finmodeling 0.1 → 0.2

This diff represents the content of publicly available package versions that have been released to one of the supported registries. The information contained in this diff is provided for informational purposes only and reflects changes between package versions as they appear in their respective public registries.
Files changed (135) hide show
  1. data/.gitignore +0 -0
  2. data/Gemfile +2 -0
  3. data/README.md +289 -269
  4. data/Rakefile +12 -0
  5. data/TODO.txt +113 -20
  6. data/examples/{dump_report.rb → dump_latest_10k.rb} +1 -1
  7. data/examples/list_disclosures.rb +50 -0
  8. data/examples/lists/nasdaq-mid-to-mega-tech-symbols.txt +0 -0
  9. data/examples/show_report.rb +112 -32
  10. data/examples/show_reports.rb +162 -33
  11. data/finmodeling.gemspec +4 -1
  12. data/lib/finmodeling/annual_report_filing.rb +97 -18
  13. data/lib/finmodeling/array_with_stats.rb +0 -0
  14. data/lib/finmodeling/assets_calculation.rb +12 -3
  15. data/lib/finmodeling/assets_item.rb +0 -0
  16. data/lib/finmodeling/assets_item_vectors.rb +0 -0
  17. data/lib/finmodeling/balance_sheet_analyses.rb +19 -4
  18. data/lib/finmodeling/balance_sheet_calculation.rb +52 -37
  19. data/lib/finmodeling/calculation_summary.rb +119 -14
  20. data/lib/finmodeling/can_cache_classifications.rb +0 -0
  21. data/lib/finmodeling/can_cache_summaries.rb +0 -0
  22. data/lib/finmodeling/can_choose_successive_periods.rb +15 -0
  23. data/lib/finmodeling/can_classify_rows.rb +0 -0
  24. data/lib/finmodeling/capm.rb +80 -0
  25. data/lib/finmodeling/cash_change_calculation.rb +3 -3
  26. data/lib/finmodeling/cash_change_item.rb +0 -0
  27. data/lib/finmodeling/cash_change_item_vectors.rb +0 -0
  28. data/lib/finmodeling/cash_change_summary_from_differences.rb +36 -0
  29. data/lib/finmodeling/cash_flow_statement_analyses.rb +36 -0
  30. data/lib/finmodeling/cash_flow_statement_calculation.rb +28 -52
  31. data/lib/finmodeling/classifiers.rb +2 -0
  32. data/lib/finmodeling/company.rb +0 -0
  33. data/lib/finmodeling/company_filing.rb +30 -7
  34. data/lib/finmodeling/company_filing_calculation.rb +16 -6
  35. data/lib/finmodeling/company_filings.rb +112 -46
  36. data/lib/finmodeling/comprehensive_income_calculation.rb +60 -0
  37. data/lib/finmodeling/comprehensive_income_statement_calculation.rb +74 -0
  38. data/lib/finmodeling/comprehensive_income_statement_item.rb +20 -0
  39. data/lib/finmodeling/comprehensive_income_statement_item_vectors.rb +235 -0
  40. data/lib/finmodeling/config.rb +0 -0
  41. data/lib/finmodeling/debt_cost_of_capital.rb +14 -0
  42. data/lib/finmodeling/equity_change_calculation.rb +43 -0
  43. data/lib/finmodeling/equity_change_item.rb +25 -0
  44. data/lib/finmodeling/equity_change_item_vectors.rb +156 -0
  45. data/lib/finmodeling/factory.rb +0 -0
  46. data/lib/finmodeling/fama_french_cost_of_equity.rb +119 -0
  47. data/lib/finmodeling/float_helpers.rb +14 -8
  48. data/lib/finmodeling/forecasted_reformulated_balance_sheet.rb +55 -0
  49. data/lib/finmodeling/forecasted_reformulated_income_statement.rb +110 -0
  50. data/lib/finmodeling/forecasts.rb +4 -4
  51. data/lib/finmodeling/has_string_classifer.rb +0 -0
  52. data/lib/finmodeling/income_statement_analyses.rb +23 -17
  53. data/lib/finmodeling/income_statement_calculation.rb +46 -43
  54. data/lib/finmodeling/income_statement_item.rb +1 -1
  55. data/lib/finmodeling/income_statement_item_vectors.rb +24 -13
  56. data/lib/finmodeling/invalid_filing_error.rb +4 -0
  57. data/lib/finmodeling/liabs_and_equity_calculation.rb +18 -8
  58. data/lib/finmodeling/liabs_and_equity_item.rb +1 -1
  59. data/lib/finmodeling/liabs_and_equity_item_vectors.rb +24 -24
  60. data/lib/finmodeling/linear_trend_forecasting_policy.rb +23 -0
  61. data/lib/finmodeling/net_income_calculation.rb +23 -10
  62. data/lib/finmodeling/net_income_summary_from_differences.rb +51 -0
  63. data/lib/finmodeling/paths.rb +0 -0
  64. data/lib/finmodeling/period_array.rb +8 -4
  65. data/lib/finmodeling/quarterly_report_filing.rb +9 -4
  66. data/lib/finmodeling/rate.rb +8 -0
  67. data/lib/finmodeling/ratio.rb +0 -0
  68. data/lib/finmodeling/reformulated_balance_sheet.rb +47 -88
  69. data/lib/finmodeling/reformulated_cash_flow_statement.rb +18 -41
  70. data/lib/finmodeling/reformulated_income_statement.rb +44 -206
  71. data/lib/finmodeling/reformulated_shareholder_equity_statement.rb +50 -0
  72. data/lib/finmodeling/reoi_valuation.rb +104 -0
  73. data/lib/finmodeling/shareholder_equity_statement_calculation.rb +34 -0
  74. data/lib/finmodeling/string_helpers.rb +18 -1
  75. data/lib/finmodeling/time_series_estimator.rb +25 -0
  76. data/lib/finmodeling/trailing_avg_forecasting_policy.rb +23 -0
  77. data/lib/finmodeling/version.rb +1 -1
  78. data/lib/finmodeling/weighted_avg_cost_of_capital.rb +35 -0
  79. data/lib/finmodeling/yahoo_finance_helpers.rb +20 -0
