November 2, 2016

Valens vs As-Reported Weekly Highlights for November 2, 2016


Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

Company Specific Highlights & Insights

The TJX Companies, Inc (TJX)
Operating Lease Expense Distortion

Incyte Corporation (INCY)
Stock Option Expense Distortion

Microsoft Corporation (MSFT)
R&D Expense Distortion

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