GeminIQ Blog
SEC Data & Value Investing Insights
In-depth stock analysis, SEC filing breakdowns, and fundamental research — everything read straight from primary-source 10-K and 10-Q data.
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Turn SEC filings into interactive fundamental analysis. Screen, compare, and track — sourced as-filed from SEC EDGAR.
The QuickFS Alternative That Actually Pulls From the Filings
QuickFS shut down in February 2026 after disclosing that its data was GuruFocus data, not figures parsed from filings. GeminIQ parses every US 10-K and 10-Q itself, keeps line items as filed, links each period to its source filing, and exports to Excel.
Micron (MU) Q4 2026 Earnings: Revenue Up 379%, Deposits $12.75B
Micron's Q4 FY2026 revenue was $54.23 billion, up 379% year over year, with diluted EPS of $32.87. The 10-K shows the strategic customer agreements behind its 'durability' claim carry $12.75 billion of customer deposits and about $33 billion of next-twelve-month obligations.
Jefferies (JEF) Q3 2026 Earnings: Revenue Up 11%, Tax Rate Down 9 Pts
Jefferies reported Q3 2026 total revenues of $3.23 billion, up 11.1%, in the quarter ended August 31, 2026. The 10-Q cut the tax rate to 17.9% from the release's 24.8%, lifting net earnings $23.3 million above the release.
Delta (DAL) Q3 2026 Earnings: EPS Down 47%, Investments Swung $529M
Delta's Q3 2026 10-Q shows revenue of $20.19 billion (+21.1%) and diluted EPS of $1.15 (-47.0%). A $529 million swing in investment gains and losses drove most of the pre-tax decline.
PepsiCo (PEP) Q3 2026 Earnings: EPS Up 17%, Core EPS Up 2%
PepsiCo reported Q3 FY2026 revenue of $25.27 billion (+5.6%) and diluted EPS of $2.23 (+17.4%). The 10-Q shows excluded items drove about four-fifths of the operating profit gain, and the 8-K cut core EPS guidance.
NOVAGOLD (NG) Q3 2026 Earnings: EPS -$0.08, Equity Loss Up 222%
NOVAGOLD's Q3 FY2026 10-Q shows no revenue and a diluted loss of $0.08 per share, against $0.04 a year earlier. Donlin Gold's equity loss rose 222% to $24.0 million, while operating cash flow was only -$3.3 million.
KB Home (KBH) Q3 2026 Earnings: EPS Down 35%, Cash Flow -$135M
KB Home reported Q3 2026 revenue of $1.30 billion (-20% YoY) and diluted EPS of $1.05 (-35%). Operating cash flow was -$135.4 million while buybacks and dividends totaled $65.2 million.
Free Cash Flow Inflection: The Quarter It Turns Positive
Free cash flow inflection is the quarter a company's trailing-twelve-month Free Cash Flow first turns positive after a run of negative readings, and this study tracks 4,491 of those crossings across the SEC filing universe to see whether the market reaction depended on what happened in the four quarters that followed.
Consecutive Revenue Growth: Companies Past a Decade
Consecutive revenue growth for a full decade is rare enough that as-filed data can name every company that has actually done it, and most of the names on the list are not the megacaps most investors would guess first.
Companies That Restated Financials: What Followed
Companies that restated financials are identifiable directly in the arithmetic of their own as-filed quarterly data, and the twelve months that followed those restated filings underperformed the broader filing universe by a wide margin.
Capex Intensity by Sector: What Filings Show
Capex intensity by sector, measured against depreciation rather than revenue, shows a majority of companies currently spending less on capex than they are depreciating their existing asset base.
Working Capital Drain: Honeywell's $3.1 Billion Gap
Working capital drain occurs when a company's reported net income runs well ahead of the actual cash its operations generate, and as-filed data ranks the largest companies currently showing that gap.
Receivables Growing Faster Than Revenue: Weaker Returns Followed
Receivables growing faster than revenue is a filing-level fact anyone can check quarter over quarter, and in GeminIQ's data the widest gaps between receivables growth and revenue growth were followed by weaker forward returns than the broader filing universe, with the gap widening the further out the window runs.
Deferred Revenue Growth Falling Behind Revenue
Deferred revenue growth falling behind revenue growth is a filing-level warning sign for subscription and prepaid-service businesses, and in GeminIQ's data, filings where that gap was widest were followed by a median 12-month return of -1.4%, against +8.6% for the broader filing universe.
Days Inventory Outstanding: The Gross Margin Hit
Days Inventory Outstanding measures how long a company holds inventory before selling it, and in GeminIQ's filing data, a sharp year-over-year rise in that figure is followed by gross margin compression far more often than the broader filing universe experiences.
Pandemic Stocks That Crashed: Zoom, Teladoc, and DocuSign
The pandemic stocks that crashed all decelerated in their own SEC filings before the market repriced them. This forensic study reads 106 consecutive 10-K and 10-Q filings from Zoom, Teladoc, and DocuSign to pinpoint the exact quarter each company's year-over-year revenue growth rate came in below the quarter before — and where the stock traded when that filing hit EDGAR.
Stock-Based Compensation as a Percent of Revenue
Stock-based compensation as a percent of revenue is a direct measure of how much of a company's top line is being handed to employees in equity rather than earned as economic profit, and in GeminIQ's data, the highest-ranked company currently spends more on stock compensation than it collects in trailing revenue.
Negative Cash Conversion Cycle: 76 Companies Run One
A negative cash conversion cycle means a company collects cash from customers before it has to pay its own suppliers, and the as-filed data shows exactly which large companies structurally run one.
Interest Coverage Deterioration: Median Held Near 4x
Interest coverage deterioration is widely assumed to be a broad casualty of the higher-rate cycle, but as-filed data shows the median company's coverage barely moved, while the sharpest individual declines trace to acquisition debt, not rate resets.
Companies With Net Cash: Balance Sheets With No Debt
Negative net debt means a company holds more cash and short-term investments than it owes in interest-bearing debt, and as-filed data ranks the largest companies currently running one of these balance sheets.
Stock Compensation Exceeds Free Cash Flow
Stock compensation exceeds free cash flow at 262 companies in GeminIQ's current filing data, led by Amazon's $19.314 Billion in trailing stock-based compensation against negative free cash flow, and by Figma, where stock compensation alone came to more than the company's entire trailing revenue.
