Earnings recaps · Ratings · Financial models

Independent equity research, free to read.

Aardvark Labs Capital Research is an independent equity research publication. It has published 1,075 reports on 259 public companies, most of them full earnings recaps written after each quarterly call. Every company carries an Outperform, Hold, or Underperform rating, measured against the S&P 500 over 12 months.

No paywall. No trading in covered stocks. No payment from the companies we cover.

Browse all 1,075 reports How a report is made
Reports
1,075
Companies covered
259
Financial models
59
Languages
4

Latest report · October 6, 2026

NIKE

NKE

Hold

Recap: Q1 FY27

Nike's New CFO Resets the Bar: A Fiscal 2027 Guide 25% Below the Street Pushes the Margin Recovery Out to Fiscal 2029

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Latest research

Earnings recaps and rating changes, newest first.

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What we publish

1,054

Earnings recaps

The core of the site. Written after each earnings call from the results, the call transcript, the filings, and the market's reaction. Each recap reviews the quarter, updates the thesis, and states the rating.

17

First looks

A fast read of the numbers from the press release, published before the earnings call. The full recap replaces it once the call is done.

59

Financial models

Three-statement Excel models with live formulas and KPI-driven projections. Free to download with an account.

How a report is made

The same process applies to every company we cover.

  1. Start from primary sources

    Each report works from the company's press release, SEC filings, and investor materials. A recap is not written until the full earnings-call transcript is available, so management's answers to analysts are part of the analysis.

  2. Keep to the information cutoff

    A report uses only information that was public on its publication date. A report from a past quarter shows what was knowable then, with no hindsight.

  3. Carry the thesis forward

    Each company has one running thesis. Every recap tests the quarter against it and says whether the rating is maintained, upgraded, or downgraded, and why.

  4. Show the model

    For 59 companies, a three-statement Excel model with KPI-driven projections sits behind the numbers. Anyone with a free account can download it and change the drivers.

What the ratings mean

Every rating compares a stock's expected 12-month total return with the S&P 500.

Outperform 111 companies today

We expect the stock to beat the S&P 500 over the next 12 months. The risk and reward look favorable on valuation, fundamentals, and catalysts.

Hold 140 companies today

We expect the stock to perform roughly in line with the S&P 500. The business may be sound, but valuation or near-term uncertainty limits the upside.

Underperform 8 companies today

We expect the stock to trail the S&P 500 over the next 12 months. The downside risks outweigh the potential reward at the current price.

Ratings reflect the risk and reward after each earnings report. A strong beat can still be a Hold if the valuation is full, and a weak quarter can be an Outperform if the sell-off is overdone. Read the full rating framework →

Independent by policy

The research answers to readers, not to the companies it covers.

  • The firm never trades a security it writes about, at any time.
  • The author holds no positions in the securities we cover. Members of the firm may have long-term personal holdings in some of them.
  • No payment from covered companies or their affiliates.
  • No sponsored content and no pay-for-play research.
  • General research only, not personalized investment advice.

Read the full independence policy and disclosures →

Questions about Aardvark Labs Capital Research

What is Aardvark Labs Capital Research?

Aardvark Labs Capital Research is an independent equity research publication. It has published 1,075 reports on 259 public companies, mostly earnings recaps, and gives each company an Outperform, Hold, or Underperform rating. Every report is free to read.

What do the ratings mean?

Ratings compare a stock's expected 12-month total return with the S&P 500. Outperform means we expect the stock to beat the index, Hold means roughly in line, and Underperform means we expect it to trail. Ratings reflect the risk and reward after each earnings report, so a strong quarter can still be a Hold if the valuation is full.

How often is the research updated?

Research follows the earnings calendar. After a covered company reports, a recap reviews the quarter and maintains, upgrades, or downgrades the rating. The earnings calendar lists upcoming reports and shows which companies have coverage.

Is the research free?

Yes. Every report is free to read, with no paywall. Downloading the Excel financial models requires a free account, which asks for an email address and a password.

Is this investment advice?

No. Aardvark Labs Capital Research publishes general research and commentary, not personalized investment advice. It is not a registered investment adviser and publishes under the publisher's exclusion of the Investment Advisers Act of 1940.

Does Aardvark Labs trade the stocks it covers?

No. The firm never trades a security it writes about, and the author holds no positions in covered securities. Members of the firm may have long-term personal holdings in some covered securities. The publication accepts no payment from covered companies and no sponsored content.

Where does the data come from?

Reports use SEC filings, company press releases and investor materials, earnings-call transcripts, and third-party data providers such as Financial Modeling Prep and StockAnalysis.

Which languages are available?

Every report is published in English. 293 reports are also available in translation: 257 in Simplified Chinese, 18 in Japanese, and 18 in Korean.