The five preceding lessons in this module — moats, Porter's Five Forces, management, TAM, industry — together describe the qualitative side of business analysis. This lesson synthesizes them into a working scorecard you can apply to any company. Before looking at a single valuation number, before calculating any DCF, before comparing P/E ratios, run a company through this scorecard.

Companies that score well on the qualitative dimensions are the ones that survive multiple cycles, compound over decades, and reward patient ownership. Companies that score poorly are typically value traps no matter how cheap they appear. For any company you're considering, rate each of these on a 1-5 scale (5 being best).

(1) Moat type and durability — could a \$10B competitor replicate this in 5 years? (2) Industry structure — are Porter's Five Forces favorable? (3) TAM and growth — is the addressable market large and expanding?