[EDIT] Motto — three or four words, all caps, the tone of the product in one line

[EDIT] Headline — one sentence, the single strongest claim. Italicise the two or three words that carry it.

[EDIT] Sub-headline — two sentences on what LogicFour is and who it is for. Plain language. The numbers do the persuading.

[EDIT] Graham quote — one sentence on margin of safety or price discipline. Verify the wording and the source before it ships.
Benjamin GrahamSolvency & price discipline
[EDIT] Buffett quote — one sentence on business quality, moat or holding period.
Warren BuffettMoat & compounding quality
[EDIT] Munger quote — one sentence on inversion, incentives or avoiding stupidity. Note “invert, always invert” is Jacobi’s, not his.
Charlie MungerInversion & incentives
[EDIT] Fisher quote — one sentence on concentration, scuttlebutt or long-run growth.
Philip FisherGrowth engine & organisation
00 / About

[EDIT] Section heading — what this section is about, three or four words

[EDIT] Opening line — what LogicFour does, in one sentence a stranger understands. This is the largest text in the section, so it carries the most weight.

[EDIT] A paragraph on the origin — the frameworks encoded, why a committee rather than a single answer, and who this is for. Keep it under 120 words.

[EDIT] A second short paragraph on what it deliberately will not do: no price targets, no buy signals, no predictions.

Research

Start a run

Enter a ticker and the committee pulls the filings itself. Add your own documents when the filing databases do not carry them.

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    Committee dossier
    —
    Committee dossier
    FICO
    Fair Isaac Corporation · NYSE · $1,486.20 · sample analysis
    Audit 34.00 / 50Panel 31.25 / 5065.25 / 100
    Tier 2 — Moderate quality, regulatory overhang
    No upload neededSEC EDGAR XBRL · FY2016–FY2025 · auto-fetched by ticker
    Sample analysis with illustrative figures. Replace before launch.
    Phase 0

    Financial audit

    Every metric graded against a fixed threshold across four reporting periods before any investor speaks. Nothing here is an opinion.

    Gross Margin Trajectory

    Passed with ease

    Target: ≥ 40%

    MetricFY23FY24FY25Q3 FY26
    Revenue$1.51B$1.72B$1.98B$0.55B
    Cost of Revenue$0.31B$0.35B$0.40B$0.11B
    Gross Margin79.47%79.65%79.80%79.82%

    Takeaway: Royalty economics on a score that costs nothing to reproduce. Margin has widened every year with no reinvestment required to hold it.

    SG&A Overhead Efficiency

    Passed

    Target: Low & consistent

    MetricFY23FY24FY25Q3 FY26
    Gross Profit$1.20B$1.37B$1.58B$0.44B
    Total SG&A$0.42B$0.45B$0.50B$0.14B
    SG&A to Gross Profit34.91%32.85%31.43%31.20%

    Takeaway: Overhead falls as a share of gross profit each year, meaning incremental revenue arrives with almost no incremental cost to serve.

    R&D Intensity

    Passed

    Target: Minimal R&D

    MetricFY23FY24FY25Q3 FY26
    R&D Expense$0.15B$0.17B$0.18B$0.05B
    R&D to Revenue9.93%9.88%9.21%9.09%
    R&D to Free Cash Flow13.80%13.10%12.10%11.90%

    Takeaway: Spend is real but declining as a share of revenue. The moat rests on regulatory entrenchment rather than a technology lead that must be continually repurchased.

    Interest Expense Burden

    Borderline

    Target: < 15% of EBIT

    MetricFY23FY24FY25Q3 FY26
    Operating Income (EBIT)$0.66B$0.77B$0.91B$0.26B
    Interest Expense$0.08B$0.11B$0.16B$0.05B
    Interest to EBIT12.12%14.29%17.58%19.23%

    Takeaway: The one operating line trending the wrong way. Crossed the 15% ceiling in FY25 and worsens further as the $1.50B term loan drawn in June 2026 carries a full quarter.

    Tax Reconciliation

    Passed with ease

    Target: No divergence from statutory

    MetricFY23FY24FY25Q3 FY26
    Pre-tax Income$0.58B$0.66B$0.75B$0.21B
    Cash Taxes Paid$0.12B$0.14B$0.16B$0.04B
    Effective vs Statutory-1.1pp-1.3pp-1.4pp-1.2pp

    Takeaway: Cash taxes track reported pre-tax income within 1.4 percentage points across all four periods. Reported earnings are being taxed as real earnings, which rules out the phony-accounting pattern.

