Capital use
Is the balance sheet working?
A source-backed reading of what a company holds and owes, and of how capital decisions are governed. It is deliberately not a score: cash is not called excess, and no return threshold is asserted, without the working-capital needs and committed investment to judge it against.
110 companies reviewed · research as of 21 October 2026
What is published for each company
Three dated figures — cash and equivalents, bonds and borrowings, and simple net borrowings — then three readings: how cash is being used and what it returns, how the capital structure is set, and how capital decisions are governed.
Every figure is the company’s own reported number, with the period it belongs to. Where a judgement is ours rather than the company’s, it says so.
The least mature of the three measurements. It carries no score, and it should be read as a prompt for questions rather than as a conclusion. A ratio published without the leases, maturities, one-offs and peer context behind it would be exactly the kind of number this project exists to distrust.