Our Methodology

Company results and charts

The company pages show the results of Nordic listed companies as charts and tables. Every figure comes from the company’s own published interim reports and financial statements releases, and each page links to the reports it uses. A report goes through these steps before its figures are published:

1. Reading the report. The income statement, segment and key-figure tables are read from the report PDF by our own software, keeping the company’s own line names and units. Most reports are read directly from the PDF’s text; when a table cannot be read that way, an AI model (Anthropic’s Claude) reads it instead. The model only copies the tables as printed and does not estimate or fill in figures, and its output goes through the same steps below.
2. Mapping the lines. Each company’s line names (for example “Materials and services” or “Cost of sales”) are mapped to a common structure. A line or segment that has not been mapped stops the process until it is mapped by hand, so nothing is guessed.
3. Consistency checks. The income statement lines must add up to operating profit and net income, segments must add up to revenue, and figures must match the company’s earlier reports for the same periods. When a company restates earlier figures, the difference is recorded and older figures on the previous basis are left out of comparisons.
4. Human review. A person reviews the figures, the check results and the charts before approval. Only approved reports are published.

Charts and tables are drawn from the same approved figures. Some values are calculated rather than reported: quarters that a company reports only cumulatively are derived by subtraction (for example, the fourth quarter as the full year minus the first nine months), and margins and year-over-year changes use the same formulas as our calculators. Amounts are in the company’s reporting currency, without currency conversion. We do not show share prices, recommendations or target prices.

Pages are updated after each new report is approved. An embedded chart stays fixed to its quarter, so a chart in an article keeps showing what the article discussed. Spotted an error? Please let us know; confirmed errors are corrected on the page and in its charts.

Definitions

Every definition on Finpendium is written from primary sources. We use CFA Institute curriculum materials, peer-reviewed finance textbooks (Brealey & Myers, Damodaran on Valuation, Hull on Options), FASB accounting standards, and SEC guidance. Investopedia is used only as a secondary reference for plain-language framing — never as the sole source for a definition.

Definitions target a reader who is intelligent but encountering the concept for the first time. We avoid circular definitions ("leverage is the use of leverage") and always explain why the metric matters, not just what it measures.

Formulas and calculators

Every calculator formula is implemented as a named function in our codebase and covered by automated tests with known input/output pairs. Before a calculator reaches the site, it must pass every test case — including edge cases such as division by zero, negative inputs, and invalid data.

We use the standard formulas as defined in CFA Institute equity and fixed income curricula, cross-referenced against Damodaran Online where applicable. When multiple industry conventions exist for the same metric (e.g. trailing vs. forward P/E), we note the convention used and explain the difference.

Calculators run entirely in your browser. No input values are sent to any server.

Worked examples

Every calculator term includes a worked example using real, publicly available financial data. Sources include:

• SEC EDGAR filings (10-K, 10-Q, DEF 14A)
• Company investor relations pages
• Federal Reserve Economic Data (FRED)
• Bureau of Labor Statistics (BLS)
• IMF and World Bank publications
• IRS publications (for tax-related formulas)

The source is cited and linked on each term page. We do not fabricate example numbers. If a real-world example for a term is difficult to source cleanly, we use a clearly labelled hypothetical with a note explaining why.

Data freshness

Financial data changes. A P/E ratio worked example using Apple's FY2024 figures will become outdated as new filings are published. We note the reporting period on every example and update examples on a best-effort basis. The Last updated date on each term page reflects when the content was last reviewed.

We do not pull live market data. All numbers on the site are point-in-time figures from cited filings. Do not use example values as current market data.