business models Under The Hood: Ulta Beauty, Inc. ($ULTA)
Ulta Beauty’s 46 million-member loyalty model drove strong historical cash flow, but earnings have stalled since fiscal 2022 as SG&A rose;…
ULTA $22B Bearhold Research
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business models 
business models Under The Hood, HCA Healthcare - $HCA
HCA Healthcare generated $75.6 billion of 2025 revenue and an 18.9% ROIC, pairing hospital-market scale with expanding margins and lower…
HCA $91B Bearhold Research
business models Under The Hood, Pool Corporation - $POOL
Pool Corporation controls roughly 40% of US pool-product distribution, with maintenance representing 64% of sales as new-pool construction…
POOL $6.9B Bearhold Research
business models Under The Hood, Novo Nordisk A/S ($NVO)
Novo Nordisk’s GLP-1 franchise transformed obesity treatment, while its valuation framework prices in 17 years of discounted cash flows.
NVO $228B Bearhold Research
ai The Consultant’s Dilemma: What AI Actually Does to Accenture ($ACN)
Accenture’s $5.9 billion in FY2025 genAI bookings supports implementation demand, while AI’s automation of junior work threatens the…
ACN $100B Bearhold Research
business models Under The Hood, ResMed ($RMD)
ResMed’s 30 million connected sleep-apnea patients, recurring masks and software support a data-driven healthcare platform; 11.9% annual…
RMD $31B Bearhold Research
business models Why Nike ($NKE) Won't Make It Into the Bearhold Universe
Nike is excluded from Bearhold’s universe because cultural relevance and consumer taste drive demand, leaving its revenue model less…
NKE $64B Bearhold Research
business models Under the Hood, Copart ($CPRT)
Copart’s salvage-auction network pairs scarce storage land with global online bidding, supporting insurer returns and a durable moat…
CPRT $27B Bearhold Research
advertising Amazon 2Q'26: AWS Gets the Love
Amazon’s AWS grew 37% to a $169 billion run rate in 2Q’26, while North America retail margins fell excluding a $600 million tariff refund.
AMZN $2.6T MBI Deep Dives
advertising Meta 2Q'26: Not Amazing, Not Bad, and Still Compelling
Meta’s Q2 2026 revenue beat was offset by one-off costs and softer guidance, while generative ad ranking lifted conversions and Family of…
META $1.5T MBI Deep Dives
business models DoorDash: The Infrastructure of Local Commerce
DoorDash built a last-mile logistics network around restaurant delivery, then extended it to groceries, convenience, and other local…
DASH $86B MBI Deep Dives
consumer DoorDash
DoorDash is the subject.
DASH $86B MBI Deep Dives
automotive The Fleet Owners' Push for Aggregating Demand
Uber’s hybrid-network proposal would keep AVs and human drivers on its dispatch platform, while Waymo and Tesla pursue vertically…
UBER $143B MBI Deep Dives
earnings Texas Instruments 2Q'26: Not Another Head Fake
Texas Instruments’ 2Q’26 revenue grew 23% year over year and 13% sequentially, supporting management’s view that pricing and demand have…
TXN $253B MBI Deep Dives
automotive Tesla and SpaceX's Likely Merger, Portfolio Change
Tesla and SpaceX are increasingly integrated through Terafab, Optimus, Grok and Starlink, strengthening the case for a merger to pool…
TSLA $1.2T MBI Deep Dives
ai Alphabet 2Q'26: Google Cloud is On Cloud Nine
Alphabet’s 2Q’26 revenue rose 24% to $119.8 billion as Google Cloud grew 82% and tripled operating income, while heavy investment drove…
GOOGL $4.1T MBI Deep Dives
earnings Danaher 2Q'26: Yet Another "Meh" Quarter
Danaher posted 3.0% core revenue growth in 2Q’26, with LTM adjusted EBITA flat at $7.1 billion since 2Q’24 despite a mid-20s earnings…
DHR $138B MBI Deep Dives
ai TSMC 2Q'26: Stratospheric Margins Amidst the AI Super Cycle
TSMC’s 2Q 2026 operating margin exceeded 60% as AI-driven demand for advanced chips pushed profitability beyond the prior cycle’s…
TSM $2.1T MBI Deep Dives
earnings ASML 2Q'26: Time to Flex Pricing Power
ASML’s 2Q’26 commentary signals a shift from measured pricing toward flexing its chip-equipment pricing power.
ASML $596B MBI Deep Dives
business models Airbnb’s Cost of Market Creation and Regulatory Survival
Airbnb spent 1.1% of 2025 GBV on field operations and policy as regulatory costs persisted; New York’s short-term-rental crackdown cut…
ABNB $92B MBI Deep Dives
asia WhatsApp's New Era
WhatsApp named CRED founder Kunal Shah to replace Will Cathcart after Meta bought a 20% CRED stake for $900 million, signaling a push to…
META $1.5T MBI Deep Dives
ai Defending the Enterprise Castle from the Model Layer
Microsoft urges enterprises to keep AI memory, evaluations and orchestration inside their tenant boundary, making frontier models…
MSFT $3.4T MBI Deep Dives
business models Matan on Stitch Fix
Stitch Fix’s rushed Freestyle pivot cannibalized its profitable Fix business, driving active clients below 3.4 million, quarterly revenue…
SFIX $537M MBI Deep Dives
ai Meta On the Offense!
Meta’s Muse Spark 1.1 targets agentic enterprise work, backed by employee workflow data and 3,000 engineers building reinforcement-learning…
META $1.5T MBI Deep Dives
