Series 86 case studies

Series 86 · Put your knowledge to work in context.

The Series 86 exam is Part I of FINRA's Research Analyst Exams, which FINRA describes as assessing the competency of an entry-level registered representative to perform the job of a research analyst. It is aimed at professionals who prepare written or electronic communications that analyze equity securities and/or companies and industry sectors - and, per FINRA, the registration requirements do not distinguish between "sell-side" and "buy-side" analysts. The Series 86 case studies are 5 cases and about 4,899 words.

The Recast Segment and the Four-Year Restructuring Charge

Midwest Precision Components (MPC) filed its FY2024 10-K in February 2025. Management collapsed three reportable segments (Aerospace, Industrial, Aftermarket) into two (Original Equipment, Aftermarket) and recast FY2023 to match, moving 210 million of prior-year revenue out of Industrial.

910 words, about 5 min 2

Harborline: Growth, Working Capital and a Covenant That Steps Down

Harborline Industrial Distribution grew FY2024 revenue 24% to 860 million from 694 million, and EBITDA margin held flat at 11.0%. Operating cash flow fell to negative 29 million from positive 61 million, and capex was 22 million.

999 words, about 5 min 3

Kestrel Medical: Terminal Value Against a Patent Cliff

Kestrel Medical Devices derives 68% of its 1,180 million FY2024 revenue from the Kestrel-7 catheter. The core US patent expires at the end of FY2029; a European formulation patent runs to FY2032; a next-generation device is in a 120-patient pivotal trial targeting FY2028 approval with no commercial partner signed.

956 words, about 5 min 4

Northwind Packaging: Building a Peer Set That Actually Compares

Northwind Packaging trades at a 2,660 million enterprise value on 280 million of LTM EBITDA - 9.5x. You are assembling a peer set.

1,027 words, about 5 min 5

Sierra Turbine: A Backlog That Does Not Mean What It Looks Like

Sierra Turbine Systems finished FY2024 with revenue of 921 million and adjusted EBITDA of 138 million. Year-end backlog was 520 million: 180 million is a non-binding framework agreement with a utility covering 2026-2029 deliveries with no minimum purchase obligation, and 340 million is firm purchase orders, of which management says 'roughly half' ships within twelve months, consistent with a historical 50-60% conversion rate.

1,007 words, about 5 min