Largest Goodwill Impairment Charges in SEC Filings
The largest goodwill impairment charges in SEC filings history are directly traceable to the Goodwill Impairment Loss tag each company disclosed in its own 10-K, led by General Motors' $27.145 Billion write-down in 2012 and General Electric's $22.136 Billion write-down in 2018.
Institutional Buying Before Big Runs: None Got Ahead of the Move
GeminIQ's Form 13F data traces institutional ownership through the pre-run and run-era quarters of three celebrated multi-year stock moves — Tesla, NVIDIA, and Palantir — to test whether the 'smart money' actually got ahead of any of them.
Negative Equity From Buybacks: 31 Companies
Negative stockholders' equity is usually read as a distress signal, but as-filed data shows a specific group of companies with negative equity driven entirely by share buybacks rather than accumulated losses.
How to Value a Company From Filings Alone
Every valuation model blends two very different kinds of inputs: figures that trace directly to a specific line in a specific filing, and assumptions a reasonable analyst could disagree with. Most valuation discourse treats a target price as a single number of uniform confidence, when it's actually built from a foundation of filed fact and a superstructure of forward-looking judgment. This guide walks through exactly which inputs are filed and which are assumed across DCF, comparable multiples, asset-based valuation, and the dividend discount model — the framework for knowing how much of any valuation to actually trust.
IPO Lockup Expirations: What the S-1 Tells You
An IPO lockup expiration is the date, disclosed in the company's S-1 registration statement, when insiders and pre-IPO shareholders first become contractually free to sell — and academic research has repeatedly found it comes with a measurable increase in trading volume and a negative average stock-price reaction. This guide covers exactly where the lockup is disclosed in the S-1, how long it typically runs, the automatic-extension and early-release provisions most retail coverage never mentions, and how to track the date forward once the company is trading.
How to Build a Defensible Peer Comparison Set
A peer comparison is only as good as the peers in it, and an industry-label peer group can fail before a single ratio gets calculated — because the companies being compared share an industry label and little else that actually matters. This guide covers why SIC and even GICS classification codes alone aren't sufficient to build a peer set that actually holds up, a real, underused source of professionally-vetted peer groups disclosed in every company's own proxy statement, and the specific filters — revenue scale, growth profile, margin structure, and capital structure — that separate an actual comparable from a company that merely shares a sector.
Form 144 Explained: Reading Planned Insider Sales
Form 144 is the notice an insider or other company affiliate must file with the SEC before selling restricted or control securities above a set size threshold, and it's a leading indicator almost nobody checks: it discloses a planned sale before the Form 4 confirms it actually happened. This guide covers who has to file, the exact thresholds and timing that trigger the requirement, how Form 144 differs from Form 4, and how to find any insider's Form 144 history on EDGAR.
When XBRL Tags Change Between Filing Years
In Microsoft's FY2017 10-K, the standard us-gaap:Revenues tag captured only product revenue — not the company's real total — for all four quarters of the fiscal year, summing to a self-consistent annual figure that passes every structural check EDGAR runs. This case study walks the actual filing data quarter by quarter, the validation checks that pass anyway, and what a gross margin above 100% looks like when that figure feeds a calculation unchecked.
XBRL Data Providers Compared: Why the Numbers Differ
The SEC's XBRL taxonomy sits behind every reported figure in a 10-K or 10-Q, and it is revised every year. This post covers what the taxonomy is, what happens when an element is deprecated or replaced, when a filer is allowed to invent a custom tag instead, and why two financial websites can show different numbers for the same company as a result.
How to Pull SEC Financial Data With Python
The SEC publishes almost every number in almost every 10-K and 10-Q through three free XBRL endpoints that need no key and no signup, which makes writing your own data pipeline look like a weekend job. This guide builds that pipeline properly — all three endpoints, the frames period syntax that silently 404s, the rate limit, CIK padding, duplicate rows, and fiscal-period alignment — and then shows the two problems that remain after the script is finished, because they are properties of the filings rather than bugs in the code.
EDGAR Accession Numbers and Filing URL Structure
An accession number — a string like 0000320193-23-000106 — is the unique identifier EDGAR assigns to a single filing, and understanding its structure is what turns it into a working URL rather than an opaque reference. This guide covers how EDGAR's Archives URLs are built from a CIK and an accession number, where the filing index page and primary document live, how the XBRL viewer's R-files are organized, and the hyphen and CIK-padding differences that break a manually constructed URL more often than anything else.
Warren Buffett's Portfolio: How to Read Berkshire's 13F
Warren Buffett's portfolio is public record, disclosed every quarter through Berkshire Hathaway's Form 13F — including its actual current holdings, led by Apple at 22% of the disclosed portfolio. But the filing comes with a 45-day lag, covers U.S. long equity positions only, and gets misread constantly by investors chasing the headline 'Buffett bought X' rather than the position change underneath it. This guide covers Berkshire's real Q2 2026 holdings and how to read the filing correctly.
Gross Profit Margin by Industry: 20% to 62%, by Sector
Gross profit margin by industry varies less between sectors than it does within them, and as-filed data shows the typical company's peer range is often wider than the gap between industries.
Dividend Cuts: Payout Ratios Topped 66% First
Dividend cuts rarely arrive without warning in the filings themselves, and in GeminIQ's data, companies that cut their trailing-twelve-month dividend by 20% or more had a median payout ratio of 66.3% a year earlier, against 38.2% for companies that kept paying.
Rule of 40: SaaS Formula, Benchmark, and Limits
The Rule of 40 measures whether a software company's revenue growth rate plus its profit margin clears a combined 40% threshold, and understanding what the metric captures — and where it breaks down for companies outside subscription software — is what separates a truly useful growth-versus-profitability check from a number repeated without context.
How to Read an Income Statement: A Line-by-Line Guide
An income statement reads top to bottom as a series of subtractions from revenue, and understanding what gets subtracted at each stage — cost of goods sold, operating expenses, interest, and taxes — is what separates a headline earnings number from an informed read of how a company actually made its money.
How to Read a Balance Sheet: A Line-by-Line Guide
A balance sheet is the equation Assets = Liabilities + Equity, frozen on one date. Learning to read it means learning what each side is really telling you about solvency, liquidity, and how the business is financed — using Apple's latest 10-Q as the working example.
