It’s a shame accounting standards setters don’t respect the way knowledge of fixed costs, variable costs, and operating leverage can help investors, so we’re left on our own here. This framework ...

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Ships tend to make better speed by jettisoning ballast, not adding to it. But some of the best-performing ...

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Do not just interrogate the balance sheet. Look for empty seats on airliners and in concert halls. Analysts ...

The Degree of Operating Leverage (DOL) measures how a company’s operating income responds to changes in sales. It provides insight into the relationship between fixed and variable costs and their ...

I was wrong about Carvana, and after another 150% gain, I still believe its 70x forward P/E is deceptive. Here's the data that shows why Carvana is a tech platform. Forget gross profit per unit; one ...