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oernings Academy
Learn how to value a stock — the way analysts and serious investors do it. Short, practical lessons on the metrics that actually matter, when to use them, and the traps to avoid.
Included with your account — no extra cost.
Curriculum preview
From the basics to the multiples professionals actually trade on.
Beginner
Price vs. Value — the Foundation
Why a stock's price isn't its value. Learn how Mr. Market sets quotes day to day, and how investors think about intrinsic value as a separate question from what the ticker shows.
~5 min read
Beginner
Reading an Earnings Report
The three statements every investor needs to skim: income statement, balance sheet, cash flow. What each line item is really telling you — and which ones move the stock.
~5 min read
Beginner
P/E Ratio — Use and Limits
The most cited valuation metric, and the one most often misused. Trailing vs. forward P/E, when a low P/E is a value trap, and why P/E breaks down for unprofitable companies.
~5 min read
Intermediate
PEG — P/E with Growth Context
A 30x P/E can be cheap. A 10x P/E can be expensive. PEG adjusts the multiple for growth so you compare apples to apples — and shows where the market is pricing in optimism.
~5 min read
Intermediate
P/S and P/B — When Earnings Don't Help
Price-to-Sales for high-growth or unprofitable names. Price-to-Book for banks, insurers, and asset-heavy businesses. When each one is the right lens — and when it's misleading.
~5 min read
Intermediate
EV/EBITDA — the Analyst's Multiple
Why professionals reach for EV/EBITDA over P/E. It strips out capital structure and tax differences, so you can compare a debt-heavy industrial to a cash-rich tech company on equal footing.
~5 min read
Intermediate
Free Cash Flow & FCF Yield
Earnings can be massaged. Cash is harder to fake. Learn what free cash flow really measures, why FCF yield often beats earnings yield as a valuation signal, and how to spot quality.
~5 min read
Intermediate
ROE & ROIC — the Quality Question
Two companies grow earnings 15%. One reinvests $1 to make $0.20, the other $0.05. Return on equity and return on invested capital tell you which business is actually compounding value.
~5 min read
Advanced
DCF Basics — Intrinsic Value
Discounted Cash Flow done in plain English. What you're really doing when you discount future cash to today, why the discount rate matters more than your growth assumption, and how to sanity-check your model.
~5 min read
Advanced
Margin of Safety
Graham's and Buffett's core idea: never pay your estimate of fair value — pay enough below it that you can be wrong and still come out fine. How to size a margin of safety to a business's risk profile.
~5 min read
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