common sources: brand, switching costs, network effects, scale and cost advantages, patents and licenses.

On the tear sheetSection 03 lists 'Sources of Moat' and explains them, then sets out 'Key Vulnerabilities', the ways the moat could be breached.

Company, moat and earnings See also: Gross Margin, ROIC

Tells you which dated events on the calendar could move the price next.

A known or expected event that could move the share price, such as an earnings report, product launch, court ruling, regulatory decision or index change.

On the tear sheetSection 06 dates each event and tags it, e.g. 'Potential upside catalyst', 'Key near-term event' or 'Negative reaction (already occurred)'.

At the tableLike the turn or the river: a card still to come that can change what the hand is worth.

Company, moat and earnings See also: Guidance, Bull case and bear case

Sets the strongest argument for the stock beside the strongest against it.

The bull case is the argument for the stock doing well; the bear case, the argument against. A bull expects prices to rise, a bear expects them to fall.

On the tear sheetSection 08 sets '▲ Bull Case' beside '▼ Bear Case', followed by the Top 3 Risks.

Company, moat and earnings See also: Catalyst, Bear market and correction

Management's own forecast; a raise or cut often moves the stock more than results.

Management's own forecast for coming results, usually revenue, margins or EPS for the next quarter or year, given alongside earnings. A raise or cut often moves the stock more than the results themselves.

On the tear sheetCatalysts and Context notes cite it, e.g. Apple guiding September-quarter growth down to 9–11%, behind a 7.4% one-day drop.

Company, moat and earnings See also: Earnings report and call, Consensus estimate, Beat and miss

The bar results are judged against: it decides whether a quarter counts as a beat.

The average forecast of the analysts covering a company, for revenue, EPS or another figure, for a coming quarter or year. Results are judged against it.

At the tableThe line set before the hand: the stock reacts to the result against the line, not to the result alone.

Company, moat and earnings See also: Beat and miss, Forward P/E, Sell-side analyst

Explains why good results can sink a stock: the market grades against expectations.

A beat is a result above the consensus estimate; a miss is below it. The surprise is the gap, usually in percent. A beat paired with weak guidance can still send the stock down.

FormulaSurprise = (actual − consensus estimate) ÷ consensus estimate × 100

ExampleChevron, second quarter 2026 (report as of Aug 12, 2026): $6.06 adjusted EPS ÷ $5.56 consensus − 1 ≈ +9%, a beat.

On the tear sheetApple's July 2026 results beat on revenue and EPS, but Services missed forecasts and guidance slowed; the stock fell 7.35% the next day.

Company, moat and earnings See also: Consensus estimate, Guidance, Earnings report and call

Four times a year, the company's numbers and management's answers get tested in public.

Each quarter a company publishes its results, the earnings release or 'print', and management takes analysts' questions on a conference call. US companies usually report within a few weeks after a quarter ends.

On the tear sheetNext Earnings in the header gives the date. The card tag New results flags results published after the page's data date.

Company, moat and earnings See also: Guidance, Beat and miss, SEC filings: 10-K, 10-Q, 8-K

Returns cash to owners by shrinking the share count, so each share claims more profit.

A company buying its own shares on the market, which cuts the share count so each remaining share owns more of the profits. An authorization is the board's permission to buy, not a commitment.

FormulaBuyback yield = dollars spent on net share repurchases over 12 months ÷ market cap × 100

ExampleApple announced a new $100 billion repurchase authorization in April 2026.

At the tableThe company buys chips back from the table, so each chip left claims a bigger share of the pot.

Company, moat and earnings See also: Dilution, Dividend, ROE

The part of the return that arrives as cash, whatever the share price does.

Cash a company pays its shareholders out of profits, usually every quarter in the US. Shares bought on or after the ex-dividend date don't receive the next payment, and the price typically drops by about the dividend that day.

On the tear sheetContext in the Dividend Yield row gives the yearly amount, the quarterly payment and the latest raise, e.g. Apple's $0.27 a quarter.

