Authors / Allen Yan
Allen Yan
also published as Ligang Yan
Software engineer; builds and runs SweetValueLab
- Posts
- 34 · EN / 中文
- Writes about
- Equity valuation · Discounted cash flow · Bank capital and credit · REIT FFO and NAV · SaaS unit economics · SEC filings · Market breadth and sentiment
About
Allen is a full-stack software engineer (Node.js, Java) based in Canada. He built SweetValueLab in 2026 and runs it alone: the valuation engine that picks its models by the kind of business, the SEC filing parsers and the sector boards are his own code, and every guide on the blog is written from that work rather than from other people's summaries.
Posts · 34
Anthropic's $16.8B quarter: the investor day numbers
· 10 min readWhat attendees of Anthropic's October 14 investor day reported: Q3 revenue of $16.8B, an 11% adjusted margin, $1.70 per compute dollar, a slower pace.
Anthropic 三季度收入 168 亿美元：投资者日透露的数字
· 6 分钟10 月 14 日投资者日参会者透露：三季度收入 168 亿美元，调整后经营利润率 11%，每 1 美元算力换回 1.70 美元，环比增速降到 1.45 倍。
DCF 估值入门：一家便利店到底值多少钱
· 7 分钟用一家虚拟的社区便利店，从折现率、自由现金流、现值一路算到永续、戈登增长模型和两阶段 DCF：同一家店，三种增长假设，算出 $1,000K 到 $3,582K。
What is a DCF? What a corner shop is worth
· 11 min readOne fictional convenience store, valued step by step with a discounted cash flow: three growth assumptions take it from $1,000K to $3,582K.
How the 10-year Treasury moves every valuation on this site
· 6 min readEvery DCF here discounts at the latest 10-year Treasury close. What 98 bp did to model values, what moved the rate, and what the curve's past says.
10 年期美债如何影响本站的每一个估值
· 4 分钟本站每个 DCF 都用最新的 10 年期美债收盘价做无风险利率。上调 98 个基点让模型价值变了多少，今年利率为什么涨，收益率曲线的历史又说明什么。
Delta vs United by the numbers
· 4 min readDelta and United earn almost the same margin on a dollar of revenue. The market prices them apart, and United carries twice the leverage, from the 2026 filings.
达美 vs 美联航：把财报摆在一起看
· 3 分钟达美和美联航每一美元收入赚的钱几乎一样多，市场给的价格却不一样，美联航的杠杆是达美的两倍多。数字来自 2026 年的财报。
Anthropic's IPO prospectus: the numbers behind the $42B loss
· 8 min readAnthropic's confidential S-1 as Reuters reported it on Sep 28-29, 2026: the income statement, $518B of compute commitments by partner, and the Founder LLC vote.
Anthropic 招股书拆解：420 亿亏损与 5180 亿算力账单
· 6 分钟按路透 2026 年 9 月 28–29 日的报道，把 Anthropic 保密递交的 S-1 整理成报表：利润表、六家合作方的算力承诺、Founder LLC 的投票权安排。
Who actually owns this stock: how to read a 13F
· 9 min readA 13F is a photograph of a portfolio taken on the last day of a quarter and published six weeks later. What it shows, what it never mentions, how to read one.
谁在持有这只股票：13F 怎么读
· 8 分钟13F 是一张在季度最后一天拍下、45 天后才公开的持仓照片。它拍到了什么，没拍到什么，以及该怎么读。
How to read a market sentiment gauge
· 8 min readThe six factors behind the daily 0–100 score, why each is a two-year percentile, what the S&P 500 did after each band, and how it differs from CNN's index.
市场情绪表盘怎么读：一个恐惧读数是怎么算出来的
· 6 分钟拆开每天那个 0–100 的分数：七个因子、为什么用两年百分位、各档位之后标普 500 走了多远，以及它和 CNN 指数差在哪。
Market breadth: the index can rise while most stocks fall
· 5 min readWhat breadth counts, the arithmetic that lets it disagree with the index, how net new highs and the McClellan summation are built, and where to read both here.
