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+---
+name: Earnings Analysis
+description: >-
+  Analyze a company's financial statements (income statement, balance sheet,
+  cash flow statement) to assess financial health, earnings quality, and
+  competitive advantage. Use when the user asks to read/analyze financial
+  statements, check earnings quality, assess financial health, evaluate
+  profitability trends, or screen for competitive moats.
+version: 1.0.0
+metadata:
+  emoji: "\U0001F4D1"
+  requires:
+    env:
+      - FINANCIAL_DATASETS_API_KEY
+  tags:
+    - finance
+    - earnings
+    - analysis
+    - statements
+    - buffett
+userInvocable: true
+disableModelInvocation: false
+---
+
+## Instructions
+
+You are performing a structured financial statement analysis. Follow all steps in order and show your work. Output language must match the user's input language.
+
+### Progress Checklist
+
+```
+Earnings Analysis Progress:
+- [ ] Step 1: Gather financial data
+- [ ] Step 2: Income statement analysis
+- [ ] Step 3: Balance sheet analysis
+- [ ] Step 4: Cash flow statement analysis
+- [ ] Step 5: Buffett competitive advantage scoring
+- [ ] Step 6: Quality of earnings assessment
+- [ ] Step 7: SEC filing qualitative analysis
+- [ ] Step 8: Peer comparison (if requested)
+- [ ] Step 9: Present findings
+```
+
+### Step 1: Gather Financial Data
+
+Use `data` tool with `domain="finance"` for all calls.
+
+1. **Annual financial statements** (5 years):
+   ```
+   action: "get_all_financial_statements"
+   params: { ticker: "[TICKER]", period: "annual", limit: 5 }
+   ```
+   This returns income statements, balance sheets, and cash flow statements together.
+
+2. **Quarterly financial statements** (last 4 quarters):
+   ```
+   action: "get_all_financial_statements"
+   params: { ticker: "[TICKER]", period: "quarterly", limit: 4 }
+   ```
+
+3. **Current financial metrics**:
+   ```
+   action: "get_financial_metrics_snapshot"
+   params: { ticker: "[TICKER]" }
+   ```
+
+4. **Company facts**:
+   ```
+   action: "get_company_facts"
+   params: { ticker: "[TICKER]" }
+   ```
+   Extract: `sector`, `industry` — needed for benchmark comparisons in later steps.
+
+5. **Current stock price**:
+   ```
+   action: "get_price_snapshot"
+   params: { ticker: "[TICKER]" }
+   ```
+
+### Step 2: Income Statement Analysis
+
+Analyze the income statement across all 5 annual periods. Calculate and present:
+
+1. **Revenue trend**:
+   - Year-over-year growth rate for each year
+   - 5-year CAGR: `(Revenue_latest / Revenue_earliest)^(1/years) - 1`
+   - Flag any years with revenue decline
+
+2. **Margin analysis** (calculate for each year, show the trend):
+   - Gross Margin = Gross Profit / Revenue
+   - Operating Margin = Operating Income / Revenue
+   - Net Margin = Net Income / Revenue
+
+3. **Margin benchmarks** (from [financial-ratios-benchmarks.md](references/financial-ratios-benchmarks.md)):
+   - Compare each margin to sector benchmarks
+   - Flag margins that are significantly above or below sector range
+
+4. **EPS analysis**:
+   - EPS trend over 5 years
+   - EPS growth consistency (note any years of decline)
+
+5. **Expense structure**:
+   - Cost of revenue as % of revenue (trend)
+   - SG&A as % of revenue (trend)
+   - R&D as % of revenue (trend, if applicable)
+   - Flag any expense category growing faster than revenue
+
+Present as a table:
+
+| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | 5Y CAGR |
+|--------|--------|--------|--------|--------|--------|---------|
+
+### Step 3: Balance Sheet Analysis
+
+Analyze the balance sheet across all 5 annual periods:
+
+1. **Liquidity**:
+   - Current Ratio = Current Assets / Current Liabilities
+   - Quick Ratio = (Current Assets - Inventory) / Current Liabilities
+   - Cash and equivalents trend
+
+2. **Leverage**:
+   - Cash vs. Total Debt (short-term + long-term debt)
+   - Debt-to-Equity = Total Liabilities / Total Shareholders' Equity
+   - Interest Coverage = Operating Income / Interest Expense
+   - Debt payoff capacity = Total Debt / Net Income (in years)
+
+3. **Asset quality**:
+   - Receivables Turnover = Revenue / Accounts Receivable
+   - Inventory Turnover = Cost of Revenue / Inventory (if applicable)
+   - Goodwill as % of Total Assets (flag if > 30%)
+
+4. **Equity structure**:
+   - Retained earnings: year-over-year changes (growing?)