    Leverage & Solvency

    Failed

    Target: D/E < 0.80 · Net debt/EBITDA < 3.00x

    MetricFY23FY24FY25Q3 FY26
    Long-term Debt$1.85B$2.10B$2.40B$3.90B
    Shareholders’ Equity-$0.68B-$0.83B-$1.10B-$1.42B
    Net Debt to EBITDA2.41x2.62x2.94x3.94x

    Takeaway: Equity is negative by choice — buybacks retired more stock than retained earnings replaced — but leverage crossing 3.00x is the binding constraint. BB+ rated, and the June 2026 draw pushed the ratio past the agency downgrade trigger.

    Capital Expenditure Ratio

    Passed with ease

    Target: < 25% of net earnings

    MetricFY23FY24FY25Q3 FY26
    Net Earnings$0.43B$0.51B$0.62B$0.17B
    Capital Expenditure$0.02B$0.02B$0.02B$0.01B
    CapEx to Net Earnings4.65%3.92%3.87%3.53%

    Takeaway: Structurally asset-light. Almost nothing must be reinvested to maintain the earnings base, which is why nearly all reported profit converts to distributable cash.

    Owner Earnings & Distribution

    Borderline

    Target: Positive, growing, self-funded

    MetricFY23FY24FY25Q3 FY26
    Owner Earnings$0.94B$1.09B$1.28B$0.34B
    Stock-based Compensation$0.11B$0.13B$0.15B$0.04B
    Share Repurchases$0.72B$0.98B$1.35B$2.00B*

    Takeaway: Owner earnings compound steadily, but the FY26 repurchase authorisation is debt-funded rather than paid from surplus. Share count is falling for the wrong reason. *Authorisation, not cash deployed.

    Audit summaryCountWeighting
    Passed with ease3Full credit
    Passed2Full credit
    Borderline2Half credit
    Failed1No credit

    Phase 0 score: 34.00 / 50. Operating quality is close to exceptional. Every deduction sits in capital structure.

    Phase 1

    The panel

    Benjamin Graham

    Reject
    • Tangible book value: Failed. Negative equity of roughly -$1.10B. The instant-rejection filter fires.
    • Normalized earnings yield: Borderline. 3-yr smoothed EBIT/EV of 3.1% against a 10Y Treasury near 4.2%.
    • Graham Number delta: quantified. Price exceeds the anchor by roughly 34x — the valuation rests on future pricing power.
    Red flags triggered — 2
    • Tangible book value negative from buyback-driven equity depletion.
    • Current ratio below the 2.0 floor.

    Warren Buffett

    Approve
    • Moat: Intangible Assets + High Switching Costs. The score is written into GSE guidelines and thousands of lender pricing grids. Replacing it is a regulatory event.
    • ROIC: Passed with ease. 41.2% five-year average against the 15.0% threshold.
    • Pricing power: Passed with ease. Scores revenue $459.00M in Q3 FY26, +41% YoY, on roughly flat volume.
    • Debt paydown: Borderline. $2.40B long-term debt against $1.28B owner earnings — 1.9 years, but rising.
    Red flags triggered — none
    • No filter breached. The business cleared this checklist on its own numbers.

    Charlie Munger

    Too Hard
    • Inversion — the bankruptcy test. Two vectors, both external: treble antitrust damages, and an FHFA cap on the funded-loan fee. Neither is an operating failure management can fix.
    • Concentration risk: Failed. A single regulator governs pricing on the highest-margin line. A single point of failure dressed as a moat.
    • Opportunity cost: Failed. A 3.1% owner-earnings yield against a 4.2% risk-free rate is no premium for tail risk.
    Red flags triggered — 2
    • Debt-funded buyback at 3.94x leverage, above the downgrade threshold.
    • Outcome hinges on two exogenous rulings.

    Philip Fisher

    Approve
    • R&D yield: Passed. $182.40M converting into Platform ARR of $413.00M, +62% YoY.
    • Sales & distribution: Passed with ease. Direct licences now cover roughly 60% of US mortgage volume.
    • Scuttlebutt: Failed. Lender sentiment is openly hostile on price, and trade bodies lobby for the substitute.
    Red flags triggered — 1
    • Customer sentiment adversarial — a durable brand risk, not a pricing one.
    Phase 2

    The Chairman

    Accounting & business audit

    Exceptional unit economics sitting on a deliberately hollowed balance sheet. Roughly 80% gross margins and 41.2% ROIC are real and durable. The equity base is negative by choice, leverage is 3.94x against a 3.00x agency threshold. Accounting is clean — no revenue-recognition aggression, no capitalised operating costs.

