How to Analyze International Companies Before You Invest

Investing Beyond U.S. Borders

Most of the investing world tends to focus on the U.S. stock market. That’s natural. It’s where data is easiest to access, where the SEC enforces strong reporting rules, and where companies are well covered by sites like Morningstar or Seeking Alpha. But what happens when you discover a great business outside the U.S.—say in Ireland, Norway, or India?

I get this question a lot from international listeners and from U.S. investors who want to broaden their horizons. The truth is, investing internationally comes with its own set of opportunities and challenges. The Rule #1 principles still apply—Understand the Business, Moat, Management, and Margin of Safety—but the way we gather information and assess risks looks a little different.

Step One: Confirm the Company Is Public

The first thing I do is simple: make sure the company is public. Without that, you can’t buy shares. Start with a quick Google search: [Company Name] + Investor Relations.

If the company has an investor relations page, you’re in business. If not, move on. Lack of transparency is a red flag. Public companies will always have a dedicated section for investors, and it’s where you’ll find annual reports, financial data, and insight into their business model.

A good company is going to have an Investor Relations page. If they don’t, move on.

Understand the Business—and Make Sure It Aligns With Your Values

Before diving into numbers, I start with the company’s story. On most websites, you’ll find an “About Us,” “Our Journey,” or “History” section. That’s where I look for clues about what the company does, how it got started, and what its purpose is.

But I don’t stop at business basics. For me, values matter just as much as numbers. I want to invest in businesses I respect, whose values line up with mine. Money is a vote, and when we invest, we’re effectively casting our vote for that company’s future.

Now, I know many companies write lofty mission statements they don’t live up to, and that’s why further digging is essential. But at the very beginning, I want to see whether this is even a company I’d want to support.

I want to vote my money where my values are.

The Country Matters as Much as the Company

When analyzing international companies, you’re not just investing in a business—you’re investing in a country. Political stability, economic predictability, and currency strength all come into play.

For example, I’m very cautious about companies based in countries with unpredictable governments, unstable currencies, or unclear protections for foreign investors. China and Russia are on my personal “do not buy” list. On the other hand, countries like Norway, Switzerland, and Ireland generally offer stable environments where businesses can thrive long term.

Even in stable countries, you need to think about currency. If you’re investing in a company that reports in euros or Norwegian kroner, how does that translate into U.S. dollars? You don’t want your investment gains wiped out simply because the currency lost value against the dollar.

Tools and Resources for International Research

Once I’ve confirmed that a company is public and I’ve gotten a sense of its values and business, I start gathering outside perspectives. Sites like Seeking Alpha are excellent because they often cover non-U.S. companies. You can also find insights in global financial news sources or regional investing platforms.

That said, international financial data isn’t always as neatly packaged as U.S. data. Sometimes, you’ll need to dig into reports, convert currencies, and even build your own spreadsheets to track historical numbers. It’s more work—but remember, we’re looking for only a handful of wonderful companies to own forever. That’s worth the effort.

Narrowing Down a List of Companies

If I’m handed a list of 10 international companies, I’ll usually open them all in separate tabs and skim their investor pages. I want to quickly see which ones stand out, either because they’re in an industry I already understand or because something about their story sparks my interest.

The key is to get to “no” as quickly as possible. If the company doesn’t align with my values, lacks transparency, or comes from a politically unstable country, I move on. That saves me time to dig deeper into the few that could actually be worth owning.

The faster I can get to a ‘no,’ the better—because that means I’m closer to finding my ‘yes.

The Joy of Discovery

Analyzing international companies may seem daunting, but it’s one of the most rewarding parts of being an investor. It forces you to learn about new industries, new cultures, and new markets. It’s also a reminder that Rule #1 investing principles apply everywhere—not just in the U.S.

Approach this process like a journalist: curious, skeptical, and committed to uncovering the truth. When you find that rare international business that you understand, that has a durable moat, trustworthy management, and a margin of safety—you’ve got a potential winner no matter where it’s headquartered.