+   - Preferred stock: present or absent?
+   - Treasury stock: present? growing? (indicates buybacks)
+
+5. **Working capital trend**:
+   - Net Working Capital = Current Assets - Current Liabilities
+   - Direction of change over 5 years
+
+Compare key ratios to sector benchmarks from [financial-ratios-benchmarks.md](references/financial-ratios-benchmarks.md).
+
+### Step 4: Cash Flow Statement Analysis
+
+Analyze cash flow statements across all 5 annual periods:
+
+1. **Operating cash flow quality**:
+   - OCF vs. Net Income ratio for each year
+   - Target: OCF/NI > 1.0 (cash earnings exceed accrual earnings)
+   - Trend direction
+
+2. **Free cash flow**:
+   - FCF = Operating Cash Flow - Capital Expenditure
+   - FCF Margin = FCF / Revenue
+   - 5-year FCF trend and CAGR
+
+3. **Capital intensity**:
+   - CapEx / Revenue ratio
+   - CapEx / Net Income ratio (Buffett benchmark: < 25% excellent, < 50% acceptable)
+   - Is CapEx growing faster than revenue? (potential red flag)
+
+4. **Cash flow composition**:
+   - Net cash from operating activities (should be consistently positive)
+   - Net cash from investing activities (negative = investing in growth)
+   - Net cash from financing activities (pattern: debt vs. equity funded?)
+
+5. **Shareholder returns**:
+   - Dividends paid (from financing activities)
+   - Share buybacks / treasury stock repurchase
+   - Total payout ratio = (Dividends + Buybacks) / Net Income
+   - Is the company returning cash while maintaining growth?
+
+Present a summary table:
+
+| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
+|--------|--------|--------|--------|--------|--------|
+
+### Step 5: Buffett Competitive Advantage Scoring
+
+Apply the scoring framework from [buffett-checklist.md](references/buffett-checklist.md).
+
+For each of the 13 criteria across 4 categories:
+1. Calculate the metric value from the data gathered in Steps 1-4
+2. Determine the score based on the threshold table
+3. Note the sector-specific caveats (Financials, Utilities, REITs, Growth-stage)
+
+Present the full scorecard table and the overall rating (Excellent / Good / Average / Weak).
+
+### Step 6: Quality of Earnings Assessment
+
+Assess whether reported earnings are backed by real cash and sustainable operations:
+
+1. **Accrual ratio**:
+   - Formula: (Net Income - Operating Cash Flow) / Total Assets
+   - Interpretation: Lower is better. High positive values suggest earnings are driven by accruals rather than cash.
+   - Red flag threshold: > 10%
+
+2. **Revenue recognition quality**:
+   - Compare Accounts Receivable growth rate vs. Revenue growth rate
+   - If AR grows significantly faster than revenue → potential aggressive revenue recognition
+   - Red flag threshold: AR growth > Revenue growth + 5 percentage points
+
+3. **Inventory quality** (if applicable):
+   - Compare Inventory growth rate vs. Cost of Revenue growth rate
+   - Rising inventory vs. flat/declining COGS → potential obsolescence risk
+   - Red flag threshold: Inventory growth > COGS growth + 10 percentage points
+
+4. **One-time items**:
+   - Identify significant non-recurring charges or gains in the income statement
+   - Calculate adjusted net income excluding one-time items
+   - Compare adjusted vs. reported margins
+
+5. **Deferred revenue trend** (if applicable):
+   - Growing deferred revenue is a positive signal (future revenue already contracted)
+   - Declining deferred revenue may signal weakening demand pipeline
+
+Summarize quality of earnings as: **High** / **Moderate** / **Low** with supporting evidence.
