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The Complete Stock Research Checklist

Every step a real research process covers, in order, with the exact AlphaLens framework that handles each one. Use it whether you run the frameworks or do the work by hand — the sequence matters more than the tool.

By Jim Norris · NorrisAI AlphaLens · Updated August 2026

Phase 1

Understand the Business

Before any numbers, know what the company actually does and how it makes money.

Read the business description in the most recent 10-K, not a summary of it FW 01
Identify the 1-3 things that actually drive revenue FW 01
Note who the real competitors are — not the ones in headlines, the ones fighting for the same customer

Phase 2

Test the Moat

Decide if the company's advantage is durable or just a good year.

Build the bull case and the bear case separately before you pick a side FW 02
Score the moat against 2-3 named competitors, not in the abstract FW 11
Ask what would have to happen for the moat to erode in 3 years

Phase 3

Check the Earnings Are Real

Reported profit and cash profit aren't always the same number. Check before you value anything.

Compare net income to free cash flow over the last 3 years FW 04
Look for one-time items propping up recent quarters FW 04
Break down revenue into recurring vs one-time, organic vs acquired FW 14

Phase 4

Value It Three Ways

One number is never enough. Bull, base, and bear should all be on the table.

Run a fair value estimate under optimistic, base, and bear scenarios FW 03
Compare the current price to your base case, not just the bull case
Write down your margin of safety in plain terms — how wrong can you be and still be fine

Phase 5

Check Management and Signals

Good businesses get run into the ground by bad capital allocators. Check the people, not just the numbers.

Review management's track record on capital allocation and guidance accuracy FW 12
Check recent insider buying and selling — routine or a signal FW 08
Note upcoming catalysts that could move the stock either way FW 09

Phase 6

Fit It to Your Portfolio

A great company can still be a bad addition to your specific portfolio.

Check correlation with what you already hold FW 06
Decide position size before you buy, not after
Write your invalidation thesis — what would prove you wrong FW 05

Every step above is a framework in AlphaLens. Run them on a real ticker instead of doing it by hand — or run all 15 in one pass on Pro.

Run the Frameworks Now →