How to read a company's numbers
A structured program covering the fundamentals of financial analysis — from reading statements to evaluating business performance.
Financial statements contain a precise record of how a company earns, spends, and positions itself. This program teaches you to extract meaningful conclusions from that data — at your own pace, from anywhere in Canada.
What the program covers
Each module addresses a specific layer of financial analysis. The sequence is deliberate — earlier modules build the vocabulary and logic that later ones depend on. Participants typically spend four to six hours per module, though the schedule is entirely self-directed.
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1 The structure of financial statements
Income statement, balance sheet, and cash flow statement — how they connect and what each measures.
- Reading an income statement line by line
- Assets, liabilities, and equity explained
- Operating vs financing cash flows
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2 Profitability ratios in practice
Gross margin, EBITDA, return on equity — calculated from real annual reports of publicly traded companies.
- Margin analysis across sectors
- Why return on assets differs from return on equity
- Spotting earnings quality issues
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3 Liquidity and solvency assessment
Current ratio, quick ratio, debt-to-equity — tools for evaluating whether a company can meet its obligations short and long term.
- Short-term vs long-term risk signals
- Working capital cycles by industry
- When high leverage is expected and when it is a warning
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4 Comparative analysis across periods
Year-over-year and peer comparison methods used by professional analysts. Identifying trends that single-period numbers obscure.
- Common-size statements
- Horizontal analysis techniques
- Building a basic comparison model in a spreadsheet
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5 Writing an analysis summary
Translating quantitative findings into a clear, readable memo. Structured templates used in finance and accounting roles across Canada.
- Framing findings for a non-specialist reader
- Appropriate qualifications and caveats
- Common mistakes in communicating financial data
