One of my favorite charts is “revenue since inception."
Usually CIMs only include 3 or 5 years of financials, which fails to portray the history, long-term trend, and cyclicality exposure of the target.
Last year I looked at a business where volume appeared to have peaked and stagnated based on the 4-year view. I asked for long-term historicals, and wow did that change the story: volume was down 50% in the last decade. This killed both their integrity and the deal.