  80. data/lib/finmodeling.rb +33 -2
  81. data/spec/annual_report_filing_spec.rb +81 -45
  82. data/spec/assets_calculation_spec.rb +7 -4
  83. data/spec/assets_item_spec.rb +9 -14
  84. data/spec/balance_sheet_analyses_spec.rb +13 -13
  85. data/spec/balance_sheet_calculation_spec.rb +45 -51
  86. data/spec/calculation_summary_spec.rb +113 -21
  87. data/spec/can_classify_rows_spec.rb +0 -0
  88. data/spec/cash_change_calculation_spec.rb +1 -10
  89. data/spec/cash_change_item_spec.rb +10 -18
  90. data/spec/cash_flow_statement_calculation_spec.rb +10 -24
  91. data/spec/company_beta_spec.rb +53 -0
  92. data/spec/company_filing_calculation_spec.rb +39 -49
  93. data/spec/company_filing_spec.rb +0 -0
  94. data/spec/company_filings_spec.rb +75 -25
  95. data/spec/company_spec.rb +37 -47
  96. data/spec/comprehensive_income_statement_calculation_spec.rb +54 -0
  97. data/spec/comprehensive_income_statement_item_spec.rb +56 -0
  98. data/spec/debt_cost_of_capital_spec.rb +19 -0
  99. data/spec/equity_change_calculation_spec.rb +33 -0
  100. data/spec/equity_change_item_spec.rb +58 -0
  101. data/spec/factory_spec.rb +2 -2
  102. data/spec/forecasts_spec.rb +2 -2
  103. data/spec/income_statement_analyses_spec.rb +23 -21
  104. data/spec/income_statement_calculation_spec.rb +17 -49
  105. data/spec/income_statement_item_spec.rb +17 -29
  106. data/spec/liabs_and_equity_calculation_spec.rb +6 -3
  107. data/spec/liabs_and_equity_item_spec.rb +14 -22
  108. data/spec/linear_trend_forecasting_policy_spec.rb +37 -0
  109. data/spec/matchers/custom_matchers.rb +79 -0
  110. data/spec/mocks/calculation.rb +0 -0
  111. data/spec/mocks/income_statement_analyses.rb +0 -0
  112. data/spec/mocks/sec_query.rb +0 -0
  113. data/spec/net_income_calculation_spec.rb +16 -10
  114. data/spec/period_array.rb +0 -0
  115. data/spec/quarterly_report_filing_spec.rb +21 -38
  116. data/spec/rate_spec.rb +0 -0
  117. data/spec/ratio_spec.rb +0 -0
  118. data/spec/reformulated_balance_sheet_spec.rb +56 -33
  119. data/spec/reformulated_cash_flow_statement_spec.rb +18 -10
  120. data/spec/reformulated_income_statement_spec.rb +16 -15
  121. data/spec/reformulated_shareholder_equity_statement_spec.rb +43 -0
  122. data/spec/reoi_valuation_spec.rb +146 -0
  123. data/spec/shareholder_equity_statement_calculation_spec.rb +59 -0
  124. data/spec/spec_helper.rb +4 -1
  125. data/spec/string_helpers_spec.rb +15 -13
  126. data/spec/time_series_estimator_spec.rb +61 -0
  127. data/spec/trailing_avg_forecasting_policy_spec.rb +37 -0
  128. data/spec/weighted_avg_cost_of_capital_spec.rb +32 -0
  129. data/tools/create_equity_change_training_vectors.rb +49 -0
  130. data/tools/time_specs.sh +7 -0
  131. metadata +182 -36
  132. data/lib/finmodeling/constant_forecasting_policy.rb +0 -23
  133. data/lib/finmodeling/generic_forecasting_policy.rb +0 -19
  134. data/spec/constant_forecasting_policy_spec.rb +0 -37
  135. data/spec/generic_forecasting_policy_spec.rb +0 -33
data/README.md CHANGED
@@ -1,292 +1,312 @@
1
1
  ## Overview
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2
 
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- FinModeling is a set of tools for manipulating financial data from SEC Edgar (in [XBRL](http://en.wikipedia.org/wiki/XBRL) format).
3
+ FinModeling is an equity valuation framework. It can retrieve and parse [XBRL](http://en.wikipedia.org/wiki/XBRL)-based filings from SEC Edgar. As of March 2013, it can successfully parse the last 2-5 years of quarterly and annual filings from 52% of the Nasdaq 100 companies. (The remainder fail due to a long-tail distribution of filing formatting peculiarities for which I haven't yet written special-case code to handle.)
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4
 
5
5
  ## Features
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6
 
7
- - Pulls annual (10-k) and quarterly (10-q) financial reports from SEC
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+ - Pulls annual (10-k) and quarterly (10-q) financial reports from SEC Edgar
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  - Uses Naive Bayes Classifiers to classify financial statement items
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  - trained on medium-to-large NASDAQ tech companies
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  - Reformulates GAAP statements to better highlight enterprise value
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11
  - Generates forecasts based on analysis of historical performance
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+ - Calculates cost of capital using either [CAPM](http://en.wikipedia.org/wiki/Capital_asset_pricing_model) or [Fama/French](http://en.wikipedia.org/wiki/Fama%E2%80%93French_three-factor_model) cost of equity, and [WACC](http://en.wikipedia.org/wiki/Weighted_average_cost_of_capital)
13
+ - Performs residual operating income-based valuation.
