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Analysis

NSC 10-K Analysis: Zero Revenue Growth Behind the 10% EPS Headline

Norfolk Southern reported 10.2% EPS growth and 200 basis points of operating ratio improvement in FY 2025. Revenue grew $57 million — less than half a percent. The 10-K reveals that 100% of the earnings improvement came from cost cuts, while the pending $85B Union Pacific merger has inflated compensation by $154M, suppressed capex by 20%, and triggered customer defection. At $289, investors are buying a binary merger bet with asymmetric downside.

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15 min

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Research

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

High-bandwidth memory powers every AI accelerator from NVIDIA's H100 to AMD's MI300X—but the most revealing data about HBM supply geography doesn't appear in any chip maker's filing. It's in FormFactor's annual report, where a probe card geographic revenue table shows South Korea overtook the United States as the dominant buyer of HBM test equipment in 2025, adding $53 million while US revenues fell $32 million in a single year. This analysis cross-reads 135 operational SEC filings across four companies and three SIC codes—tracing HBM demand from process equipment through memory production, test infrastructure, and demand driver—to surface a supply chain concentration that no single 10-K can reveal.

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Basel III Endgame: What 419 SEC Filings Reveal

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Research

AI Infrastructure Capex: What 863 SEC Filings Reveal

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Research

Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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Lithium Battery Supply Chain: What 351 SEC Filings Reveal

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