Company, moat and earnings See also: Dividend Yield, Payout Ratio, Total return

Lets you compare operating earnings across companies that borrow very different amounts.

Operating profit before the non-cash charges for the wearing out of assets (depreciation and amortization), and before interest and taxes. It approximates cash earnings from operations, whatever the company's borrowing.

FormulaOperating income + depreciation + amortization

Company, moat and earnings See also: EV/EBITDA, Net Debt / EBITDA, Free Cash Flow

Shows why a heavily indebted company costs more to buy than its market cap suggests.

The value of the whole business to everyone with a claim on it: the stock-market value plus debt, minus cash. Roughly what a buyer would pay to take over the company and its debts.

FormulaMarket cap + total debt + preferred stock + minority interests − cash and equivalents

ExampleNike, Oct 5, 2026: $50.44 billion market cap + $11.13 billion debt − $8.37 billion cash and short-term investments ≈ $53.2 billion enterprise value.

Company, moat and earnings See also: Market cap, EV/EBITDA, Leverage and net debt

Explains how a stock can rise or fall even when profits don't move.

A multiple is a price divided by a measure of the business, such as P/E, EV/EBITDA or price-to-sales (market cap ÷ revenue). A re-rating is the market paying a different multiple; compression means a lower one.

ExampleProfits up 10% while the P/E falls from 30 to 24: the share price drops about 12%.

Company, moat and earnings See also: Trailing P/E, EV/EBITDA, Forward P/E

Explains how profit can grow faster than sales, and shrink faster when sales fall.

Margin expansion is a rising share of revenue kept as profit. Operating leverage is a common cause: when many costs are fixed, extra sales add mostly profit, so profit grows faster than revenue. It works in reverse when sales fall.

ExampleSales $100, variable costs $50, fixed costs $30: profit $20. Sales up 10% to $110: profit $25, up 25%.

Company, moat and earnings See also: Gross Margin, Operating Margin, Cyclical, defensive and secular

Lets you compare growth across companies and periods on one yearly footing.

The steady yearly growth rate that would turn a starting value into an ending value over a number of years. It turns a bumpy path into one comparable annual figure.

Formula(Ending value ÷ starting value)^(1 ÷ years) − 1

Example$100 growing to $200 in five years: 2^(1/5) − 1 ≈ 14.9% a year.

Company, moat and earnings See also: Total return, Revenue Growth (YoY), Industry size (TAM)

Stops a two-point rise in a margin being mistaken for a 2% increase.

A percentage point (pp) is the plain difference between two percentages; a basis point (bp) is one hundredth of a percentage point. A margin rising from 40% to 42% is up 2 pp, or 200 bps, a 5% increase.

Company, moat and earnings See also: Gross Margin, Yield (bonds) and the yield curve

Keeps a ratio current without waiting for the next annual report.

The four most recently reported quarters added together. It gives a full-year figure that is more current than the last fiscal year.

ExampleWith results through June 2026, TTM covers July 2025 to June 2026.

Company, moat and earnings See also: EPS (TTM), Fiscal year (FY) and quarters, YoY and QoQ

Strips out seasonal swings, so a strong holiday quarter isn't mistaken for growth.

Year over year (YoY) compares a period with the same period a year earlier, which removes seasonal swings. Quarter over quarter (QoQ, or sequential) compares it with the quarter just before.

ExampleThe June 2026 quarter against June 2025 is YoY; against March 2026 is QoQ.

Company, moat and earnings See also: Revenue Growth (YoY), TTM

Tells you whether a profit figure follows the rule book or management's own adjustments.

GAAP are the US accounting rules behind US companies' filings; many companies abroad use IFRS, the international rules, instead. Adjusted (non-GAAP) figures leave out items such as stock-based pay or one-off charges, are usually higher, and must be reconciled to GAAP.

Company, moat and earnings See also: One-off items, EPS (TTM), SEC filings: 10-K, 10-Q, 8-K

The company's own official numbers, free for anyone to check on EDGAR.

