Known limitations

Everything is read from filings made to the SEC in US GAAP. Where that does not exist, the answer is no answer rather than a worse one.

• Companies that file on Form 20-F, which is most non-US issuers. Their figures are prepared under IFRS, and scoring them against bands built for US GAAP produces a confident number that means nothing.
• Funds, commodity trusts and volatility products. A trust that files a 10-K still has no revenue, no operating margin and no invested capital, so a business-quality score is a precise answer to a question that does not apply.
• Companies whose registrant covers several tickers, where the filing describes the registrant rather than any one of them.
• Anything that has never filed. Private companies, and listings too new to have reported.

A blank is a decision. Every figure is checked against the period the filer actually reported it for, and one that cannot be tied to a current period is removed rather than shown.

• A figure whose source line the company stopped using is dropped. Left in, it silently reports a number from years ago as though it were current, which is the single worst defect this product has had.
• Return on equity and debt to equity are withheld when a company's book equity is negative. The arithmetic works and the sign means the opposite of what the label says, so the ratio is not shown at all.
• Free cash flow is missing for some property companies. Capital spending for a business whose product is buildings has no settled definition, and picking one would change the answer without saying so.
• Fourth quarters are often absent. A quarter is only shown when it can be derived from figures the filer tagged consistently. Where the company changed how it tags mid-year, the quarter is refused rather than assembled from two different things.

Arithmetic produces every number on the site. The AI writes the sentences around them, and it is never asked to calculate. That split bounds the damage: an explanation can be wrong, and the figure beside it is still right.

• The written analysis can misread a filing, emphasise the wrong thing, or sound more certain than the evidence supports. Read it as a starting point, not a conclusion.
• Analyses are cached and shared. The one you see may have been generated for someone else earlier, and the date it was generated is shown above it.
• Nothing on this site is investment advice, and the ratings are not recommendations.

• Quotes are delayed and can be briefly unavailable at busy moments. When that happens the page says which, rather than showing a blank price.
• Filings appear here after the SEC publishes them, which is not instant.
• Everything except the live price is computed from the most recent filing, so it describes the last period the company reported and not today.

Things that work but are not finished, while Materiality is in development.

• Only the newest browsers on desktop and Android have been tested end to end. Safari and older browsers should work and have not been verified.
• Confirmation and password-reset emails are subject to a daily ceiling. If one does not arrive, ask for another tomorrow or write to us and we will confirm the account by hand.
• Some pages are dense on a small screen. They work, and they were designed on a large one.

This is the most useful thing you can do, and a specific report beats a general one every time. The ticker, the figure, and what you expected instead is enough to find almost anything.

Report a problem, or write to norrowstudiossupport@gmail.com.

If you want to check a figure yourself first, the methodology page says exactly how each one is calculated, and every stock page links to the filing it was read from.