GameStop Before the Squeeze: Enterprise Value Went Negative
GameStop before the squeeze was a collapsing retailer with a strengthening balance sheet. This forensic study reads 17 consecutive 10-K and 10-Q filings from April 2018 to March 2022 to show that total debt fell 70.6% to $241.0 Million while the market priced the enterprise at $321.0 Million, and that at the July 2020 quarter close GeminIQ's Enterprise Value for the company read negative $247.0 Million.
Cash Flow Statement Explained: How to Read the Three Sections
A cash flow statement reconciles accounting profit to actual cash by sorting every movement into three buckets — operating, investing, and financing. Understanding what belongs in each, and why net income and operating cash flow can diverge, is what turns a reported earnings number into a read on real cash generation.
Priced for Perfection, Quantified: When Great Earnings Aren't Enough
GeminIQ's cross-universe filing data quantifies the 'priced for perfection' pattern: quarters combining strong revenue growth with an above-sector Price-to-Sales Ratio were followed by the weakest three-month returns of any bucket in this study, while cheap, weak quarters delivered the strongest.
Operating Leases vs. Debt: The ASC 842 Problem
Most sources report Lululemon's total debt at $2.14 billion. Its actual interest-bearing debt is $0 — both are true, because $2.14 billion is entirely operating lease liabilities under ASC 842, an accounting standard that moved leases onto the balance sheet in 2019 without changing how their cost is treated on the income statement. This guide covers exactly what ASC 842 changed and didn't change, the full Lululemon case where this distinction produces a genuinely misleading debt figure, and how to separate real interest-bearing debt from lease liabilities on any company's balance sheet.
Quality of Earnings: Reading Accruals From Filings
Two companies can report identical net income and mean entirely different things by it, depending on how much of that income is cash already collected versus accruals — revenue and expenses recognized under GAAP but not yet converted to cash. This guide covers what accruals actually measure, the two standard methods for calculating total accruals from a 10-K, the academic research showing high-accrual earnings predict weaker future performance than cash-based earnings, and where the accrual buildup shows up in a company's filings before the aggregate number would flag it.
Reading the Cash Flow Statement for Fraud Signals
The cash flow statement has a reputation as the hardest financial statement to manipulate, because cash either moved or it didn't. That reputation is only partly earned: a cash flow statement has three sections, and which section a real cash outflow gets classified into is itself a judgment call — one that, in one of the largest accounting frauds in U.S. history, was the entire mechanism. This guide covers the standard net-income-versus-cash-flow fraud check, the real, court-documented case where that exact check failed to catch $3.8 billion in misclassified expenses, and what would have actually caught it.
SEC Comment Letters: Reading UPLOAD and CORRESP
SEC comment letters are the correspondence the SEC's Division of Corporation Finance sends when it reviews a company's filing and finds something worth questioning, filed publicly on EDGAR under the form types UPLOAD for the SEC's letter and CORRESP for the company's response. This guide covers what triggers a review, what the SEC's staff comments on most, how to read a comment letter thread, and how to find any company's correspondence history on EDGAR.
Balance Sheet Red Flags: A Filing-Based Checklist
A balance sheet red flag rarely shows up as a single alarming number — it shows up as one line item growing faster than the business around it, quarter after quarter, until the pattern is unmistakable. This checklist covers seven filing-based checks — receivables outpacing revenue, inventory outpacing sales, working capital eroding, goodwill concentration, debt outpacing earnings, shrinking liquidity, and the composite Altman Z-Score — with what each one actually means and where nuance matters, since several of these signal real strength in the right business model.
Pay Versus Performance: Reading Executive Comp in the Proxy
The Pay Versus Performance table shows what executives were actually paid once equity awards are marked to the stock price that mattered — a figure the Summary Compensation Table does not provide. This guide covers Item 402(v) compensation actually paid, the CEO pay ratio, the Rule 10D-1 clawback policy, the say-on-frequency vote, and the equity award detail tables sitting behind the headline totals.
A Capital Allocation Scorecard Built From Filings
Every dollar of free cash flow a company generates gets deployed to one of five places — reinvestment, acquisitions, debt paydown, dividends, or buybacks — and management picks the mix. This guide scores all five levers using only what a 10-K and 10-Q disclose: how to tell maintenance capex from growth capex, whether a buyback was actually executed or just authorized, whether debt paydown is real deleveraging or just refinancing, and why M&A is the hardest of the five to verify from filings alone.
Which Financial Metrics Matter by Sector
Current Ratio, Debt-to-Equity, and ROIC work reasonably well across most companies, and they stop meaning much the moment a business model diverges from the generic case those metrics were built around — a bank whose liabilities exceed its assets by design, a REIT whose net income is depressed by non-cash depreciation, an insurer whose real profitability question has nothing to do with net income at all. This guide covers the metrics that actually matter for seven distinct business models — banks, insurers, REITs, SaaS, retail, capital-intensive industries, and pre-revenue companies — and exactly where the standard toolkit breaks down for each.
Revenue Growth Slowdown: What 76,908 Filings Show
Revenue growth slowdown is the most-watched warning sign in growth investing, and this study measures what actually followed one across 76,908 as-filed 10-Q filings from 2004 to 2026. Quarters where GeminIQ's Revenue Growth metric fell more than 50 points were followed by a median three-month return of -1.8% against a universe base rate of +2.4%, and the gradient holds across all nine buckets.
8-K Item Codes: The Complete Reference List
Every SEC Form 8-K carries one or more numbered item codes — from 1.01 to 9.01 — that classify exactly what kind of material event triggered the filing, and financial media almost never reports which item number a story actually falls under. This is the complete reference: all 33 item codes the SEC defines across the form's nine sections, what each one means, when it's due, and how much weight it typically carries for investors.
Which SEC Filings Are Audited, and Which Aren't
Not every SEC filing carries the same level of verification. The 10-K is fully audited, the 10-Q only receives a limited review, and some filings — like the routine 8-K — carry no independent assurance at all. This guide maps audit status across the 10-K, 10-Q, 8-K, S-1, and proxy statement, and shows what a real going concern qualification looks like inside an audit opinion.
Amended SEC Filings: What a 10-K/A Actually Means
An amended SEC filing — most often a 10-K/A or 10-Q/A — corrects or supplements information a company already reported to the SEC, and unlike the original filing it carries no fixed deadline at all. This guide covers what triggers each type of amendment, how to read the Explanatory Note that tells you which kind you're looking at, and how to check any company's amendment history directly on EDGAR.
