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href="https://az.wikipedia.org/wiki/Fundamental_analiz" title="Fundamental analiz – Azerbaijani" lang="az" hreflang="az" data-title="Fundamental analiz" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A7%8C%E0%A6%B2%E0%A6%BF%E0%A6%95_%E0%A6%AC%E0%A6%BF%E0%A6%B6%E0%A7%8D%E0%A6%B2%E0%A7%87%E0%A6%B7%E0%A6%A3" title="মৌলিক বিশ্লেষণ – Bangla" lang="bn" hreflang="bn" data-title="মৌলিক বিশ্লেষণ" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Ki-p%C3%BAn_hun-sek" title="Ki-pún hun-sek – Minnan" lang="nan" hreflang="nan" data-title="Ki-pún hun-sek" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/An%C3%A0lisi_fonamental" title="Anàlisi fonamental – Catalan" lang="ca" hreflang="ca" data-title="Anàlisi fonamental" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-ceb mw-list-item"><a href="https://ceb.wikipedia.org/wiki/Pundamental_nga_analisis" title="Pundamental nga analisis – Cebuano" lang="ceb" hreflang="ceb" data-title="Pundamental nga analisis" data-language-autonym="Cebuano" data-language-local-name="Cebuano" class="interlanguage-link-target"><span>Cebuano</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Fundament%C3%A1ln%C3%AD_anal%C3%BDza" title="Fundamentální analýza – Czech" lang="cs" hreflang="cs" data-title="Fundamentální analýza" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Fundamental_analyse" title="Fundamental analyse – Danish" lang="da" hreflang="da" data-title="Fundamental analyse" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Fundamentalanalyse" title="Fundamentalanalyse – German" lang="de" hreflang="de" data-title="Fundamentalanalyse" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%98%CE%B5%CE%BC%CE%B5%CE%BB%CE%B9%CF%8E%CE%B4%CE%B7%CF%82_%CE%91%CE%BD%CE%AC%CE%BB%CF%85%CF%83%CE%B7" title="Θεμελιώδης Ανάλυση – Greek" lang="el" hreflang="el" data-title="Θεμελιώδης Ανάλυση" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/An%C3%A1lisis_fundamental" title="Análisis fundamental – Spanish" lang="es" hreflang="es" data-title="Análisis fundamental" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Funtsezko_analisi" title="Funtsezko analisi – Basque" lang="eu" hreflang="eu" data-title="Funtsezko analisi" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%AD%D9%84%DB%8C%D9%84_%D8%A8%D9%86%DB%8C%D8%A7%D8%AF%DB%8C" title="تحلیل بنیادی – Persian" lang="fa" hreflang="fa" data-title="تحلیل بنیادی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Anail%C3%ADs_bhun%C3%BAsach" title="Anailís bhunúsach – Irish" lang="ga" hreflang="ga" data-title="Anailís bhunúsach" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B8%B0%EB%B3%B8%EC%A0%81_%EB%B6%84%EC%84%9D" title="기본적 분석 – Korean" lang="ko" hreflang="ko" data-title="기본적 분석" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A5%82%E0%A4%B2%E0%A4%AD%E0%A5%82%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%B6%E0%A5%8D%E0%A4%B2%E0%A5%87%E0%A4%B7%E0%A4%A3" title="मूलभूत विश्लेषण – Hindi" lang="hi" hreflang="hi" data-title="मूलभूत विश्लेषण" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Fundamentalna_analiza" title="Fundamentalna analiza – Croatian" lang="hr" hreflang="hr" data-title="Fundamentalna analiza" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Analisis_fundamental" title="Analisis fundamental – Indonesian" lang="id" hreflang="id" data-title="Analisis fundamental" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Analisi_fondamentale" title="Analisi fondamentale – Italian" lang="it" hreflang="it" data-title="Analisi fondamentale" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A0%D7%99%D7%AA%D7%95%D7%97_%D7%A4%D7%95%D7%A0%D7%93%D7%9E%D7%A0%D7%98%D7%9C%D7%99" title="ניתוח פונדמנטלי – Hebrew" lang="he" hreflang="he" data-title="ניתוח פונדמנטלי" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Fundamentalioji_analiz%C4%97" title="Fundamentalioji analizė – Lithuanian" lang="lt" hreflang="lt" data-title="Fundamentalioji analizė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Analisis_fundamental" title="Analisis fundamental – Malay" lang="ms" hreflang="ms" data-title="Analisis fundamental" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Fundamentele_analyse" title="Fundamentele analyse – Dutch" lang="nl" hreflang="nl" data-title="Fundamentele analyse" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%86%E0%A4%A7%E0%A4%BE%E0%A4%B0%E0%A4%AD%E0%A5%82%E0%A4%A4_%E0%A4%B5%E0%A4%BF%E0%A4%B6%E0%A5%8D%E0%A4%B2%E0%A5%87%E0%A4%B7%E0%A4%A3" title="आधारभूत