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14
 
13
- ## Example 1: Forecasting Oracle's Financials Based
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+ ## Example 1: Valuing Oracle's Common Equity, Based on 4 Quarters of History and 2 Quarters of Forecasts
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16
 
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17
  After running "rake install" (to build and install the 'finmodeling' gem), you can run:
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18
 
17
- lindstro@lindstro-laptop:~/code/finmodels$ ./examples/show_reports.rb --num-forecasts 2 orcl 2011-02-01
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+ $ ./examples/show_reports.rb --num-forecasts 2 --do-valuation orcl 2012-02-01
18
20
  Forecasting 2 periods
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+ Doing valuation
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22
  company name: ORACLE CORP
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-
21
- 2011-02-28 2011-05-31 2011-08-31 2011-11-30 2012-02-29E 2012-05-29E
22
- NOA ($MM) 28,172.0 28,282.0 25,235.0 27,055.0 27,342.0 29,107.0
23
- NFA ($MM) 8,445.0 11,494.0 15,657.0 14,865.0 16,899.0 17,593.0
24
- CSE ($MM) 36,617.0 39,776.0 40,892.0 41,920.0 44,241.0 46,700.0
25
- Composition Ratio 3.3359 2.4605 1.6117 1.8200 1.6179 1.6545
26
- NOA Growth 0.0155 -0.3638 0.3222 0.0431 0.2888
27
- CSE Growth 0.3886 0.1160 0.1047 0.2412 0.2452
28
-
29
- NOA growth: a:-0.1619, b:0.1533, r:0.4461, var:0.0787
30
-
31
- 2011-02-28 2011-05-31 2011-08-31 2011-11-30 2012-02-29E 2012-05-29E
32
- Revenue ($MM) 8,764.0 10,775.0 8,374.0 8,792.0 9,360.0 9,964.0
33
- Core OI ($MM) 2,318.0 3,413.0 2,056.0 2,327.0 2,483.0 2,644.0
34
- OI ($MM) 2,238.0 3,332.0 1,978.0 2,290.0
35
- FI ($MM) -122.0 -123.0 -138.0 -98.0 -163.0 -185.0
36
- NI ($MM) 2,116.0 3,209.0 1,840.0 2,192.0 2,321.0 2,459.0
37
- Gross Margin 0.5858 0.6040 0.5679 0.5845
38
- Sales PM 0.2644 0.3167 0.2454 0.2646 0.2653 0.2653
39
- Operating PM 0.2553 0.3092 0.2361 0.2604
40
- FI / Sales -0.0139 -0.0114 -0.0164 -0.0111 -0.0173 -0.0185
41
- NI / Sales 0.2414 0.2978 0.2197 0.2493 0.2479 0.2467
42
- Sales / NOA 1.5298 1.1843 1.3936 1.3837 1.4576
43
- FI / NFA -0.0581 -0.0479 -0.0250 -0.0437 -0.0437
44
- Revenue Growth 1.2695 -0.6321 0.2157 0.2852 0.2888
45
- Core OI Growth 3.6455 -0.8661 0.6443 0.2974 0.2888
46
- OI Growth 3.8474 -0.8737 0.8006
47
- ReOI ($MM) 2,647.0 1,290.0 1,683.0 1,833.0 1,993.0
48
-
49
- operating pm: a:0.2739, b:-0.0057, r:-0.2398, var:0.0007
50
- asset turnover: a:1.4374, b:-0.0681, r:-0.3914, var:0.0201
51
- revenue growth: a:0.8112, b:-0.5268, r:-0.5530, var:0.6050
52
- fi / nfa: a:-0.0602, b:0.0165, r:0.9765, var:0.0001
53
-
54
- Unknown... 2011-05-31 2011-08-31 2011-11-30
55
- C ($MM) -17.0 5,421.0 1,255.0
56
- I ($MM) -8,380.0 -13,091.0 -9,191.0
57
- d ($MM) 8,688.0 8,568.0 8,956.0
58
- F ($MM) -291.0 -898.0 -1,020.0
59
- FCF ($MM) -8,397.0 -7,670.0 -7,936.0
60
- NI / C -188.7647 0.3394 1.7466
61
-
62
- ## Example 2: A Summary of Adobe's Filings Since 2010-11-01
63
-
64
- lindstro@lindstro-laptop:~/code/finmodels$ ./examples/show_reports.rb adbe 2010-11-01
65
- company name: ADOBE SYSTEMS INC
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-
67
- 2010-12-03 2011-03-04 2011-06-03 2011-09-02 2011-12-02
68
- NOA (000's) 4,269,074.0 4,374,531.0 4,334,056.0 4,428,947.0 4,458,509.0
69
- NFA (000's) 923,313.0 1,050,876.0 1,055,359.0 1,135,011.0 1,324,604.0
70
- CSE (000's) 5,192,387.0 5,425,407.0 5,389,415.0 5,563,958.0 5,783,113.0
71
- Composition Ratio 4.6236 4.1627 4.1067 3.9021 3.3659
72
- NOA Growth 0.1028 -0.0365 0.0907 0.0270
73
- CSE Growth 0.1925 -0.0263 0.1363 0.1676
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-
75
- NOA growth: a:0.0610, b:-0.0100, r:-0.2006, var:0.0031
76
-
77
- Unknown... 2011-03-04 2011-06-03 2011-09-02 2011-12-02
78
- Revenue (000's) 1,027,706.0 1,023,179.0 1,013,212.0 1,152,161.0
79
- Core OI (000's) 251,831.0 247,172.0 215,630.0 251,253.0
80
- OI (000's) 245,152.0 240,798.0 206,405.0 182,137.0
81
- FI (000's) -10,561.0 -11,362.0 -11,304.0 -8,418.0
82
- NI (000's) 234,591.0 229,436.0 195,101.0 173,719.0
83
- Gross Margin 0.8952 0.8932 0.8967 0.8989
84
- Sales PM 0.2450 0.2415 0.2128 0.2180
85
- Operating PM 0.2385 0.2353 0.2037 0.1580
86
- FI / Sales -0.0102 -0.0111 -0.0111 -0.0073
87
- NI / Sales 0.2282 0.2242 0.1925 0.1507
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- Sales / NOA 0.2338 0.2337 0.2601
