Test the investment case against the data room. Trace revenue quality, debt terms, and downside assumptions into a cited IC draft.
Analyst One · Research intelligence system
More research capacity. Every conclusion traceable. Give Analyst One the mandate, the source set, and your investment context. It turns them into cited analysis, reports and workbooks.
The system does the research work. Your team retains judgment and final approval.
Our Principles
01
Citation is not a feature.
It’s the foundation. Every answer, every figure, every summary traces back to a line in a document.
02
Accuracy above all.
Our ingestion, OCR, and entity layer are our own. We control the primitives so the quality compounds. No shortcuts.
03
Quiet, by default.
Analyst One behaves like a seasoned analyst. Not standing in your way, but delivering precise, skeptical, and accurate work.
Who it's for
Built for the seat you sit in.
Reconcile definitions across the credit agreement and amendments, track leverage and headroom, and cite the governing clause in the memo.
Work across filings, transcripts, and external data to explain what changed — and draft the earnings note with every figure traced.
Pricing
Priced by seat. Published shortly.
Public schedule · Coming shortly
Pricing is published shortly.
Seat-based, with volume discounts from five seats. Until then, tell us about your desk and we'll walk through what fits.
Security · Trust model
Honest about what runs where.
Pages travel to our servers for OCR and extraction — briefly, under contract, and never to train a model. The parsed index lives on your device, and your queries against it run there too.
YOUR BROWSERHolds the parsed index. Search and citations run on device.
FELIX SERVERSEU-hosted. OCR, extraction, orchestration. Temp-only — deleted on return, 24h max.
MODEL PROVIDERSZero-retention agreements. No training on your data, ever.
EU-hostedProcessing in-region
GDPRIn scope · EU residency
Zero retentionNo training on your data
Walkthrough · one workflow
From mandate to memo.
One real workflow: a 340-page annual report in; a cited IC memo and a formula-driven model out. Four steps.
Scroll ↓
01Upload
Bring in your information.
Drop the annual report, the CIM, the credit agreement. Felix OCR parses every page — tables stay tables, footnotes stay attached — and the workflow graph links what it finds.
Ryanair 2026 LBO · LibrarySTEP 01
Drop files · 1 ready+ 1 new
PDFRyanair-2026-Annual-Report.pdf340 pp · 25.2 MB
01 · OCRFelix OCR340/340
02 · ExtractEntities2,993 found
03 · GraphWorkflow links7,627 edges
04 · IndexChunks · embeddings3,671 chunks
02Ask
Interrogate the workflow.
Ask the open question. The agent searches the workspace, walks the graph, inspects the exact pages — and answers with every material claim tied to its source.
Ryanair 2026 LBO · Felix IntelligenceSTEP 02
"How is fuel risk hedged, and what underwrites the growth plan?"
FY27 jet fuel is 80% hedged at $668/mt1. The contracted Boeing schedule (150 firm MAX-10s, 150 options) grows the fleet from 647 to 800 aircraft by FY342, underpinning the 300m-passenger target3.
1 · AR p.1522 · AR p.2233 · AR p.8
03Report
Draft work that survives review.
Findings become a cited IC memo and the supporting workbook. Edit any paragraph — the citations stay attached.
Ryanair · IC Memo (draft)STEP 03
Generated · editable · cited▸ Saved 2s ago
Ryanair Holdings plc — Take-Private Investment Committee Memo
Confidential · For discussion purposes only · 12 pp
Executive summary
We recommend a take-private acquisition of Ryanair Holdings plc at €32.00 per share — a ~23% premium, an equity purchase price of ≈ €33.4 billion (enterprise value ~€31.3bn, or 8.4× FY26A EBITDA). The base case delivers a ~28.9% IRR / 3.6× MoM over a five-year hold; the DCF independently supports €36–38 per share at an 8.0% WACC.
Company overview
Europe's largest airline by passengers — over 3,600 flights daily across ~240 airports1, 208m revenue passengers in FY26 at a 94% load factor2. Revenue €15,544m, EBITDA €3,747m, net cash €2,086m, 647 aircraft; investment-grade BBB+ (S&P, Fitch).
Investment thesis · 1. Structural cost advantage
Unit cost excluding fuel of €36 per passenger vs €62 (Wizz), €90 (easyJet), €147–253 (legacy)3. All 620 owned 737s unencumbered; 95% of bookings direct through Ryanair.com.
Key risks & mitigants · 1. Fuel price volatility
FY27 jet fuel 80% hedged at $668/mt4; downside case tested to covenant headroom under a cyclical demand shock
6 sources1 · AR p.42 · AR p.1703 · AR p.64 · AR p.152
04Review & send
You decide what becomes final.
Proposed changes wait for your sign-off. Then take the work anywhere: beautifully rendered PDF and Word, live-formula spreadsheets, or Markdown your AI agents can read — citations intact in every format.
Ryanair · IC Memo · Review & sendSTEP 04
Pending review · 1Nothing ships unreviewed
OKAccept proposed update§II figures · 2 editsReview
Export as · citations travel with every format
PDFPrint-cited memoTypeset render · 12 pp
XLSX5Y 3-statement · DCF · LBO135 rows · live formulas
DOCXEditable WordTrack changes · linked sources
MDMarkdown for AI agentsClaude · Codex · CLI-ready
Send to IC distribution8 partners · 28 May▸
FAQQuestions we hear
Questions we hear
most often.
For anything not covered here, email hello@felixresearch.com. James reads everything.
Sign up with your work email. You create your account and your firm's workspace directly in the app and can bring your first source set straight away.
Give it an objective and it works through a bounded research loop: it plans what to investigate, searches the approved source set, reads the relevant pages, and drafts a persistent deliverable. Retrieval is read-only; proposed changes to existing work stay pending until you accept them.
PDFs (text or scanned), plain text, HTML, and links — paste a single SEC URL or an entire investor-relations site. Scanned PDFs are OCR'd automatically.
Pages travel to our EU-hosted infrastructure for OCR and extraction, and the temporary upload is auto-deleted — within 24 hours at most. The parsed index is stored on your device. Your data is never used to train a model.
Seat-based, with volume discounts from five seats. The full schedule is published shortly — until then, contact us and we'll walk through what fits your desk.
Sign-up open · Start with your own sources
Bring us a question worth testing.
Create your account with your work email, set up your firm's workspace, and bring your first source set.