विश्लेषण – Nepali" lang="ne" hreflang="ne" data-title="आधारभूत विश्लेषण" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%83%B3%E3%83%80%E3%83%A1%E3%83%B3%E3%82%BF%E3%83%AB%E5%88%86%E6%9E%90" title="ファンダメンタル分析 – Japanese" lang="ja" hreflang="ja" data-title="ファンダメンタル分析" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Fundamental_aksjeanalyse" title="Fundamental aksjeanalyse – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Fundamental aksjeanalyse" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Analiza_fundamentalna" title="Analiza fundamentalna – Polish" lang="pl" hreflang="pl" data-title="Analiza fundamentalna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/An%C3%A1lise_fundamentalista" title="Análise fundamentalista – Portuguese" lang="pt" hreflang="pt" data-title="Análise fundamentalista" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Analiza_fundamental%C4%83" title="Analiza fundamentală – Romanian" lang="ro" hreflang="ro" data-title="Analiza fundamentală" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D1%83%D0%BD%D0%B4%D0%B0%D0%BC%D0%B5%D0%BD%D1%82%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D0%B9_%D0%B0%D0%BD%D0%B0%D0%BB%D0%B8%D0%B7" title="Фундаментальный анализ – Russian" lang="ru" hreflang="ru" data-title="Фундаментальный анализ" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Fundamental_analysis" title="Fundamental analysis – Simple English" lang="en-simple" hreflang="en-simple" data-title="Fundamental analysis" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Fundament%C3%A1lna_akciov%C3%A1_anal%C3%BDza" title="Fundamentálna akciová analýza – Slovak" lang="sk" hreflang="sk" data-title="Fundamentálna akciová analýza" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Fundamenttianalyysi" title="Fundamenttianalyysi – Finnish" lang="fi" hreflang="fi" data-title="Fundamenttianalyysi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Fundamental_analys" title="Fundamental analys – Swedish" lang="sv" hreflang="sv" data-title="Fundamental analys" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%85%E0%AE%9F%E0%AE%BF%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%9F%E0%AF%88%E0%AE%AA%E0%AF%8D_%E0%AE%AA%E0%AE%95%E0%AF%81%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%BE%E0%AE%AF%E0%AF%8D%E0%AE%B5%E0%AF%81" title="அடிப்படைப் பகுப்பாய்வு – Tamil" lang="ta" hreflang="ta" data-title="அடிப்படைப் பகுப்பாய்வு" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%A7%E0%B8%B4%E0%B9%80%E0%B8%84%E0%B8%A3%E0%B8%B2%E0%B8%B0%E0%B8%AB%E0%B9%8C%E0%B8%9E%E0%B8%B7%E0%B9%89%E0%B8%99%E0%B8%90%E0%B8%B2%E0%B8%99" title="การวิเคราะห์พื้นฐาน – Thai" lang="th" hreflang="th" data-title="การวิเคราะห์พื้นฐาน" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A4%D1%83%D0%BD%D0%B4%D0%B0%D0%BC%D0%B5%D0%BD%D1%82%D0%B0%D0%BB%D1%8C%D0%BD%D0%B8%D0%B9_%D0%B0%D0%BD%D0%B0%D0%BB%D1%96%D0%B7" title="Фундаментальний аналіз – Ukrainian" lang="uk" hreflang="uk" data-title="Фундаментальний аналіз" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ph%C3%A2n_t%C3%ADch_c%C6%A1_b%E1%BA%A3n" title="Phân tích cơ bản – Vietnamese" lang="vi" hreflang="vi" data-title="Phân tích cơ bản" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%9F%BA%E6%9C%AC%E5%88%86%E6%9E%90" title="基本分析 – Cantonese" lang="yue" hreflang="yue" data-title="基本分析" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%9F%BA%E6%9C%AC%E5%88%86%E6%9E%90" title="基本分析 – Chinese" lang="zh" hreflang="zh" data-title="基本分析" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet 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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Analysis of a business's financial statements, health, and market</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid 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</tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Private_credit" title="Private credit">Private credit</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li> <li><a href="/wiki/Carried_Interest" class="mw-redirect" title="Carried Interest">Carried Interest</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leveraged finance</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Asset_management" title="Asset management">Asset management</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bulls</a> and <a href="/wiki/Market_trend#Bear_market)" title="Market trend">Bears</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a> <ul><li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Fundamental