Comfort Systems USA

Restructuring charges are supposed to be non-recurring. When they recur year after year, they stop being noise and start telling you something important about the business.

Defined-benefit pensions can rival a company's bonded debt — yet they sit off the balance sheet. Here's how to find the shortfall and which industrials carry it.

EPS is an accountant's number. Free cash flow is what actually compounds. Here's how to find the FCF figure that survives buybacks, leases, and stock-based comp.

A practical framework for sum-of-the-parts analysis: how to size a conglomerate discount, separate real mispricings from structural ones, and avoid value traps.

How to read an airline quarter without getting fooled. A working guide to RASM, CASM ex-fuel, load factors, and the levers carriers use to dress up the tape.

Capitalized software costs can turn a money-losing business into a GAAP profit. Here's how to spot the accounting choice that quietly flatters earnings.