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The ultimate automated research tool for intelligent investors

LogicFour is an automated financial research engine built for value investors. Powered by the mental models of four legendary investors — Benjamin Graham, Warren Buffett, Charlie Munger and Philip Fisher — it delivers an in-depth fundamental and behavioural audit of any public company.

Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto: Margin of Safety.
Benjamin GrahamSolvency & price discipline
It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Warren BuffettMoat & compounding quality
Show me the incentive and I will show you the outcome.
Charlie MungerInversion & incentives
If the job has been correctly done when a common stock is purchased, the time to sell it is—almost never.
Philip FisherGrowth engine & organisation
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
Benjamin GrahamSolvency & price discipline
Price is what you pay; value is what you get.
Warren BuffettMoat & compounding quality
Invert, always invert: turn a situation or problem upside down. Look at it backward.
Charlie MungerInversion & incentives
The essence of investment management is the management of risks, not the management of returns.
Benjamin GrahamSolvency & price discipline
Only when the tide goes out do you discover who’s been swimming naked.
Warren BuffettMoat & compounding quality
The big money is not in the buying and the selling, but in the waiting.
Charlie MungerInversion & incentives
In the short run, the market is a voting machine, but in the long run, it is a weighing machine.
Benjamin GrahamSolvency & price discipline
Take a simple idea and take it seriously.
Charlie MungerInversion & incentives
Buy not on optimism, but on arithmetic.
Benjamin GrahamSolvency & price discipline
Price fluctuations have only one significant meaning for the true investor: they provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal.
Benjamin GrahamSolvency & price discipline
About

Standing on the shoulders of giants

Have you ever heard the quote, “If I have seen further, it is by standing on the shoulders of giants”? We took it literally. At LogicFour we have built an investment research tool based entirely on the philosophies of financial giants.

For a while we have felt that the information surrounding investing is full of noise and lousy predictions. Studying Warren Buffett and Charlie Munger taught us to ignore that noise and filter out what truly matters. Unfortunately — like most investors — we do not have the ability to sit down and talk to them in person, as much as we would enjoy it. That is why we created Logos.

Logos AI is an AI-powered research engine built on the teachings of the great Berkshire Hathaway architects, Warren Buffett and Charlie Munger, alongside the two minds who impacted their philosophy the most: Benjamin Graham and Philip A. Fisher. It acts as a virtual committee of these four legendary investors, delivering an investment analysis based on their individual quantitative checklists, personal philosophies and absolute deal-breakers.

Logos does not give price targets, buy signals, analyst estimates, or any other sort of prediction. It is not a financial adviser and it is not a decision-maker. It is an AI and it can make mistakes. Please act with caution and consult a qualified financial adviser before making any financial decision. Your capital is at risk.

Research

Start Research

To begin your analysis, simply enter a stock ticker into the search bar below. The engine will automatically refer to the latest SEC filings, calibrate sector parameters, and analyse the company through our four-investor framework.

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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 1

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

    Phase 2

    Analysis

    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 3

    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 4

    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 5 — Verdict

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

    Phase 6 — Peer

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

    Learn

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    Guides
    Section 1 · Starting research

    How to start research

    1. Find the company

      Open the Research tab and type a stock ticker or company name into the search bar. Once you select a stock, the Logos AI engine will automatically pull and attach the company’s official SEC financial reports.

    2. Press “Start research”

      The engine executes a three-phase financial and behavioural analysis of the company. Because processing happens in the cloud, you can safely close the tab and return later — it typically takes a few minutes to finish. Your research is automatically saved to your account.

    3. Navigate the research

      After your research has been completed, you’ll be able to view it by pressing the View the analysis button in the Research tab. Use the vertical tab bar on the left side of your screen to navigate through the different sections of your research.

      • Select the Analysis tab to view the qualitative and behavioural analysis.
      • Select the Financial audit tab to view the audit of the financial statements.
      • Select Synthesis and quality verdict to view the overall conclusion and business quality rating.