SEC Filing Deadlines by Filer Status: The Calendar
SEC filing deadlines are not the same for every company. A 10-K can be due in 60, 75, or 90 days depending on filer status, and several other required filings run on entirely different clocks. This reference maps deadlines for the 10-K, 10-Q, 8-K, Form 4, 13F, and 13D/13G, and flags a pending SEC proposal that would reshape the filer status system itself.
Bed Bath & Beyond: The Buybacks That Funded a Bankruptcy
GeminIQ's as-filed data traces Bed Bath & Beyond's thirteen-year buyback history against its deteriorating fundamentals, quantifying how roughly $9.55 Billion in share repurchases continued even after Total Shareholders' Equity turned negative, months before the company's April 2023 Chapter 11 bankruptcy filing.
Do Stock Buybacks Reduce Share Count? The Announcement vs. Reality
Whether buybacks reduce share count depends on execution, not the announcement. GeminIQ traces four companies' board-authorized repurchase programs against what their 10-Ks and 10-Qs actually show was spent, and what happened to the share count as a result.
Companies That Dilute Shareholders: The Worst Offenders
Companies that dilute shareholders show up in the raw SEC filing data long before the story reaches financial media, and the worst offenders cluster by sector rather than by any single bad habit.
Companies Reducing Share Count: The Decade's Real Cannibals
Companies reducing share count over the last decade are rare: across 2,076 firms with a full 10-K history, the median company's diluted share count rose 2.2%. This ranking names the real cannibals from as-filed SEC data.
SEC Filing Analysis Tools Compared: 2026 Guide
SEC filing analysis tools fall into four functional categories: document search, normalized data platforms, as-filed source data, and stock screening. Most of the confusion in comparing them comes from treating tools in different categories as substitutes.
Schedule 13D vs. 13G: Activist or Passive Stake?
Schedule 13D and Schedule 13G both disclose an investor crossing 5% ownership of a public company, but only Schedule 13D signals intent to influence control. This guide covers the filing deadlines, the intent test, and how to read a real cover page correctly.
Inventory Growing Faster Than Sales: The Warning, Scored
GeminIQ's as-filed inventory and revenue data scores the classic 'warehouses outran the registers' warning across four verified cases — Carvana, VF Corp, Wayfair, and Under Armour — where inventory growth badly outpaced revenue growth ahead of steep declines, while the broader screened universe shows no reliable statistical edge from the spread alone.
How to Find Restatements in SEC Filings
Restatements rarely announce themselves clearly. This guide covers five practical ways to find one in SEC filings — from the Item 4.02 8-K that formally flags one, to the comparative-period arithmetic that catches the ones that never get flagged at all.
Free Bloomberg Terminal Alternatives That Actually Work
Free Bloomberg Terminal alternatives exist for fundamental research, and this post names the ones that hold up: Finviz, StockAnalysis.com, Koyfin, GeminIQ, and SEC EDGAR itself, along with what a $31,980-a-year terminal does that none of them can.
Zacks Alternative: Filed Numbers, Not Estimates
A Zacks alternative for investors who want reported results rather than forecasts. The Zacks Rank is built entirely on analyst earnings estimate revisions; this post explains what a revision measures and what it does not.
YCharts Alternative: Filing-Sourced Financial Data
A YCharts alternative for filing-level research. YCharts is built for advisor client communication at $3,600 to $6,000 per seat per year; this post explains why presentation-grade data and audit-grade data are different products.
Wisesheets Alternative: Filing Data for Spreadsheets
A Wisesheets alternative for spreadsheet modelers who need provenance. A formula returns a value with a vendor field name attached, not an XBRL tag; this post covers what a live-refreshing cell hides and why it matters to a model.
Value Line Alternative: Filing-Sourced Fundamentals
A Value Line alternative for investors who need the full filing. Value Line covers roughly 1,700 stocks with analyst pages refreshed on a quarterly review cycle; this post explains what editorial curation adds and what a one-page format cannot carry.
StockAnalysis.com Alternative: Traceable Filing Data
A StockAnalysis.com alternative for the verification step. StockAnalysis.com sources fundamentals from S&P Global Market Intelligence and Fiscal.ai and tells users to confirm critical figures against SEC filings; this post is about what that confirmation requires.
Stock Rover Alternative: Screening on Filed Data
A Stock Rover alternative for investors who audit their screen inputs. Stock Rover offers 700+ screenable metrics gated by tier; this post explains why metric count is the wrong axis and what a derived metric hides about the line items underneath it.
Simply Wall St Alternative: The Underlying Filings
A Simply Wall St alternative for investors who want the numbers behind the picture. The Snowflake compresses 30 pass/fail checks into one shape; this post explains what threshold scoring discards and where the checks stop being filing data.
Seeking Alpha Alternative: Data Instead of Opinion
A Seeking Alpha alternative for investors who want the filing rather than the argument. With thousands of contributors publishing over 10,000 articles a month, every thesis has a counter-thesis; this post covers what the primary record settles that commentary cannot.
Quartr Alternative: Filings, Not Just Transcripts
A Quartr alternative for the numbers behind the call. Quartr delivers live earnings calls, transcripts, and IR material across 15,000+ companies; this post explains why first-party material and as-filed statements are not the same record.
Morningstar Alternative for SEC Filing Analysis
A Morningstar alternative for filing-level analysis. Morningstar's star rating is built from an analyst's moat assessment and a proprietary fair value estimate; this post separates the ratings layer from what a company actually reported.
GuruFocus Alternative: Raw SEC Filing Data
A GuruFocus alternative built on as-filed SEC data. GuruFocus layers guru 13F tracking and proprietary scores over licensed fundamentals; this post separates what a company reported from what a model concluded about it.
Fiscal.ai Alternative: As-Filed vs. Standardized Data
A Fiscal.ai alternative for investors who need line-item provenance. Fiscal.ai runs an AI research layer on standardized S&P Global Market Intelligence data; this post explains the difference between citing a document and tracing a number to its XBRL tag.
Finviz Alternative for Fundamental Filing Data
A Finviz alternative for fundamental research. Finviz is a fast snapshot screener with financial history capped at three years free and eight on Elite; this post explains what a single row of ratios cannot tell you about a business.
