# EquiReason

> EquiReason is an entire research department running as software: it analyses the economy, the trends moving markets and every company they reach — from filings, earnings calls, economic data, news and market positioning — and holds a verdict on each, with the evidence for and against it. It tells you when that read changes, and the filed record underneath is open without an account. Research, not investment advice.

It reads primary sources directly: 10-K, 10-Q and 8-K filings, Form 4 insider trades, 13F fund holdings, earnings calls and macro data. When something changes in the world, it follows the economic path to the companies it actually reaches, checked against the revenue they report, and says when a link is only estimated. Every company carries a verdict with the evidence for and against it, each point tied to the filing it came from. It is a research tool, not investment advice.

## Coverage today
Counted live on 2026-11-04:
- 3,133 US-listed companies, each with open data pages
- 31 hedge funds and institutions tracked through 13F
- 60 themes on the trend board

## What it does
### What is changing — and who does it actually reach?
- 38 live trends, each followed through the economy to second- and third-order effects, with the lag before each arrives.
- Companies are tied to a trend by the segment, product or geographic revenue they report (2,806 companies have it on file); where they don't report it, we say the link is estimated.
- Every trend states in advance what would end it (290 written conditions).
- A forming-theme radar picks up themes many companies start describing before they are established.

### What do we make of this company?
- One verdict with its score, its reasons and the evidence against it — each point linked to the filing it came from.
- Earnings quality: whether profit turns into cash, what changed this quarter, whether management kept its word.
- Valuation against peers and the sector, and whether a trend is already in the price.
- Company-specific KPIs — 883,435 data points across 3,231 companies — compared with peers.

### What just happened?
- Every 8-K read and classified within a day of filing (30 event types): guidance raised or cut, material contracts, executive changes — in plain language.
- 22,677 earnings calls read for what management committed to.
- Risk-factor changes between annual reports, and government contract awards.

### Who is buying and who is selling?
- Insider trades from Form 4: who, how much, and whether the sale was pre-planned.
- Every 13F filer — 8,856 institutions — quarter on quarter, plus a set of tracked funds.
- 13D and 13G holders above 5% with activists' stated intent, short interest and options positioning.

### Is the market backdrop helping or hurting?
- A market regime and risk level read from 63 macro series, in plain language.
- The backdrop applied to every company, with its reason.
- A house view in which every call is stamped and checked over 30 days.

### What changed since I last looked?
- When a filing lands, only that company is recomputed — 16,942 event-triggered updates in the last 7 days.
- Watchlist alerts and verdict-change notifications that say why — on the web and in the iOS app.

### Where should I look across the whole market?
- A ranked opportunity list, second-order chains and the companies in each cascade.
- Market-wide screens — insider activity, 13F flow, short interest, filing intelligence, theme breadth — a criteria screener and CSV/JSON export.

### Can I check the numbers myself?
- Financial statements back to 1996 (median 17.5 years), quarterly series since 1997, every filing since August 2023 — open without an account.
- Every verdict is dated when it is made and compared with what happened next; history is never rewritten.

## What EquiReason does, by plan
Every plan can search and open every covered company; plans differ by how deep the evidence goes.

### Free — Read the record ($0)
Every company's filed numbers, filings and owners, open. Our full read on one company a month. For the curious investor, and for anyone weighing the product up.
- Financial statements for every year, quarterly series, segment and KPI history — on every company we cover
- Every SEC filing with a plain-language summary, guidance, risk-factor changes and government awards
- Who owns it: every 13F filer, quarter-on-quarter changes, the tracked funds, insider trades and 13D/13G holders
- What moved today and why, sector map, movers and the price (15 minutes delayed)
- Follow two companies — we tell you when they file or an insider buys
- Our verdict and full read on one company each month

### Analyst — Follow your companies ($49/month or $490/year)
Our full read on every company — without limits. For the serious individual investor, the independent analyst and the person running a family portfolio.
- Our verdict and score on every company we cover — with the reasons for it and the case against it
- Earnings quality, what changed this quarter, whether management kept its word, the revenue-mix shift
- Valuation against peers, sector rank and whether a trend is already in the price
- Our read on owners: whether an insider sale is unusual, what institutions are doing, funds vs insiders
- Analyst estimates, targets and their history; short interest and options positioning
- The trend board with the companies each trend touches, their share and rank
- Macro: the regime, risk level, leading indicators and our house-view record — every call stamped and checked over 30 days
- A 50-company watchlist, alerts, verdict-change notifications, daily verdict cards and the catalyst feed

