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Analysis

MCD 10-K Analysis: The 90% Margin Machine Behind the Growth Pivot

McDonald's cut share buybacks by 27% in FY2025 while spending a record $3.365 billion on expansion — a paradox until you see the 10-K's franchise economics. The filing reveals a 90.3% incremental franchise margin, meaning every new restaurant dollar is more profitable than the last. This analysis unpacks the capital allocation pivot, the emerging $647M technology platform, and the real estate fortress financing it all through Euro debt at half the U.S. rate.

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15 min

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HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

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Research

AI Infrastructure Capex: What 863 SEC Filings Reveal

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

On March 11, 2026, Stryker Corporation filed its first 8-K disclosing a cybersecurity incident that disrupted its global Microsoft environment — one of 916 material cybersecurity 8-K disclosures filed with the SEC in the past 12 months. But the initial 8-K is the least financially informative disclosure in the entire lifecycle. Cross-company analysis of four non-tech companies — a medical device maker, a donut chain, a mortgage lender, and a hospital system — reveals that the most financially specific SEC disclosures appear 12–24 months after the incident. Insurance recoveries of $21.5M to $35M, class action consolidations, and settlement disclosures mark the true cost — and they arrive long after the headlines fade.

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Lithium Battery Supply Chain: What 351 SEC Filings Reveal

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