analysis</b>, in <a href="/wiki/Accounting" title="Accounting">accounting</a> and <a href="/wiki/Finance" title="Finance">finance</a>, is the analysis of a business's <a href="/wiki/Financial_statement" title="Financial statement">financial statements</a> (usually to analyze the business's <a href="/wiki/Asset" title="Asset">assets</a>, <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liabilities</a>, and <a href="/wiki/Earnings" title="Earnings">earnings</a>); health;<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Competition" title="Competition">competitors</a> and <a href="/wiki/Market_(economics)" title="Market (economics)">markets</a>. It also considers the overall state of the economy and factors including interest rates, production, earnings, employment, GDP, housing, manufacturing and management. There are two basic approaches that can be used: bottom up analysis and top down analysis.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> These terms are used to distinguish such analysis from other types of <a href="/wiki/Investment_analysis" class="mw-redirect" title="Investment analysis">investment analysis</a>, such as <a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">quantitative</a> and <a href="/wiki/Technical_analysis" title="Technical analysis">technical</a>. </p><p>Fundamental analysis is performed on historical and present data, but with the goal of making financial <a href="/wiki/Forecasts" class="mw-redirect" title="Forecasts">forecasts</a>. There are several possible objectives: </p> <ul><li>to conduct a company <a href="/wiki/Stock_valuation" title="Stock valuation">stock valuation</a> and predict its probable price evolution;</li> <li>to make a projection on its business performance;</li> <li>to evaluate its management and make internal business decisions and/or to calculate its <a href="/wiki/Credit_risk" title="Credit risk">credit risk</a>;</li> <li>to find out the intrinsic value of the share.</li></ul> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="The_two_analytical_models">The two analytical models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=1" title="Edit section: The two analytical models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are two basic methodologies investors rely upon when the objective of the analysis is to determine what stock to buy and at what price: </p> <ol><li>Fundamental analysis. Analysts maintain that markets may incorrectly price a security in the short run but the "correct" price will eventually be reached. <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">Profits</a> can be made by purchasing or selling the wrongly priced security and then waiting for the market to recognize its "mistake" and reprice the security.</li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a>. Analysts look at trends and price levels and believe that trend changes confirm sentiment changes. Recognizable price chart patterns may be found due to investors' emotional responses to price movements. Technical analysts mainly evaluate historical trends and ranges to predict future price movement.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li></ol> <p>Investors can use one or both of these complementary methods for stock picking. For example, many fundamental investors use technical indicators for deciding entry and exit points. Similarly, a large proportion of technical investors use fundamental indicators to limit their pool of possible stocks to "good" companies. </p><p>The choice of stock analysis is determined by the investor's belief in the different paradigms for "how the stock market works". For explanations of these paradigms, see the discussions at <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient-market hypothesis</a>, <a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">random walk hypothesis</a>, <a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">capital asset pricing model</a>, <a href="/wiki/Fed_model" title="Fed model">Fed model</a>, <a href="/wiki/Market-based_valuation" title="Market-based valuation">market-based valuation</a>, and <a href="/wiki/Behavioral_finance" class="mw-redirect" title="Behavioral finance">behavioral finance</a>. </p><p>Fundamental analysis includes: </p> <ol><li>Economic analysis</li> <li>Industry analysis</li> <li>Company analysis</li></ol> <p>The intrinsic value of the shares is determined based upon these three analyses. It is this value that is considered the true