    Red flag counter

    • Negative shareholders' equity, with leverage at 3.94x against a 3.00x downgrade threshold.
    • Antitrust class action with automatic treble damages under the Clayton Act.
    • FHFA rulemaking can cap the $33 funded-loan fee the discounted royalty depends on.
    • Customer pricing hostility — the trigger for the regulatory action now underway.

    Next quarter KPI watchlist

    VantageScore lenders > 150 by FY27 Q2Adoption above ~5% of conforming originators means switching costs are lower than the moat thesis assumes. Currently 21.
    Scores growth below 20% for two quartersWould indicate the pricing lever is exhausted or capped before volume recovers.
    Net leverage above 3.5x at FY27 Q1Signals buybacks were not paused as the rating agency expects.

    Homework list

    • If the FHFA caps the $33 funded-loan fee, do reseller agreements revert to the flat $10 per-score model, or does the reseller absorb the gap? Find the contractual trigger.
    • What is the class period and alleged per-score overcharge in the complaint? Trebled base damages decide whether this is a cash-flow or solvency event.
    • Do the mandatory amortisation steps ($75M/quarter, rising to $112.5M) leave enough free cash flow to fund a settlement without pausing buybacks?
    Gate held.

    Valuation runs only when you ask for it. Price is deliberately kept out of the quality verdict.

    Phase 3

    Valuation

    FICO · 5 years
    $1,486.20
    Overvalued
    fair value $1,486 2021 2022 2023 2025 2026
    CloseCommittee fair value bandToday
    PillarCalculatedBenchmarkSignal
    Owner earnings yield3.10% yield4.20% (10Y Treasury)Unfavourable
    Reverse DCF (implied CAGR)14.80% FCF growth12.10% (5-yr historical)Stretched
    EV/EBIT multiple38.40x29.60x (10-yr median)Premium
    Price/FCF multiple41.20x32.80x (10-yr median)Premium
    Market price$1,486.20
    Fair value range$960–$1,240
    Margin of safety-19.8%
    Pricing verdictOvervalued

    Reverse DCF

    At a hardcoded 10.0% discount rate and 2.5% terminal growth, today's price requires 14.80% annual free cash flow growth for ten years. The company compounded FCF at 12.10% over the last five — during a period of unconstrained pricing power.

    Synthesis & capital decision

    The business clears every quality test and fails every price test. A Tier 2 verdict at a 14.80% implied growth hurdle leaves no margin of safety for either the antitrust outcome or an FHFA fee cap. Quality is not in question. The price is.

    Phase 4 — Verdict

    Paste your homework answers and the committee re-scores against them. Not wired in this mockup.

    Phase 5 — Peer

    Head-to-head against a named competitor. Not wired in this mockup.

    Guides
    Section 1 · Starting a run

    Starting a run

    Search by ticker or by company name — either resolves to the same listing. Name search covers US SEC registrants. For a niche or foreign company, use the ticker.

    Automatic

    US-listed

    Ten years of 10-K and 10-Q pulled from SEC EDGAR XBRL by ticker. Nothing to upload.

    Stored or fetched

    Major non-US

    Annual reports for large caps on LSE, Euronext, SIX, TSX and others held in our library, or retrieved on request.

    Upload

    Everything else

    Smaller foreign listings, and earnings-call transcripts for every company. Transcripts always need uploading — Munger’s earnings-call audit reads management’s own words, and no filing database carries them.

    Recently listed companies may return no usable analysis. A company that went public in the last year or two has only a filing or two on record, and most of the framework is built on five to ten years of history — margin trajectories, ROIC track records, multiple medians. Graham rejects recent IPOs outright for exactly this reason, so even a completed run will tell you little. Check the filing count shown under the ticker before spending a run on it.

    Section 2 · How to use it

    Running an analysis

    1. Find the company

      Type a ticker or a company name into the Research tab and pick it from the list. Check the filing line that appears underneath before going further — it tells you how many filings were found and over what period. Fewer than about five years is thin.

    2. Attach anything missing

      Use Attach files if the company is outside automatic coverage. Attach an earnings-call transcript whichever company it is, if you want Munger to audit what management actually said. Without one, that check is skipped rather than guessed.

