The AI workspace for modern finance
Strata gives financial professionals new leverage over spreadsheet-heavy work, helping teams complete analysis faster, reduce manual reconciliation, and deliver more reliable outputs.
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Northstar Operating Review 2025
Financial Summary
FY2025 sales finished at $2,546.9 million, with the FY2026 forecast building to $2,697.1 million on stronger Product A and Product B demand.
Letter to shareholders
FY2025 reflected steady demand across the Product A and Product C lines, while Product B returned to stronger growth off a smaller base.
Management remains focused on gross margin expansion, disciplined R&D investment, and protecting net income conversion as the FY2026 forecast steps up.
Product mix
Northstar Operating Review 2025
Selected Financial Forecast
Summary figures referenced in the operating model, including sales, margin, operating income, taxes, and basis point checks.
Management commentary
Sales growth is driven by Product A volume and Product B recovery, while Product C remains a smaller but stable contributor.
FY2026 gross margin expands to 61%, offsetting higher R&D and net interest expense while lifting net income to $712.8 million.
Cross-reference
- Workbook tab
- Source_Pack...
- Linked range
- B12:E32
- Citation
- p.2
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Northstar Operating Review 2025
Variance Detail
The forecast separates favorable and unfavorable movement and tags basis point lines for margin, operating income, and net income conversion.
Basis point checks
- Gross Margin
- 540 bps
- Operating Income
- 680 bps
- Net Income
- 529 bps
Review notes
Favorable cost of goods and SG&A movement more than offset the unfavorable R&D, net interest, and taxes lines.
The source pack keeps negative variance values in parentheses so reviewers can distinguish operating favorability from simple year-over-year movement.
Use your existing files
Download Strata, open the Excel and PDF files your team already uses, and start working immediately.
Your workbooks stay workbooks: no proprietary format, no upload-first workspace, and no rebuild of the files that already run your process.
Local workspace
Northstar diligence workspace
Spreadsheet editor
Review all agent changes
Changes 1/2
Auditable by design
See every action before it lands. Strata keeps workbook changes legible with visible diffs, change summaries, and a clear review loop instead of burying edits behind an opaque run.
The point is not just automation. Teams can inspect every change, keep everything, or roll back everything in one move when a run is not ready.
Strata Chat
Cross-file spend analysis
Cross-file analysis
Ask questions that span a folder, not just the workbook currently open. Strata can read across related models, monthly files, source packs, and PDFs to assemble the context behind an answer.
That can make recurring analysis 5x faster or more, turning month-over-month bridges, vendor rollups, portfolio updates, and source-backed charts into review work instead of rebuild work.
Context available
What Strata keeps in view
Current view
The workbook, sheet, selection, or document in front of you
Related files
Other models, reports, PDFs, and folders in the workspace
Recent actions
What you just opened, reviewed, edited, or asked Strata to do
Memory
Team conventions, recurring workflows, and durable preferences
Past sessions
Relevant conversation history and prior run context
Operate in context
High-stakes spreadsheet work rarely lives in a single sheet. Strata understands the files, terminology, and conventions around the model you are working in, not just the active grid in front of you.
That means less setup, fewer ambiguous prompts, and more useful output on the first pass, with room for company-specific language, formatting preferences, and recurring workflows.
Local desktop
Context stays in your workspace
Workspace files
Models, PDFs, source packs
Skills
Reusable workflows and tool use
Past sessions
Prior runs and review history
Memories
Team conventions and context
Strata server
Temporary slices only
No uploaded files
Nothing stays on the server. Only small temporary slices of data are used when needed.
Private by default
Strata is desktop-first by design. Your files stay in your local workspace or your company storage instead of getting rewritten into a hosted document system just to use the product.
That lets teams keep existing spreadsheet workflows while adding agent help, durable context, and auditability without pushing sensitive model context further away from where it already lives.