(1) revenue i.e topline + 5-year trend (2) net profit i.e bottomline + 5-year trend (3) dividends + 3-year trend (for dividend stocks) (4) dividend payout ratio + 10-year trend (for dividend stocks) (5) ROE + 5-year trend (6) Free cash flow + net debt (7) PEG + Total Addressable Market i.e TAM (for growth stocks) after that move on exceptional items/one-off gains or loss that affect net profit, adjust net profit number accordingly then, you might also want to read the other stuff besides financial statements. move on to management ownership, and how management is compensated, combine this with ROE trend will tell you whether stakeholder's equity is properly utilised/maximised and interest prioritised. Further look at dividend trend and payout ratio also for dividend stocks to properly determine priorities. then verify previous year's claim of strategy (usually will appear in the first few pages and broken down in details subsequently) vs what has been implemented in current year as you can tell, we read financial reports backwards, starting from the financial statement numbers first. Usually these will give you a good gauge on fundamentals. I personally read "The Intelligent Investor by Benjamin Graham", cover to cover, over time. I read the few relevant chapters first, then grab an actual financial report, and put what I've read into practise. Then go back to revise again to make sure I know what I'm doing. Double check terminologies on google, rinse and repeat. After getting yourself more familiar with the financial terms and what those numbers mean, you can proceed to read the other chapters in the book or advance to other more complex financial stuff. At least this is how I learn/do my research as a retail investor, not the most accurate nor best advice so I'm also curious how the pros do it.