This hub is your map. For each sector, you’ll get a series of posts covering the most important KPIs, how to interpret them, valuation frameworks, and common risks. Start with a sector, then drill into its subsectors as new posts roll out.
How to use this
- Pick a sector.
- Skim the core KPIs and valuation notes.
- Open the relevant subsector on the site to find the latest deep dives and case studies.
Technology
Subsectors: Software, Semiconductors, Hardware/Devices, IT Services.
Core KPIs: ARR/NRR, Gross Margin, Rule of 40, SBC %, FCF Margin; (Semis) Utilization, ASP, node mix, capex %, inventory turns.
Valuation notes: Use EV/FCF or EV/GP vs EV/S where margins differ; normalize SBC; for semis, cycle & capex drive multiples.
This sector page will be covered via a series of posts: KPI interpretation, benchmarking, valuation pitfalls, and case studies.
Financials
Subsectors: Banks, Insurance (P&C/Life), Asset Managers, Brokers/Exchanges.
Core KPIs: (Banks) NIM, deposit beta, NII, CET1, cost/income, RoE; (Insurance) loss/expense/combined ratio, reserve development, solvency; (Asset Managers) AUM/flows, fee rate.
Valuation notes: Banks: P/TBV + mid-cycle P/E; model NIM sensitivity & deposit mix. Insurance: P/BV (ex-AOCI), normalized combined; AMs: P/E or EV/EBITDA.
Posts will cover bank earnings bridges, combined ratio analysis, AUM/flow dynamics, and regulatory capital context.
Energy
Subsectors: Upstream (E&P), Midstream (Pipelines), Downstream (Refining/Marketing), Integrated.
Core KPIs: Production (boe/d), decline rate, lifting cost, reserve life; (Midstream) throughput, tariffs, utilization; (Downstream) crack spreads, utilization.
Valuation notes: E&P on NAV & FCF breakeven; Midstream on DCF/coverage and leverage; Downstream on mid-cycle margins.
Expect posts on decline curves, F&D vs AISC, throughput economics, and crack-spread sensitivity.
Industrials
Subsectors: Aerospace & Defense, Machinery, Transportation/Logistics, Building Products.
Core KPIs: Backlog, book-to-bill, price/mix, incremental margins, capacity utilization, working-capital turns.
Valuation notes: Mid-cycle EBITDA/FCF; focus on price-cost spread and backlog conversion.
Posts will cover backlog quality, pricing power, and operating-leverage math.
Consumer Discretionary
Subsectors: Retail, Autos, Hotels/Leisure, Consumer Services.
Core KPIs: Same-store sales (SSS), traffic vs ticket, inventory turns, gross-margin mix, e-commerce penetration, CAC/LTV (for DTC).
Valuation notes: Mid-cycle EPS/EBIT; watch promotions, mix, and fixed-cost leverage.
Planned posts: unit economics by format, markdown risk, and elasticity.
Consumer Staples
Subsectors: Food & Beverage, Household/Personal Care, Tobacco, Food Retail.
Core KPIs: Price vs volume/mix, promo intensity, distribution points, private-label share, input cost indices.
Valuation notes: EV/EBITDA & FCF yield; test pricing durability and elasticity.
Coverage will include price/mix decomposition and trade-spend dynamics.
Health Care
Subsectors: Pharma/Biotech, MedTech, Providers/Payers.
Core KPIs: Pipeline phase mix & PoS, ASPs/reimbursement, procedure volumes, payer mix, LOEs.
Valuation notes: rNPV for pipelines; EV/Sales for early-stage, EV/EBITDA or DCF for mature; providers on EBITDA per bed/visit.
Upcoming posts: gross-to-net, MLR sensitivity, and installed-base pull-through.
Materials
Subsectors: Metals & Mining, Chemicals, Packaging.
Core KPIs: AISC/cash costs, grade, strip ratio, realized premia/discounts; (Chemicals) spread vs feedstock, capacity utilization.
Valuation notes: Miners on NAV & FCF yield; chemicals on mid-cycle EBITDA/spreads.
Posts will focus on cost curves, NAV setups, and spread cycles.
Utilities
Subsectors: Regulated Electric/Gas, Independent Power, Renewables.
Core KPIs: Rate-base growth, allowed ROE, load growth, capex plan, DSCR; merchant price exposure for IPPs.
Valuation notes: P/E & DDM for regulated; project-level cash flows and duration for IPPs.
Series will cover regulatory mechanics, capex-to-rate-base math, and cap-rate sensitivity.
Real Estate (REITs)
Subsectors: Residential, Office, Industrial/Logistics, Retail, Specialty (Data Centers, Towers).
Core KPIs: NOI, same-store NOI, occupancy, lease spreads, FFO/AFFO, LTV, WALE.
Valuation notes: P/AFFO & NAV discounts; cap-rate sensitivity to rates.
Expect posts on lease spread math, AFFO adjustments, and NAV frameworks.
Communication Services
Subsectors: Telecom, Media/Streaming, Interactive Media & Social.
Core KPIs: Subscribers & churn, ARPU, ad load, engagement/time-spent, content-spend efficiency.
Valuation notes: Telco on EV/EBITDA & FCF yield; media on EV/Revenue to EBITDA scaling; social on unit economics & ad cycle.
Planned posts: churn physics, ARPU ladders, and ad-load versus engagement trade-offs.
Cross-Sector Playbooks
- DCF template and rNPV basics
- Multiples: when they mislead (mix, SBC, capital intensity)
- Position sizing, scenarios, and kill-switches