Grounding
How FinBro classifies analysis evidence.
An analysis may combine public-record, reported or aggregated, market, estimate, and derived evidence. This page describes the role, coverage, date basis, and limits of each category; availability and use vary by workflow and run.
Evidence an analysis may use
| Evidence category | Used for | Coverage/history | Freshness | Citation behavior | Limitations and verification boundary |
|---|---|---|---|---|---|
| Financial statements & ratios - Reported/aggregated + derived | Historical performance, balance-sheet strength, cash generation, and quality and valuation analysis. | US and EU equity workflows where data is available. For some instruments, annual history extends to 10 or more periods; annual and quarterly depth varies by listing, reporting period, and field. | For figures used in a report, the reporting period and filing date, where available, define recency; retrieval time alone does not. | Material figures should identify their period or filing context when shown; attribution completeness varies by workflow and run. | Issuer filings are the primary record for filed figures. Aggregated fields and derived ratios may reflect normalization, mapping, and methodology differences and may contain errors. |
| Regulatory filings - Public record | Company disclosures, structured facts, risk factors, backlog, and other filing narrative. | US-listed issuers, including covered foreign filers; available forms and history vary by issuer. | Each filing's filed date identifies its recency. Retrieved filing lists may be incomplete or delayed. | Filing-derived claims should identify the filing type or filed date when shown; attribution completeness varies by workflow and run. | The original filing is the primary record. Extracted or structured facts can be incomplete or mapped differently, and no general international filing coverage is claimed. |
| Valuation inputs & outputs - Derived | Intrinsic-value models, enterprise-value context, relative valuation, and scenario ranges. | Methods vary by sector and available inputs; commodity and Bitcoin analyses use scenario bands rather than equity DCF. | Calculated during the run from available inputs; a derived output is only as current as those inputs and assumptions. | State the method, key assumptions, and relevant input dates when shown; identify the result as derived. | Valuation outputs are estimates, not observed facts or guaranteed outcomes; results are sensitive to methods and assumptions. |
| Analyst consensus - Estimate | A footnote cross-check against third-party forward estimates; not a ranking input. | Selected US equities and US-listed depositary receipts of European issuers where estimates are available; native-listing and non-equity coverage is not claimed. | Use the estimate date where available. Estimates may lag revisions, contributor sets vary, and updates are not continuous. | When shown, identify the figure as third-party consensus or estimate evidence and state its date and contributor count where available. | Consensus is third-party opinion, not FinBro's conclusion or a factual outcome; coverage, methodology, and contributor counts vary. |
| Ownership signals - Public record + aggregated | Contextual checks on insider transactions, beneficial ownership, and institutional holdings. | Some equities and reporting periods; filing regimes, thresholds, and coverage vary by jurisdiction and holder type. | Use the filing or reporting period shown. Institutional holdings are periodic and delayed; recent transactions or corrections may not yet appear. | Identify the filing or reporting period where available; do not infer motive from the record alone. | Underlying filings record disclosed transactions or holdings subject to applicable thresholds and reporting rules. Aggregation can be incomplete, and the record does not establish investor intent. |
| Macro series - Public statistical record | Rate, inflation, labor, liquidity, and yield-curve context for the macro regime. | US and selected international series; availability varies by country, indicator, and publication cadence. | Use the observation and release dates shown. Publication cadence and revision policies vary, and values may be revised after the run. | Identify the series, publishing institution or public source, and observation date when material to a conclusion and when shown. | A published observation reflects the series release available at the stated date; it is not a complete or immutable account, and country or indicator gaps remain. |
| Federal contract awards - Public record | Sector-specific checks on federal awards, customer concentration, and potential backlog signals. | US federal awards, used only for defense and other relevant sector checks; the lookback depends on the query. | Use records returned for the stated query window and their record dates. Reporting, updates, and corrections may lag. | Identify the award, agency, or record date when material and when shown; attribution completeness varies by workflow and run. | Award records describe reported obligations; they do not by themselves establish issuer backlog, contract value still to be performed, or recognized revenue. |
| Market & price data - Market | Price anchors, trading history, volume, cross-asset context, and currency conversion where relevant. | Supported equities, commodity references, and Bitcoin where data is available; history, currency, instrument, and venue coverage vary. | When used, quotes and history are requested for the run. Values may be cached or delayed and are not a continuous stream; use the stated timestamp, as-of date, or period. | When shown and material, state the value, currency, and as-of date or period; attribution completeness varies by workflow and run. | Market observations are not issuer filings or public-record evidence and may be delayed, incomplete, or erroneous; verify material figures against an appropriate current source. |
- Evidence category
- Financial statements & ratios - Reported/aggregated + derived
- Used for
- Historical performance, balance-sheet strength, cash generation, and quality and valuation analysis.
- Coverage/history
- US and EU equity workflows where data is available. For some instruments, annual history extends to 10 or more periods; annual and quarterly depth varies by listing, reporting period, and field.
- Freshness
- For figures used in a report, the reporting period and filing date, where available, define recency; retrieval time alone does not.
- Citation behavior
- Material figures should identify their period or filing context when shown; attribution completeness varies by workflow and run.
- Limitations and verification boundary
- Issuer filings are the primary record for filed figures. Aggregated fields and derived ratios may reflect normalization, mapping, and methodology differences and may contain errors.
- Evidence category
- Regulatory filings - Public record
- Used for
- Company disclosures, structured facts, risk factors, backlog, and other filing narrative.
- Coverage/history
- US-listed issuers, including covered foreign filers; available forms and history vary by issuer.
