Methodology
Every number on this site either came from a filing or was calculated from one. This page says which is which, how old each figure can be, and where the data is known to fall short. Nothing here is estimated by hand or filled in to look complete.
The filings themselves
Institutional portfolios come from Form 13F, filed quarterly with the U.S. Securities and Exchange Commission by managers running more than $100 million in U.S. equities. Insider trades come from Form 4, which officers, directors and holders of more than 10% of a company must file within two business days of a trade. The list of what is listed, and on which exchange, comes from the Nasdaq Trader symbol files. Prices, multiples, annual statements and dividend history come from a market data provider. Crypto held on company balance sheets comes from XBRL tags in the companies’ own filings with the SEC.
How old each number can be
Quotes for the most-followed stocks refresh four times during the trading session and again after the close; the rest of the universe is refreshed once a week. Insider trades are ingested nightly on weekdays, so a Form 4 filed today appears tomorrow. 13F portfolios are ingested when filed and change once a quarter. Annual statements and dividend history refresh monthly, price history weekly, and crypto balances quarterly — but the coin prices used to mark those balances refresh daily, because the amount a company holds changes quarterly while what it is worth changes every day. Each page states the date of the figure it is showing.
What is calculated, not reported
Fair price, mNAV, payout ratio, dividend growth and the year-by-year multiples are calculated here from reported figures — no provider publishes them. The formulas and their assumptions are printed next to every result, because it is the assumption that produces the number: a discounted cash flow at 8% instead of 10% changes the answer by tens of percent. Where a formula has no meaning for a company, the cell is left blank with the reason, rather than filled with a number.
What gets thrown away, and why
Several rules discard data rather than publish something misleading. When several affiliated entities file the same position, it is counted once instead of two or three times. A valuation more than ten times the market price is rejected as a broken input rather than shown as an opportunity. Closed-end funds and BDCs are excluded from fair price entirely, because their earnings are portfolio revaluation rather than operating profit. Insider trades below $50,000 and pre-scheduled 10b5-1 sales are excluded from the rankings. Every one of these cuts is stated on the page it affects.
What is known to be incomplete
A share of 13F positions cannot be matched to a listed ticker — the filings identify securities by CUSIP, and the mapping is imperfect for older names and foreign issuers; in the current quarter this is about 6.5% of reported value. EBITDA is absent for banks and insurers, which is correct rather than missing: interest is their revenue, not a cost. A handful of dividend payers have no payment history yet. Coverage is U.S.-listed securities only, so a company trading over the counter or on a foreign exchange does not appear.
Corrections
If a number here disagrees with the filing it came from, that is a defect and it will be fixed. Use the contact page and include the ticker or the manager, and what you expected to see.