The filing changed.
Does your thesis?

For equity analysts with companies to keep up with. Compare the disclosures, check the source, and see which assumptions need another look.

Apple example: China sales fell 7.7%. A “steady revenue” assumption needs review. See the filing evidence.

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One assumption. A reason to revisit it.AAPL · FY2024

Worked example · real filing data, illustrative analyst note

Your working assumption

“Greater China revenue is holding steady.”

Apple Greater China net sales, US dollars in millions
Net sales · USD millionsFY2023FY2024
Greater China72,55966,952

Down 7.7%. The assumption needs review.

The annual figures do not support “holding steady.” Revisit the China assumption before carrying it into your next research note.

Check the SEC source · segment table
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“What was Apple’s FY2024 operating cash flow?”

The figure
The reported value, with currency and scale.
The context
The fiscal period and how the metric is defined.
The evidence
A filing citation you can open and inspect.

Your next research update shouldn’t start from zero.

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  1. Keep the baseline

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  2. Review the new evidence

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What did you actually know at the time?

Revisit a past investment thesis using disclosures available by your chosen date. Keep later information out of the explanation and make gaps visible.

Investigate a past filing date

AS OF 2024-11-01 · AAPL

“What did the filings say about China revenue before I updated my thesis?”

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