Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

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Research: Q1 2018 Wrap-Up
Tuesday, June 26, 2018

Just in from our crack team on the Calcbench research desk: a comprehensive review of financial performance in first-quarter 2018, looking at the data of more than 3,600 corporate filers.

The news is generally good. Revenue, assets, net income, cash, dividends — all up (anywhere from 4 to 21 percent) compared to the year-ago period. Capital and operating expenses, SG&A, cost of revenue, and inventory were also up.

Who were the big winners in the first quarter? To a certain extent, all the usual suspects. The five firms with the largest totals of net income were (in order) Apple, Google, Microsoft, Facebook, and AT&T. Apple, Google, and Microsoft were also among the top five in net income one year ago, with Facebook and AT&T in the top 10.

And the 50 largest firms by revenue accounted for 41 percent of all revenue, with the remaining 3,600 firms splitting the other 59 percent. Walmart, Exxon-Mobil, McKesson, CVS-Caremark, Amazon, Ford, among others. Again, all the usual suspects.

Trouble Microbrewing?

What is interesting is that we may have some trouble in micro-cap filers. Among all classes of filers we examined, micro-cap stocks had declines in capital expenditures, cash, operating expenses, SG&A, and cost of revenue — while all others stayed flat or had those line items increase from last year.

What does that mean? You tell us. We can’t help but recall one of our posts last week about the rising costs of SG&A and cost of revenue, and the implication that many companies might be stretched quite thin in their ability to increase profit. If a shock to the cost of operations comes (tariffs on raw materials, rising oil prices, rising labor shortages) that could tip your trend line into something like what we see with the micro-cap stocks.

You can download the complete Q1 2018 report on the Calcbench research page. It has more charts, more companies named as big gainers or losers, and lots of other data. We publish these reports after every quarter, so check back in late August for Q2.

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