89
- FI / NFA -0.0108 -0.0107 -0.0074
90
- Revenue Growth -0.0175 -0.0385 0.6744
91
- Core OI Growth -0.0721 -0.4216 0.8464
92
- OI Growth -0.0693 -0.4610 -0.3944
93
- ReOI (000's) 135,604.0 102,185.0 75,635.0
94
-
95
- operating pm: a:0.2498, b:-0.0273, r:-0.9434, var:0.0010
96
- asset turnover: a:0.2294, b:0.0131, r:0.8641, var:0.0001
97
- revenue growth: a:-0.1398, b:0.3459, r:0.8528, var:0.1097
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-
99
- Unknown... 2011-03-04 2011-06-03 2011-09-02 2011-12-02
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- C (000's) 332,102.0 397,743.0 320,434.0 334,399.0
101
- I (000's) -226,787.0 -229,749.0 -391,441.0 -385,261.0
102
- d (000's) -20,966.0 196,511.0 164,509.0 48,818.0
103
- F (000's) -84,349.0 -364,505.0 -93,502.0 2,044.0
104
- FCF (000's) 105,315.0 167,994.0 -71,007.0 -50,862.0
105
- NI / C 0.7063 0.5768 0.6088 0.5194
106
-
107
- ## Example 3: A Detailed View of Adobe's Second-to-Last 10-Q
108
-
109
- lindstro@lindstro-laptop:~/code/finmodels$ ./examples/show_report.rb adbe 10-q -2
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- company name: ADOBE SYSTEMS INC
111
- url: http://www.sec.gov/Archives/edgar/data/796343/000079634311000006/0000796343-11-000006-index.htm
112
- Balance Sheet (2011-03-04)
113
- Assets (loc_Assets_1)
114
- [fa] Cash And Cash Equivalents At Carrying Value 900,156,000.0
115
- [fa] Short Term Investments 1,736,679,000.0
116
- [oa] Accounts Receivable Net Current 533,353,000.0
117
- [fa] Deferred Tax Assets Net Current 66,928,000.0
118
- [oa] Prepaid Expenses Other Assets 113,682,000.0
119
- [oa] Property Plant And Equipment Net 453,497,000.0
120
- [oa] Goodwill 3,686,073,000.0
121
- [oa] Finite Lived Intangible Assets Net 447,616,000.0
122
- [fa] Investment In Lease Receivable 207,239,000.0
123
- [oa] Other Assets Noncurrent 164,801,000.0
124
- Total 8,310,024,000.0
125
-
126
- Liabilities and Stockholders' Equity (loc_LiabilitiesAndStockholdersEquity_1)
127
- [ol] Accrued Restructuring Current 6,759,000.0
128
- [fl] Accrued Income Taxes Current 57,096,000.0
129
- [ol] Capital Lease Obligations Current 8,900,000.0
130
- [ol] Accrued Liabilities Current 458,463,000.0
131
- [ol] Accounts Payable Current 54,742,000.0
132
- [ol] Deferred Revenue Current 399,572,000.0
133
- [fl] Long Term Debt And Capital Lease Obligations 1,511,553,000.0
134
- [ol] Deferred Revenue Noncurrent 43,826,000.0
135
- [ol] Accrued Restructuring Noncurrent 7,307,000.0
136
- [fl] Liability For Uncertain Tax Positions Noncurrent 170,721,000.0
137
- [fl] Deferred Tax Liabilities Noncurrent 120,756,000.0
138
- [ol] Other Liabilities Noncurrent 44,922,000.0
139
- [cse] Treasury Stock Value -3,178,769,000.0
140
- [cse] Accumulated Other Comprehensive Income Loss Net Of Tax 28,695,000.0
141
- [cse] Retained Earnings Accumulated Deficit 6,045,631,000.0
142
- [cse] Additional Paid In Capital 2,529,789,000.0
143
- [cse] Common Stock Value 61,000.0
144
- [fl] Preferred Stock Value 0.0
145
- Total 8,310,024,000.0
146
-
23
+
24
+ 2012-02-29 2012-05-31 2012-08-31 2012-11-30 2013-02-28E 2013-05-28E
25
+ NOA ($MM) 29,250.0 32,172.0 29,172.0 31,703.0 31,072.0 33,307.0
26
+ NFA ($MM) 14,016.0 11,915.0 14,564.0 11,707.0 14,672.0 15,375.0
27
+ Minority Interest 393.0 399.0 407.0 427.0 0.0 0.0
28
+ ($MM)
29
+ CSE ($MM) 42,873.0 43,688.0 43,329.0 42,983.0 45,743.0 48,682.0
30
+ Composition Ratio 2.0869 2.7001 2.0030 2.7080 2.1177 2.1663
31
+ NOA Growth 0.4590 -0.3218 0.3961 -0.0783 0.3296
32
+ CSE Growth 0.0775 -0.0322 -0.0316 0.2871 0.2909
33
+
34
+
35
+ 2012-02-29 2012-05-31 2012-08-31 2012-11-30 2013-02-28E 2013-05-28E
36
+ Revenue ($MM) 9,039.0 10,916.0 8,181.0 9,094.0 9,748.0 10,450.0
37
+ Core OI ($MM) 2,674.0 3,636.0 2,076.0 2,712.0 2,870.0 3,076.0
38
+ OI ($MM) 2,608.0 3,590.0 2,149.0 2,705.0
39
+ FI ($MM) -110.0 -138.0 -115.0 -124.0 -110.0 -137.0
40
+ NI ($MM) 2,498.0 3,452.0 2,034.0 2,581.0 2,760.0 2,939.0
41
+ Gross Margin 0.6008 0.6238 0.5941 0.6077
42
+ Sales PM 0.2958 0.3330 0.2537 0.2981 0.2943 0.2943
43
+ Operating PM 0.2885 0.3288 0.2626 0.2974
44
+ FI / Sales -0.0121 -0.0126 -0.0140 -0.0136 -0.0112 -0.0131
45
+ NI / Sales 0.2763 0.3162 0.2486 0.2838 0.2831 0.2812
46
+ Sales / NOA 1.4806 1.0199 1.2642 1.2610 1.3949
47
+ FI / NFA -0.0390 -0.0387 -0.0345 -0.0383 -0.0388
48
+ Revenue Growth 1.1139 -0.6815 0.5286 0.3254 0.3296
49
+ Core OI Growth 2.3835 -0.8918 1.9216 0.2582 0.3296
50