Finbox Alternative: As-Filed Fundamental Data
A Finbox alternative for investors who build their own models. Finbox's DCF and fair value models run on standardized S&P Global data with consensus-estimate defaults; this post explains what a model inherits before you change a single assumption.
FactSet Alternative for SEC Filing Research
A FactSet alternative for filing-level research. FactSet's core product is an identity layer that joins disparate datasets through proprietary entity IDs; this post explains what that buys, what it costs, and why the SEC already assigns a free universal identifier.
Daloopa Alternative: As-Filed Model-Ready Data
A Daloopa alternative for filing-level research. Daloopa extracts model-ready KPIs from filings, investor presentations, and press releases with source hyperlinks; this post explains the difference between auditability to a document and traceability to a tagged filing fact.
S&P Capital IQ Pricing: What It Costs and Alternatives
S&P Capital IQ pricing is not published. This post covers what is actually known about the cost, why the third-party estimates disagree by more than an order of magnitude, and what the underlying filing data costs when sourced directly from SEC EDGAR.
Capital IQ Alternative: As-Filed SEC Filing Data
A Capital IQ alternative built on as-filed SEC data. This post compares the two on the normalization axis rather than the price axis, and explains what standardization changes about a financial statement line item before an analyst ever sees it.
Bloomberg Terminal Alternative for Fundamental Research
A Bloomberg Terminal alternative for filing-based fundamental research. The terminal is built for the trading desk; reading as-filed 10-K and 10-Q data is a different job, and this post separates the two.
AlphaSense Alternative for Filing Financial Data
An AlphaSense alternative for structured filing data. AlphaSense searches 500 million documents and returns cited passages; this post explains why retrieving a sentence and computing across a time series are different problems.
roic.ai Alternative: Where the ROIC Number Comes From
roic.ai and GeminIQ both source financial data from SEC filings and both publish a calculated ROIC figure. The difference is what happens between the filing and the metric: roic.ai standardizes statements into its own templates, while GeminIQ preserves the as-filed structure with XBRL traceability. This comparison covers why that gap shows up in ROIC specifically.
Liquidity Ratios and Working Capital: Formulas Explained
Liquidity ratios measure whether a company can cover its short-term obligations, using progressively stricter definitions of what counts as available. This guide covers the current, quick, and cash ratios, the difference between working capital and net working capital, and why working capital to revenue carries more signal than any of the threshold ratios.
BamSEC Alternative: Document Layer vs. Data Layer
BamSEC is a document workflow layer over EDGAR — filing search, table extraction, redlines, and transcripts. GeminIQ is a data layer that parses XBRL into structured time series and pre-calculated metrics across the filing universe. This comparison covers what each one is built to do, where they overlap, and which job each is the wrong tool for.
Tesla Free Cash Flow Turns Negative: Q2 2026 Data
Tesla's free cash flow turned negative in Q2 2026 for the first time since Q1 2024, as capital expenditures grew 141.8% year-over-year against an 84.9% rise in operating cash flow. The Q2 2026 10-Q also shows operating income falling 56.9% even as revenue grew 25.5%.
Alphabet Q2 2026 10-Q: The $99 Billion Line Item
Alphabet's Q2 FY2026 10-Q reports Net Income of $112.193 Billion and Diluted EPS of $9.11, but $98.999 Billion of that quarter's pretax income came from a single non-cash line item, a mark-to-market gain on debt and equity securities, not from operating performance.
Palantir 10-K Analysis (2026): The Dilution Story Reversed
Palantir's FY2025 10-K reports revenue up 56.2% to $4.48 Billion and operating margin expanding from 10.8% to 31.6%, while stock-based compensation as a share of revenue fell from 24.1% to 15.3%. The company long criticized for dilution posted its most disciplined SBC year yet, but the valuation carries a price-to-sales ratio above 90.
NVIDIA 10-K Analysis (2026): Inventory Grew Twice as Fast as Sales
NVIDIA's FY2026 10-K reports revenue up 65.5% to $215.94 Billion, but inventory grew 112.3% and gross margin fell from 74.99% to 71.07%. Receivables grew 66.8%, roughly in line with sales, while the cash conversion cycle extended to 96.9 days. The scale is unprecedented; the working capital is starting to stretch.
GameStop 10-K Analysis (2026): The Profit Isn't From Games
GameStop's FY2025 10-K reports net income of $418.4 Million, its best in a decade, but $271.5 Million of it is interest income on a $6.30 Billion cash pile. The retail operation did turn a $232.1 Million operating profit after an SG&A cut, while a $4.16 Billion convertible note and a 39.1% jump in diluted shares changed the balance sheet entirely.
ExxonMobil 10-K Analysis (2026): Earnings Down, Multiple Up
ExxonMobil's FY2025 10-K reports net income of $28.84 Billion, down 48.3% from the 2022 peak of $55.74 Billion, while the share price rose 21% over the same period. Return on Invested Capital fell from 25.56% to 9.81%. The entire share price gain since 2022 came from multiple expansion, not earnings.
Coca-Cola 10-K Analysis (2026): The Dividend Cash Gap
Coca-Cola's FY2025 10-K reports record operating income of $13.76 Billion and a 28.7% operating margin, but free cash flow of $5.30 Billion did not cover $8.78 Billion in dividends paid — the second consecutive year of that gap. Here's what the cash flow statement shows that the earnings-based payout ratio hides.
Amazon 10-K Analysis (2026): ROIC Fell as Margins Rose
Amazon's FY2025 10-K reports record operating income of $79.98 Billion and an 11.16% operating margin, but Return on Invested Capital fell from 25.42% to 19.19% as invested capital grew 49% to $400.9 Billion. Roughly 60% of the pretax income increase came from non-operating items rather than operations.
Alphabet Annual Report (2026): Free Cash Flow Went Flat
Alphabet's FY2025 10-K reports operating cash flow of $164.71 Billion, up 31.5%, against free cash flow of $73.27 Billion, up just 0.7%. Capital expenditure absorbed 98.7% of the incremental operating cash, and the buyback was cut 26.5% in a year when net income rose 32%.
Retail Sector Stock Analysis: Returns Are Fading
This retail sector stock analysis tracks five years of Return on Invested Capital, Net Debt-to-EBITDA, and Altman Z-Score trends for Home Depot, Lowe's, and Tractor Supply, showing all three names losing capital efficiency and taking on more leverage, even as two of the three no longer have an equity base clean enough to run standard ROE and Debt-to-Equity comparisons.
