Fundamental Indicators
All fundamental data originates from SEC EDGAR annual filings.
Dividend Yield
The annualised dividend income as a percentage of the current price.
Formula: Dividend Yield = Annual Dividend Per Share / Current Price
The annual dividend is sourced from EDGAR's reported dividend payments divided by shares outstanding. If not directly available, the two most recent years of declared dividends are used.
Not shown when:
- The company does not pay dividends
- The dividend history is older than 10 years
- The calculated dividend is below $0.10 per year
📖 Investopedia — Dividend Yield
Dividend CAGR (5-year)
The compound annual growth rate of dividends over the past 5 years. This measures how consistently and quickly a company has grown its dividend payments.
Formula: CAGR = (Last Dividend / First Dividend)^(1/n) − 1
Where n is the number of years between the oldest and most recent data points.
Calculation rules:
- The current (incomplete) year is always excluded
- If exactly 5 years of data aren't available, the oldest available year within that window is used
- A minimum interval of 3 years is required — shorter periods are too volatile to be meaningful for valuation models
Not shown when:
- Fewer than 2 years of dividend history exist
- The first or last year's dividend is zero or negative
- The calculated interval is less than 3 years
Payout Ratio
The proportion of earnings paid out as dividends.
Formula (Stocks): Payout Ratio = Dividends Paid / Net Income
Formula (REITs): Payout Ratio = Dividends Paid / FFO
For REITs, FFO (Funds From Operations) is used instead of Net Income because heavy real estate depreciation distorts net income downward, making the standard payout ratio misleading. FFO = Net Income + Depreciation − Property sale gains.
Not shown when: Net income (or FFO for REITs) is zero or negative.
📖 Investopedia — Payout Ratio · NAREIT — FFO
Free Cash Flow (FCF)
The cash a company generates after funding its capital investments. Positive FCF means the company is genuinely cash-generative.
Formula: FCF = Operating Cash Flow − CAPEX
Reported as an absolute dollar amount.
Not shown when: Operating cash flow is not available in EDGAR filings.
📖 Investopedia — Free Cash Flow
Net Debt / EBITDA
A measure of financial leverage — how many years of operating earnings it would take to repay all net debt.
Formula: Net Debt / EBITDA = (Total Debt − Cash) / EBITDA
Where:
- Total Debt = Long-term debt + Short-term debt
- EBITDA = Reported directly from EDGAR, or calculated as Operating Income + D&A if not available
Not shown when: EBITDA is zero or negative, or debt data is unavailable.
📖 Investopedia — Net Debt/EBITDA
P/E Ratio (Price-to-Earnings)
How much investors are paying per dollar of earnings.
Formula: P/E = Current Price / Diluted EPS
EPS is sourced from EDGAR. If not directly available, it falls back to basic EPS, then to Net Income / Shares Outstanding.
Not shown when: EPS is zero, negative, or unavailable.
P/B Ratio (Price-to-Book)
Compares the market price to the company's net asset value per share.
Formula: P/B = Current Price / (Shareholders' Equity / Shares Outstanding)
Not shown when: Equity or shares outstanding are unavailable, zero, or negative.
P/S Ratio (Price-to-Sales)
Compares the company's market capitalisation to its annual revenue. Useful for companies with no earnings yet.
Formula: P/S = Market Cap / Annual Revenue
Not shown when: Revenue or market cap are unavailable.
PEG Ratio
The P/E ratio adjusted for growth — a lower PEG suggests better value relative to growth rate.
Formula: PEG = P/E / (Revenue Growth × 100)
A PEG above 15 is automatically discarded as a likely data error.
Not shown when: P/E or revenue growth is unavailable, or revenue growth is zero or negative.
Revenue Growth
Year-over-year change in annual revenue.
Formula: Revenue Growth = (Revenue this year − Revenue last year) / |Revenue last year|
Only full annual periods (10-K filings) are compared — mixing quarterly with annual figures is explicitly prevented.
ROE (Return on Equity)
How efficiently a company generates profit from shareholders' capital.
Formula: ROE = Net Income / Shareholders' Equity
ROA (Return on Assets)
How efficiently a company generates profit from its total asset base.
Formula: ROA = Net Income / Total Assets
Gross Margin
The percentage of revenue retained after direct production costs.
Formula: Gross Margin = Gross Profit / Revenue
If Gross Profit is not reported directly, it is calculated as Revenue − Cost of Goods Sold.
Operating Margin
The percentage of revenue remaining after operating expenses.
Formula: Operating Margin = Operating Income / Revenue
📖 Investopedia — Operating Margin
Debt-to-Equity (D/E)
The ratio of total debt to shareholders' equity — a measure of financial risk.
Formula: D/E = Total Debt / Shareholders' Equity
Beta
Measures an asset's sensitivity to broad market movements. A Beta of 1.0 means the asset moves in line with the market (S&P 500). Beta > 1 means higher volatility; Beta < 1 means lower volatility.
How it's calculated: Aportia computes Beta internally using 2 years (730 days) of daily log-returns for both the asset and the SPY ETF (S&P 500 proxy). A linear regression (OLS) is run, and the result is adjusted using the Blume method to reduce extreme values:
Adjusted Beta = (0.67 × Calculated Beta) + (0.33 × 1.0)
This adjustment reflects the empirical tendency of Beta to mean-revert toward 1.0 over time.
Beta values outside the range of −3.0 to +5.0 are discarded as unreliable.
Not shown when: Fewer than 30 overlapping trading days of data are available between the asset and SPY. In valuation models, a Beta of 1.0 (market-neutral) is assumed when Beta cannot be calculated.