+ OI Growth 2.5532 -0.8693 1.5169
51
+ ReOI ($MM) 2,879.0 1,367.0 2,004.0 2,116.0 2,346.0
52
+
53
+
54
+ Unknown... 2012-05-31 2012-08-31 2012-11-30
55
+ C ($MM) 4,057.0 5,431.0 677.0
56
+ I ($MM) -10,966.0 -7,304.0 -11,021.0
57
+ d ($MM) 9,358.0 4,662.0 13,363.0
58
+ F ($MM) -2,449.0 -2,789.0 -3,019.0
59
+ FCF ($MM) -6,909.0 -1,873.0 -10,344.0
60
+ NI / C 0.8508 0.3745 3.8124
61
+
62
+ Cost of Capital
63
+ 2013-03-10
64
+ Market Value of 169,100.0
65
+ Equity ($MM)
66
+ Market Value of 23,663.0
67
+ Debt ($MM)
68
+ Cost of Equity (%) 7.30
69
+ Cost of Debt (%) 3.20
70
+ Weighted Avg Cost 6.79
71
+ of Capital (%)
72
+
73
+ ReOI Valuation
74
+ 2012-11-30 2013-02-28 2013-05-28E
75
+ ReOI ($MM) 2,352.0 2,574.0
76
+ PV(ReOI) ($MM) 2,356.0
77
+ CV ($MM) 37,886.0
78
+ PV(CV) ($MM) 37,954.0
79
+ Book Value of 42,983.0
80
+ Common Equity
81
+ ($MM)
82
+ Enterprise Value 83,293.0
83
+ ($MM)
84
+ NFA ($MM) 11,707.0
85
+ Value of Common 95,000.0
86
+ Equity ($MM)
87
+ # Shares (MM) 4,735.0
88
+ Value / Share ($) 20.06
89
+
90
+ ## Example 2: More Detailed Analysis of Apple's Financials Since 2012-02-01
91
+
92
+ $ ./examples/show_reports.rb --balance-detail --income-detail --show-regressions aapl 2012-02-01
93
+ Balance sheet detail is enabled
94
+ Net income detail is enabled
95
+ Showing regressions
96
+ company name: APPLE INC
97
+
98
+ 2012-03-31 2012-06-30 2012-09-29 2012-12-29
99
+ A ($MM) 150,934.0 162,896.0 176,064.0 196,088.0
100
+ L ($MM) 48,436.0 51,150.0 57,854.0 68,742.0
101
+ NOA ($MM) -9,931.0 -7,784.0 -5,624.0 -12,661.0
102
+ OA ($MM) 38,505.0 43,366.0 52,230.0 56,081.0
103
+ OL ($MM) 48,436.0 51,150.0 57,854.0 68,742.0
104
+ NFA ($MM) 112,429.0 119,530.0 123,834.0 140,007.0
105
+ FA ($MM) 112,429.0 119,530.0 123,834.0 140,007.0
106
+ FL ($MM) 0.0 0.0 0.0 0.0
107
+ Minority Interest 0.0 0.0 0.0 0.0
108
+ ($MM)
109
+ CSE ($MM) 102,498.0 111,746.0 118,210.0 127,346.0
110
+ Composition Ratio -0.0883 -0.0651 -0.0454 -0.0904
111
+ NOA Δ ($MM) 2,147.0 2,160.0 -7,037.0
112
+ CSE Δ ($MM) 9,248.0 6,464.0 9,136.0
113
+ NOA Growth -0.6235 -0.7284 24.9157
114
+ CSE Growth 0.4140 0.2530 0.3479
115
+
116
+ NOA growth: a:-4.9150, b:12.7696, r:0.8642, var:145.5436
117
+
118
+ 2012-03-31 2012-06-30 2012-09-29 2012-12-29
119
+ Revenue ($MM) 39,186.0 35,023.0 35,966.0 54,512.0
120
+ COGS ($MM) -20,622.0 -20,029.0 -21,565.0 -33,452.0
121
+ GM ($MM) 18,564.0 14,994.0 14,401.0 21,060.0
122
+ OE ($MM) -3,180.0 -3,421.0 -3,457.0 -3,850.0
123
+ OISBT ($MM) 15,384.0 11,573.0 10,944.0 17,210.0
124
+ Core OI ($MM) 11,526.0 8,637.0 8,256.0 12,778.0
125
+ OI ($MM) 11,526.0 8,637.0 8,256.0 12,778.0
126
+ FI ($MM) 96.0 187.0 -33.0 300.0
127
+ NI ($MM) 11,622.0 8,824.0 8,223.0 13,078.0
128
+ Gross Margin 0.4737 0.4281 0.4004 0.3863
129
+ Sales PM 0.2941 0.2466 0.2295 0.2344
130
+ Operating PM 0.2941 0.2466 0.2295 0.2344
131
+ FI / Sales 0.0024 0.0053 -0.0009 0.0055
132
+ NI / Sales 0.2965 0.2519 0.2286 0.2399
133
+ Sales / NOA -14.3024 -18.5327 -39.3094
134
+ FI / NFA 0.0067 -0.0011 0.0098
135
+ Revenue Growth -0.3626 0.1124 4.3013
136
+ Core OI Growth -0.6856 -0.1653 4.7648
137
+ OI Growth -0.6856 -0.1653 4.7648
138
+ ReOI ($MM) 8,876.0 8,443.0 12,913.0
139
+
140
+ operating pm: a:0.2806, b:-0.0196, r:-0.8581, var:0.0006
141
+ sales / noa: a:-11.5447, b:-12.5035, r:-0.9341, var:119.4351
142
+ revenue growth: a:-0.9816, b:2.3320, r:0.9085, var:4.3917
143
+ fi / nfa: a:0.0036, b:0.0015, r:0.2729, var:2.1244e-05
144
+
145
+ Unknown... 2012-06-30 2012-09-29 2012-12-29
146
+ C ($MM) 10,189.0 9,136.0 23,426.0
147
+ I ($MM) -2,971.0 -3,493.0 -2,791.0
148
+ d ($MM) -7,163.0 -6,109.0 -18,631.0
149
+ F ($MM) -55.0 466.0 -2,004.0
150
+ FCF ($MM) 7,218.0 5,643.0 20,635.0
151
+ NI / C 0.8660 0.9000 0.5582
152
+
153
+ ## Example 3: Raw Numbers From Nike's Last 10-Q, Including Disclosures
154
+
155
+ $ ./examples/show_report.rb --show-disclosures NKE 10-q 0
156
+ Showing disclosures
157
+ company name: NIKE INC
158
+ url: http://www.sec.gov/Archives/edgar/data/320187/000119312513008172/0001193125-13-008172-index.htm
159
+ Balance Sheet (2012-11-30)
160
+ Assets (us-gaap_Assets_1)
161
+ [fa] Cash And Cash Equivalents At Carrying Value 2,291,000,000.0
162
+ [fa] Available For Sale Securities Current 1,234,000,000.0
163
+ [oa] Accounts Receivable Net Current 3,188,000,000.0
164
+ [oa] Inventory Finished Goods Net Of Reserves 3,318,000,000.0
165
+ [fa] Deferred Tax Assets Net Current 327,000,000.0
166
+ [oa] Prepaid Expense And Other Assets Current 733,000,000.0