Defense Sector Stock Analysis: Lockheed's Fading Returns
This defense sector stock analysis tracks five years of ROIC, P/E, leverage, and Altman Z-Score trends for Lockheed Martin, Northrop Grumman, and General Dynamics, showing Lockheed's returns eroding as its multiple expands while General Dynamics steadily deleverages.
Airline Sector Stock Analysis: One Carrier Is Re-Levering
This airline sector stock analysis tracks five years of Net Debt-to-EBITDA, Altman Z-Score, and margin trends for Delta, United, and American Airlines, showing two carriers deleveraging every year while the third reverses course.
Lululemon Stock Analysis (2026): The Margin Compression Story
Lululemon's revenue is still growing, but the trailing twelve-month operating margin has fallen from 22.0% to 18.3% over the past two years, and Return on Invested Capital has dropped from 60.9% to 42.9% over the same period. Here's the full Q1 FY2026 10-Q breakdown.
Carvana Stock Crash and Recovery: What the Filings Showed
Carvana's stock fell 98.4% into its 2022 collapse and then climbed more than 6,500% off the bottom — this forensic study reads Carvana's full 10-K and 10-Q history to find out whether both the crash and the recovery were visible in the company's own filings before the market caught up.
Stock Dropped After Earnings: What History Says Happens Next
This is what actually happens in the year after a stock drops sharply following an SEC filing: using 264,286 post-filing price reactions across 5,637 companies and seventeen years of as-filed 10-K and 10-Q data, the worst-reacting fifth of filings stayed down at the median even as the group's average recovered.
Peloton Stock Collapse: The Warnings Were in the Filings
Peloton's stock collapse was visible in its own SEC filings months before the company ousted its CEO and cut thousands of jobs. This forensic study reads Peloton's full 10-K and 10-Q history, from its 2019 IPO through 2026, to pinpoint exactly where the inventory bloat, growth deceleration, and insider selling would have shown up first.
Stock Buybacks vs. Stock Compensation: Running in Place
A ranked leaderboard of the companies where stock-based compensation issuance offset the entire share-count benefit of a multi-billion-dollar buyback program, built from ten years of as-filed SEC 10-K data via GeminIQ.
Filing Data Study Methodology: How Our SEC Analysis Works
The methodology behind every GeminIQ filing data study: how we measure post-filing stock returns across 17 years of SEC data, adjust for the base rate, and avoid the compounding and sample-size errors that make most earnings-reaction claims unreliable.
WACC Formula: How to Calculate It From a 10-K, Step by Step
WACC has no single filed number to pull from a 10-K — it has to be built from the cost of debt, the cost of equity, and the company's actual capital structure. This guide builds a complete WACC estimate from Apple's most recent 10-K, line by line, then checks the result against GeminIQ's pre-calculated ROIC.
SEC Form 4 Transaction Codes: Full List and What Each Code Means
Form 4 transaction codes are the single-letter identifiers in the Transaction Code column of every SEC Form 4 filing (Column 3 of Table I, Column 4 of Table II) that classify exactly what kind of transaction an insider made, from a voluntary open-market purchase to a routine tax withholding. This reference covers all 20 codes the SEC defines, organized by the same five categories the form itself uses, with a plain-English meaning and signal weight for each one.
ROIC vs ROE vs WACC: How the Three Fit Together
ROIC, ROE, and WACC are three percentages that look like the same kind of number and answer three different questions. This guide explains what each one actually measures, why a business can pass the ROE test while failing the ROIC test, and how to read all three together as a single framework for judging whether a company creates or destroys value.
Invested Capital Formula: A Worked Example From Apple's 10-Q
A start-to-finish worked example of the invested capital formula, built by hand from Apple's Q2 FY2026 10-Q. Each of the three inputs — total equity, total debt, and excess cash — is located in the filing, traced to its XBRL tag, and combined into the figure that feeds ROIC.
Shareholder Yield: Dividends + Buybacks as One Metric
Shareholder yield combines dividend payments and net share repurchases into a single capital return measure. Meb Faber's research showed top-quintile shareholder yield stocks outperform dividend-only screens over five-year periods — here is the formula, the academic evidence, and how to screen for it using as-filed SEC data.
Gross Debt-to-EBITDA: Formula, Benchmarks, and Tiers
Gross Debt-to-EBITDA is the leverage metric credit analysts and private equity firms read first — the full debt load with no offset for cash. This post covers the formula, benchmark tiers, industry context, how it differs from the net ratio, and why the EBITDA definition your platform uses changes the number you see.
13F Portfolio Concentration: The Only Signal That Matters
13F portfolio concentration — not position size, not filing frequency — is the variable that separates genuine conviction signals from index-tracking noise in institutional ownership data. This post explains how to calculate concentration ratios from public filings, what threshold separates signal from clutter, and why the stocks in the most concentrated quality portfolios share measurable fundamental characteristics.
S-1 Filing Explained: How to Analyze an IPO Prospectus
An S-1 filing is the SEC registration statement every company must submit before going public — the most data-rich document available to investors before an IPO. This post breaks down S-1 structure section by section, the financial metrics that matter, and what IPO hype regularly conceals in the raw numbers.
Proxy Statement (DEF 14A): What Investors Look For
The DEF 14A proxy statement is one of the most information-dense filings a public company submits — and one of the most consistently ignored. This guide covers what the proxy contains, which sections matter most, and how the executive compensation structure connects to the dilution data in your financial statements.
How to Read an 8-K: Material Events That Actually Move Stocks
An SEC Form 8-K must be filed within 4 business days of a material event. This guide covers every major item type, the filed vs. furnished distinction, and which 8-Ks actually move stock prices.
XBRL Tags for Fundamental Investors: The Essential Reference
XBRL tags are the machine-readable identifiers behind every number in an SEC filing. These 20 tags across the income statement, balance sheet, and cash flow statement determine the accuracy of virtually every financial metric, ratio, and screener result you use.
Interest Coverage Ratio: Formula, Benchmarks, and When It Breaks
Interest Coverage Ratio measures how many times a company's EBIT covers its interest expense. This post covers the formula, thresholds by risk zone, industry benchmarks, and the ASC 842 operating lease trap that makes the ratio uncalculable for retailers, airlines, and consumer brands.
