I trained as an accountant, and invest using ALL their three reports in the Financial Statements. None is valid on its own. Each needs consideration of facts from the others.

Over the decades, the analyst community has been given tooooooooo much say in changing the accountants' rules. The result has been a degradation of the value of the Statements. There are now whole asset classes I cannot buy because their Statements require too much work to undo all the new garbage. But still as a package, they are least 'subjective' metrics available.

I have a 40 yr history of stock returns that match the market but with less volatility, and affording me the fun of it. Accountants' Financial Statements work.