Insights
Working notes from the Scepter Capital team on valuation, margin and the mechanics of building a business worth more than the sum of its revenue.
The Archive
Every piece here is built the way we build for clients: real schedules, real arithmetic, and the decisions the output does and does not support.
Sep 2026 6 min read
Revenue has gone up year-over-year, but profit has not followed. A worked example on two products, a 28-point spread the income statement was hiding, and why the answer is almost never to drop the weaker line.
Bring us a question
If a piece here raises a question about your own business, send it over. We will walk your team through the build, at no cost, so the output is something you can act on.