The SEC regulates US securities markets. Listed companies file an annual report (10-K), quarterly reports for the other three quarters (10-Q) and current reports on major events (8-K), all free on the SEC's EDGAR site.

On the tear sheetMany reports end with a Sources note naming the filings used, e.g. Apple's FY2025 Form 10-K.

Company, moat and earnings See also: GAAP and adjusted (non-GAAP), Institutional investors, Insider

Their trades must be disclosed, showing when the people running the company buy or sell.

A company's officers and directors and anyone owning more than 10% of its shares. They must report their trades in the stock to the SEC on Form 4 within two business days.

Company, moat and earnings See also: Institutional investors, Float and share count, SEC filings: 10-K, 10-Q, 8-K

Tells you how many shares are actually up for trading, not just how many exist.

Shares outstanding are all the shares a company has issued to investors. The float is the part available for the public to trade, leaving out stakes held by insiders, founders or governments. Index weights and short interest often use the float.

Company, moat and earnings See also: Short Interest, Market cap, Dilution, Insider

Explains a sudden drop in the parent's price that isn't a loss for its holders.

A company turns a division into a separate listed company and hands its shares to existing shareholders. The parent's share price drops by roughly the value carved out.

On the tear sheetSome sheets chart only from the spin-off date, e.g. 'Stock Price Since the Exelon Spin-Off'.

Company, moat and earnings See also: IPO, Stock split and split-adjusted prices

Marks the day the public could first buy in, and where a short chart starts.

A company's first sale of shares to the public, and the start of trading on an exchange.

On the tear sheetCompanies listed for less than five years get charts that start at the listing, e.g. 'Stock Price Analysis Since IPO (under 5 years)'.

Company, moat and earnings See also: Spin-off, Float and share count

Gives a glimpse of sales still to come before they reach the income statement.

Signed orders or contracts not yet delivered, and so not yet counted as revenue. A growing backlog points to revenue still to come; software companies report a similar figure as remaining performance obligations (RPO).

Company, moat and earnings See also: Revenue, Guidance

Shows how much of today's cash goes into building tomorrow's business.

Money spent on long-lasting assets such as factories, equipment, networks or data centers. It is subtracted from operating cash flow to get free cash flow, and charged against profit gradually as depreciation.

Company, moat and earnings See also: Free Cash Flow, EBITDA, Hyperscaler, Rate base and allowed ROE

Explains how your slice can shrink even when you never sell a share.

When a company issues new shares, through stock-based pay, acquisitions or fundraising, each existing share owns a smaller slice. A deal is accretive if it raises EPS and dilutive if it lowers it.

At the tableNew chips issued into the game make every existing chip a smaller share of the pot.

Company, moat and earnings See also: Buyback, EPS (TTM), Float and share count

Sets how hard the owners feel each swing in the business, up and down.

Leverage is the use of borrowed money. Net debt is debt minus cash; when cash exceeds debt the company has net cash. Leverage magnifies returns to shareholders in good years and losses in bad ones.

FormulaNet debt = total debt − cash and short-term investments

ExamplePfizer, Aug 18, 2026: $63.5 billion of debt − $11.7 billion of cash = $51.8 billion of net debt.

At the tablePlaying with borrowed chips: wins and losses both get bigger, and the lender is paid before you.

Company, moat and earnings See also: Debt-to-Equity, Net Debt / EBITDA, Credit rating

Tells you how much a company's sales hang on the state of the economy.

A cyclical business rises and falls with the economy (carmakers, chips, steel, airlines); a defensive one sells what people buy regardless (food, utilities, medicines). Secular describes a long-term trend that runs through the cycles.

Company, moat and earnings See also: Beta, Bear market and correction, Margin expansion and operating leverage

Shows growth the business earned itself, not bought or borrowed from currency moves.

Organic growth leaves out revenue added by acquisitions or lost by selling businesses. Constant currency also removes exchange-rate effects. Comparable (same-store) sales do the same for retailers, counting only stores open for a year or more.