167
+ [oa] Assets Of Disposal Group Including Discontinued 344,000,000.0
168
+ Operation Current
169
+ [oa] Property Plant And Equipment Gross 5,310,000,000.0
170
+ [oa] Accumulated Depreciation Depletion And Amortization -3,052,000,000.0
171
+ Property Plant And Equipment
172
+ [oa] Intangible Assets Net Excluding Goodwill 374,000,000.0
173
+ [oa] Goodwill 131,000,000.0
174
+ [fa] Deferred Income Taxes And Other Assets Noncurrent 973,000,000.0
175
+ Total 15,171,000,000.0
176
+
177
+ Liabilities And Stockholders Equity (us-gaap_LiabilitiesAndStockholdersEquity_1)
178
+ [fl] Long Term Debt Current 58,000,000.0
179
+ [fl] Short Term Borrowings 100,000,000.0
180
+ [ol] Accounts Payable Current 1,519,000,000.0
181
+ [ol] Accrued Liabilities Current 1,879,000,000.0
182
+ [fl] Accrued Income Taxes Current 45,000,000.0
183
+ [ol] Liabilities Of Disposal Group Including Discontinued 198,000,000.0
184
+ Operation Current
185
+ [fl] Long Term Debt Noncurrent 170,000,000.0
186
+ [fl] Deferred Income Taxes And Other Liabilities Noncurrent 1,188,000,000.0
187
+ [ol] Commitments And Contingencies 0.0
188
+ [fl] Temporary Equity Carrying Amount Attributable To Parent 0.0
189
+ [cse] Stockholders Equity 10,014,000,000.0
190
+ Total 15,171,000,000.0
191
+
147
192
  Net Operational Assets
148
- OA 5,399,022,000.0
149
- OL -1,024,491,000.0
150
- Total 4,374,531,000.0
151
-
193
+ OA 10,346,000,000.0
194
+ OL -3,596,000,000.0
195
+ Total 6,750,000,000.0
196
+
152
197
  Net Financial Assets
153
- FA 2,911,002,000.0
154
- FL -1,860,126,000.0
155
- Total 1,050,876,000.0
156
-
198
+ FA 4,825,000,000.0
199
+ FL -1,561,000,000.0
200
+ Total 3,264,000,000.0
201
+
157
202
  Common Shareholders' Equity
158
- NOA 4,374,531,000.0
159
- NFA 1,050,876,000.0
160
- Total 5,425,407,000.0
161
-
162
- Income Statement (2010-12-04 to 2011-03-04)
163
- Net Income (Loss) Attributable to Parent (loc_NetIncomeLoss_0)
164
- [or] Sales Revenue Goods Net 842,689,000.0
165
- [or] Sales Revenue Services Net 78,846,000.0
166
- [or] Subscription Revenue 106,171,000.0
167
- [cogs] Cost Of Goods Sold -30,717,000.0
168
- [cogs] Cost Of Services -29,044,000.0
169
- [cogs] Cost Of Goods Sold Subscription -47,878,000.0
170
- [oe] Research And Development Expense Software Excluding ... -178,400,000.0
171
- [oe] Selling And Marketing Expense -328,078,000.0
172
- [oe] General And Administrative Expense -100,979,000.0
173
- [oibt] Restructuring Charges -41,000.0
174
- [oibt] Amortization Of Intangible Assets -10,235,000.0
175
- [fibt] Other Nonoperating Income -817,000.0
176
- [fibt] Interest Expense -17,020,000.0
177
- [fibt] Gain Loss On Investments 1,590,000.0
178
- [tax] Income Tax Expense Benefit -51,496,000.0
179
- Total 234,591,000.0
180
-
203
+ NOA 6,750,000,000.0
204
+ NFA 3,264,000,000.0
205
+ MI -0.0
206
+ Total 10,014,000,000.0
207
+
208
+ Income Statement (2012-09-01 to 2012-11-30)
209
+ Net Income Loss (us-gaap_NetIncomeLoss_3)
210
+ [or] Sales Revenue Net 5,955,000,000.0
211
+ [cogs] Cost Of Goods Sold -3,425,000,000.0
212
+ [oe] Marketing And Advertising Expense -613,000,000.0
213
+ [oe] General And Administrative Expense -1,223,000,000.0
214
+ [fibt] Interest Income Expense Nonoperating Net 1,000,000.0
215
+ [fibt] Other Nonoperating Income Expense 17,000,000.0
216
+ [tax] Income Tax Expense Benefit -191,000,000.0
217
+ [fiat] Income Loss From Discontinued Operations Net Of Tax -137,000,000.0
218
+ Total 384,000,000.0
219
+
181
220
  Gross Revenue
182
- Operating Revenues (OR) 1,027,706,000.0
183
- Cost of Goods Sold (COGS) -107,639,000.0
184
- Total 920,067,000.0
185
-
221
+ Operating Revenues (OR) 5,955,000,000.0
222
+ Cost of Goods Sold (COGS) -3,425,000,000.0
223
+ Total 2,530,000,000.0
224
+
186
225
  Operating Income from sales, before tax (OISBT)
187
- Gross Margin (GM) 920,067,000.0
188
- Operating Expense (OE) -607,457,000.0
189
- Total 312,610,000.0
190
-
226
+ Gross Margin (GM) 2,530,000,000.0
227
+ Operating Expense (OE) -1,836,000,000.0
228
+ Total 694,000,000.0
229
+
191
230
  Operating Income from sales, after tax (OISAT)
192
- Operating income from sales (before tax) 312,610,000.0
193
- Reported taxes -51,496,000.0
194
- Taxes on net financing income -5,686,450.0
195
- Taxes on other operating income -3,596,600.0
196
- Total 251,830,950.0
197
-
231
+ Operating income from sales (before tax) 694,000,000.0
232
+ Reported taxes -191,000,000.0
233
+ Taxes on net financing income 6,300,000.0
