Financial numbers rarely mean much in isolation. I start by looking at growth, profitability, financial position and cash, then connect the signals across statements.
We don't want to decide whether a company is "good" or "bad". This exercise is to notice something interesting, look for why it might be happening, and then, cross-check if there is any evidence to support that hypothesis.
This approach is guided by my Financial Analysis Playbook: form hypotheses, not conclusions.