Company, moat and earnings See also: Revenue Growth (YoY), YoY and QoQ

Explains a sharp drop in reported profit that cost no cash at the time.

Goodwill is the premium paid in an acquisition above the value of the assets bought. An impairment, or write-down, cuts an asset's book value when it is worth less than recorded; it lowers reported profit without costing cash at the time.

Company, moat and earnings See also: One-off items, Price / Book, GAAP and adjusted (non-GAAP)

Names the few buyers whose data-center budgets run near or above $100 billion a year.

One of the few companies that run data centers at vast scale, for cloud services or their own apps: Amazon, Microsoft and Google, often with Meta and Oracle counted in. Amazon, Microsoft, Alphabet and Meta each now spend more than $100 billion a year building them.

Company, moat and earnings See also: Capex, Segment and revenue mix

Explains why property companies pay such high dividends, and why their P/E misleads.

A company that owns or finances income-producing property. To keep REIT status, which spares it corporate income tax on the profit it pays out, it must pay at least 90% of its taxable income as dividends. That keeps REIT dividend yields high.

On the tear sheetDepreciation depresses a REIT's earnings, so its sheet points to FFO and AFFO rather than P/E; the Quality tag leaves REITs out.

Company, moat and earnings See also: FFO and AFFO, Dividend Yield

A shorthand for size; the cards' Giant tag draws its line at $200 billion.

Rough size bands by market cap, with no official lines. A common convention puts large-cap at $10 billion or more and mid-cap at about $2 billion to $10 billion. Mega-cap means the very largest.

Company, moat and earnings See also: Market cap

Lets one purchase buy a whole basket, traded as easily as a single stock.

A fund whose shares trade on a stock exchange throughout the day, like a company's shares. Each share is a slice of the fund's whole portfolio, so one purchase can hold hundreds of stocks, thousands of bonds or a commodity such as gold.

On the tear sheetETF reports follow the stock-report layout, with a Key Fund Metrics table in section 04 and a cost and peer comparison in section 05.

ETFs, crypto and bonds See also: Index fund, Expense ratio, NAV

Delivers the index's own result, minus a small fee, without anyone picking stocks.

A fund that copies an index instead of picking stocks, usually by holding its members in the index's proportions (full replication). Tracking difference is how far the fund's return falls short of the index's, mostly because of fees.

ExampleVOO, five years to August 2026: 12.75% a year against the S&P 500's 12.79%, a gap of 0.04 points.

At the tablePlaying every seat at the table at once: you get the table's average result, minus the rake.

ETFs, crypto and bonds See also: ETF, S&P 500, Expense ratio

The rake on every dollar in the fund, taken whether the fund wins or loses.

A fund's yearly running costs as a percentage of its assets, taken out of the fund's value rather than billed. The management fee is the main part of it.

FormulaAnnual fund operating expenses ÷ average net assets × 100

ExampleQQQ, Oct 2, 2026: 0.18% expense ratio × $10,000 invested = $18 of fees in the first year.

At the tableThe rake: a small cut taken from every pot, win or lose.

ETFs, crypto and bonds See also: MER, Index fund, NAV

Lets you compare what Canadian funds cost to hold each year, before trading costs.

The Canadian measure of a fund's yearly cost: management fee plus operating expenses and taxes, as a percentage of assets. Trading costs are reported separately as the trading expense ratio (TER).

ExampleXEQT: MER 0.19%, of which the management fee is 0.17%.

ETFs, crypto and bonds See also: Expense ratio

Shows how much money a fund runs, from a niche product to a market giant.

The total value of everything a fund owns minus what it owes: the size of the fund.

On the tear sheetVOO reports $1.0 trillion for its ETF share class and $1.8 trillion for the whole fund, which also has mutual-fund share classes.

ETFs, crypto and bonds See also: NAV, ETF

Tells you what an ETF's holdings are worth, so you can spot a stray price.