234
+ Taxes on other operating income 0.0
235
+ Total 509,300,000.0
236
+
198
237
  Operating income, after tax (OI)
199
- Operating income after sales, after tax (OISAT) 251,830,950.0
200
- Other operating income, before tax (OIBT) -10,276,000.0
201
- Tax on other operating income 3,596,600.0
202
- Other operating income, after tax (OOIAT) 0.0
203
- Total 245,151,550.0
204
-
238
+ Operating income after sales, after tax (OISAT) 509,300,000.0
239
+ Other operating income, before tax (OIBT) 0.0
240
+ Tax on other operating income -0.0
241
+ Other operating income, after tax (OOIAT) 0.0
242
+ Total 509,300,000.0
243
+
205
244
  Net financing income, after tax (NFI)
206
- Financing income, before tax (FIBT) -16,247,000.0
207
- Tax effect (FIBT_TAX_EFFECT) 5,686,450.0
208
- Financing income, after tax (FIAT) 0.0
209
- Total -10,560,550.0
210
-
211
- Comprehensive (CI)
212
- Operating income, after tax (OI) 245,151,550.0
213
- Net financing income, after tax (NFI) -10,560,550.0
214
- Total 234,591,000.0
215
-
216
- Cash Flow Statement (2010-12-04 to 2011-03-04)
217
- Cash and Cash Equivalents, Period Increase (Decrease) (loc_CashAndCashEquivalentsPeriodIncreaseDecrease_2)
218
- [c] Adjustments Noncash Items To Reconcile Net Income Los... 2,703,000.0
219
- [c] Net Income Loss 234,591,000.0
220
- [c] Depreciation And Amortization 66,286,000.0
221
- [c] Share Based Compensation 70,992,000.0
222
- [c] Deferred Income Taxes And Tax Credits 28,645,000.0
223
- [c] Unrealized Gain Loss On Investments -1,330,000.0
224
- [c] Increase Decrease In Receivables 20,605,000.0
225
- [c] Increase Decrease In Prepaid Deferred Expense And Oth... -2,716,000.0
226
- [c] Increase Decrease In Accounts Payable 2,310,000.0
227
- [c] Increase Decrease In Accrued Liabilities -110,084,000.0
228
- [c] Other Increase Decrease In Provision For Restructuring -2,526,000.0
229
- [c] Increase Decrease In Accrued Income Taxes Payable 8,905,000.0
230
- [c] Increase Decrease In Deferred Revenue 13,721,000.0
231
- [d] Purchases Long Term Investments Other Assets -5,389,000.0
232
- [i] Payments To Acquire Short Term Investments -375,077,000.0
233
- [d] Proceeds From Maturities Of Short Term Investments 134,296,000.0
234
- [i] Proceeds From Sale Of Short Term Investments 217,407,000.0
235
- [i] Payments To Acquire Property Plant And Equipment -32,421,000.0
236
- [i] Payments To Acquire Businesses Net Of Cash Acquired -36,572,000.0
237
- [d] Proceeds From Sale Of Available For Sale Securities E... 2,755,000.0
238
- [i] Payments For Proceeds From Other Investing Activities -124,000.0
239
- [f] Payments For Repurchase Of Common Stock -125,000,000.0
240
- [f] Proceeds From Sale Of Treasury Stock 40,651,000.0
241
- [d] Repayments Of Long Term Debt And Capital Securities -2,169,000.0
242
- [d] Effect Of Exchange Rate On Cash And Cash Equivalents -194,000.0
243
- Total 150,265,000.0
244
-
245
- Cash from operations
246
- [c] Adjustments Noncash Items To Reconcile Net Income Los... 2,703,000.0
247
- [c] Net Income Loss 234,591,000.0
248
- [c] Depreciation And Amortization 66,286,000.0
249
- [c] Share Based Compensation 70,992,000.0
250
- [c] Deferred Income Taxes And Tax Credits 28,645,000.0
251
- [c] Unrealized Gain Loss On Investments -1,330,000.0
252
- [c] Increase Decrease In Receivables 20,605,000.0
253
- [c] Increase Decrease In Prepaid Deferred Expense And Oth... -2,716,000.0
254
- [c] Increase Decrease In Accounts Payable 2,310,000.0
255
- [c] Increase Decrease In Accrued Liabilities -110,084,000.0
256
- [c] Other Increase Decrease In Provision For Restructuring -2,526,000.0
257
- [c] Increase Decrease In Accrued Income Taxes Payable 8,905,000.0
258
- [c] Increase Decrease In Deferred Revenue 13,721,000.0
259
- Total 332,102,000.0
260
-
261
- Cash investments in operations
262
- [i] Payments To Acquire Short Term Investments -375,077,000.0
263
- [i] Proceeds From Sale Of Short Term Investments 217,407,000.0
264
- [i] Payments To Acquire Property Plant And Equipment -32,421,000.0
265
- [i] Payments To Acquire Businesses Net Of Cash Acquired -36,572,000.0
266
- [i] Payments For Proceeds From Other Investing Activities -124,000.0
267
- Total -226,787,000.0
268
-
269
- Payments to debtholders
270
- [d] Purchases Long Term Investments Other Assets -5,389,000.0
271
- [d] Proceeds From Maturities Of Short Term Investments 134,296,000.0
272
- [d] Proceeds From Sale Of Available For Sale Securities E... 2,755,000.0
273
