Rule of 40 · Fundamental research
Revenue, EPS, margins and cash flow — every stock scored on Rule of 40, quarter by quarter.
Top stories
Okta Joins Coverage Scoring 38.8 on the Print That Moved It 27%.
Okta's beat moved the stock 27% and eight brokers raised targets. The Rule of 40 went the other way: 38.8, on 10.6% growth with cash doing all the work.
Corning Joins Coverage at 45.4, Its First Quarter Above 40 — and It Took a $1.3 Billion Cash Swing.
Corning joins coverage at 45.4, its first quarter above the bar in fourteen stored quarters — on a free-cash-flow swing from $30M to $1,295M in one quarter.
Nokia Joins Coverage With a Rule of 40 That Fell 34 Points and No Growth Miss.
Nokia joins coverage after growing 8% and expanding gross margin — while its Rule of 40 fell from +27.9 to −6.6 on a EUR 732M cash outflow. No growth miss.
Quarter by quarter
IREN Q4 FY2026 reported earnings analysis
IREN's AI Cloud revenue doubled to $70.5M and passed mining — the call guided $25-30B of FY2027 capex against about $14B in hand. ARR lands mostly in March.
AFRM Q4 FY2026 reported earnings analysis
A $1,447.5M non-cash tax benefit turned $169.1M pre-tax into $4.62 GAAP EPS against a $0.33 consensus — and the quarter still beat on margin and 36% GMV growth.
MRVL Q2 FY2027 reported earnings analysis
Marvell guided October to $3.150B and raised two fiscal years in one call — then fell 5.7% after hours on a GAAP miss and a communications half guided down.
CrowdStrike Cleared the $285M Bar by $47M — Then Raised the Raise
CrowdStrike's net new ARR of $332.8M beat the implied $285M bar by 51% and the year got raised again. Underneath: $5.3M of GAAP income on $399M of stock comp.
Salesforce Earned $4.29 a Share and Its Operating Income Fell by $1 Million
Salesforce grew revenue 10.8% and GAAP EPS 119%, while operating income fell $1M. The gap is investment gains, a 14.7% smaller share count, and Informatica.
Nvidia Guided a Year Ahead for the First Time — and Cut Its Margin Floor to 71%
Nvidia doubled revenue to $96.2B, then did two things it never has: guided a full year it has not started, and told the market gross margin bottoms at 71-72%.
Leaders
MU
Micron Technology, Inc.
R403882026 Q3
$1.06T
$935.39
BE
Bloom Energy Corporation
R401822026 Q2
$70.43B
$217.83
PLTR
Palantir Technologies Inc.
R401552026 Q2
$477.60B
$185.93
NVDA
NVIDIA Corporation
R401282026 Q3
$5.58T
$227.98
BAC
Bank of America Corporation
R401072026 Q2
$466.55B
$61.17
SMCI
Super Micro Computer, Inc.
R40100FY2026 Q4
$24.88B
$38.46
DELL
Dell Technologies Inc.
R4095FY2027 Q1
$308.86B
$472.26
AVGO
Broadcom Inc.
R40942026 Q2
$1.75T
$371.54
HOOD
Robinhood Markets Inc.
R40852026 Q2
$98.70B
$109.76
CVX
Chevron Corporation
R40822026 Q2
$394.55B
$199.77
Ordered by Rule of 40 score, highest first — last quarter. n/m uses zero only for ordering.
NVDA
NVIDIA Corporation
R401282026 Q3
$5.58T
$227.98
AAPL
Apple Inc.
R40462026 Q2
$4.66T
$314.58
GOOGL
Alphabet Inc.
R40192026 Q2
$4.17T
$340.65
MSFT
Microsoft Corporation
R40392026 Q2
$3.77T
$505.06
AMZN
Amazon.com, Inc.
R40162026 Q2
$2.77T
$256.26
TSM
Taiwan Semiconductor Manufacturing Company Limited
R40562026 Q2
$2.22T
$427.30
SPCX
Space Exploration Technologies Corp.
R40n/m
$1.86T
$140.87
AVGO
Broadcom Inc.
R40942026 Q2
$1.75T
$371.54
META
Meta Platforms, Inc.
R40312026 Q2
$1.47T
$571.10
TSLA
Tesla, Inc.
R40222026 Q2
$1.25T
$354.81
Ordered by market cap, largest first.
UBER
Uber Technologies, Inc.
$76.95
$137.73+$60.78 · +79%
SNDK
Sandisk Corporation
$1,484.95
$2,439.91+$954.96 · +64%
SMCI
Super Micro Computer, Inc.
$38.46
$60.79+$22.33 · +58%
UPST
Upstart Holdings, Inc.
$30.46
$46.74+$16.28 · +53%
HIMS
Hims & Hers Health, Inc.
$31.66
$47.91+$16.25 · +51%
ORCL
Oracle Corporation
$151.94
$221.32+$69.38 · +46%
BIDU
Baidu, Inc.
$96.94
$136.65+$39.71 · +41%
AFRM
Affirm Holdings, Inc.
$77.49
$107.49+$30.00 · +39%
AMZN
Amazon.com, Inc.
$256.26
$348.21+$91.95 · +36%
SPCX
Space Exploration Technologies Corp.
$140.87
$187.12+$46.25 · +33%
Ordered by the gap between our base-case fair value and the price, widest first.
KLAR
Klarna Group plc
$14.20
$4.45-$9.75 · -69%
BE
Bloom Energy Corporation
$217.83
$83.16-$134.67 · -62%
INTC
Intel Corporation
$92.09
$36.62-$55.47 · -60%
DELL
Dell Technologies Inc.
$472.26
$201.10-$271.16 · -57%
COIN
Coinbase Global, Inc.
$190.72
$82.50-$108.22 · -57%
CRWD
CrowdStrike Holdings, Inc.
$227.96
$103.72-$124.24 · -55%
RKLB
Rocket Lab Corporation
$67.53
$33.23-$34.30 · -51%
PANW
Palo Alto Networks, Inc.
$382.85
$200.93-$181.92 · -48%
XPEV
XPeng Inc.
$11.33
$6.37-$4.96 · -44%
LLY
Eli Lilly and Company
$1,176.10
$678.07-$498.03 · -42%
Ordered by the gap between the price and our base-case fair value, widest first.
Forward Models
Earnings calendar
GRAB
AMD
ABCL
DASH
OXY
XYZ
SHOP
DDOG
NET
U
VST
BRK-B
ASTS
CRWV
AMCR
CBRS
CSCO
NBIS
HD
XIACY
BABA
WMT
OKTALatest results
AFRM
Q4 FY2026
IREN
Q2 2026
MRVL
Q2 FY2027
CRM
2026 Q3
CRWD
Q2 FY2027
NVDA
Q2 FY2027
Upcoming
Indicators dictionary
Rule of 40
A benchmark for software and high-growth companies that combines revenue growth with profitability. A score of 40 or above is considered healthy.
Free Cash Flow
The cash a company generates after accounting for capital expenditures. The real money left over to pay dividends, buy back shares, reduce debt, or reinvest.
FCF Margin
Free cash flow as a percentage of revenue. Measures how efficiently a company converts sales into actual cash.