Deep Value vs. Quality Investing: Which Wins and When
Deep value investing (P/E ≤ 10, P/B ≤ 1.5) and quality investing (ROIC ≥ 20%) do not outperform simultaneously — they outperform in alternating market regimes. This post maps the four conditions that determine which approach wins and how to run both screens on as-filed SEC data.
Cash Conversion Cycle (CCC): Formula, Components, and Benchmarks
The Cash Conversion Cycle (CCC) measures how many days a company takes to convert inventory investment into cash. This post explains the formula, breaks down DSO, DIO, and DPO, and shows how CCC reveals operational quality from SEC filing data.
Quality Compounder Investing: Philosophy, Criteria, and Screener
Quality compounder investing identifies businesses that earn high returns on invested capital, can reinvest those earnings at similar rates, and sustain both for decades. This guide covers the five measurable criteria, the compounding math, and how to screen for them using as-filed SEC data.
Altman Z-Score: Formula, Zones, and Limitations Explained
The Altman Z-Score predicts corporate bankruptcy risk using five financial ratios combined into a single weighted score. Here is how the formula works, what the three zones mean, and where the model breaks down.
How to Read 13F Filings: Institutional Holdings Explained
A Form 13F filing discloses what institutional investment managers with at least $100 million in assets held in U.S. equities as of the prior quarter's end, but reading it correctly means understanding eight specific columns, three required components, and several disclosure gaps most coverage never mentions.
How to Calculate Financial Ratios From a 10-K: Step-by-Step
Learning how to calculate financial ratios from a 10-K starts with locating the right line item, not memorizing the formula. This guide builds a liquidity, leverage, profitability, and valuation ratio step by step from Apple's most recent 10-K, tracing every input back to its exact XBRL tag.
Financial Metrics for Value Investors: A Lululemon Case Study
Financial metrics for value investors work best as a sequence, not a checklist. This post walks through that workflow applied step by step to Lululemon's (LULU) Q1 FY2026 10-Q, with the formula and benchmark behind each metric.
Discounted Cash Flow (DCF) Model: Step-by-Step Walkthrough
A discounted cash flow (DCF) model estimates a company's intrinsic value by projecting future free cash flow and discounting it back to the present at a required rate of return. This guide walks through every step — free cash flow, discount rate, terminal value — using NVIDIA's most recent 10-Q as a live example.
Institutional Ownership: What It Means and How to Track It
Institutional ownership, reported through SEC Form 13F filings, is one of the most widely cited and most poorly read signals in equity analysis. This guide explains the filing mechanics, what the ownership percentage actually measures, and where the real investment signal lives.
GARP Investing: Peter Lynch's PEG Ratio Strategy Explained
GARP investing — Growth at a Reasonable Price — is Peter Lynch's framework for finding companies with strong earnings growth at moderate P/E multiples. This guide explains how the PEG ratio works, where most GARP screens fail, and how to run the screen correctly using as-filed SEC data.
Intel Stock Analysis 2026: What the Q1 10-Q Actually Shows
Intel's stock rallied roughly 450% from its lows on AI promises and Computex headlines. The Q1 FY2026 10-Q filed April 24, 2026 tells a more complicated story — one involving $4.07 billion in restructuring charges, negative free cash flow, and a TTM ROIC of -3.4%.
Gross Profit Margin: What It Reveals About Business Model Strength
Gross profit margin is the structural fingerprint of a business model — the metric that reveals pricing power and competitive position before operating expenses enter the picture. This post covers the formula, benchmarks by industry sector, trend signals, and the COGS reclassification problem that makes the same number look different across platforms.
Financial Data Normalization: What It Is and Why It Matters
Financial data normalization is the process third-party aggregators use to standardize SEC EDGAR filings into cross-company templates. This post explains the mechanics — what the mapping decisions are, why platforms rely on the process, and where it changes your data before you see it.
EV/EBITDA vs. P/E: Which Valuation Multiple Should You Use?
EV/EBITDA and P/E both measure what you pay relative to earnings — but from fundamentally different starting points. This guide covers what each multiple actually measures, where each misleads, and when to reach for EV/EBIT instead.
Net-Net Stocks: Graham's Liquidation Formula in 2026
Net-net stocks trade below NCAV — current assets minus all liabilities — giving investors margin of safety even if fixed assets and future earnings are worth nothing. This post covers the formula, historical evidence, and how to screen for true net-nets in 2026.
Buffett Stock Criteria: Quality Business at a Fair Price
Warren Buffett's stock criteria in plain English — five filters that separate quality businesses from the noise, and how to run them on clean SEC filing data.
Piotroski F-Score: How to Spot a Value Trap Before It Snaps Shut
Piotroski F-Score is a nine-signal scoring system that distinguishes cheap stocks on a recovery trajectory from those in fundamental decline. Built from raw SEC filing data, it was designed to eliminate value traps within a low price-to-book universe.
Insider Cluster Buying: What the Data Actually Shows
Insider cluster buying — simultaneous open-market purchases by multiple insiders at the same company — produces categorically stronger forward returns than any individual transaction. This post covers the academic evidence and a five-factor quality scoring framework.
Free Cash Flow Yield Explained: How to Find Undervalued Stocks
Free cash flow yield measures how much cash a company generates relative to its market cap — a more manipulation-resistant valuation metric than P/E. This guide covers the formula, thresholds, when high FCF yield is a warning sign, and how to screen for it.
How to Verify Financial Data Against the SEC Filing (Step-by-Step)
Verifying financial data against the SEC filing resolves discrepancies between platform numbers and the original 10-K or 10-Q. This four-step workflow uses EDGAR's XBRL Interactive Data viewer to identify the source and type of any discrepancy.
How to Read SEC Form 4: Insider Buying and Selling Explained
Form 4 is filed within two business days of every insider transaction. Here's a field-by-field breakdown of exactly what the document contains — and how to read it.
Return on Invested Capital (ROIC) Formula and Benchmarks
Return on Invested Capital (ROIC) measures after-tax operating profit per dollar of capital deployed — the single most important metric for evaluating long-term business quality. This guide covers the NOPAT formula, invested capital calculation, WACC spread, and benchmarks.
Magic Formula Investing: Greenblatt's Strategy Explained
Joel Greenblatt's Magic Formula ranks stocks by earnings yield and return on capital. Here's how the strategy works, what the evidence shows, and how to screen for it using clean SEC data.