    3. Run the committee

      Press Run the committee. It takes a few minutes and runs three phases back to back. You do not have to wait for it. Carry on using the site, reload, or close the tab entirely — the run finishes on our side either way and the report will be in Saved runs when you come back. If you do stay, the browser tab tells you the moment it is ready.

    4. Read it in order

      Start at the financial audit and work down the rail. Each phase is built on the one above it, so the panel only makes sense once you have seen the grades it is reacting to. The guide on the right changes with the phase you are reading.

    5. Do the homework

      The run stops after the Chairman and asks you two or three questions. This is the part that needs a person — they are written to send you to a filing, a ruling or a transcript. Answer what you can in the boxes under each question and press Submit homework. Leaving one blank is fine, inventing an answer is not.

      What you type is kept on this device as you go, so you can leave to read a filing, close the tab and come back to your half-written answers still sitting there. They are cleared once you submit.

    6. Expect to be asked again

      The verdict that comes back often ends with more questions, because your answers open something the committee could not see before. Those work exactly like the first set, with their own boxes, and each round re-scores the thesis. There is no fixed number of rounds — it keeps going for as long as the committee has something left to ask, usually about three. When a verdict comes back without a follow-up list, the analysis is finished.

    7. Ask about the price, separately

      Press Run valuation when you want to know whether the price is defensible. It is deliberately a separate step, so that a cheap price cannot flatter a weak business earlier in the run.

    Every run is saved. It appears in Saved runs beside the search box, star the ones you want to keep at the top, and click any card to reopen the report. Each report has its own address, so you can bookmark a particular phase and come straight back to it. Reports are private to your account, so that link only opens for you.

    Account
    Learn

    Learn to read the output

    Short, interactive lessons built from the same frameworks the committee runs on. Work through a concept, then see it applied to a real filing.

    Track 01

    Foundations

    Statements, margins, what a number means before it means anything.

    Track 02

    Quality

    Moats, returns on capital, and why some businesses stay good.

    Track 03

    Price

    Owner earnings, reverse DCF, and what the market already assumes.

    Track 04

    Forensics

    Accounting red flags, incentive analysis, inversion.

    Foundations

    Reading an income statement

    Revenue to net earnings, line by line, and which lines actually tell you about the business.

    9 lessons~35 min
    Foundations

    The balance sheet, honestly

    Why negative equity is sometimes strength and sometimes distress — and how to tell which.

    7 lessons~30 min
    Quality

    The four sources of a moat

    Intangibles, switching costs, network effects, cost advantage. Naming one is harder than it sounds.

    8 lessons~40 min
    Quality

    Return on invested capital

    What 15% actually means, why the denominator is where people cheat, and how to spot it.

    6 lessons~25 min
    Price

    Owner earnings from scratch

    Net income is not cash. Build the number Buffett actually uses, with maintenance capex and SBC.

    10 lessons~50 min
    Price

    Reverse DCF

    Stop forecasting. Ask what growth today's price already assumes, then judge whether it's plausible.

    8 lessons~45 min
    Forensics

    Accounting red flags

    Tax reconciliation, revenue recognition, capitalised costs. The patterns that precede restatements.

    11 lessons~55 min
    Forensics

    Inversion

    Ask what would kill this business, then check whether management can do anything about it.

    6 lessons~30 min
    Quality

    Scuttlebutt

    Fisher's method for learning what customers, suppliers and ex-employees actually think.

    5 lessons~25 min

    Course content is a layout placeholder. Progress bars are illustrative — lessons, quizzes and applied exercises are not wired in this mockup.

    Library

    What the committee was built from

    Each brain's checklist traces back to a primary text. These are those texts, mapped to the phase they govern.

    Phase 0 · AuditWarren Buffett and the Interpretation of Financial StatementsBuffett & ClarkEvery Phase 0 threshold comes from here.View → Phase 1 · PanelThe Intelligent InvestorBenjamin GrahamChapters 8 and 20 are the margin-of-safety core.View → Phase 2 · ChairmanPoor Charlie's AlmanackCharles T. MungerThe latticework behind the inversion checks.View → Phase 3 · ValuationExpectations InvestingMauboussin & RappaportThe reverse-DCF method, at length.View → Phase 4 · VerdictCommon Stocks and Uncommon ProfitsPhilip FisherWhere scuttlebutt comes from.View → Phase 5 · PeerCompetition DemystifiedBruce GreenwaldHow to compare two moats without hand-waving.View →

    Links to books are affiliate links. They cost you nothing extra and do not influence what the committee recommends. Storefront will be chosen from your locale.