Napkin Math

About Napkin Math

Napkin Math is a newsletter that explores profit and power in technology through financial analysis and back-of-the-envelope calculations, written by Evan Armstrong as part of the Every collective . Armstrong, who had never been paid to write before joining Every when it started in 2020, became a full-time professional writer through the platform . The newsletter examines tech companies, business models, and industry trends through financial breakdowns and first-principles thinking, using accessible explanations to help readers understand complex topics. Napkin Math publishes analyses of public company earnings, startup valuations, technology trends, and business strategy.

The newsletter had more than 17,000 subscribers by July 2021 and has grown to over 100,000 readers as of 2025 . Napkin Math operates under the Every bundle, a collective of business and technology newsletters founded by Dan Shipper and Nathan Baschez. The newsletter took a brief hiatus in 2023 before relaunching with continued growth. Napkin Math has established itself as one of the leading voices in technology analysis by combining rigorous financial analysis with clear, accessible writing that appeals to founders, investors, and tech professionals interested in understanding the business fundamentals behind technology companies.