Collection and Publication of Figures

Figures come from the official reports of each company: the annual and interim reports that it files with its securities regulator or publishes for its investors. Each value names the document it comes from.

Each document is kept unchanged and identified by its SHA-256 hash. The figures come from the filings alone, so a market price, an analyst estimate or a news report changes none of them, and the only forecasts shown are those published by the company.

A report that states no date of publication carries the date on which the public index of structured annual reports added it, and its company has no release date. Where the terms of an official store allow a link to its home page only, the link names the search page of the store.

Definitions

Each item, such as revenue or total assets, has a fixed identifier and keeps one definition for a company across all its periods, so a series never mixes figures of different scope.

Quarters

Each quarter comes from one set of filings. A quarter that the filings do not report on its own, as most fourth quarters, is derived from the figures that they report. On company pages, a small d marks a derived figure.

Restatements

Each value comes from the latest filing that reports its period. Values that later filings report differently are listed as restatements in the snapshot.

Changes on One Basis

A change against a year earlier compares 2 figures of one basis: the figure of a quarter or a fiscal year and that of the same quarter or fiscal year before it, as the latest report that presents both gives them. A later report can restate a year for a disposal, a spin-off or a stock split, so the published figures of 2 consecutive years can differ in basis. Where the figures of a change are not the published ones, the readout of the chart names the report, and the dataset gives them with their sources. No change is stated where no report presents both figures.

Withheld Values

A value that contradicts the definition of its item, or that the documents report in contradiction, is withheld. A withheld value is empty, the dataset lists it with its reason and sources, and every ratio that needs it is empty. Gross profit is withheld where revenue less cost of sales does not give the gross profit that the company presents, and cost of sales where the company presents no gross profit, so that no gross margin mixes lines of different scope.

Fiscal Calendars

Fiscal years carry the company's own label, and each row gives its start and end dates, so a fiscal year can end in any month. Each quarter belongs to the fiscal year that ends next after it.

Compare places every fiscal quarter in one calendar quarter. The 4th quarter of a fiscal year belongs to the calendar quarter whose last day is nearest to the end of the fiscal year, the later one where 2 are equally near. The 3 quarters before it belong to the 3 calendar quarters before. A fiscal year that has not ended follows the year before. A quarter that shares fewer than a third of its days with its calendar quarter, or that would share a calendar quarter with another quarter of the company, is placed in none. The fiscal years of a company that reports fiscal years only belong to the calendar quarters of their ends. The placement changes no figure.

Before a snapshot is published, its figures are compared with other official figures. A failed check at error level stops publication, so the previous snapshot remains in place. A failed check at warning level is published and shown on the company page with the values involved. Each company page lists its own checks under Sources, and validation.json in each snapshot lists the checks by family with their exceptions.

The site is written only when the latest snapshot of every US filer passes these invariants again. Every value keeps one definition, the fiscal calendar has no gaps, no item that cannot be negative is negative, and the 4 quarters add up to their fiscal year or to a restatement that the checks name.

The Data Quality page counts, company by company, the values that the checks prove and the values that Annalist derives, withholds and tracks as restated.

Ratios are computed from each snapshot by formulas with stable identifiers, such as corp.roic and bank.roe. Each value lists the snapshot figures it uses. Banks follow the bank template of 66 ratios, in which quarterly flows are annualised over average opening and closing balances. Other companies follow the corporate template of 68 ratios, over fiscal years, quarters and the last 4 quarters.

A ratio is left out where it would not be meaningful, for example with negative equity. Ratios that require market prices are not published.

The abbreviation n.m. marks a change against the same period a year earlier that has no meaning as a percentage, where either figure is a loss or the earlier figure is zero. A value is shown as the latest only when it belongs to the latest quarter of the company, or to its latest fiscal year for an annual value; otherwise the page shows n/a. A total is given only where every part of it is reported. On a chart, a value far outside the others is drawn at the edge and marked, and its readout gives the value.

