Fundamental analysts study anything that can affect the security’s value, including macroeconomic factors such as the overall economy and industry conditions, and microeconomic factors such as financial conditions and company management.
The end goal of fundamental analysis is to produce a quantitative value that an investor can compare with a security’s current price, thus indicating whether the security is undervalued or overvalued.
Fundamental analysis is based on real data and trends, and in addition to equities it can also be used on pretty much any asset that is affected by outside data. For example, the price of gold is often affected by changes in interest rates, or geopolitical events. These are both fundamental factors. Cryptocurrency fundamentals include blockchain forks, new listings on exchanges (or de-listings), partnerships, coin burns, and other factors.
In the realm of equities, the most famous fundamental analyst is quite likely Warren Buffet, who has amassed a multi-billion dollar fortune through his uncanny ability to analyze company fundamentals and buy stocks that are undervalued.