+
+### Step 7: SEC Filing Qualitative Analysis
+
+Pull and analyze the most recent annual or quarterly filing:
+
+1. **Get filing list**:
+   ```
+   action: "get_filings"
+   params: { ticker: "[TICKER]", filing_type: "10-K", limit: 1 }
+   ```
+   If 10-K is not recent enough, also pull 10-Q:
+   ```
+   action: "get_filings"
+   params: { ticker: "[TICKER]", filing_type: "10-Q", limit: 1 }
+   ```
+
+2. **Read MD&A section** (Management's Discussion and Analysis):
+   ```
+   action: "get_filing_items"
+   params: { ticker: "[TICKER]", filing_type: "10-K", item: "7" }
+   ```
+   For 10-Q, MD&A is item "2":
+   ```
+   action: "get_filing_items"
+   params: { ticker: "[TICKER]", filing_type: "10-Q", item: "2" }
+   ```
+
+3. **Read Risk Factors**:
+   ```
+   action: "get_filing_items"
+   params: { ticker: "[TICKER]", filing_type: "10-K", item: "1A" }
+   ```
+
+4. **Extract and analyze**:
+   - Management's explanation of revenue and margin trends
+   - Forward-looking statements and guidance
+   - Key risk factors that could impact financial health
+   - Any disclosures about accounting policy changes
+   - Cross-validate: Does management narrative align with the quantitative data from Steps 2-4?
+   - Flag contradictions between management tone and actual numbers
+
+5. **Summarize key insights**:
+   - What management says about the business trajectory
+   - Material risks not visible in the numbers alone
+   - Any changes in risk factors vs. prior filings (if noticeable)
+
+### Step 8: Peer Comparison (Conditional)
+
+**Execute this step only when the user explicitly requests peer comparison or industry benchmarking.**
+
+1. **Identify peers**:
+   - Use the `sector` and `industry` from `get_company_facts`
+   - Select 2-3 publicly traded competitors in the same industry
+   - If the user specifies peers, use those instead
+
+2. **Pull peer data** (for each peer):
+   ```
+   action: "get_financial_metrics_snapshot"
+   params: { ticker: "[PEER_TICKER]" }
+   ```
+   ```
+   action: "get_income_statements"
+   params: { ticker: "[PEER_TICKER]", period: "annual", limit: 1 }
+   ```
+   ```
+   action: "get_balance_sheets"
+   params: { ticker: "[PEER_TICKER]", period: "annual", limit: 1 }
+   ```
+
+3. **Comparative table**:
+
+   | Metric | [TARGET] | [PEER 1] | [PEER 2] | [PEER 3] | Sector Avg |
+   |--------|----------|----------|----------|----------|------------|
+   | Revenue Growth (YoY) | | | | | |
+   | Gross Margin | | | | | |
+   | Net Margin | | | | | |
+   | ROE | | | | | |
+   | D/E Ratio | | | | | |
+   | FCF Margin | | | | | |
+   | P/E Ratio | | | | | |
+
+4. **Competitive position assessment**:
+   - Where does the target company rank among peers on each metric?
+   - Identify clear advantages and disadvantages relative to peers
+   - Note if the target trades at a premium or discount to peers and whether it's justified
+
+### Step 9: Present Findings
+
+Compile the full analysis into a structured report. Follow this exact structure:
+
+#### 1. Executive Summary
+- Company name, ticker, sector, current price
+- One-paragraph thesis: Is this a financially healthy company with a durable competitive advantage?
+- Financial health rating from Buffett scorecard (Excellent / Good / Average / Weak)
+- Earnings quality assessment (High / Moderate / Low)
+
+#### 2. Financial Health Scorecard
+- Full Buffett checklist scorecard table from Step 5
+- Total score and rating
+
+#### 3. Trend Dashboard
+- 5-year key metrics trend table from Steps 2-4:
+
+| Metric | Y1 | Y2 | Y3 | Y4 | Y5 | Trend |
+|--------|----|----|----|----|----|----|
+| Revenue | | | | | | arrow |
+| Gross Margin | | | | | | arrow |
+| Net Margin | | | | | | arrow |
+| ROE | | | | | | arrow |
+| D/E Ratio | | | | | | arrow |
+| FCF | | | | | | arrow |
+| OCF/NI | | | | | | arrow |
+| CapEx/NI | | | | | | arrow |
+
+Use directional indicators in the Trend column.
+
+#### 4. Quality of Earnings
+- Summary from Step 6 with key metrics and assessment
+
+#### 5. Key Strengths & Red Flags
+- **Strengths**: List 3-5 financial strengths with supporting data
+- **Red Flags**: List any warning signs discovered during analysis. If none, state "No material red flags identified."
