Where the numbers come from

Analyze Portfolio is published and operated by Deep Digital Ventures, LLC, a Delaware limited liability company. It is an independent research and monitoring tool. We are not a broker, not an investment adviser, and not affiliated with, endorsed by, or acting for any company, fund manager or data provider named on this site.

We hold no assets and execute no orders. We take no payment from any company covered on this site, and there is no advertising and no paid placement: nobody can pay to appear here, to rank higher, or to be described differently. Questions and corrections go to our contact form, and a correction to a figure is treated as a defect rather than feedback.

Income statements, balance sheets and cash flow statements are built deterministically from each company’s own XBRL data in SEC EDGAR, the SEC’s public filing system. No language model produces a number, and no figure is an analyst estimate. Every cell carries one of three provenance states, shown on the page:

Reported means the company filed exactly that value, and the cell links to the filing it came from.

Derived means we calculated it from figures the company did file,because the filing does not state it directly. A derived cell shows the formula and deliberately shows no filing link, because a citation has to equal the thing it cites. The filing usually does support the inputs; what it does not state is this total, so no filing is presented as though it contained it. Attaching one is how a reader checks a figure, finds a mismatch, and stops trusting everything else on the page.

Adjustedmeans we changed the filed value for a stated reason and show what was originally filed alongside it. There are two reasons. A stock split makes older per-share figures incomparable, so they are restated onto the current basis: Nvidia’s FY2022 earnings per share renders as 0.385 while the filing says 3.85, because of a ten-for-one split. Separately, a small number of filings tag every monetary value at the wrong scale, typically by a factor of a thousand; where later filings contradict such a filing we correct the whole document and say so.

Two kinds of figure are not statement cells at all, and they are labelled differently because a filing cannot support them. Market-derived figures such as price to earnings and market capitalisation combine a filed figure with a market price, so they are only as current as that price, and the surfaces that show them state how recently that price was retrieved rather than citing a filing. Third-party reported figures come from another publisher of record, such as short interest reported to FINRA, and are attributed to that source with its own reporting period. Neither is an estimate, and neither is presented as something a company filed.

These are the cases where nothing is published, and why:

Banks.A bank’s top line is net interest income plus noninterest income. The generic revenue tag is unreliable for banks, and the fee-income subset is a fraction of the real figure. Where the components needed to compute it are missing from the filing, the revenue cell is blank rather than showing a subset dressed as a total.

Business development companies.A BDC’s income is investment income and its investing cash flow is lending money out, so revenue, revenue growth, all three margins, free cash flow margin and the current ratio do not mean what those headers say at any value. They are blank for the entire class. Net income, return on equity, return on assets, earnings per share, assets, equity and leverage are kept, because those are meaningful for a lender.

Insurers get the same treatment for gross margin, for the same reason.

Return on equity and debt to equity are shown as not meaningful when the balance sheet identity does not close within two percent, which indicates a mis-tagged equity figure, or when book equity is zero or negative, where the arithmetic is real but the ratio is not interpretable.

Price to earnings is not shown against a reported loss, and not shown for the near-zero values market data returns for some micro-caps.

Peer rankings need at least eight peers reporting the same metric, and rank only against companies that actually report it. Each ranking also names the peer set it was measured against. A page claims the highest or lowest in its peer group only when the company genuinely is the single highest or lowest, never as a rounding artifact.

Stale filers. A company whose most recent annual statement is more than 18 months old carries a visible note saying its figures may be out of date, gets no peer ranking section, and is excluded from search indexing. Every company page also states the period its latest annual figures cover and the date that period ended.

Company financial figures come from filings. Each one states the period it covers and either links to the filing it came from or shows how it was calculated. Prices are fetched when a page loads and cached for up to five minutes, and some international feeds are delayed further. Where a live price is unavailable we show the last known price with a delayed marker for up to seven days; past that the price is blank. Prices and price-derived figures on company pages outside a signed-in portfolio come from a stored price, last retrieved on a rolling basis and typically within the past week. That bounds when we last fetched it, not what date the quote itself measures.