Net asset value per share: the fund's assets minus liabilities, divided by its shares, set once a day. An ETF's market price can sit slightly above NAV (a premium) or below it (a discount); large dealers trade to close the gap.

Formula(Fund assets − liabilities) ÷ shares outstanding

ExampleQQQ, Oct 2, 2026: $505.19 billion of net assets ÷ 674.15 million shares ≈ $749.38 NAV per share; the $749.58 close sat 0.03% above it.

ETFs, crypto and bonds See also: ETF, Net assets (AUM), Bid-ask spread

Shows a fund's cash income, and why two quoted yields for one fund can differ.

A fund's cash payouts as a percentage of its price. Issuers often annualize the latest payment; the trailing 12-month yield adds up the past year's payments instead. The two differ when payments vary.

FormulaTrailing: distributions over the last 12 months ÷ price × 100

ExampleSCHD, Oct 2, 2026: $1.0541 of distributions over 12 months ÷ $32.72 share price ≈ 3.22% distribution yield.

ETFs, crypto and bonds See also: 30-day SEC yield, Dividend Yield

A yield worked out by one SEC formula, so US funds compare on equal terms.

A standardized yield the SEC requires when a US bond or stock fund quotes a yield: income earned over the last 30 days, minus fund expenses, expressed as a yearly rate. It lets funds be compared on equal terms.

ETFs, crypto and bonds See also: Distribution yield, Yield to maturity

Tells you whether a return was worth the swings it took to get there.

The return earned above a risk-free rate, what short-term government bills pay, for each unit of volatility taken. Higher means more reward per unit of swing.

Formula(Annualized return − risk-free rate) ÷ annualized volatility

ExampleVOO, five years to Aug 2026 (report as of Sep 23, 2026): 9.50% a year above the Treasury-bill rate ÷ 15.76% volatility of those excess returns ≈ 0.60 Sharpe ratio.

On the tear sheetFund and crypto reports compute it from up to 60 monthly returns (ARTI since launch), with the 3-month US Treasury yield (or Canadian T-bill) as the risk-free rate.

At the tableWin rate per unit of variance: how much edge you get for each unit of swing you sit through.

ETFs, crypto and bonds See also: Volatility, Beta, Treasury bill

A trading cost on every buy and sell, on top of the fund's fee.

The gap between the highest price a buyer offers (bid) and the lowest a seller accepts (ask). It is a trading cost paid on every purchase and sale, on top of the expense ratio.

ETFs, crypto and bonds See also: NAV, Expense ratio

Decides whether exchange-rate moves reach your return on the fund's foreign holdings.

A fund that uses contracts to cancel most of the effect of exchange-rate moves on its foreign holdings, so its return tracks the assets in the investor's own currency. An unhedged fund passes currency gains and losses straight through.

On the tear sheetARTI's header reads 'CAD, hedged'. VOO notes that US-dollar moves pass straight through for investors who spend another currency.

ETFs, crypto and bonds See also: ETF, Organic growth and constant currency

Sets the risk-free rate that fund and crypto returns here are measured against.

A US government loan of a year or less with no coupon: it sells below face value and repays face value at maturity, and the difference is the interest. The investment rate states that gain as a yield comparable with notes and bonds.

ExampleSep 21, 2026 auction: $989.85 paid for $1,000 due in 91 days, a 4.113% investment rate.

ETFs, crypto and bonds See also: Treasury note and Treasury bond, Yield (bonds) and the yield curve, Treasury auction

Pay a fixed government rate for years, with the interest free of state tax.

Loans to the US government that pay fixed interest every six months and repay face value at maturity: notes run 2 to 10 years, bonds 20 or 30 years. The interest is taxed federally but not by states.

ETFs, crypto and bonds See also: Coupon, Yield (bonds) and the yield curve, Treasury auction, TIPS and real yield

Tells you what Canada's federal government pays to borrow, term by term.

