The season opens in an expansion scenario. Improving demand creates opportunities to grow sales, but companies differ in their costs, cash reserves, and borrowing needs. Growing revenue does not automatically mean that profit margins improve.

Stock prices reflect expectations as well as current results. A company can perform well and still disappoint investors if its valuation assumes even faster growth. Rising stock prices do not themselves make borrowing harder; loan costs depend on factors such as interest rates, credit risk, and lenders' terms. Those lending terms are not individually modeled in this game.

Start with a business you can explain. Compare its operating margin, cash, debt, and valuation with a competitor. Write down what evidence would support your decision and what would change it.

Research question: Which company can pursue growth without relying on an unusually optimistic valuation or continual new borrowing?