value of the share. If the intrinsic value is higher than the market price, buying the share is recommended. If it is equal to market price, it is recommended to hold the share; and if it is less than the market price, then one should sell the shares. </p> <div class="mw-heading mw-heading2"><h2 id="Use_by_different_portfolio_styles">Use by different portfolio styles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=2" title="Edit section: Use by different portfolio styles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Investors may also use fundamental analysis within different <a href="/wiki/Portfolio_(finance)" title="Portfolio (finance)">portfolio</a> <a href="/wiki/Investment_management" title="Investment management">management</a> <a href="/wiki/Investor_profile" title="Investor profile">styles</a>. </p> <ul><li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a> investors believe that latching on to good businesses allows the investor's asset to grow with the business. Fundamental analysis lets them find "good" companies, so they lower their risk and the probability of wipe-out.</li> <li><a href="/wiki/Value_investing" title="Value investing">Value investors</a> restrict their attention to under-valued companies, believing that "it's hard to fall out of a ditch". The values they follow come from fundamental analysis.</li> <li>Managers may use fundamental analysis to correctly value "good" and "bad" companies.</li> <li>Managers may also consider the economic cycle in determining whether conditions are "right" to buy fundamentally suitable companies.</li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investors</a> hold that "in the short run, the market is a voting machine, not a weighing machine".<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Fundamental analysis allows an investor to make his or her own decision on value, while ignoring the opinions of the market.</li> <li>Managers may use fundamental analysis to determine future growth rates for buying high priced <a href="/wiki/Growth_stock" title="Growth stock">growth stocks</a>.</li> <li>Managers may include fundamental factors along with technical factors in computer models (<a href="/wiki/Quantitative_analysis_(finance)" title="Quantitative analysis (finance)">quantitative analysis</a>).</li></ul> <div class="mw-heading mw-heading2"><h2 id="Top-down_and_bottom-up_approaches">Top-down and bottom-up approaches</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=3" title="Edit section: Top-down and bottom-up approaches"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Investors using fundamental analysis can use either a top-down or bottom-up approach. </p> <ul><li>The top-down investor starts their analysis with global economics, including both international and national <a href="/wiki/Economic_indicator" title="Economic indicator">economic indicators</a>. These may include <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a> growth rates, <a href="/wiki/Inflation" title="Inflation">inflation</a>, <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>, <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rates</a>, <a href="/wiki/Productivity_(economics)" class="mw-redirect" title="Productivity (economics)">productivity</a>, and energy prices. They subsequently narrow their search to regional/ industry analysis of total sales, price levels, the effects of competing products, foreign competition, and entry or exit from the industry. Only then do they refine their search to the best business in the area being studied.</li> <li>The bottom-up investor starts with specific businesses, regardless of their industry/region, and proceeds in reverse of the top-down approach.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Procedures">Procedures</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=4" title="Edit section: Procedures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The analysis of a business's health starts with a financial statement analysis that includes <a href="/wiki/Financial_ratio" title="Financial ratio">financial ratios</a>. It looks at dividends paid, <a href="/wiki/Operating_cash_flow" title="Operating cash flow">operating cash flow</a>, new equity issues and capital financing. The earnings estimates and growth rate projections published widely by <a href="/wiki/Thomson_Reuters" title="Thomson Reuters">Thomson Reuters</a> and others can be considered either "fundamental" (they are facts) or "technical" (they