Equity Research & Financial Statement Analysis

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Equity Research & Financial Statement Analysis

This course is part of Equity Valuation and Portfolio Analysis Specialization

Instructor: EDUCBA

Included with Learn more

8 modules

Gain insight into a topic and learn the fundamentals.

14 reviews

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

8 modules

Gain insight into a topic and learn the fundamentals.

14 reviews

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

What you'll learn

Analyze financial statements, cash flows, and working capital performance.
Apply ratio analysis, DuPont analysis, and solvency assessment techniques.
Use equity research frameworks to evaluate profitability, risk, and investments.

Skills you'll gain

Tools you'll learn

Microsoft Excel

Details to know

Shareable certificate

Add to your LinkedIn profile

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Build your subject-matter expertise

This course is part of the Equity Valuation and Portfolio Analysis Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

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Gain a foundational understanding of a subject or tool
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Earn a shareable career certificate

There are 8 modules in this course

Master financial statement analysis, cash flow evaluation, and equity research techniques used by professional financial analysts. Learn how to interpret financial data, evaluate profitability and risk, and apply financial modelling frameworks to make informed investment decisions.

This course provides a practical, step-by-step approach to equity research using the real-world case study of Walgreen Co. You’ll learn how to analyze consolidated financial statements, evaluate working capital efficiency, and interpret key financial performance indicators used in professional financial analysis and investment research. Through structured lessons and Excel-based modelling techniques, you’ll explore cash flow mechanics, common size analysis, profitability evaluation, and return metrics such as ROE and ROIC. The course also introduces advanced analytical frameworks including DuPont analysis, lease capitalization, solvency assessment, and capital structure analysis to help learners gain deeper insights into financial performance and business risk. A unique feature of this course is its strong application-oriented approach that combines real-world examples, financial modelling workflows, and analytical frameworks commonly used in equity research and financial analysis roles. This enables learners to connect financial theory with practical investment analysis techniques. By the end of the course, you’ll be able to analyze financial statements confidently, evaluate company performance and risk, interpret key financial ratios, and apply professional equity research techniques to support investment decision-making.

This module introduces the fundamentals of financial modelling with a focus on Walgreen Co., covering consolidated financial statements and building a strong foundation for financial analysis.

What's included

10 videos4 assignments

10 videosTotal 83 minutes

Introduction to Major Financial Modelling10 minutes
Walgreen Co. Illustration6 minutes
Subsidiaries Consolidated Balance sheet9 minutes
Subsidiaries Consolidated Balance sheet Continues7 minutes
Major Financial Statements9 minutes
Major Financial Statements Continues8 minutes
Working on Illustration 38 minutes
Cash Flow Details9 minutes
Cash Flow from Operating Activities10 minutes
Cash Flow from Financing Activities7 minutes

4 assignmentsTotal 60 minutes

Graded - Foundations of Financial Modelling & Walgreen Overview30 minutes
Getting Started with Financial Modelling10 minutes
Understanding Core Financial Statements10 minutes
Introduction to Cash Flow Analysis10 minutes

This module explores cash flow mechanics, common size analysis, and key financial statement insights to enhance understanding of financial health and reporting.

What's included

9 videos4 assignments

9 videosTotal 78 minutes

Changes in Cash and Cash Equivalents10 minutes
Financial Ratios with Condensed Balance Sheets10 minutes
Common Size Statement of Income11 minutes
Common Size Statement of Income Continues5 minutes
USD Millions, Except Per Share Data12 minutes
Illustration on Current Ratio5 minutes
Illustration on Quick Ratio9 minutes
Illustration on Cash Ratio6 minutes
Illustration on Receivables Turnover9 minutes

4 assignmentsTotal 60 minutes

Graded - Cash Flow Mechanics & Financial Statement Insights30 minutes
Tracking Cash Flow Changes10 minutes
Interpreting Income Statements10 minutes
Liquidity Analysis Fundamentals10 minutes

This module focuses on working capital management and efficiency ratios, helping learners assess operational effectiveness and cash cycle dynamics.

What's included

9 videos4 assignments

9 videosTotal 87 minutes

Average Receivables Collection Period10 minutes
Inventory Turnover8 minutes
Average Inventory Processing Period9 minutes
Payables Payment Period6 minutes
Payables Payment Period Continue9 minutes
Payables Turnover Ratio12 minutes
Total Asset Turnover13 minutes
Total Asset Turnover Continues12 minutes
Fixed Asset Turnover10 minutes

4 assignmentsTotal 60 minutes

Graded - Working Capital & Efficiency Analysis30 minutes
Receivables & Inventory Management10 minutes
Payables & Supplier Efficiency10 minutes
Asset Utilization Insights10 minutes

This module examines profitability ratios and return metrics, enabling learners to assess financial performance and value creation.

