Framework for reading software companies

I start with product necessity, replacement risk, and how clearly the product fits into a customer's daily workflow. If the job is durable, the pricing conversation becomes easier to analyze.

The second layer is financial quality: recurring revenue behavior, margin structure, and whether growth requires proportionally more complexity or capital over time.

The final step is writing down what would make the thesis wrong. If I cannot describe that plainly, the work is not finished.