Hi,I have been trying to find reliable "Key Statistics" on companies. I have noticed that Yahoo Finance, Google Finance, www.cnbc.com, Value Line and others may display radically different values for "Return on Equity", "Current Ratio", "Price/Book", etc... for the exact same stock! Most of these sites don't show (or seem to show) when this data was collected. Which is the most up-to-date and reliable of the pay and free websites?Thanks for any information you can provide!
Here--data is current, free--and very accurate:http://sec.gov/edgar/searchedgar/companysearch.html
I'd second zoningfool's advice. Just look up the original source documents on the SEC site. It's generally not the much slower than looking on Yahoo Finance or one of those other sites, though you will have to calculate ratios, etc. yourself.The big advantage of calculating the ratios yourself is that you'll know exactly what's going into the calculation. For example, you won't look at the PE ratio and wonder if it's using trailing twelve month earnings, current quarter earnings annualized, next year's earnings estimates, or wonder if the numbers, regardless of method used, are current.Mike
Thanks! I guess http://sec.gov/edgar/searchedgar/ would have the most up to date information available.. but seems very difficult to read. It looks like the only forms useful are the 10-Q ones? Is ALL of the basic financial information found in there? or is there any other form that is pertinent?
The 10-Q's are the quarterly reports and the 10-K's are the annual reports. These are the forms that sites like Yahoo Finance troll through to build their pages. Like you said, the forms are more difficult to read than the financial websites you mentioned and are not completely standardized with respect to each other, but that's also a contributing factor to why the sites that automatically build their data off of the source documents are not always right.Mike
As sandman said in addition to the 10-Q's use the 10-K's. Also 8-k's containing items 2.02, 8.01, and 9.01. Those filings usually contain the press releases issued by companies when they report earning and will provide additional information (like non-gaap numbers) not found in the Q's and K's but often useful nonetheless.The SEC filings contain all the basic financial information--statement of operations, balance sheet, statement of cash flow. What they usually won't contain are financial ratios like P/E, quick ratio, etc. You'll have to either figure that out yourself, or depend on the reliability of various financial websites. However in the Q's and K's there is always a discussion in the MD&A (Management Discussion and Analysis) of liquidity and things like dso's and margins are normally provided as well.
"Is ALL of the basic financial information found in there? or is there any other form that is pertinent?"Yes and no. Company presetnations on their websites have a lot of good information. And much of the metrics that you're looking for like ROE and margins may need to calculated from raw numbers. Sites do that for you, but can make mistakes. Comparing data from Morningstar or Yahoo with your own numbers may help you check your work, so to speak.For US corporations whose stocks are traded on exchanges, EDGAR is comprehensive. For foreign based multinationals, you'll find some of their information, listed in form 20-F. But, often current reports and proxy statements will not be available. Some people like annual reports. I find them a poor substitute for the 10-K. The results are too edited and the presentations can be favorably slanted. 10-Ks tend to be more like Joe Friday: "just the facts ma'am." A few Canadian based companies trade on both exchanges and file with both the SEC and the Canadian equivalent of the SEC. The collection of forms for these will be pretty comprehensive at the SEC. For those traded only out of Toronto, you'll need to go to their equivalent (SEDAR).http://sedar.com/For some Chinese companies that list here, the 20-F data on EDGAR can be questionable and sometimes late. And current reports are sparse at best.And even for some US companies that trade over the counter, or worse yet, that only have debt issuances, the amount of infomation on EDGAR can sometimes be sparse. But, for all US traded equities (even those with limited disclosure), EDGAR is the most comprehensive source out there, because its the official depository that everyone else extracts information from.Getting used to finding your way around EDGAR and learning how to read a 10-Q or 10-K is a useful skill. It's not easy to get used to the docs, but you'll find that each one you read will help you learn how to get through the next more efficiently and effectively. Jsut keep reading and eventually you'll find that you'll start to understand some of it. Tnen you'll get a little more and a little more. It just takes some time...Peter (And ask questions. Mike and others have answered plenty of questions for lots of people; especially me...)
Ok. Great answers everyone, thanks so much! I will have to get to work!
Like Peter (JustMee01) said, when you have questions make sure to post them here. That's what we're here for. :)Mike
Something that might make the info on the SEC's Edgar easier to handle, is to use the blue "Interactive Data" button for the 10K and 10Q filings. This will bring up the SEC viewer which will show the financial info in tables. You can also download all the tables into Excel.If you want something that will show you key metrics, you can try http://www.calcbench.com/ This is a customized version of the SEC Viewer (which is open source and available to anyone who has a LAMP server). Just put in the ticker and it will bring up the most recent filing. You can change it to previous quarter/years. They have current ratio, various margins, and other things. And again, you can download the tables into Excel.If you want to get technical and learn about XBRL, the computer format the SEC requires for quarterly and yearly filings, you can go to the XBRL board: http://boards.fool.com/xbrl-analysis-120050.aspx?mid=2915295... Unfortunately, XBRL has proven to be more complex in usage than was presented to the SEC when they were considering requiring that corporations use it for financial reports.
Oh, I forgot, one reason you are seeing different numbers from the various financial sites, is that they "normalize" the data and each site has their own way of massaging the numbers. Sorry, I can't explain normalization.Barbara
Thank you for your input. Calcbench seems to be very good!
I would recommend doing random checks of the data on any site with the actual SEC filings to gauge the accuracy. Also, not to confuse matters, but occasionally there is an error in the SEC filings themselves. I have personally found a few and contacted the companies to ask that an amended filing be made. In another case another TMFer (Howard Rourke) spotted an error in off balance sheet obligations for Netflix (the filing said it was $740K vs $740M) and the mistake had never been corrected, so I contacted Netflix and they filed an amended 10-Q within 24 hrs. Companies have to be as accurate as possible in their SEC filings especially because of Sarbanes Oxley which requires the CEO and CEO to sign-off on the documents with the 906 certifications subject to criminal sanctions and enforced by the US DoJ.You can always tell an amended form by the suffix '/A' after it. The Netflix amended filing was a 10-Q/A. Here it is along with the reason it had to be filed. http://sec.gov/Archives/edgar/data/1065280/00011931251129799...My point is even the SEC filings can contain errors, but usually do not.
wow! that is a remarkable discrepancy in reporting their financials!Thanks NFLX was a stock that was I trying to information on that was radically different between the various websites.