Where a page carries a “data through” or “as of” stamp, it reflects the oldest figure in that view, never the newest, so the stamp cannot overstate how fresh the page is.

Investment managers with over $100M in qualifying US securities must file a Form 13F each quarter, generally within 45 days of quarter-end. We track a curated set of well-known managers (the investors list).

Timing: 13F is quarterly and up to 45 days delayed, so it reflects positions as of a past quarter-end, not today. Each investor is shown at their own most-recent filing; we label every figure with its quarter.

Scope: a 13F reports only long positions in US-listed 13(f) securities. It excludes short positions, cash, bonds, most non-US holdings, and derivatives beyond puts/calls, so it is nota manager’s complete portfolio. We never estimate a cost basis.

Conviction vs. quant:diffuse quant / multi-strat books hold hundreds of names with little single-name signal, so we count them separately from concentrated “conviction” managers. Amendments (13F-HR/A) supersede or supplement the original filing. A manager who has stopped filing is flagged as outdated.

Officers, directors, and 10% owners must report trades in their own company’s stock on Form 4, generally within two business days, so it is much fresher than 13F. See the insider buying screens.

Classification: we show reported non-derivative purchases and sales (SEC codes P and S), which may be open-market orprivate. We exclude option exercises, grants, and shares withheld for taxes, which are not discretionary buying or selling. A sale can be routine (e.g. a pre-set 10b5-1 plan).

Dates: activity windows use the tradedate, not the filing date, so a late-filed old trade doesn’t read as recent. We show both. A cluster buy is two or more distinct insiders buying the same stock within 90 days.

Short interest is the total number of shares sold short and not yet covered, reported by broker-dealers to FINRA under Rule 4560 and published as the Consolidated Short Interest dataset. FINRA is the owner and source of this data, which we include at no additional charge; it is for your own personal or professional use and may not be republished or redistributed. No FINRA endorsement is implied.

Timing: positions are reported as of twice-monthly settlement dates (mid-month and month-end) and published about nine business days later, so the latest figure can be two to four weeks old. We show the settlement date on every row.

Interpretation:days to cover divides the short position by FINRA’s reported average daily volume. We deliberately do not show short interest as a percentage of float, because share float is not part of the dataset.

We cover 3,700+ US-listed companies with a dedicated page. A holding in a security outside that set (foreign listings, micro-caps, some share classes) is shown by its issuer name rather than as a link. Securities are matched by CUSIP; tickers are a display convenience.

These limitations are part of the method.

As-reported means as reported. Figures are what the company filed. They may be unaudited, and a company can restate a period later. We do not smooth, normalise or adjust for one-off items beyond the split and scale corrections described above.

Some companies serve an old period, correctly.A fiscal-year change can leave a stub too short to be a year, and some foreign filers’ XBRL is not exposed by the SEC even though the filing exists. Where the source has no newer figure, neither do we: the page serves the last period the filer actually reported, and the figures are never rolled forward to look current.

Sectors are approximate.Sector and industry buckets are derived from each filer’s SIC code, which is coarse and occasionally counter-intuitive. The values inside a bucket are exact; the bucket is a navigational convenience.

Valuation figures are not from filings. Price, market capitalisation and price-to-earnings come from market data providers, not EDGAR, and are labelled as such wherever they appear beside filed figures.

What we deliberately do not have.No analyst consensus or price targets, and no verbatim earnings-call transcripts. There is no free, commercially redistributable source for either, so we do not carry them. Company guidance, where we show it, is extracted from the company’s own 8-K earnings releases, which is management’s own forecast rather than anyone’s estimate of it.

No company pays to be covered, ranked, or featured anywhere on this site, and no company can pay to change a figure. We earn no referral, transaction, or order-flow revenue from any broker, issuer, or data vendor; our only revenue is the subscription itself. Coverage is determined mechanically (by SEC-reported revenue and filing status), not editorially. Research pages show the filing dates and statement periods their figures come from, and figures update automatically when a company files again.

All of this is public filing data presented for research. It is not investment advice or a recommendation. A single filing or transaction is not a signal on its own; consider size, role, timing, and context.