Blueprint · Apple Inc. (Q1)

Quality Compounder

For investors who want to own great businesses for a decade, not a quarter.

For: Long-term oriented analysts hunting for durable competitive advantages, ROIC > cost of capital, and patient owner-operators who reinvest at high marginal returns.

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The lens

How this blueprint reads a company.

"Buy companies that can compound capital at high rates for very long periods. ROIC, owner earnings, capital allocation discipline, moats."

Narration tone

Deliberate, evidence-led, focused on long-horizon outcomes. Atlas frames every claim around capital allocation, return on invested capital, and the durability of competitive position.

Day-one atoms

What appears on the canvas the moment you open it.

Every workspace seeded from this blueprint ships with these atoms pre-rendered. Each one carries its source and a freshness chip. Hover anything to see lineage.

ROIC (5y avg)

28.4% vs WACC 9.2%

Computed · 10-K filings

Owner earnings yield

5.2% +0.4pp YoY

Owner earnings = FCF + change in working capital adjustments

Buybacks (TTM)

$84B 5.2% of float

10-K p. 41 · cash flow statement

Reinvestment ratio

39% -2pp YoY

Capex / Owner earnings

Default Smart Signals

What fires automatically.

Pre-configured signal patterns for this lens. You can disable any of them, or write your own in plain English using the prompt-driven engine.

1 ROIC drops below 5y average for 2 consecutive quarters
2 Buyback intensity changes >25% QoQ
3 Insider buys at scale (>$1M aggregate within 30 days)
4 Management guidance revision (any direction, >5%)

Starter prompts

Questions you can ask immediately.

Every workspace opens with these prompts pre-loaded. Click any one to fire it — Atlas narrates the answer with sourced atoms and causal edges.

Why has Apple's ROIC stayed above 25% for a decade?

Is the buyback pace sustainable given current owner earnings?

What's the capital allocation track record under the current CEO?

How does ROIC compare to closest peers? (MSFT, GOOG, META)

Three practices

What this blueprint teaches.

Read 10 years of 10-Ks before the 10-Q.

Most analysts read the latest quarter and skip the history. Quality investors read the decade — that's where the capital allocation pattern shows up. EquiVault makes it a 20-minute exercise instead of a weekend.

Owner earnings, not GAAP earnings.

Buffett's measure: net income + depreciation + amortization - maintenance capex - working capital changes. The atom that tells you what's actually distributable. We compute it from filings; you don't have to.

Ask why before what.

Margin compressed — fine. Why? Mix shift? FX? Pricing power eroding? Each answer changes the thesis. Quality investing is asking 'why' five times in a row.

"Time is the friend of the wonderful business, the enemy of the mediocre."

— Warren Buffett · Berkshire Hathaway annual letter, 1989

Open Quality Compounder in your first 90 seconds.

Glance is free. Pick this blueprint. Watch Atlas explain a real company. Decide if it changes how you think about research.

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