A loan to the Canadian federal government that pays fixed interest every six months. The Bank of Canada publishes benchmark yields. Real Return Bonds (RRBs) are Canada's inflation-linked bonds, like US TIPS.

ETFs, crypto and bonds See also: Treasury note and Treasury bond, TIPS and real yield, Policy rate (fed funds rate)

Tells you the cash a bond pays each year, however its price moves.

The fixed yearly interest a bond pays, as a percentage of its face value, usually in two payments a year. It is set when the bond is first sold and doesn't change.

ExampleA 4.625% coupon on $1,000 pays $23.125 every six months.

ETFs, crypto and bonds See also: Yield (bonds) and the yield curve, Yield to maturity

Shows what a bond earns at today's price, not the price it first sold at.

The yearly return a bond pays at today's price. Price and yield move in opposite directions: when yields rise, existing bonds lose value. The yield curve plots one day's yields from short to long maturities.

On the tear sheetThe headline on a bond report is a yield, not a price: for US reports, Treasury's daily par yield (the coupon a new security needs to sell at face value); for Canada, the Bank of Canada benchmark yield.

ETFs, crypto and bonds See also: Yield to maturity, Duration and convexity, Coupon, 2s10s spread

Its turn below zero has often come before US recessions.

The 10-year Treasury yield minus the 2-year. It is usually positive, since lenders want more to tie money up longer. A negative spread, an inverted curve, has often come before US recessions.

ExampleSep 23, 2026: 5.11% − 4.85% = 0.26 pp.

ETFs, crypto and bonds See also: Yield (bonds) and the yield curve, Policy rate (fed funds rate)

Lets you compare bonds with different prices and coupons on one number.

The yearly return from buying a bond at today's price and holding it to maturity, counting every coupon and the repayment of face value, with coupons reinvested at the same rate. For a bond fund, the average across its holdings.

ETFs, crypto and bonds See also: Yield (bonds) and the yield curve, Coupon, 30-day SEC yield

Turns rate risk into a number: how hard a rate move hits a bond's price.

Modified duration is roughly the percent a bond's price moves, the opposite way, for a 1 percentage point change in yield. Convexity refines it: prices rise a little more when yields fall than they drop when yields rise.

Formula% price change ≈ −duration × Δyield + ½ × convexity × Δyield²

Example10-year Treasury note, Sep 23, 2026: if yields rise 1 point, −(7.77 duration × 1%) + ½ × 73.0 convexity × (1%)² ≈ −7.40% price change.

ETFs, crypto and bonds See also: Yield (bonds) and the yield curve, Yield to maturity

Protects a bond's buying power by tying its principal to inflation.

TIPS are Treasury securities whose principal rises and falls with consumer prices (the CPI-U index), so the coupon is paid on an inflation-adjusted amount. Their yield is a real yield: the return above inflation.

ExampleOn Sep 23, 2026 the 10-year TIPS real yield was 2.76%.

ETFs, crypto and bonds See also: Breakeven inflation, Treasury note and Treasury bond, Government of Canada bond

The bond market's line on inflation, read straight from Treasury prices.

An ordinary Treasury yield minus the TIPS real yield of the same maturity: the average yearly inflation at which the two pay the same. Markets read it as expected inflation.

FormulaNominal yield − real (TIPS) yield

Example10-year Treasury, Sep 23, 2026: 5.11% nominal yield − 2.76% TIPS real yield = 2.35% breakeven inflation.

At the tableThe market's line on inflation: TIPS come out ahead if inflation runs over it, ordinary Treasuries if it runs under.

ETFs, crypto and bonds See also: TIPS and real yield, Yield (bonds) and the yield curve

Anchors what short-term savings earn and what borrowers pay across the economy.

The short-term interest rate a central bank sets: the federal funds target range in the US (the Federal Reserve) and the overnight rate in Canada (the Bank of Canada). It anchors short-term yields and borrowing costs across the economy.

ETFs, crypto and bonds See also: Treasury bill, Yield (bonds) and the yield curve, 2s10s spread

Tells you how the agencies rate a borrower's odds of paying you back.