市场宽度：指数在涨，多数股票在跌
· 4 分钟宽度数的是股票，不是指数：市值加权怎么让两个数背道而驰，新高新低和 McClellan 成交量累积指数各自怎么算，以及站内在哪看。
How we value a stock: twelve models, one number
· 9 min readThe headline on a valuation page here is the median of twelve models. Which twelve, which of them count for a company, and where the rate comes from.
我们怎么给一支股票估值：十二个模型，一个数
· 7 分钟站内估值页顶上那个数，是十二个模型的中位数。哪十二个、一家公司该算哪几个、12.4% 的折现率从哪来，以及我一开始做错的两件事。
Where the numbers come from: filings, point in time
· 5 min readEvery figure here starts in a filing. What EDGAR gives, what the fallback fills in, why each row stores when it became public, and what breaks a table.
这些数字从哪来：申报文件，以及它们何时公开
· 5 分钟站内每个数字都始于一份申报。EDGAR 给什么、回退源补什么、为什么每一行都要存下它公开的那一刻，以及会让八年表格出错的两件事。
Tesla, taken apart: a sum of the parts in three scenarios
· 13 min readTesla's three filed businesses at their peers' multiples, three unfiled ones as options. Bear $23, base $97, bull $540 a share, against a $364 price.
把特斯拉拆开：三种情景下的分部估值
· 9 分钟特斯拉财报里的三块生意按同行倍数算，财报外的三块按期权算、自己付建设的钱。熊市 $23、基准 $97、牛市 $540 一股，对着 $364 的股价，每个输入都摆在页面上。
How to read a reverse DCF: the growth a stock price implies
· 12 min readA step-by-step walk from a stock price to the one number it hides: how fast free cash flow has to grow to justify it, worked through on NVIDIA.
反向 DCF 怎么读：股价里藏着的增长率
· 9 分钟从一个股价出发，一步一步算出它隐含的自由现金流增速。以英伟达为例，把估值模型倒过来用。
How to value a bank: P/TBV, ROTCE and the line
· 11 min readA step-by-step walk from a bank's balance sheet to the three questions that price it: tangible book, the return on it, whether the equity is real, on JPMorgan.
银行怎么估值，一步一步来：P/TBV、ROTCE 和那条线
· 8 分钟从一家银行的资产负债表出发，推导出给它定价的三个问题：有形净资产、它的回报率、这份净资产是不是真的。以摩根大通为例逐步算给你看。
How to value a REIT: FFO, P/FFO and the yield spread
· 11 min readA step-by-step walk from a REIT's income statement to the three questions that price it: FFO and P/FFO, yield against the 10-year, the balance sheet.
REIT 怎么估值，一步一步来：FFO、P/FFO 和收益率利差
· 9 分钟从一家 REIT 的利润表出发，推导出给它定价的三个问题：FFO 与 P/FFO、股息对着 10 年期美债、资产负债表扛不扛得住。以 Prologis 为例逐步算给你看。
How to value a software company: Rule of 40 and SBC
· 10 min readA step-by-step walk from a software income statement to the three questions that price it: growth plus cash, EV per dollar of revenue, the cost of stock.
软件公司怎么估值，一步一步来：Rule of 40 和股票的代价
· 8 分钟从一家软件公司的利润表出发，推导出给它定价的三个问题：增长加现金利润率、一美元营收要花多少钱、现金流里有多少是用股票付的。以 ServiceNow 为例逐步算给你看。
Total return vs price return: what a stock chart leaves out
· 3 min readA price chart ignores dividends, so an income fund can look like it went nowhere for a decade. What total return counts instead, and when the gap matters.
总回报 vs 价格回报：股价图漏掉了什么
· 2 分钟价格图不计分红，于是高股息基金看起来十年原地踏步。这篇讲清总回报到底多算了什么，以及这个差距在什么时候会真正改变你的判断。
What a backtest cannot tell you
· 4 min readAn equity curve answers one question accurately. Here are the five things it quietly assumed on your behalf, and how to read the number it prints.
回测告诉不了你的五件事
· 4 分钟一条净值曲线只答得准一个问题。剩下五件事它默认替你做了假设，而读的人经常以为它说过。