+
+Common red flags to watch for:
+- Revenue growth but declining margins
+- Net income growing but OCF declining
+- AR growing faster than revenue
+- Inventory building up vs. flat COGS
+- Rising debt with declining interest coverage
+- Retained earnings declining
+- Large goodwill relative to total assets
+- CapEx consistently > 50% of net income
+- Management tone in MD&A contradicts financial data
+
+#### 6. SEC Filing Insights
+- Key findings from Step 7
+- Management's outlook and material risks
+
+#### 7. Peer Comparison (if Step 8 was executed)
+- Comparative table and competitive position assessment
+
+### Guardrails
+
+- Always state the date range of financial data used.
+- If any data is missing or unavailable, explicitly note it and adjust the analysis scope.
+- Do not present calculated ratios as precise — round to one decimal place.
+- Clearly distinguish between facts (from data) and interpretive conclusions.
+- The Buffett scorecard is a screening framework, not a buy/sell recommendation. State this in the output.
+- For non-US companies or companies not filing with the SEC, skip Step 7 and note the limitation.
+- Output language must match the user's input language (Chinese input → Chinese output, English input → English output).
diff --git a/skills/earnings-analysis/references/buffett-checklist.md b/skills/earnings-analysis/references/buffett-checklist.md
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+# Buffett Competitive Advantage Checklist
+
+Score each criterion and calculate a total. Use this to assess whether a company has a durable competitive advantage (economic moat).
+
+## Scoring System
+
+Total: 100 points across 4 categories (25 points each).
+
+### Category 1: Profitability (25 points)
+
+| # | Criterion | Excellent | Good | Weak |
+|---|-----------|-----------|------|------|
+| 1 | **Gross Margin** | > 40% → **10 pts** | 30-40% → **6 pts** | < 30% → **2 pts** |
+| 2 | **Net Margin** | > 20% → **10 pts** | 10-20% → **6 pts** | < 10% → **2 pts** |
+| 3 | **Return on Equity (ROE)** | > 15% → **5 pts** | 10-15% → **3 pts** | < 10% → **1 pt** |
+
+How to calculate:
+- Gross Margin = Gross Profit / Revenue
+- Net Margin = Net Income / Revenue
+- ROE = Net Income / Total Shareholders' Equity
+- Use the most recent annual figures; cross-check with 5-year average
+
+### Category 2: Balance Sheet Health (25 points)
+
+| # | Criterion | Pass | Partial | Fail |
+|---|-----------|------|---------|------|
+| 4 | **Cash > Total Debt** | Yes → **8 pts** | Cash > 50% of Debt → **4 pts** | Cash < 50% of Debt → **1 pt** |
+| 5 | **Debt-to-Equity Ratio** | < 0.8 → **7 pts** | 0.8-1.5 → **4 pts** | > 1.5 → **1 pt** |
+| 6 | **No Preferred Stock** | None → **5 pts** | — | Has Preferred → **0 pts** |
+| 7 | **Retained Earnings Growth** | Growing 5 consecutive years → **5 pts** | Growing 3-4 years → **3 pts** | Declining or flat → **1 pt** |
+
+How to calculate:
+- Cash = Cash and Cash Equivalents + Short-term Investments
+- Total Debt = Short-term Debt + Long-term Debt
+- D/E = Total Liabilities / Total Shareholders' Equity
+- Retained Earnings: Compare year-over-year from balance sheets
+
+Special note on D/E:
+- Exclude operating lease liabilities from "debt" for this assessment (they are contractual obligations, not financial debt)
+- If treasury stock is large, it reduces equity and inflates D/E — note this in analysis
+
+### Category 3: Cash Flow Quality (25 points)
+
+| # | Criterion | Excellent | Good | Weak |
+|---|-----------|-----------|------|------|
+| 8 | **CapEx / Net Income** | < 25% → **10 pts** | 25-50% → **6 pts** | > 50% → **2 pts** |
+| 9 | **Operating CF > Net Income** | OCF/NI > 1.0 → **8 pts** | OCF/NI = 0.8-1.0 → **4 pts** | OCF/NI < 0.8 → **1 pt** |
