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イチロウ
10/04/2026 07:30
Release： 10/04/2026 07:30
Update： 10/04/2026 07:30
イチロウ
Investment style : Fundamental
Investment career : 3-5 years
Investment amount : -
ICHIRO｜Financial Report Anatomy Lab I am a researcher who dissects not the surface numbers of a company, but the underlying structure and truth hidden behind them. I provide a genuine fundamentals analysis that thoroughly reads every detail of a company's financial statements (P/L, B/S, C/F, S/S) and notes, not aiming for a one-shot turnaround tool or short-term speculative trades. ■ Our Lab’s Stance 1. Complete coverage of the four financial statements We unravel the connections among the income statement (P/L), balance sheet (B/S), cash flow statement (C/F), and statement of changes in equity (S/S). 2. Extracting the anomalies and truths hidden in the notes Beyond superficial profit increases or decreases, we delve into notes and fine-grained data to visualize the structural strengths of the business model and hidden risks. 3. Fact-focused with noise eliminated We exclude vague forecasts and hype, conducting objective and logical analyses based on the confirmed facts in the financial statements. ■ Delivery and Sales Content ・Financial Statement Anatomy Reports (latest financial reports of notable companies) ・“Financial Analysis Key Points” explained from zero accounting knowledge (without using complex accounting theories, identifying the core of the financial statements and any inconsistencies) We deliver information for genuine-minded investors and business professionals who want to see the truth behind a company’s financials without requiring difficult bookkeeping knowledge.
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[Home Depot Thorough Analysis Part 1]: The current state of the U.S. housing market enduring with higher prices despite a drop in customer traffic — the underside of guarding a net profit margin of 10%

ICHIRO｜Decision Report Anatomy Lab


America's largest home improvement retailer, The Home Depot (The Home Depot, Inc.) filed its latest quarterly report (Form 10-Q, for the fiscal second quarter 2026: May–August 2026), which clearly reflects the real conditions facing consumers in the current U.S. real economy, particularly the impact of "inflation and a cooling housing market."

Sales reached $47.86 billion (year-over-year +5.7%),, net income for the quarter was $4.76 billion (YoY +4.7%),, and the resulting net profit margin stood at 10.0%, an impressively high margin for a retail/distribution business.

At first glance, this earnings report appears very smooth sailing, but by carefully reading between the lines of the filing, there emerges a situation of “consumer pullback” occurring at present, and a set of “peculiar accounting factors” that effectively offset it.


Here is the previous analysis on Palantir series: from this link?

【Palantir 2026 Q3 10-Q Complete Analysis Part 1】: The legacy of the Bin Laden operation and the full scope of the four major platforms—Founding philosophy, products, and manufacturing DX

【Palantir 2026 Q3 10-Q Complete Analysis Part 2】: From the “defense mastermind” to the “champion of private AI” — the deep dive into the quarterly where the commercial division reversed the government

【Palantir 2026 Q3 10-Q Complete Analysis Part 3】: The “advance payment magic” and the cash eruption mechanism — the true nature of an FCF margin of 53% and the negative working capital

【Palantir 2026 Q3 10-Q Complete Analysis Part 4】: The $9.4 billion fortress and the “almost cash” yield strategy — the depth of the balance sheet, U.S. Treasury roll investments, and the credit structure of accounts receivable

【Palantir 2026 Q3 10-Q Complete Analysis Part 5—final】: The timebomb of Note 9 and true free cash — the peeling away of SBC dilution and the expiration of contract liabilities (RPO)