A rating agency's grade of a borrower's ability to repay, from AAA (Aaa at Moody's) downward. BBB− (Baa3 at Moody's) and above is investment grade; below that is high yield, or junk.

ExampleMoody's has rated the US Aa1, one notch below the top, since May 2025.

ETFs, crypto and bonds See also: Leverage and net debt, Treasury note and Treasury bond, Net Debt / EBITDA

Shows how much appetite there is for US government debt, sale by sale.

Treasury sells new debt at auction: every winning bidder pays one price, set by the highest accepted yield. Bid-to-cover is total bids ÷ amount sold. On-the-run means the latest issue of a maturity; its CUSIP is its ID code.

ExampleAug 12, 2026 10-year auction: high yield 4.683%, bid-to-cover 2.53.

ETFs, crypto and bonds See also: Treasury note and Treasury bond, Treasury bill, Coupon

Trades every hour of every day, so its prices never close the way stocks do.

Digital money recorded on a blockchain, with no bank or government issuing it. A network's native token, such as BTC or ETH, pays its transaction fees and, on most networks, rewards the participants who keep the record.

On the tear sheetCrypto trades around the clock every day, so the reports quote a UTC daily close and cross-check it against two exchanges.

ETFs, crypto and bonds See also: Blockchain, Circulating supply, max supply and crypto market cap, Stablecoin, Spot crypto ETF

Makes past entries very hard to rewrite, with no central bookkeeper.

A shared record of transactions kept in copies by many independent computers (nodes). New transactions are grouped into blocks, each linked to the one before, so past entries can't be changed without redoing everything after them.

ETFs, crypto and bonds See also: Proof of work and halving, Proof of stake and staking, Cryptocurrency

Explains how new bitcoin is created, and when the flow of new coins halves.

Bitcoin's way of adding blocks: miners race to solve a computing puzzle, and the winner earns new coins (the block subsidy) plus fees. Hash rate measures the total computing power. Every 210,000 blocks, about four years, the subsidy halves.

ExampleThe April 2024 halving cut the subsidy from 6.25 to 3.125 BTC per block.

ETFs, crypto and bonds See also: Proof of stake and staking, Blockchain, Circulating supply, max supply and crypto market cap

Stakers earn new coins for securing the network, with part of their stake at risk.

A way of adding blocks in which validators lock up (stake) the network's coins as a security deposit instead of mining. They earn new coins and fees, and can lose part of the stake for breaking the rules.

ExampleOn Sep 22, 2026, about 35% of all ETH was staked.

ETFs, crypto and bonds See also: Proof of work and halving, Blockchain, Cryptocurrency

Tells you how many coins exist and whether more can ever be made.

Circulating supply is the coins issued so far; max supply is the protocol's hard limit, if any: 21 million for bitcoin, none for ETH. Annual issuance is new coins created in a year. Crypto market cap is price × circulating supply.

FormulaMarket cap = price × circulating supply

ExampleBitcoin, Sep 22, 2026: $86,172.28 price × 20,088,131 coins in circulation ≈ $1.731 trillion market cap.

ETFs, crypto and bonds See also: Cryptocurrency, Proof of work and halving, Market cap

Lets dollars move around crypto networks without leaving them.

A crypto token built to hold a steady value, usually one US dollar, typically backed by cash and short-term Treasury bills held by its issuer. It is used to move dollars around crypto networks.

ETFs, crypto and bonds See also: Cryptocurrency, Treasury bill

Lets you own a fund holding the actual coin through an ordinary brokerage account.

An exchange-traded fund that holds the cryptocurrency itself, kept by a custodian, so investors can own its price moves through an ordinary brokerage account. Spot means the actual coins, not futures (contracts to buy or sell later at a set price).

On the tear sheetEach crypto report lists the US and Canadian funds that hold the coin.

ETFs, crypto and bonds See also: ETF, Cryptocurrency, Expense ratio