- [d] Repayments Of Long Term Debt And Capital Securities -2,169,000.0
274
- [d] Effect Of Exchange Rate On Cash And Cash Equivalents -194,000.0
275
- [d] Investment in Cash and Equivalents -150,265,000.0
276
- Total -20,966,000.0
277
-
278
- Payments to stockholders
279
- [f] Payments For Repurchase Of Common Stock -125,000,000.0
280
- [f] Proceeds From Sale Of Treasury Stock 40,651,000.0
281
- Total -84,349,000.0
282
-
283
- Free Cash Flow
284
- Cash from Operations (C) 332,102,000.0
285
- Cash Investment in Operations (I) -226,787,000.0
286
- Total 105,315,000.0
287
-
288
- Financing Flows
289
- Payments to debtholders (d) -20,966,000.0
290
- Payments to stockholders (F) -84,349,000.0
291
- Total -105,315,000.0
292
-
245
+ Financing income, before tax (FIBT) 18,000,000.0
246
+ Tax effect (FIBT_TAX_EFFECT) -6,300,000.0
247
+ Financing income, after tax (FIAT) -137,000,000.0
248
+ Total -125,300,000.0
249
+
250
+ Comprehensive income (CI)
251
+ Operating income, after tax (OI) 509,300,000.0
252
+ Net financing income, after tax (NFI) -125,300,000.0
253
+ Total 384,000,000.0
254
+
255
+ WARNING: cash flow statement period is nil!
256
+ WARNING: reformulated cash flow statement period is nil!
257
+ Disclosures
258
+ Disclosure Identifiable Intangible Asset Balances (http://www.nikeinc.com/taxonomy/role/DisclosureIdentifiableIntangibleAssetBalances)
259
+ Finite Lived Intangible Assets Gross 169,000,000.0
260
+ Finite Lived Intangible Assets Accumulated Amortization 78,000,000.0
261
+ Indefinite Lived Trademarks 283,000,000.0
262
+ Total 530,000,000.0
263
+
264
+ Disclosure Accrued Liabilities (http://www.nikeinc.com/taxonomy/role/DisclosureAccruedLiabilities)
265
+ Accrued Compensation And Benefits Excluding Taxes Current 502,000,000.0
266
+ Accrued Taxes Other Than Income Taxes Current 238,000,000.0
267
+ Accrued Endorsement Liabilities Current 212,000,000.0
268
+ Dividends Payable Current 188,000,000.0
269
+ Accrued Marketing Costs Current 137,000,000.0
270
+ Accrued Import And Logistics Costs Current 124,000,000.0
271
+ Derivative Liabilities Current 83,000,000.0
272
+ Other Accrued Liabilities Current 395,000,000.0
273
+ Total 1,879,000,000.0
274
+
275
+ Disclosure Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (http://www.nikeinc.com/taxonomy/role/DisclosureFinancialAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasis)
276
+ Derivative Fair Value Of Derivative Asset 129,000,000.0
277
+ Total 129,000,000.0
278
+
279
+ Disclosure Reconciliation From Basic Earnings Per Share To Diluted Earnings Per Share (http://www.nikeinc.com/taxonomy/role/DisclosureReconciliationFromBasicEarningsPerShareToDilutedEarningsPerShare)
280
+ Income Loss From Continuing Operations Per Basic Share 0.58
281
+ Income Loss From Discontinued Operations Net Of Tax Per -0.15
282
+ Basic Share
283
+ Income Loss From Continuing Operations Per Diluted Share 0.57
284
+ Income Loss From Discontinued Operations Net Of Tax Per -0.15
285
+ Diluted Share
286
+ Weighted Average Number Of Shares Outstanding Basic 897,000,000.0
287
+ Incremental Common Shares Attributable To Share Based 16,100,000.0
288
+ Payment Arrangements
289
+ Total 913,100,000.85
290
+
291
+ Disclosure Components Of Assets And Liabilities Classified As Held For Sale (http://www.nikeinc.com/taxonomy/role/DisclosureComponentsOfAssetsAndLiabilitiesClassifiedAsHeldForSale)
292
+ Disposal Group Including Discontinued Operation Accounts 129,000,000.0
293
+ Notes And Loans Receivable Net
294
+ Disposal Group Including Discontinued Operation Inventory 130,000,000.0
295
+ Disposal Group Including Discontinued Operation Deferred 32,000,000.0
296
+ Income Taxes And Other Assets
297
+ Disposal Group Including Discontinued Operation Property 53,000,000.0
298
+ Plant And Equipment Net
299
+ Disposal Group Including Discontinued Operation Intangible 0.0
300
+ Assets Net
301
+ Disposal Group Including Discontinued Operation Accounts 39,000,000.0
302
+ Payable
303
+ Disposal Group Including Discontinued Operation Accrued 127,000,000.0
304
+ Liabilities
305
+ Disposal Group Including Discontinued Operation Deferred 32,000,000.0
306
+ Income Taxes Payable And Other Liabilities
307
+ Total 542,000,000.0
308
+
309
+ Disclosure Information By Operating Segments (http://www.nikeinc.com/taxonomy/role/DisclosureInformationByOperatingSegments)
310
+ Earnings Before Interest And Taxes 711,000,000.0
311
+ Interest Income Expense Nonoperating Net 1,000,000.0
312
+ Total 712,000,000.0