are investor sentiment) based on perception of their validity. </p><p>Determined growth rates (of income and cash) and risk levels (to determine the <a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">discount rate</a>) are used in various valuation models. The foremost is the <a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">discounted cash flow</a> model, which calculates the present value of the future: </p> <ul><li><a href="/wiki/Dividend" title="Dividend">dividends</a> received by the investor, along with the eventual sale price; (<a href="/wiki/Gordon_model" class="mw-redirect" title="Gordon model">Gordon model</a>)</li> <li>earnings of the company;</li> <li>or <a href="/wiki/Cash_flow" title="Cash flow">cash flows</a> of the company.</li></ul> <p>The simple model commonly used is the <a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">P/E ratio</a> (price-to-earnings ratio). Implicit in this model of a perpetual annuity (<a href="/wiki/Time_value_of_money" title="Time value of money">time value of money</a>) is that the inverse, or the E/P rate, is the discount rate appropriate to the risk of the business. Usage of the P/E ratio has the disadvantage that it ignores future earnings growth. </p><p>Because the future growth of the free cash flow and earnings of a company drive the fair value of the company, the <a href="/wiki/PEG_ratio" title="PEG ratio">PEG ratio</a> is more meaningful than the <a href="/wiki/P/E_ratio" class="mw-redirect" title="P/E ratio">P/E ratio</a>. The <a href="/wiki/PEG_ratio" title="PEG ratio">PEG ratio</a> incorporates the growth estimates for future earnings, e.g. of the <a href="/wiki/Earnings_before_interest_and_taxes" title="Earnings before interest and taxes">EBIT</a>. Its validity depends on the length of time analysts believe the growth will continue and on the reasonableness of future estimates compared to earnings growth in the past years (oftentimes the last seven years). IGAR models can be used to impute expected changes in growth from current P/E and historical growth rates for the stocks relative to a comparison index. </p><p>The amount of debt a company possesses is also a major consideration in determining its financial leverage and its health. This is meaningful because a company can reach higher earnings (and this way a higher <a href="/wiki/Return_on_equity" title="Return on equity">return on equity</a> and higher <a href="/wiki/Price%E2%80%93earnings_ratio" title="Price–earnings ratio">P/E ratio</a>) simply by increasing the amount of net debt. This can be quickly assessed using the <a href="/wiki/Debt-to-equity_ratio" title="Debt-to-equity ratio">debt-to-equity ratio</a>, the <a href="/wiki/Current_ratio" title="Current ratio">current ratio</a> (current assets/current liabilities) and the <a href="/wiki/Return_on_capital_employed" title="Return on capital employed">return on capital employed (ROCE)</a>. The ROCE is the ratio of EBIT divided by the "capital employed", i.e. all the current and non-current assets less the operating liabilities, which is the real capital of the company no matter if it is financed by equity or debt. </p> <div class="mw-heading mw-heading2"><h2 id="Criticisms">Criticisms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=5" title="Edit section: Criticisms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economists such as <a href="/wiki/Burton_Malkiel" title="Burton Malkiel">Burton Malkiel</a> suggest that neither fundamental analysis nor <a href="/wiki/Technical_analysis" title="Technical analysis">technical analysis</a> is useful in outperforming the markets.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=6" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Financial_forecast" title="Financial forecast">Financial forecast</a></li> <li><a href="/wiki/Intermediated_research" title="Intermediated research">Intermediated research</a></li> <li><a href="/wiki/List_of_finance_topics#Valuation" class="mw-redirect" title="List of finance topics">Lists of valuation topics</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Piotroski_F-score" title="Piotroski F-score">Piotroski F-score</a></li> <li><a href="/wiki/Security_analysis" title="Security analysis">Security analysis</a></li> <li><a href="/wiki/Stock_selection_criterion" class="mw-redirect" title="Stock selection criterion">Stock selection criterion</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/John_Burr_Williams#Theory" title="John Burr Williams">John