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.
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 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.
Net Debt-to-EBITDA: Formula, Tiers, and Negative Ratios
Net Debt-to-EBITDA divides total debt less cash by trailing twelve-month EBITDA, measuring leverage after crediting a company for the cash it already holds. Below 1.0 is low leverage and above 4.0 is high, while a negative ratio means the company holds more cash than debt. This guide covers the formula, the benchmark tiers, and the conditions that make the ratio unreliable.
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.
Adjusted EPS: Definition, Formula, and Why It Varies
Adjusted EPS is earnings per share recalculated after adding back selected expenses, most commonly stock-based compensation. There is no GAAP definition of the term, which means two sources can report different adjusted EPS figures for the same company and period without either being wrong. This guide defines the metric, explains why the number varies by source, and shows the one adjustment GeminIQ applies.
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.
Earnings Drops That Recovered: The Biggest Overreactions
This ranks the eleven biggest earnings-drop recoveries in GeminIQ's as-filed database since 2009 — stocks that fell hardest in the month after a 10-K or 10-Q, then rebounded the most in the months that followed, led by Carvana's climb back from an $8.3 billion debt load.
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: 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.
Form 4 Transaction Codes: The Complete List Explained
Form 4 transaction codes are the single-letter identifiers in Column 4 of every SEC Form 4 filing 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: Definition, Formula, and Calculation
Invested capital is the total debt and equity capital, net of excess cash, that a business must earn a return on. This guide defines the term, separates it from the private equity usage that shares its name, and builds the formula step by step from Apple's Q2 FY2026 balance sheet with the XBRL tag behind every input.
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.
Debt-to-EBITDA Ratio Explained: Formula, Benchmarks, and Tiers
Debt-to-EBITDA is the leverage metric credit analysts and private equity firms read first. This post covers the formula, benchmark tiers, industry context, 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.
DEF 14A Proxy Statement: 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 a 13F Filing: 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 (13F): How to Track the Smart Money
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 Read Form 4 Signals Like a Pro
Insider trading tracker data lives in SEC Form 4 filings — but reading a single transaction produces almost no analytical signal. The edge comes from understanding transaction codes, identifying cluster patterns, and tracking behavior across years.
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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