- Freshness
- Each filing's filed date identifies its recency. Retrieved filing lists may be incomplete or delayed.
- Citation behavior
- Filing-derived claims should identify the filing type or filed date when shown; attribution completeness varies by workflow and run.
- Limitations and verification boundary
- The original filing is the primary record. Extracted or structured facts can be incomplete or mapped differently, and no general international filing coverage is claimed.
- Evidence category
- Valuation inputs & outputs - Derived
- Used for
- Intrinsic-value models, enterprise-value context, relative valuation, and scenario ranges.
- Coverage/history
- Methods vary by sector and available inputs; commodity and Bitcoin analyses use scenario bands rather than equity DCF.
- Freshness
- Calculated during the run from available inputs; a derived output is only as current as those inputs and assumptions.
- Citation behavior
- State the method, key assumptions, and relevant input dates when shown; identify the result as derived.
- Limitations and verification boundary
- Valuation outputs are estimates, not observed facts or guaranteed outcomes; results are sensitive to methods and assumptions.
- Evidence category
- Analyst consensus - Estimate
- Used for
- A footnote cross-check against third-party forward estimates; not a ranking input.
- Coverage/history
- Selected US equities and US-listed depositary receipts of European issuers where estimates are available; native-listing and non-equity coverage is not claimed.
- Freshness
- Use the estimate date where available. Estimates may lag revisions, contributor sets vary, and updates are not continuous.
- Citation behavior
- When shown, identify the figure as third-party consensus or estimate evidence and state its date and contributor count where available.
- Limitations and verification boundary
- Consensus is third-party opinion, not FinBro's conclusion or a factual outcome; coverage, methodology, and contributor counts vary.
- Evidence category
- Ownership signals - Public record + aggregated
- Used for
- Contextual checks on insider transactions, beneficial ownership, and institutional holdings.
- Coverage/history
- Some equities and reporting periods; filing regimes, thresholds, and coverage vary by jurisdiction and holder type.
- Freshness
- Use the filing or reporting period shown. Institutional holdings are periodic and delayed; recent transactions or corrections may not yet appear.
- Citation behavior
- Identify the filing or reporting period where available; do not infer motive from the record alone.
- Limitations and verification boundary
- Underlying filings record disclosed transactions or holdings subject to applicable thresholds and reporting rules. Aggregation can be incomplete, and the record does not establish investor intent.
- Evidence category
- Macro series - Public statistical record
- Used for
- Rate, inflation, labor, liquidity, and yield-curve context for the macro regime.
- Coverage/history
- US and selected international series; availability varies by country, indicator, and publication cadence.
- Freshness
- Use the observation and release dates shown. Publication cadence and revision policies vary, and values may be revised after the run.
- Citation behavior
- Identify the series, publishing institution or public source, and observation date when material to a conclusion and when shown.
- Limitations and verification boundary
- A published observation reflects the series release available at the stated date; it is not a complete or immutable account, and country or indicator gaps remain.
- Evidence category
- Federal contract awards - Public record
- Used for
- Sector-specific checks on federal awards, customer concentration, and potential backlog signals.
- Coverage/history
- US federal awards, used only for defense and other relevant sector checks; the lookback depends on the query.
- Freshness
- Use records returned for the stated query window and their record dates. Reporting, updates, and corrections may lag.
- Citation behavior
- Identify the award, agency, or record date when material and when shown; attribution completeness varies by workflow and run.
- Limitations and verification boundary
- Award records describe reported obligations; they do not by themselves establish issuer backlog, contract value still to be performed, or recognized revenue.
- Evidence category
- Market & price data - Market
- Used for
- Price anchors, trading history, volume, cross-asset context, and currency conversion where relevant.
- Coverage/history
- Supported equities, commodity references, and Bitcoin where data is available; history, currency, instrument, and venue coverage vary.
- Freshness
- When used, quotes and history are requested for the run. Values may be cached or delayed and are not a continuous stream; use the stated timestamp, as-of date, or period.
- Citation behavior
- When shown and material, state the value, currency, and as-of date or period; attribution completeness varies by workflow and run.
- Limitations and verification boundary
- Market observations are not issuer filings or public-record evidence and may be delayed, incomplete, or erroneous; verify material figures against an appropriate current source.
Evidence classification describes provenance, not licence status. Public availability does not by itself remove licence, commercial-use, attribution, caching, or redistribution restrictions; permitted use varies by source.
Coverage
US and EU equities across all sectors, plus commodities and Bitcoin. Modeled values are denominated in USD with an EUR conversion where relevant, so a European read is always one step away.
US + EUequities
Commoditiesmetals · energy
Bitcoindigital asset
Freshness
Evidence is requested for the selected workflow during a run. The relevant filing date, reporting period, observation date, estimate date, or market as-of date defines recency; source availability, update cadence, caching, and delay vary.
Source context
Company-valuation reports are structured to include a source-category appendix. Other report formats, and the availability of filing, reporting-period, series, estimate-date, or market as-of context, vary by workflow and run.
Citations & verifiability
Company-valuation reports are structured to include a source-category appendix. Other report formats and citation coverage vary by workflow and run. When shown, filing, reporting-period, series, estimate-date, or market as-of context helps identify the evidence date, but material figures should still be checked against the underlying source before reliance.
Provenance boundary
Not every figure comes from an issuer filing or public record. Market observations and analyst consensus are third-party data; ratios and valuation outputs may be derived. These labels describe evidence type, not licensing status, permission to redistribute, or freedom from error. Source and date context may be incomplete, so verify material figures before relying on them.