About Basis Report
We read what management buried.
Founded in 2024, Basis Report publishes independent equity research for individual investors. Earnings call transcripts run 10,000 words. The relevant sentence is on page 23. We find it, frame it, and tell you what it means for the stock — without the noise, the conflicts, or the sell-side spin.
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The problem with equity research
Most retail investors are working with three sources: CNBC, Reddit, and the company's own investor relations deck. Institutional research exists but costs $50,000/year per seat. The analysis that actually matters — the kind that catches a deteriorating margin structure six months before the stock reacts — isn't available to individual investors.
Meanwhile, sell-side research has a structural conflict: the banks that employ analysts also want investment banking fees from the companies they cover. The incentive to publish cautious, hedged, never-wrong analysis is overwhelming. Strong Buy outnumbers Strong Sell 20 to 1 on Wall Street.
We built Basis Report to change that ratio for individual investors. No banking relationships. No corporate accounts. Just the source documents, the numbers, and a clear argument.
How we produce analysis
Every article follows the same five-step process. No shortcuts, no hot takes.
Signal extraction
We process earnings call transcripts, 10-K/10-Q filings, and 8-K disclosures looking for the language management buries: hedged guidance, changed accounting assumptions, quietly widening losses, one-time items that recur every quarter.
Quantitative framing
Every signal is anchored to numbers — revenue growth rates, margin expansion or contraction, free cash flow conversion, return on invested capital. We don't publish opinions without data.
Hypothesis formation
We state a falsifiable thesis: what would have to be true for this stock to be mispriced? What would change the picture? Good analysis tells you when to update your view, not just what the view is.
Plain-language writeup
The output is readable prose, not spreadsheet dumps. If a smart generalist can't understand the argument, the analysis isn't finished. We cut jargon and get to the point.
Freshness & revision
Markets move. We re-examine prior theses against new filings and flag when the original hypothesis weakens. Published articles are updated with revision notices — we don't quietly disappear old calls.
In our analysis of Applied Optoelectronics (AAOI), we identified a customer concentration risk the sell-side consensus was ignoring — the company's pattern of issuing press releases for individual customer orders revealed a dangerously narrow revenue base among hyperscale accounts, not the stable growth story analysts were pricing in.
Our analytical framework draws on decades of fundamental research methodology. Explore our Field Guide to Stock Analysis for a deeper look at how we evaluate companies.
What we stand for
Four principles that govern every piece of research we publish.
Independence
We have no investment banking relationships, no corporate advisory fees, no position disclosures to manage. Revenue comes only from subscribers. That's the only alignment that matters.
Primary sources
We read the original documents. Not press releases. Not analyst summaries. The 10-K, the proxy statement, the conference call transcript — verbatim, in full.
Epistemic honesty
When we don't know, we say so. When a thesis changes, we say why. We'd rather be clearly wrong than confidently vague.
No noise
We don't publish price targets. We don't do hot takes on daily price moves. We publish analysis when there's something worth saying — not to fill a content calendar.
Why we built this
We got tired of financial news that tells you a stock moved without explaining why. Headlines that recycle earnings press releases word for word. "Analysis" that's a price chart with a caption. Coverage optimized for pageviews, not for people who actually need to make decisions.
Most financial journalism has the same problem sell-side research has: the incentive is to publish something quickly, not to publish something true. The earnings call happened at 9am. By 9:07am there are eleven takes on the beat. None of them read the transcript.
So we built a research operation that does the work. We read the actual filings. We go through the earnings call line by line. We look at what changed from last quarter and why. Every article we publish is meant to tell you something you didn't know before — and to be worth the time it takes to read it.
Basis Report was founded by Sam Brittenham after years of reading financial coverage that prioritized speed over substance — and deciding to build the research operation he wished had existed.
See the research in action
Put the analysis to work. Generate a full-depth equity report for any US-listed stock — DCF model, earnings quality score, and a clear investment thesis — in under 60 seconds.
See what our reports look like
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How we decide what to publish and how we handle mistakes.
Independence
Basis Report accepts no payment from the companies we cover. We have no investment banking relationships, no sponsored content, and no corporate advisory arrangements. Our only revenue comes from subscribers. That's the only alignment that matters.
Primary sources only
Every article is grounded in primary documents: SEC filings, earnings call transcripts, proxy statements, and official company disclosures. We don't republish press releases or derive analysis from other outlets' interpretations.
Corrections policy
When we get something wrong, we say so clearly. Factual corrections are added to the published article with a correction notice and the date it was made. We don't quietly edit errors or delete coverage. Corrections can be reported to support@basisreport.com.
No investment advice
Everything on Basis Report is published for informational and educational purposes only. We do not publish buy or sell recommendations, price targets, or personalized investment advice. Analysis reflects publicly available information at the time of publication.
AI-assisted research
Our analysis pipeline uses AI to process SEC filings, earnings transcripts, and financial data. Every article passes through automated fact-checking and human editorial review before publication. AI assists the research — it does not replace editorial judgment.
Common questions
- Does Basis Report accept payment from companies it covers?
- No. We have no affiliate arrangements, sponsored content deals, or compensation from any company we analyze. Coverage decisions are based solely on editorial judgment.
- Who writes the analysis?
- Analysis is written by Sam Brittenham using a combination of primary source research (SEC filings, earnings transcripts, investor presentations) and proprietary quantitative scoring.
- How often is research published?
- New analysis and market briefs are published daily on market days, covering earnings events, rating changes, and material filings.
- Is Basis Report free to use?
- Core analysis and all financial tools are free. Full-depth research reports with DCF models, earnings quality scores, and analyst target comparisons are available via subscription. Your first 3 reports are free.
What we cover
US-listed equities across mega-cap, mid-cap, and high-interest speculative names. We prioritize stocks where the signal-to-noise ratio in mainstream coverage is lowest.
We publish new coverage weekly across all sectors. Browse all coverage to see our latest analysis.
Get in touch
For editorial questions, corrections, tips, or general inquiries, reach us at support@basisreport.com. We read every message.
If you believe something we published is factually incorrect, email us with the article URL and the specific error. We will review and respond within one business day.
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Important disclosure
Basis Report publishes equity research for informational and educational purposes only. Nothing on this site constitutes financial advice, investment advice, or a recommendation to buy or sell any security. All analysis reflects publicly available information. Past analytical performance does not indicate future accuracy. Always consult a qualified financial advisor before making investment decisions.