    4. Evaluate valuation on demand

      After the initial research is complete, you have the option to calculate a fair value range. Select Calculate fair value to begin. Valuation is deliberately isolated from the initial research to prevent an attractive stock price from masking fundamental business weaknesses. Please treat this output with caution: variables and baseline growth rates can be unpredictable. Always read the calculation breakdown and critically assess the applied methodology.

    All research is saved and private to your account. You can easily add your researched companies to your Watchlist to monitor them over time.

    Section 2 · Using the watchlist

    Watchlist

    Monitor the critical variables that dictate your investment thesis. The watchlist collects the specific, forward-looking parameters established in the synthesis across all of your researched companies.

    1. Add the company

      Press Add to watchlist under the Synthesis tab of any completed report. The system allows one active entry per company.

    2. Check the metrics when it reports

      The metrics on your watchlist are not generic financial ratios. They are the precise, custom KPIs isolated by the Synthesis Engine as the company’s weakest structural points or most critical growth drivers. If a business fails the audit entirely, it generates no metrics — because there is no thesis left to track.

    3. Update the fundamental thesis

      When a company releases new quarterly filings, compare the reality against your watchlist thresholds. If a critical KPI is breached, or if a material shift occurs, start new research. The research engine will ingest the new data, update the margin trajectories, and recalculate the final Business Quality Rating.

    Doing new research every week is unnecessary. Between one quarter’s figures and the next, neither the filings nor the fundamental reality have changed, so you pay for the same report twice. Only update your research every three to six months, or when a material acquisition or earnings report lands.

    Section 3 · Token usage

    Token usage

    Research is metered in tokens, so a long report on a large filer costs the same as a short one on a small filer.

    TokensWhat you get
    Report 100 The financial audit, the four-investor panel and the Chairman’s synthesis.
    Valuation 50 Owner-earnings yield, a reverse DCF and multiple reversion, against a fair-value range.
    Competitor comparison 50 The company set beside its peers on the same measures.

    The valuation and the competitor comparison are available on a subscription plan, or with the one-time report. Tokens do not expire — anything left over stays on your account and adds to the next month. Research is free for everyone on the beta list.

    Section 4 · Database

    What is the research based on?

    Automatic

    US equities & SEC filings

    LogicFour maintains a comprehensive internal repository of primary SEC filings. The engine automatically retrieves up to ten years of quantitative XBRL data, alongside the qualitative narratives from 10-Ks, 10-Qs and DEF 14A proxy statements. Nothing to upload.

    Automatic

    Japan and Korea

    Tokyo-listed companies are covered directly from EDINET, Japan’s regulatory disclosure system — search a four-digit code such as 7203, or the company’s name. Korean companies are covered from DART, run by the Financial Supervisory Service — search a six-digit code such as 005930, or the name. Both are read in the language they were filed in and analysed in English.

    Automatic

    ADRs worldwide

    International companies filing a 20-F or 40-F in the US are covered the same way as domestic filers, under IFRS or US GAAP, in their own reporting currency. Prices are shown in the currency the company trades in; market capitalisation is converted to dollars so companies can be ranked against each other.

    Upload

    Everything else

    If a company operates outside our supported jurisdictions and lacks a US registration, automated retrieval is unavailable. Because the engine relies on mathematical reality rather than estimation, you must provide the primary financial filings yourself. Earnings-call transcripts always need uploading — no filing database carries them.

    Recent IPOs will trigger structural red flags. A year or two of filings cannot support durable margin trajectories or establish an ROIC track record. The engine will penalise recent listings and place them in the “too hard” pile for want of verifiable operational history. Check the public filing count before starting your research.

    Account
    Stock screener

    Stock screener

    Every publicly listed company in the US, and every company listed in Tokyo.
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    Watchlist

    Watchlist

    Know exactly what to watch next quarter. Track the specific metrics that will make or break your thesis, saved directly from the Synthesis of your completed reports.