What's included

9 videos4 assignments

9 videosTotal 70 minutes

Average Net Fixed Assets9 minutes
Equity Turnover7 minutes
Gross Profit Margin9 minutes
Operating Profit Margin9 minutes
Net Profit Margin6 minutes
Return on Total Invested Capital10 minutes
Using Income Statement and Balance Sheet5 minutes
Return on Total Equity7 minutes
Illustration on Return on Owners Equity7 minutes

4 assignmentsTotal 60 minutes

Graded - Profitability & Return Metrics30 minutes
Asset & Equity Efficiency10 minutes
Profitability Deep Dive10 minutes
Linking Statements to Returns10 minutes

This module introduces advanced profitability analysis using the DuPont system, enabling deeper insights into return on equity drivers.

What's included

9 videos4 assignments

9 videosTotal 71 minutes

Operating Efficiency and Profitability Ratios5 minutes
Components of Return on Total Equity7 minutes
Illustrations on Components on Total Equity8 minutes
Illustration Using Excel Work Book7 minutes
Calculation on Return on Equity6 minutes
DuPont System6 minutes
Calculation on the DuPont System11 minutes
Evaluating Operating Performance11 minutes
Extended DuPont Analysis10 minutes

4 assignmentsTotal 60 minutes

Graded - Advanced Profitability & DuPont Analysis30 minutes
Understanding ROE Drivers10 minutes
Practical ROE Applications10 minutes
Breaking Down DuPont Analysis10 minutes

This module expands on efficiency and DuPont analysis while introducing performance evaluation and risk assessment techniques.

What's included

9 videos4 assignments

9 videosTotal 69 minutes

Operating Efficiency Ratios10 minutes
Calculating DuPont System3 minutes
Moe on Extended DuPont Analysis11 minutes
Various Components of DuPont5 minutes
Return on Equity9 minutes
Examples on Risk Analysis5 minutes
Continuation on Risk Analysis10 minutes
Illustration on Business Risk8 minutes
Calculating Mean Operating Earnings8 minutes

4 assignmentsTotal 60 minutes

Gradee - Efficiency, DuPont Extensions & Performance Evaluation30 minutes
Advanced Efficiency Metrics10 minutes
DuPont Components & ROE Insights10 minutes
Introduction to Risk Analysis10 minutes

This module explores risk analysis, lease capitalization, and capital structure, providing insights into financial leverage and accounting adjustments.

What's included

9 videos4 assignments

9 videosTotal 80 minutes

Illustration on Risk Analysis8 minutes
Capitalizing Operating Leases8 minutes
Illustration on Implied Interest11 minutes
Calculating Debt to Equity Ratio9 minutes
Implied Depreciation of Leased Assets9 minutes
Debt to Equity Ratio9 minutes
Long Term Debt Total Capital Ratio10 minutes
Deferred Income Tax8 minutes
Total Shareholders Equity7 minutes

4 assignmentsTotal 60 minutes

Graded - Risk, Leases & Capital Structure30 minutes
Advanced Risk Assessment10 minutes
Lease Accounting & Adjustments10 minutes
Capital Structure & Taxes10 minutes

This module covers coverage ratios, cash flow strength, and market-based measures, enabling learners to assess solvency and market performance.

What's included

11 videos4 assignments

11 videosTotal 100 minutes

Interest Coverage Ratio10 minutes
Fixed Financial Cost Coverage7 minutes
Calculation for Fixed Financial Cost Coverage8 minutes
Cash flow Coverage Ratio10 minutes
Cash flow Long term Debt Ratio12 minutes
Cash Flow Total Debt Ratio12 minutes
Alternative Measures of Cash flow7 minutes
Illustrations on Alternative Measures of Cash flow6 minutes
Understanding Trading Turnover11 minutes
Illustration on Trading Turnover10 minutes
Market Value of Outstanding Stock7 minutes

4 assignmentsTotal 60 minutes

Graded - Coverage Ratios, Cash Flow Strength & Market Analysis30 minutes
Coverage Ratios & Financial Stability10 minutes
Cash Flow Strength & Debt Analysis10 minutes
Market Performance & Valuation Insights10 minutes

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Instructor

EDUCBA

1,786 Courses489,909 learners

Offered by

EDUCBA

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5.0

Reviewed on Oct 28, 2026

Clear explanations without unnecessary jargon Even the tougher topics like implied interest on leases and deferred taxes were broken down so I could follow along comfortably.

5.0

Reviewed on Oct 29, 2026

Great introduction to professional equity research methods The progression from statements to ratios to market analysis feels natural and gives a complete usable workflow.

5.0

Reviewed on Oct 27, 2026

Excellent value for anyone interested in investing I now feel capable of reading annual reports and forming my own view instead of relying on other people s opinions.

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