+| 10 | **Shareholder Returns** | Buybacks + Dividends → **7 pts** | Dividends only → **4 pts** | Neither → **1 pt** |
+
+How to calculate:
+- CapEx: Capital Expenditure from cash flow statement (use absolute value)
+- Operating CF: Net Cash from Operating Activities
+- Buybacks: Check if Treasury Stock increased year-over-year, or look at "repurchase of common stock" in financing activities
+- Dividends: Look at "dividends paid" in financing activities
+
+Note on CapEx:
+- One-time large CapEx (e.g., new factory, data center buildout) should be noted but not penalized if the 5-year average CapEx/NI is still within range
+- Asset-light businesses (software, services) naturally score well here
+
+### Category 4: Consistency (25 points)
+
+| # | Criterion | Excellent | Good | Weak |
+|---|-----------|-----------|------|------|
+| 11 | **Revenue Growth Streak** | 5+ consecutive years growing → **10 pts** | 3-4 years → **6 pts** | < 3 years → **2 pts** |
+| 12 | **Net Income Growth Streak** | 5+ consecutive years growing → **10 pts** | 3-4 years → **6 pts** | < 3 years → **2 pts** |
+| 13 | **Recession Resilience** | Profitable through last recession → **5 pts** | Revenue dip < 10% → **3 pts** | Significant losses → **1 pt** |
+
+How to assess:
+- Revenue/NI growth: Check year-over-year changes for the last 5 years
+- Recession resilience: Check 2020 (COVID) and 2022 (rate hikes) performance. For older data, check 2008-2009 if available.
+- A single flat year in an otherwise consistent growth streak can be scored as "Good"
+
+## Score Interpretation
+
+| Total Score | Rating | Interpretation |
+|-------------|--------|----------------|
+| 80-100 | **Excellent** | Strong durable competitive advantage. Consistent profitability, fortress balance sheet, capital-light operations. Classic Buffett-style investment candidate. |
+| 60-79 | **Good** | Solid business with some competitive advantages. May have minor weaknesses in one category. Worth deeper investigation. |
+| 40-59 | **Average** | Mediocre competitive position. Multiple areas of concern. Higher risk of margin erosion or competitive disruption. |
+| < 40 | **Weak** | No clear competitive advantage. High debt, inconsistent earnings, or capital-intensive operations. Not a typical Buffett investment. |
+
+## Sector-Specific Caveats
+
+- **Financials**: Skip gross margin (criterion 1). Use net interest margin > 3% as substitute for 10 pts. D/E ratio thresholds don't apply — use Tier 1 Capital Ratio > 10% for 7 pts instead.
+- **Utilities**: Naturally capital-intensive (CapEx criterion will score low). Offset by checking regulated return stability. If regulated ROE is consistently 9-11%, award 6 pts for criterion 8.
+- **REITs**: Required to pay out 90%+ as dividends, so retained earnings won't grow. Skip criterion 7; award 5 pts if FFO per share grows consistently instead.
+- **Growth-stage Tech**: May not yet have 5 years of profitability. Score consistency based on revenue growth and gross margin expansion trajectory. Note that the overall score may be artificially low.
+
+## Output Format
+
+Present the scorecard as a table:
+
+| # | Criterion | Value | Score | Max |
+|---|-----------|-------|-------|-----|
+| 1 | Gross Margin | 43.2% | 10 | 10 |
+| 2 | Net Margin | 25.1% | 10 | 10 |
+| ... | ... | ... | ... | ... |
+| | **Total** | | **XX** | **100** |
+| | **Rating** | | **Excellent/Good/Average/Weak** | |
diff --git a/skills/earnings-analysis/references/financial-ratios-benchmarks.md b/skills/earnings-analysis/references/financial-ratios-benchmarks.md
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+# Financial Ratios Benchmarks by Sector
+
+Use the company's `sector` from `get_company_facts` to look up benchmark ranges below. Compare the company's ratios against these benchmarks and note deviations.
