We release the financial line items below, and all related pre-defined factors (growth, etc). You will find them in the reference in the Financials section. We'll be releasing additional ratios using these line-items, like SalesIntlPct for example.
Let us know if there are any big holes in our current set of financial line-items. One caveat: as we expose more specialized line-items the coverage and history will be less. For example for these three: international sales only has annual values, and the other two are quite sparse.
Also coming soon new ratios like ROIC, ROCE and others. As we prepare to release some factor mining tools, we also want to have complete set of the best quant ratios. A simple GPT question returned a list of the best quant ratios from the many papers out there. And low and behold, the top two where ROIC and ROCE, which we do not have pre-built.
Thanks
SalesIntl International sales.
Represents sales generated from operations in foreign countries. Export sales are not included. NOTE: Annual values only.
CapLease Capital Lease Obligations
Represents all obligations incurred through the contractual leasing of long-term assets, by which the periodic lease payments resemble payments on interest and debt capital. As such, capitalized leases are considered to be a form of long-term debt.
Impair Impairment Charges
Represents the total charge against the carrying value of an asset to bring it to its fair value.
These are welcome additions. Thanks to you and the team for building them out. I’ve used my own custom formulas for ROIC and ROCE but it’ll be nice to now have them off-the-shelf from P123.
Is there any chance you can obtain/calculate WACC (weighted average cost of capital)? Using a ROIC/WACC ratio is something that’s been on my list to create for a while, but the WACC formula was a too elusive to me the last time I looked into it.
Management guidance numbers (huge for stocks with no analyst coverage). Last I checked Factset might already be providing it with analyst data.
Loan loss reserves (huge for banks) changes higher are recorded as an expense (provision for credit losses) on the income statement and also they are a contra-asset on the balance sheet
We have the guidance tables but the data seems very spotty. Here's AAPL. The last EPS guidance was in 2012. And for SALES there are huge gaps: latest is 2025 previous one is 2020
Maybe AAPL guidance is spotty? Has anybody been paying attention to AAPL guidance? AMZN seems to be there every quarter but only for SALES. I will ask if we are just getting a preview of the data or if this is what it is. If it's the latter we'll have to take a better look to see if it's worth while.
Yes doable, perhaps with some simplifications. Things can get complicated quickly with some of these ratios depending on which version you pick. For our use case (cross sectional/relative comparison) most of the complications are unnecessary.
Apple specifically ceased providing specific earnings guidance after fiscal 2012, shifting to qualitative commentary and gross margins. No EPS guidance has been issued since. They did have sales guidance but stopped during covid and resumed later.
It could be spotty for some companies based on guidance policy chances, and some do not offer it like Berkshire Hathaway, but it is great to have for those that do specially when no analyst coverage exists (it can also be available before analyst updates).
The obvious scenario would be a seemingly undervalued stock for which guidance is way below past results. Given many users’ focus on smaller caps it could be a great fit. Thanks for taking a look!
SalesIntl / CapLease / Impair are great additions, thanks!
One follow-on request that would make SalesIntl much more actionable is revenue exposure by country/region (GeoRev-style), or at least the key legal/risk geography fields FactSet computes.
Why:Country() and ExchCountry() can both be “USA” and still be the wrong risk model, e.g. for GTEC:
Country() = USA
ExchCountry() = USA
SalesIntl = 0.6% of Sales in the USA ?!
Sales = 98% of Sales in China (incl. Hong Kong) ?!
Concrete example (and my costly mistake) was GTEC: it ticks all the “USA” boxes in P123 (@Country=1 and @ExchCountry=1), but that can be a very misleading proxy for real exposure, FactSet GeoRev shows the revenue footprint is overwhelmingly China, and GTEC’s FY2024 10-K reports only $1.695M of $83.945M total sales as International Sales (~2%).
Also, offshore incorporation can have very real (and sometimes investor-unfriendly) legal consequences. In Gu v. Wang et al. (D.N.J.), the judge held that because the company was incorporated in the British Virgin Islands, a shareholder had to first get permission (“leave”) from the BVI High Court before bringing a derivative lawsuit on the company’s behalf, and the case was dismissed because that requirement wasn’t alleged. If I only knew...
Ask:
Revenue exposure by country/region
FactSet describes GeoRev as a normalized country/region revenue dataset built from filings with estimation where needed.
If (1) is too heavy, a strong minimum set would be:
Country of incorporation (legal home / internal affairs jurisdiction)
Country of Risk (GeoCoR), FactSet describes GeoCoR as combining top country of revenue + country of incorporation + HQ + primary exchange.
TL;DR SalesIntl is a useful start, but it’s not a clean “domestic vs foreign revenue” split, and it doesn’t tell you which country “domestic” refers to. Without country of incorporation / country-of-risk or a GeoRev country/region breakdown, simple Country() + ExchCountry() screens can still fall into domicile traps that I do not know how to filter. If anyone has a robust filter, I’d really appreciate it.
