Business model teardown

Rebuilding how a company makes money from its published numbers, rather than from its description of itself.

It produces a short set of statements with figures attached. They say what the customer pays and what serving them costs, how much capital sits behind it and how fast it grows, and what protects it.

Teardowns routinely contradict the company's own narrative, because narratives are built for investors and the accounts are built under liability.

Do the teardown first and read the investor presentation after it.