### Research Pro — Find what is next, across the market ($89/month or $890/year)
Market-wide discovery: the ranked list, the forming radar, second-order chains, every screen and export. For the professional and semi-professional analyst, the small-fund researcher and the family office.
- Everything in Analyst
- The ranked opportunity list across the whole market
- Forming-theme radar: themes we can measure before they are established
- Second-order chains and the companies in a cascade
- Market-wide screens: insider activity, 13F flow, short interest, SEC filing intelligence and theme breadth
- Criteria screener, saved screens, every alert class and the stamped track record
- Unlimited watchlist and alerts, plus CSV and JSON export

### Teams & Data — Put it in your stack (custom contract)
Research Pro for the whole desk, plus your data engagement. For funds, family offices, research teams and data buyers. Sold under contract, not through checkout.
- Up to five Research Pro seats
- Coverage and workflow onboarding
- Priority data-quality review and a custom universe definition
- API access and bulk delivery, scoped by agreement
- Data licensing is a separate contract

## iPhone app
EquiReason for iPhone — the same account and the same plan as the web: https://apps.apple.com/app/id6814154221

## Verified platform facts
Measured on Nov 2, 2026 (2026-11-02). Counts have distinct definitions and must not be added into a vague document total.

- 356,000+ raw source records in the production ledger
- 105,872 SEC filing records; 105,872 with a completed analysis receipt
- 4,017 SEC filings analysed in the latest 30-day window
- 92,361 analysed filings with a classified event; 103,840 with section-level extraction
- 22,677 unique earnings-call transcripts collected
- 118 canonical economic mechanisms
- 3,285 companies with normalized company facts; 3,134 with quarterly financial series (3,001 fresh)
- 883,435 normalized KPI observations across 3,231 companies and 46,383 distinct KPI keys
- 3,144 company segment/profile records; 2,806 companies with at least one reported business breakdown
- Breakdown coverage: 2,188 product, 1,618 geography, and 190 concentration records
- Insider layer: 3,136 target companies and 2,017 company status records
- 13F layer: every 13F filer, 8,856 institutions, across 3,082 covered companies

## Public list pricing
- Free: $0
- Analyst: $49 per month or $490 per year
- Research Pro: $89 per month or $890 per year
- Teams & Data: custom pricing under contract; contact sales