+
+## Profitability Benchmarks
+
+| Sector | Gross Margin | Operating Margin | Net Margin | ROE | ROA |
+|--------|-------------|-----------------|------------|-----|-----|
+| Communication Services | 50-60% | 15-25% | 10-18% | 12-20% | 5-10% |
+| Consumer Discretionary | 35-50% | 8-15% | 5-10% | 15-25% | 5-10% |
+| Consumer Staples | 35-45% | 12-18% | 8-12% | 20-30% | 8-12% |
+| Energy | 30-50% | 10-20% | 5-15% | 10-20% | 5-10% |
+| Financials | N/A | 25-35% | 15-25% | 10-15% | 1-2% |
+| Health Care | 55-70% | 15-25% | 10-20% | 15-25% | 8-12% |
+| Industrials | 25-35% | 10-15% | 6-10% | 15-20% | 5-8% |
+| Information Technology | 55-70% | 20-30% | 15-25% | 20-35% | 10-15% |
+| Materials | 25-35% | 10-18% | 5-12% | 10-18% | 5-8% |
+| Real Estate | 55-70% | 25-40% | 15-30% | 5-10% | 2-5% |
+| Utilities | 35-50% | 15-25% | 8-15% | 8-12% | 3-5% |
+
+## Balance Sheet Benchmarks
+
+| Sector | Current Ratio | Quick Ratio | D/E Ratio | Interest Coverage |
+|--------|--------------|-------------|-----------|-------------------|
+| Communication Services | 1.0-1.5 | 0.8-1.2 | 0.8-1.5 | 4-8x |
+| Consumer Discretionary | 1.2-2.0 | 0.8-1.5 | 0.5-1.2 | 5-10x |
+| Consumer Staples | 1.0-1.5 | 0.6-1.0 | 0.5-1.0 | 8-15x |
+| Energy | 1.0-1.5 | 0.8-1.2 | 0.3-0.8 | 5-10x |
+| Financials | N/A | N/A | 2.0-8.0 | N/A |
+| Health Care | 1.5-2.5 | 1.2-2.0 | 0.3-0.8 | 8-15x |
+| Industrials | 1.2-2.0 | 0.8-1.5 | 0.5-1.0 | 6-12x |
+| Information Technology | 2.0-3.5 | 1.5-3.0 | 0.2-0.6 | 15-30x |
+| Materials | 1.5-2.5 | 1.0-1.5 | 0.4-0.8 | 6-12x |
+| Real Estate | 1.0-1.5 | 0.5-1.0 | 0.8-1.5 | 3-5x |
+| Utilities | 0.8-1.2 | 0.5-0.8 | 1.0-2.0 | 3-5x |
+
+## Cash Flow Benchmarks
+
+| Sector | FCF Margin | CapEx/Revenue | Op. CF / Net Income |
+|--------|-----------|---------------|---------------------|
+| Communication Services | 10-20% | 10-20% | 1.2-1.8x |
+| Consumer Discretionary | 5-12% | 3-8% | 1.1-1.5x |
+| Consumer Staples | 8-15% | 3-6% | 1.2-1.5x |
+| Energy | 5-15% | 15-30% | 1.5-2.5x |
+| Financials | N/A | 1-3% | N/A |
+| Health Care | 15-25% | 3-8% | 1.2-1.8x |
+| Industrials | 5-12% | 3-8% | 1.2-1.6x |
+| Information Technology | 20-35% | 3-10% | 1.2-1.8x |
+| Materials | 5-12% | 5-12% | 1.3-2.0x |
+| Real Estate | 15-30% | 5-15% | 1.5-3.0x |
+| Utilities | 5-10% | 15-25% | 2.0-3.5x |
+
+## Usage Notes
+
+- **Financials sector**: Gross margin and current/quick ratios are not meaningful for banks and insurers. Use net interest margin and capital adequacy ratios instead.
+- **Real Estate**: High depreciation makes net margin less useful. Focus on Funds From Operations (FFO).
+- **Growth-stage companies**: May have negative margins. Compare against growth-stage peers rather than mature sector benchmarks.
+- **Cyclical sectors** (Energy, Materials, Industrials): Use cycle-average margins (5-7 years) rather than single-year comparisons.
+- **Post-M&A**: Goodwill and amortization may distort margins for 1-2 years after acquisitions. Note any large acquisitions.
+
+## Buffett's Rules of Thumb (Quick Reference)
+
+| Metric | Excellent | Good | Weak |
+|--------|-----------|------|------|
+| Gross Margin | > 40% | 30-40% | < 30% |
+| Net Margin | > 20% | 10-20% | < 10% |
+| ROE | > 15% | 10-15% | < 10% |
+| D/E Ratio | < 0.5 | 0.5-0.8 | > 0.8 |
+| CapEx / Net Income | < 25% | 25-50% | > 50% |
+| Debt Payoff (years) | < 2 | 2-4 | > 4 |