Credit Metrics

Credit metrics follow the definitions of S&P and Moody's as far as the filings allow. Lease-adjusted debt adds operating lease liabilities to short-term borrowings and long-term debt, before the deduction of cash. Adjusted EBITDA adds depreciation and amortisation, goodwill impairment, share-based compensation and operating lease cost to EBIT. Funds from operations deduct cash interest, lease interest and cash taxes from adjusted EBITDA; lease interest is the average lease liability times the weighted average discount rate of the leases. Restructuring and litigation charges, other impairments and profits on disposals stay in EBIT.

For a company that reports operating lease liabilities, a lease-adjusted ratio is empty for a period whose lease liabilities or lease cost are not reported. Most companies give the lease cost in the annual report only, so their lease-adjusted ratios cover fiscal years.

The rule corp.credit_band places debt to EBITDA and FFO to debt in the standard volatility table of the S&P corporate methodology. S&P applies the table to its own adjusted figures, which also deduct surplus cash and adjust for pensions, asset retirement obligations and other items, so the band of an S&P calculation can differ.

Liquidity and Maturities

The liquidity cover divides cash, short-term investments and operating cash flow by debt due within 12 months, capital expenditure and dividends. The flows of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months, and undrawn credit facilities are not included. Debt due within 12 months is the first year of the maturity schedule at a fiscal year end and the current portion of long-term debt at other quarter ends, plus short-term borrowings.

Earnings Quality

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005); both include the assets and liabilities that acquisitions bring in and disposals take out.

Scores

The scores use their published coefficients and thresholds. Each value lists its parts with their coefficients.

Key findings on company pages are written by fixed rules from the figures of the latest snapshot. Each rule has a title, which the pages show, and an id, which findings.json and the MCP server give for citation, such as corp.revenue_yoy for revenue against the same quarter a year earlier. Each finding makes a claim, for example that revenue is higher than a year earlier, on a measure such as the growth rate, and names the documents behind its figures. The rules of the analysis modules, such as corp.credit_band and corp.altman_zone, state their findings on the Analysis tab.

Each finding keeps a history in an append-only ledger, published for each company as findings.json. A thread is one claim of one rule. Each record of a thread carries a state, the reason it was written, the rule version and the snapshot. A thread is Strengthened or Weakened when its measure moves, in the direction of its claim, by more than the band of its rule; otherwise it is Confirmed. When a rule states another claim, the old thread is Retired and a new one starts.

When a ledger is opened, the 8 quarters before the latest one, or the 2 fiscal years before the latest for a company that reports fiscal years only, are reconstructed from the figures of the latest snapshot, as at the end of each period, and marked as reconstructed. Their figures are as later reported, so a restated figure replaces the original one. A rule that states a finding for a company for the first time after its ledger was opened gets the same reconstruction for its own threads. Records written as each later snapshot is published are marked as recorded.

A snapshot identifier such as FY2026Q2_0a602300 names the latest fiscal quarter it contains and the first 8 characters of the SHA-256 of its dataset. A change in any figure, source or method produces a new identifier, and earlier snapshots are not altered, so a citation remains reproducible.

Cite a figure as: Annalist, company name, snapshot company id/snapshot id (as of period); item label, period; source document id (document URL).

Every snapshot that the site has published is listed for its company in snapshots.json, with its as-of period, the hash of its dataset and the time at which the site first carried it. A snapshot stays on the site after a later one replaces it, with its statements and its documents, so that a citation of its identifier resolves and the coverage can be taken as it stood on any date since the list began, on 22 October 2026.

Reported figures are not adjusted, except where a document misprints a figure and the correction is documented with its reason in the snapshot. Annalist groups companies into sectors of its own, based on SEC industry codes. Figures are provided as they are, without warranty of accuracy or completeness, and they are not investment advice. Bands, zones and scores are outputs of published methods and are not credit ratings. The official document named beside each figure remains the authoritative version.