SEC Data & Value Investing Insights

• Filing Data Study Methodology: How Our SEC Analysis Works

  2026-07-08

  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

  2026-07-07

  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-Q, line by line, then checks the result against GeminIQ's pre-calculated ROIC.

• Form 4 Transaction Codes: The Complete List Explained

  2026-07-07

  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

  2026-07-05

  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: How to Calculate It, Step by Step

  2026-07-05

  Invested capital is the total capital — debt and equity, net of excess cash — that a company must earn a return on, and it is the single biggest source of ROIC discrepancies between platforms. This guide builds the formula step by step from Apple's actual Q2 FY2026 balance sheet, and clarifies the difference between invested capital, total invested capital, and the average invested capital figure used in ROIC.

• Shareholder Yield: Dividends + Buybacks as One Metric

  2026-07-02

  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

  2026-07-02

  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

  2026-07-02

  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

  2026-07-01

  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

  2026-07-01

  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

  2026-07-01

  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

  2026-06-29

  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

  2026-06-29

  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

  2026-06-26

  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

  2026-06-26

  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

  2026-06-22

  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

  2026-06-22

  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

  2026-06-21

  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

  2026-06-21

  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-Q, tracing every input back to its exact XBRL tag.

• Financial Metrics for Value Investors: A Lululemon Case Study

  2026-06-21

  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

  2026-06-21

  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

  2026-06-20

  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

  2026-06-20

  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

  2026-06-18

  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

  2026-06-16

  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

  2026-06-16

  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?

  2026-06-14

  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

  2026-06-08

  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

  2026-06-08

  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

  2026-06-07

  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

  2026-06-07

  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

  2026-06-07

  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)

  2026-06-04

  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

  2026-06-04

  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

  2026-06-03

  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

  2026-06-03

  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

  2026-06-03

  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

  2026-06-02

  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?

  2026-06-02

  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

  2026-06-01

  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: How TIKR's Normalization Changes 10-K Line Items

  2026-05-25

  Three Apple FY2025 examples where TIKR's normalized output diverges from the as-filed 10-K — buybacks, non-current liabilities, and current liabilities — and why the distinction matters for model building.

• Koyfin Alternative: When SEC Data Depth Matters

  2026-05-25

  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)

  2026-05-20

  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: A 17-Year Analysis of SEC Filing Data (2026)

  2026-05-20

  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, and Form 4 (2026)

  2026-05-20

  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 — And What Gets Lost Along the Way (2026)

  2026-05-20

  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 Before It Reaches You (2026)

  2026-05-03

  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)

  2026-04-30

  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)

  2026-04-30

  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)

  2026-04-29

  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 a 3.8% Margin Business Earns 42% on Capital

  2026-04-19

  Costco just filed its Q2 FY26 10-Q. The media obsesses over same-store sales. Value investors see a razor-thin retail margin hiding one of the highest ROIC engines in the S&P 500.

• Airline Sector Stock Analysis: Altman Z-Score Stress Test for Delta, United, and American (2026)

  2026-04-08

  A discounted valuation can be a massive value trap. Dive into the Altman Z-Scores of Delta, United, and American Airlines to expose the sector's hidden debt crisis.

• GameStop 10-K Analysis (2026): $9 Billion in Cash and a CEO Who Has to Spend It

  2026-03-31

  GameStop just dropped its 2025 10-K. The media sees a dying retailer. Value investors see $9B in cash, a CEO forced to make acquisitions, and diamond-handed insiders.

• Retail Sector Stock Analysis: ROIC, Inventory Bloat, and the Margin Mirage (2026)

  2026-03-23

  Gross margins are deceiving. Dive into the balance sheets of Home Depot, Lowe's, and Tractor Supply to uncover the retail sector's hidden ROIC mirages and inventory bloat.

• Exxon Mobil 10-K Analysis (2026): Free Cash Flow, Dividends, and the Pandemic Stress Test

  2026-03-17

  Exxon just dropped its 2025 10-K. While the media watches the daily price of oil, value investors are looking at their massive $23.6B in Free Cash Flow and insulated dividend.

• Defense Sector Stock Analysis (2026): Finding the Fundamental Leaders

  2026-03-10

  Discover how to use GeminIQ's deep-dive financial and institutional data to cut through the noise and uncover the true fundamental powerhouse among defense sector titans.

• Coca-Cola 10-K Analysis (2026): The 13-Year Revenue Illusion and 28% Operating Margin

  2026-03-08

  Coca-Cola just dropped its 2025 10-K. Standard screeners show 13 years of flat revenue, but value investors are looking at the massive asset dump and the 28.7% operating margin explosion.

• Palantir 10-K Analysis (2026): Dilution Is Over and Free Cash Flow Is Exploding

  2026-03-05

  Palantir just dropped its 2025 10-K. While retail is obsessed with AIP revenue, value investors are looking at the 82% Gross Margins, massive FCF, and the stabilized share count.

• NVIDIA 10-K Analysis (2026): 66% ROIC and the $120 Billion Cash Machine

  2026-02-26

  NVIDIA just dropped its 2026 10-K. While retail is obsessed with revenue, value investors are looking at the 66% ROIC and the massive share buyback engine.

• Alphabet 10-K Analysis (2026): Inside Google's $126 Billion Anti-Fragile Balance Sheet

  2026-02-22

  YouTube ad slowdown or growing fortress? Let’s take a look at Alphabet’s latest annual report.

• Amazon 10-K Analysis (2026): Is $19 Billion in Stock-Based Compensation Eating Your Returns?

  2026-02-20

  Is Stock-Based Compensation the real value killer? Let’s take a look at Amazon’s latest report.

• Apple Stock Analysis (2026): Is It Still a Value Play or a Yield Trap?

  2026-02-19

  Is Apple overvalued at 34x? Most analysts are arguing over iPhone units in China. But value investors look at the Capital Machine, not the Gadget.