1. Start with the CEO Letter: Provides an overview of the company's performance and future outlook. 

2. Check the Financial Statements: Focus on the income statement, balance sheet, and cash flow statement. 

3. Analyze Revenue Trends: Look for consistent revenue growth over time. 

4. Examine Profit Margins: Assess gross, operating, and net profit margins. 

5. Review Earnings Per Share (EPS): Check for consistent or growing EPS. 

6. Understand Cash Flow: Focus on operating cash flow for true business health. 

7. Look at Debt Levels: Evaluate the company's debt-to-equity ratio. 

8. Inspect Liquidity Ratios: Check current and quick ratios for short-term financial health. 

9. Assess Dividend Policy: Review dividend payments and payout ratios. 

10. Read the Auditor’s Report: Ensure the financial statements are fairly presented. 

11. Study the Notes to Financials: Provides important details on accounting policies and potential risks. 

12. Check Segment Information: Understand the performance of different business segments. 

13. Review Management Discussion and Analysis (MD&A): Offers management's perspective on financial results. 

14. Look at Competitive Position: Assess how the company stands against competitors. 

15. Check for Legal Issues: Review any disclosed legal proceedings. 

16. Analyze R&D Spending: Indicates investment in future growth and innovation. 

17. Understand Capital Expenditures: Look at spending on infrastructure and equipment. 

18. Review Shareholder Equity: Examine changes in equity for insights into company value. 

19. Check Insider Holdings: See how much stock is owned by company insiders. 

20. Identify Risk Factors: Review disclosed risks that could impact the company's performance.