What makes companies tick

We break down how companies actually work. Understand the DNA of business.

AAPL$303.42-1.78%MSFT$487.65+4.93%GOOGL$373.51+4.88%AMZN$284.02+4.58%META$590.24+6.02%NVDA$206.64+2.93%TSLA$322.08+3.49%NFLX$73.33+2.26%V$365.67-0.13%MA$570.97-0.37%JPM$352.64+0.24%DIS$98.14+2.03%MCD$265.23-2.00%KO$86.86-0.83%NKE$42.64+2.23%SBUX$103.37-1.79%COST$954.08+0.23%WMT$110.71-0.44%SPOT$486.33-2.72%RACE$401.28+1.88%UBER$71.61+1.78%ABNB$150.64-0.58%AMD$484.64+1.78%PYPL$57.87+1.15%ORCL$141.85+9.22%CRM$185.95+1.05%BA$233.49+8.03%GS$1027.06+0.85%HD$340.02+2.43%DUOL$135.80+0.73%AAPL$303.42-1.78%MSFT$487.65+4.93%GOOGL$373.51+4.88%AMZN$284.02+4.58%META$590.24+6.02%NVDA$206.64+2.93%TSLA$322.08+3.49%NFLX$73.33+2.26%V$365.67-0.13%MA$570.97-0.37%JPM$352.64+0.24%DIS$98.14+2.03%MCD$265.23-2.00%KO$86.86-0.83%NKE$42.64+2.23%SBUX$103.37-1.79%COST$954.08+0.23%WMT$110.71-0.44%SPOT$486.33-2.72%RACE$401.28+1.88%UBER$71.61+1.78%ABNB$150.64-0.58%AMD$484.64+1.78%PYPL$57.87+1.15%ORCL$141.85+9.22%CRM$185.95+1.05%BA$233.49+8.03%GS$1027.06+0.85%HD$340.02+2.43%DUOL$135.80+0.73%

The Format

Every issue, same proven structure

Step 01

ONE COMPANY

A business you already recognise, taken apart until the way it truly earns is impossible to miss.

Step 02

THE HIDDEN ENGINE

Every company has one real profit driver, and it is almost never the part you would expect. We find it.

Step 03

ONE WORD ONE TIP

Leave with one sharp, usable idea about how businesses actually work. In about five minutes.

Latest Issues

Recent teardowns

RACE

Ferrari

Builds fewer cars than it could, on purpose. The waiting list is the strategy.

Jul 4, 2026

COST

Costco

The $65 membership is the business. The aisles just exist to keep you renewing.

SPOT

Spotify

Pays roughly 70 cents of every dollar to rights holders. So where is the profit?

MCD

McDonald's

Makes its money on rent and royalties, not on burgers.

View All Issues