Insider Trading Tracker: How to Track Insider Buying and Selling
An insider trading tracker turns SEC Form 4 filings into a searchable list of insider buys and sells. Here is where the data comes from, the free and paid ways to track it, and the filters that separate real conviction from compensation noise.
AI Financial Research Data Quality: The Full Stack Explained
AI financial research tools run on four-layer data pipelines that introduce invisible reclassifications before the AI ever processes a number. This post maps each layer from SEC EDGAR to AI-generated answer and documents exactly where data quality breaks down.
10-K vs 10-Q: What's the Difference and Which One Should You Read?
The 10-K is a company's fully audited annual SEC filing; the 10-Q is its unaudited quarterly update. This guide covers what each filing contains, when each is due, the audit status difference, and how to use both together in fundamental research.
Value Investing Glossary: Terms, Ratios, and Mental Models Defined
A comprehensive reference guide to every term, ratio, and mental model used in value investing — with plain-English definitions, formulas, and real-world examples from SEC filings.
Apple FY2025: Normalized Financial Data vs. the As-Filed 10-K
Three Apple FY2025 line items shown side by side — what TIKR's normalized view displays, what the as-filed 10-K reports, and why knowing which one you are looking at matters for model building.
Koyfin Alternative: When SEC Data Depth Matters
Compare Koyfin and GeminIQ by workflow: broad market dashboards versus direct SEC filing data built for XBRL traceability and source-level verification.
What Is XBRL? How SEC Tagging Affects Your Investment Data (2026)
XBRL is the SEC-mandated tagging system that gives every number in a 10-K or 10-Q a machine-readable identifier. Most financial platforms strip it out. Here's what it is, why the SEC requires it, and why it matters for your investment analysis.
How Stocks React After Earnings: 17-Year Filing Study
We analyzed 578 SEC filings across 7 companies and 17 years of financial and market data. The finding that will change how you read earnings: the filings with the strongest fundamentals produced the weakest subsequent returns. Here's the full data.
SEC Filings Explained: 10-K, 10-Q, 8-K, DEF 14A, S-1, Form 4
Every SEC filing type explained for investors — what each one contains, when it's filed, what to look for, and how to use it in your investment research. Organized by importance, with examples from real filings.
How Financial Data Reaches Investors: What Gets Lost
Your financial data passes through at least two layers of processing before you see it. Here's the complete pipeline — from SEC EDGAR filing to your screen — with a step-by-step breakdown of where information is lost at each stage.
Third-Party Financial Data Problems: What Gets Lost
Most financial platforms don't pull their data from the SEC. They license it from a middleman that has already decided which numbers matter — and which to throw away. Here's what gets lost in translation, with documented examples.
Hidden Information in SEC Filings: What Most Investors Overlook (2026)
The most valuable information in a 10-K isn't in the headline numbers. It's in the balance sheet shifts, cash flow adjustments, insider patterns, and post-filing price reactions that most investors scroll past. Here's how to find it.
How to Read a 10-Q: A Step-by-Step Guide for Investors (2026)
The 10-K gets all the attention, but the 10-Q is where earnings surprises, margin shifts, and red flags show up first. Here's how to read one efficiently — using Apple's Q1 FY2026 filing as our walkthrough.
How to Read a 10-K Annual Report: A Value Investor's Guide (2026)
Every public company in the U.S. files a 10-K with the SEC every year. It's the single most important document for understanding a business — and most investors never read one. Here's how to change that, using Apple's FY2025 filing as our example.
Costco Stock Analysis (2026): How 3.8% Margin Earns 33% ROIC
Costco just filed its Q3 FY26 10-Q. A pipeline recalculation using the actual filed tax rate puts ROIC at 33.4% — still elite capital efficiency on a wafer-thin margin, just a different number than previously shown.
GameStop Q1 2026 10-Q: The $4 Billion Debt Nobody Priced In
GameStop's Q1 FY2026 10-Q shows a materially different balance sheet than the 'zero debt' story that made the rounds last year — $4.17 billion in convertible notes, real dilution risk, and an institutional base that's been shrinking, not accumulating.
ExxonMobil Q1 2026 10-Q: The Real Gross Margin Revealed
ExxonMobil's Q1 FY2026 10-Q produces an implausible near-100% gross margin on a naive data pull, because ExxonMobil reports its direct costs across two separate line items rather than a single 'cost of goods sold' tag. Properly combined, the real TTM figure is 30.5% — and the dividend cushion has narrowed considerably.
Coca-Cola Q1 2026 10-Q: The 13-Year Revenue Illusion
Coca-Cola's Q1 FY2026 10-Q shows revenue has grown just 2.6% cumulatively since 2012, but that stagnation masks a deliberate transformation: operating margin has climbed from 22.4% to 29.3% as the company shed its capital-intensive bottling operations.
Palantir Q1 2026 10-Q: Margin Story, Ongoing Dilution
Palantir's Q1 FY2026 10-Q shows TTM operating margin has climbed to 38.1%, up from 10.8% at the end of FY2024, a sustained improvement. Alongside it, basic shares outstanding have grown more than 7% over the same period.
NVIDIA Q1 FY2027 10-Q: 99% ROIC, Slowing Inventory Turns
NVIDIA's Q1 FY2027 10-Q shows TTM Return on Invested Capital at 99.1%, down from 112.3% a year ago as the invested capital base grew faster than after-tax profit. A less-discussed metric has moved the other way: inventory turnover has fallen from 5.16x to 3.53x over the same period.
Alphabet Q1 2026 10-Q: The Debt-Funded AI Buildout
Alphabet's Q1 FY2026 10-Q shows long-term debt has grown roughly sevenfold in a year, from $10.9 Billion to $77.5 Billion, funding a $175-185 Billion capital expenditure program aimed at AI infrastructure. The debt increase includes a rare 100-year bond, the first issued by a tech company since Motorola in 1997.
Amazon Q1 2026 10-Q: Free Cash Flow Just Went Negative
Amazon's Q1 FY2026 10-Q shows trailing twelve-month free cash flow turned negative for the first time in years — not because the business weakened, but because CapEx has tripled in two years funding the AI infrastructure buildout.
Apple Stock Analysis (2026): Is It Still a Value Play or a Yield Trap?
Apple's retained earnings turned positive for the first time in years — a reversal from the accumulated deficit that made headlines. Here's what changed in the Q2 FY2026 10-Q, and what it means for the capital-efficiency thesis.
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