Equibles is built for decisions, so every number has to be traceable and mean exactly what it says. Here's how the data is sourced and handled.

## Sources

Regulatory, fundamental, and trading data comes straight from the source of record — not a downstream aggregator:

- **SEC EDGAR** — filings (10-K/10-Q/8-K/20-F/6-K/40-F), XBRL company facts, 13F holdings, Form 3/4 insider trades, Form D, NPORT-P / N-CEN funds, Form ADV advisers.
- **FINRA** — short volume, short interest, and off-exchange (dark-pool) volume.
- **FRED, CFTC, CBOE** — economic series, futures positioning, and VIX / put-call ratios.
- **Congressional disclosures** — member trades and net-worth bands.
- **USAspending** — federal contract awards.
- **FDA** — the advisory-committee meeting calendar.
- **Company webcasts** — earnings-call audio, transcribed and speaker-attributed.

Each figure a tool returns carries its provenance — the form, filing date, and period — so you can trace it back to the document it came from.

**Prices** (daily OHLCV) come from a market-data feed and are **end-of-day** — there is no intraday or real-time quote stream. Technical indicators are computed from that OHLCV.

## No heuristics

We never classify financial data by pattern-matching. A company is a REIT because its SIC code says so; a security is common stock because the filing's security type says so — never because of how a ticker or name looks. When the authoritative field is missing, the value is omitted, never guessed.

## As-reported, not estimated

Fundamentals come from tagged XBRL — the company's own numbers. A metric with a missing input is excluded from a calculation rather than filled in. Non-GAAP measures (adjusted EPS, FFO/AFFO) are read from the company's own reconciliation and labelled with its verbatim measure name; they're never compared against GAAP actuals.

## As-reported vs derived

Most of what a tool returns is **as-reported** — the exact figure from a filing, with its provenance. Some outputs are **derived** on top of that data, and we say so:

- **Composite scores** — the short-squeeze and insider-sentiment scores are peer-relative 0–100 ranks computed from the underlying figures (short interest, days to cover, net insider buying), not values a company reports.
- **Narrative extractions** — KPIs, forward guidance, non-GAAP bridges, customer concentration, going-concern flags, and earnings briefs/insights are pulled from filing and transcript text. Each one is checked by an independent **verifier** before it's published and carries the verbatim source quote, so you can confirm it against the document.

## Split adjustment

Prices are split-adjusted daily closes. Share counts and 13F positions are restated onto today's split basis so they're comparable across time — while percentages computed from raw filed counts stay split-invariant.

## Fiscal periods

Periods are handled precisely: a trailing-twelve-month (TTM) figure sums the four most recent **discrete** quarters (not a year-to-date total), and every figure is tagged with its fiscal year and period. The [Claude Skill](/docs/mcp/claude-skill) captures the conventions we recommend an agent follow.

## Freshness

Data is ingested continuously as it's published — new filings, prices, and disclosures are picked up as they land. A quarter's 13F view stays "combined" (funds that haven't filed yet carry their prior-quarter positions) for the 45 days filers have to report.