Equity Research
Overview
Our Equity Research reports cover publicly traded companies across Technology, Media & Telecom (TMT), Financial Services, Industrials, and Healthcare. Our goal is to provide clear, objective analyses of key operational and financial aspects of these businesses, with a focus on trends shaping their industries—from tech innovation and regulatory shifts in finance to industrial automation and breakthroughs in healthcare. Our mission is to deepen understanding of the drivers behind corporate success and foster informed discussions among professionals, students, and enthusiasts. These reports are not financial guidance but educational tools, designed to showcase our analytical approach to evaluating market dynamics.
DK Lee
Director Equity Research
“As the Director of Equity Research at Cascade Research, I’m proud of our collaborative environment, where students actively enhance their financial analysis skills through innovative and hands-on research. Our growing community is a testament to our commitment to blending academic rigor with real-world market insights, ensuring that our work not only deepens our expertise but also prepares us for future success in finance.”
– DK Lee
Industry Coverage
TMT
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Financial Services
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Industrials
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Healthcare
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Content Overview
This section establishes a foundational understanding of the company, its historical trajectory, and its current standing in the market.
Core Operations: The company’s primary business activities, geographic footprint, and key products or services.
Leadership & Governance: Background of the executive team, board composition, and strategic decision-making trends.
Financial Snapshot: Key metrics such as market capitalization, revenue growth over time, profitability margins (e.g., EBITDA, net income), and balance sheet health (e.g., debt-to-equity ratio).
Mission & Vision: Alignment of corporate goals with industry trends and stakeholder expectations.
A detailed examination of how the company generates value, sustains growth, and mitigates operational risks. This includes:
Revenue Generation: Breakdown of upfront sales (e.g., capital-intensive systems) versus recurring revenue streams (e.g., consumables, maintenance contracts, subscriptions).
Customer Engagement: Strategies to retain clients, such as training programs, leasing options, or ecosystem integration (e.g., digital platforms for data analytics).
Scalability & Adaptability: The company’s ability to expand into new markets, diversify product lines, or pivot in response to technological disruptions.
Cost Structure: Fixed vs. variable costs, supply chain efficiency, and R&D investment intensity.
An exploration of the broader sector dynamics, competitive landscape, and macroeconomic factors influencing the company’s performance. Key areas include:
Market Size & Growth: Historical revenue trends, projected CAGR, and catalysts such as demographic shifts (e.g., aging populations) or regulatory tailwinds (e.g., healthcare digitization).
Competitive Positioning: Market share analysis, benchmarking against peers on metrics like margins, R&D spending, and innovation pipelines.
Regulatory Environment: Impact of policy changes (e.g., FDA approvals, reimbursement frameworks) on market accessibility and profitability.
Technological Trends: Adoption of emerging technologies (e.g., AI, automation) and their role in reshaping industry standards.
A rigorous evaluation of the company’s financial health, performance, and valuation. This section covers:
Historical Performance: Revenue growth, margin trends (gross, operating, net), and cash flow generation over multiple fiscal years.
Ratio Analysis: Liquidity (current ratio, quick ratio), solvency (debt-to-equity, interest coverage), and efficiency metrics (asset turnover, inventory days).
Valuation: Traditional multiples (e.g., P/E, EV/EBITDA) and advanced methodologies such as DCF analysis to estimate intrinsic value based on projected free cash flows.
Investment Drivers: Capital allocation strategies, dividend policies, and share buyback programs.
A systematic identification and prioritization of risks that could impact the company’s growth trajectory or valuation. This includes:
Market Risks: Cyclical demand fluctuations, competitive pricing pressures, or geopolitical instability affecting global operations.
Operational Risks: Supply chain vulnerabilities, reliance on key suppliers, or operational inefficiencies.
Regulatory Risks: Changes in compliance requirements, delays in product approvals, or shifts in healthcare reimbursement policies.
Technological Risks: Obsolescence of existing products, cybersecurity threats, or failure to innovate.
Financial Risks: Currency volatility, interest rate exposure, or liquidity constraints.
Duolingo
Duolingo
Description:
Duolingo is an education technology company specializing in language learning solutions. Operating through a user-friendly mobile and web-based application, it offers courses in multiple languages utilizing gamified lessons and personalized learning algorithms to help users improve their language skills.
Stock Ticker Symbol: DUOL
Industry: Education Technology (EdTech)
Key Products or Services: Free and premium (Duolingo Plus/Super Duolingo) language learning platforms, language proficiency assessments, and additional learning tools such as Duolingo for Schools
My Example Heading
Stock Performance
LTM (Feb. 2024 - Feb 2025 ) in $USD - According to Bloomberg Terminal
Hims & Hers
Hims and Hers Inc.
Overview:
Hims & Hers is a telehealth company offering a direct-to-consumer platform focused on personal wellness, providing treatments and products for various healthcare needs. Their services span hair care, skin care, sexual health, and mental health, connecting patients with licensed medical professionals via a subscription-based model.
Stock Ticker Symbol: HIMS
Industry: Telehealth / Healthcare Technology
Key Products or Services: Online healthcare consultations, prescription and over-the-counter products for hair loss, skincare, sexual health, and mental health support
Stock Performance
LTM (Feb. 2024 - Feb 2025 ) in $USD - According to Bloomberg Terminal
Arista Networks
Hims and Hers Inc.
Description:
Arista Networks is a computer networking company specializing in the design and delivery of high-performance networking solutions. Operating in the technology and communications industry, it develops software-driven networking products, including switches, routers, and cloud networking solutions, to optimize performance in data centers and cloud computing environments.
Stock Ticker Symbol: ANET
Industry: Networking and Cloud Computing
Key Products or Services: High-performance network switches, routers, cloud networking platforms, software-defined networking solution
Stock Performance
LTM (Feb. 2024 - Feb 2025 ) in $USD - According to Bloomberg Terminal
Dexcom
Hims and Hers Inc.
Description:
Dexcom is a medical technology company specializing in continuous glucose monitoring (CGM) systems for managing diabetes. Operating in the healthcare and medical devices industry, it develops wearable sensors and software that provide real-time glucose data to improve diabetes care.
Stock Ticker Symbol: DXCM
Industry: Diabetic Monitoring Solutions
Key Products or Services: Continuous glucose monitoring systems, wearable sensors, transmitters, mobile apps.
Stock Performance
LTM (Feb. 2024 - Feb 2025 ) in $USD - According to Bloomberg Terminal