Business model teardown

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

The output is a short set of statements with figures attached: what the customer pays, what serving them costs, how much capital sits behind it, how fast it grows and what protects it.

The exercise routinely contradicts the company's own narrative, because narratives are built for investors and the accounts are built under liability.

Do the teardown before reading the investor presentation, not after.