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MDAR

Independent thinking. Informed investing.

Know what
you’re buying.

A good investment starts with a better question.

MDAR brings stock screening, financials, valuations, and portfolio research into one desk. For investors who want to build their own conviction.

Join the waitlist Follow the evidence
01 / THE INVESTMENT CASE

There’s a company behind every ticker.
Get to know it.

Apple Inc.

NASDAQ · Technology

AAPL
Explore the investment case. Use arrow keys to switch views.

THE FIRST QUESTION

Sales grew.
Profit grew faster.

Revenue & operating incomeIndexed · FY2023 = 100
Operating income grew faster than revenue from FY2023 to FY2025 USD billions; revenue: 383.3, 391.0, 416.2. Operating income: 114.3, 123.2, 133.1. Fiscal years 2023, 2024, 2025. 120 110 100 95 FY2023 FY2024 FY2025 108.6 116.4
Revenue Operating income

FY2023–25: revenue rose 8.6%; operating income rose 16.4%. Growth is only part of the story. Look at what the business keeps.

THE NEXT QUESTION

Higher earnings.
Less operating cash.

Net income & operating cash flowUSD billions
FY2025 earnings rose while operating cash flow fell USD billions; net income: 97.0, 93.7, 112.0. Operating cash flow: 110.5, 118.3, 111.5. Fiscal years 2023, 2024, 2025. 150 100 50 0 FY2023 FY2024 FY2025
Net income Operating cash flow

FY2025 cash from operations fell to $111.5B. Cash taxes rose to $43.4B; FY2024 earnings included a one-time tax charge. Read the tax notes before judging cash conversion.

THE PRICE QUESTION

Same company.
A different denominator.

Equity value / net income33.7×
Equity value / free cash flow38.2×

FY2025 year-end equity value: $3774.0B
Net income: $112.0B · Free cash flow: $98.8B

Free cash flow deducts $12.7B of capital spending from operating cash. At the same equity value, the cash multiple is higher. Decide which measure answers your question.

Retrospective FY2025 comparison · Close: $255.46 on 26 Sep 2025 · Period-end shares: 14.773B

FY2023–25 · Saved 5 Sep 2026Sources & figures

Apple 2025 Form 10-K · Year-end price source

USD billions · As reported, GAAP
Metric FY2023 FY2024 FY2025
Revenue 383.3 391.0 416.2
Operating income 114.3 123.2 133.1
Net income 97.0 93.7 112.0
Operating cash flow 110.5 118.3 111.5
Capital spending 11.0 9.4 12.7
Cash taxes paid 18.7 26.1 43.4

Fiscal years ended 30 Sep 2023, 28 Sep 2024 and 27 Sep 2025. FY2023 had 53 weeks; FY2024–25 had 52. This is a saved snapshot, not a live quote.

Equity value = closing price × period-end shares. Multiples use FY2025 totals, not diluted EPS. Free cash flow = operating cash flow − capital spending. Figures are rounded for display; calculations use unrounded values.

THE WHOLE QUESTION, IN VIEW.

ScreeningCompany financialsValuationsPortfoliosBiotech

02 / FROM CURIOSITY TO CONVICTION

Less tab-switching.
More connecting the dots.

Keep the company, the numbers, and your exposure in the same research workflow.

01

Find your next question.

Narrow stocks by sector, industry, and market size. Use financial signals to decide which names deserve a closer look.

Stock screener
02

Read beyond the headline.

Explore company financials and valuation context. Compare related metrics to see where the business story holds together.

Company research
03

Bring it back to what you own.

Organize portfolios and review signals across your holdings. Move from a portfolio-level question into the company behind it.

Portfolio research

03 / A DEEPER LENS ON BIOTECH

The next chapter
is in the pipeline.

For biotech investors, the financials are only part of the story. Explore clinical programs, trial stages, and catalyst windows alongside company research.

Explore the Vertex pipeline

Vertex Pharmaceuticals

VRTX

Selected kidney programs · As of 3 Aug 2026

PROGRAMPHASE 1PHASE 2PHASE 3
PovetaciceptpMN · OLYMPUS
Phase 3
VX-407ADPKD · AGLOW
Phase 2

pMN: primary membranous nephropathy. ADPKD: autosomal dominant polycystic kidney disease. Vertex pipeline update ↗

What could change the investment case?

Vertex reported that the Phase 3 portion of OLYMPUS was underway and enrollment in Phase 2 AGLOW was complete. Enrollment is a milestone, not an efficacy result. Follow the next readout and its source.

YOUR JUDGMENT, AT THE CENTER

Tools to build a thesis.
Room to make up your own mind.

Follow the evidence, check the reporting period, and weigh what’s missing. MDAR supports your research. The investment decision stays yours.

THE NEXT STEP

Make room for
better research.

A research desk for investors who do the work.

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