Methodology

This page explains how a report on this site goes from a company's filing to a published analysis, and where the process can fail.

1. Source: the company's own filing

Analyses are built from primary documents: the quarterly report (Form 10-Q), the annual report (Form 10-K), or the earnings release the company files with the U.S. Securities and Exchange Commission (SEC) through its EDGAR database. We do not rely on news summaries or third-party data feeds for the figures. Each published report links to the filing it used.

2. The filing is read directly

The filing is downloaded and converted to plain text, then searched and read section by section: the financial statements, the management discussion (MD&A) where the company explains why numbers moved, segment and regional detail, and the outlook. Figures in the report are taken from those sections, including year-to-date figures alongside the quarter.

3. What every report contains

• A headline stating what happened and what drove it.
• A metrics table comparing the period with the same period a year earlier: revenue, margin, net income, earnings per share, and one or two measures specific to the industry.
• Explanations tied to a specific line item or a sentence in the filing, with one-off items, currency effects, and mix changes called out when the filing supports that reading.
• A single takeaway, plus management's guidance where given and our reading of the trajectory.

4. Plain language

Terms are explained the first time they matter to a sentence, and the guides cover the recurring ones. We keep the specific numbers and causes; we drop the jargon around them.

5. Adjusted versus reported figures

Where a company reports both GAAP (the standard accounting rules) and "adjusted" or "non-GAAP" figures, reports say which one a number is. When the two point in different directions, the report says so.

6. Known limits

• The analyses are written by an AI model (Claude). It can misread a table, pick the wrong line item, or miss context that is not in the filing. The source link on every report is there so you can check.
• Reports describe what was filed on a given date. Later events, restatements, or amended filings may change the picture; when we learn of one, the report is updated.
• Reports do not value a company, forecast its share price, or say whether to buy or sell it.

7. Errors and updates

Verified errors are corrected in place and the report's "updated" date changes. See the corrections policy to report one.