Burr Williams#Theory</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output 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.id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150312090814/http://www.mta.org/eweb/dynamicpage.aspx?webcode=what-is-technical-analysis">"Technical Analysis vs. Fundamental Analysis"</a>. <a href="/wiki/Market_Technicians_Association" class="mw-redirect" title="Market Technicians Association">Market Technicians Association</a>. Archived from <a rel="nofollow" class="external text" href="http://www.mta.org/eweb/dynamicpage.aspx?webcode=what-is-technical-analysis">the original</a> on 12 March 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">6 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Technical+Analysis+vs.+Fundamental+Analysis&rft.pub=Market+Technicians+Association&rft_id=http%3A%2F%2Fwww.mta.org%2Feweb%2Fdynamicpage.aspx%3Fwebcode%3Dwhat-is-technical-analysis&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFundamental+analysis" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20090721191203/http://www.informedtrades.com/13036-introduction-fundamental-analysis-us-economy.html#post13168">"An Introduction to Fundamental Analysis and the US Economy"</a>. InformedTrades.com. 2008-02-14. Archived from <a rel="nofollow" class="external text" href="http://www.informedtrades.com/13036-introduction-fundamental-analysis-us-economy.html#post13168">the original</a> on 2009-07-21<span class="reference-accessdate">. Retrieved <span class="nowrap">2009-07-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=An+Introduction+to+Fundamental+Analysis+and+the+US+Economy&rft.pub=InformedTrades.com&rft.date=2008-02-14&rft_id=http%3A%2F%2Fwww.informedtrades.com%2F13036-introduction-fundamental-analysis-us-economy.html%23post13168&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFundamental+analysis" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMurphy1999" class="citation book cs1">Murphy, John J. (1999). <i>Technical analysis of the financial markets : a comprehensive guide to trading methods and applications</i> (2nd ed.). New York [u.a.]: <a href="/wiki/New_York_Institute_of_Finance" title="New York Institute of Finance">New York Institute of Finance</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0735200661" title="Special:BookSources/0735200661"><bdi>0735200661</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Technical+analysis+of+the+financial+markets+%3A+a+comprehensive+guide+to+trading+methods+and+applications&rft.place=New+York+%5Bu.a.%5D&rft.edition=2nd&rft.pub=New+York+Institute+of+Finance&rft.date=1999&rft.isbn=0735200661&rft.aulast=Murphy&rft.aufirst=John+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFundamental+analysis" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrahamDodd2004" class="citation book cs1">Graham, Benjamin; Dodd, David (December 10, 2004). <i>Security Analysis</i>. <a href="/wiki/McGraw-Hill" class="mw-redirect" title="McGraw-Hill">McGraw-Hill</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-144820-8" title="Special:BookSources/978-0-07-144820-8"><bdi>978-0-07-144820-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Security+Analysis&rft.pub=McGraw-Hill&rft.date=2004-12-10&rft.isbn=978-0-07-144820-8&rft.aulast=Graham&rft.aufirst=Benjamin&rft.au=Dodd%2C+David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFundamental+analysis" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/r/randomwalktheory.asp">"Financial Concepts: Random Walk Theory"</a>. Investopedia.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+Concepts%3A+Random+Walk+Theory&rft.pub=Investopedia&rft_id=https%3A%2F%2Fwww.investopedia.com%2Fterms%2Fr%2Frandomwalktheory.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFundamental+analysis" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fundamental_analysis&action=edit&section=8" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://ocw.mit.edu/courses/sloan-school-of-management/15-414-financial-management-summer-2003/">MIT Financial-Management course notes</a></li> <li><a rel="nofollow" class="external text" href="https://ssrn.com/abstract=2479817">Fundamental Analysis Works</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output 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market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a class="mw-selflink selflink">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" 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