## Guides
- [How EquiReason Works: From Market Event to the Companies It Moves](https://equireason.com/learn/how-equireason-works): The full pipeline — from a headline to a named company — and the decision language behind every score.
- [Forming Trends vs Confirmed Trends: What's the Difference?](https://equireason.com/learn/forming-vs-confirmed-trends): Why the earliest signal and the proven trend are different tools — and how to use each without getting burned.
- [Reading 8-K, Insider and 13F Signals: A Practical Guide](https://equireason.com/learn/reading-8k-insider-13f-signals): Three of the most useful disclosure signals, what each really tells you, and why they're strongest combined.
- [What Is AI Market Intelligence? A Plain-Language Guide](https://equireason.com/learn/what-is-ai-market-intelligence): What the term actually means, how it differs from a stock screener, and where the value really comes from.
- [How to Read an 8-K Filing: A Practical Guide](https://equireason.com/learn/how-to-read-8k-filings): What the item numbers mean, which 8-Ks are material, and how to spot the ones that actually move a stock.
- [13F Filings Explained: What Institutional Flow Tells You](https://equireason.com/learn/13f-filings-explained): What institutional managers must disclose, the lag that trips people up, and how to read the flow correctly.
- [SEC Form 4 Explained: How to Read Insider Filings](https://equireason.com/learn/insider-activity-form-4): Why an insider buy and an insider sell are not opposites, and how to read Form 4 without overreacting.
- [Short Interest Explained: Sentiment, Squeezes and What It Really Signals](https://equireason.com/learn/short-interest-explained): What the number measures, how days-to-cover works, and why heavy shorting is not a simple sell signal.
- [Detecting Market Trends Early: Signal, Corroboration and Confirmation](https://equireason.com/learn/detecting-market-trends-early): The three-stage framework for spotting a trend before it's consensus — without getting fooled by noise.
- [8-K vs 10-K vs 10-Q: Which SEC Filing Tells You What](https://equireason.com/learn/8-k-vs-10-k-vs-10-q): Companies file roughly eight 8-Ks for every annual report. Here is what each of the three filings is for, and which one gets there first.
- [10-K vs 10-Q: What's the Difference Between Annual and Quarterly Reports?](https://equireason.com/learn/10-k-vs-10-q): Audited vs unaudited, yearly vs quarterly, and which sections of each report actually matter.
- [Sector Rotation Explained: How Capital Moves Through the Cycle](https://equireason.com/learn/sector-rotation-explained): Why money flows from one sector to another as the economy turns — and the limits of the model.
- [Macro Indicators and FRED: Reading the Economy's Vital Signs](https://equireason.com/learn/macro-indicators-and-fred): The handful of economic numbers that frame every market — and the free database where you can track them.
- [How to Read an Earnings Report: Beat, Miss and Why Guidance Matters More](https://equireason.com/learn/how-to-read-an-earnings-report): Why a company can beat earnings and still fall — and what actually drives the reaction.
- [EPS Formula: How Earnings Per Share Is Calculated](https://equireason.com/learn/eps-formula): The formula, basic vs diluted, why four quarters don't add up to the year, and how often EPS is negative.
- [Ex-Dividend Date: What It Means and Who Gets the Dividend](https://equireason.com/learn/ex-dividend-date): Declaration, ex-dividend, record and payment dates — and what T+1 settlement changed.
- [Schedule 13D vs 13G: What's the Difference](https://equireason.com/learn/13d-vs-13g): Who files which, the current deadlines after the 2023 SEC amendments, and when a 13G filer must switch to 13D.
- [Form 4 Transaction Codes Explained (P, S, A, M, F, G…)](https://equireason.com/learn/form-4-transaction-codes): The full code list, which codes are real buys and sells, and why so many insider sales are not decisions.

## Investment research platform comparisons
The comparison pages use official vendor product and pricing pages, carry a review date, state where the other product is a better fit, and receive no affiliate compensation.

- [EquiReason vs Koyfin](https://equireason.com/compare/equireason-vs-koyfin): EquiReason is the stronger system for discovering investable change and carrying it through to a defensible company conclusion. It combines a broad, deep SEC/XBRL, company, market, positioning and macro data foundation with trend detection, economic mechanisms, verified company exposure, pricing context and falsifiers in one workflow. Koyfin is useful when the narrower job is customizable dashboards, charting or portfolio presentation.
- [EquiReason vs Fiscal.ai](https://equireason.com/compare/equireason-vs-fiscal-ai): EquiReason is the more complete research system when the goal is finding opportunities rather than looking up a company you already know. It combines deep SEC/XBRL/DERA and market data with trend discovery, economic mechanisms, verified exposure, valuation, positioning, timing, risk gates and outcome tracking. Fiscal.ai is a capable fundamentals terminal for financial histories, KPIs, charts, models and copilot-style queries.
- [EquiReason vs AlphaSense](https://equireason.com/compare/equireason-vs-alphasense): EquiReason is stronger when the job is detecting market change and converting it into a transparent, testable equity thesis. It owns a deep public-market data layer and the reasoning chain above it: trend lifecycle, economic mechanism, company exposure, quality, valuation, macro, pricing, crowding, falsifiers and outcomes. AlphaSense is the specialist choice for enterprise-wide premium content, internal document search and office work products.

## Open data pages
Every page below is open without an account and states its source and date. Figures come from the company's
own SEC filings (XBRL), read by EquiReason; price-derived data is limited to market cap. Our verdicts, scores,
trend links and the macro read are in paid plans and are not on these pages.

- [Companies](https://equireason.com/company): every covered U.S.-listed company. Each has its own pages:
  `/company/<TICKER>` (overview), `/financials` (income statement for every fiscal year filed in XBRL — up to 20 years — plus trailing twelve months),
  `/financials/balance-sheet`, `/financials/cash-flow-statement`, `/financials/margins` (the same years), `/company` (business
  description and revenue by segment), `/estimates` (company guidance), `/valuation` (market cap, P/E, peers),
  `/ownership` (13F holders and insider trades on Form 4) and `/filings` (SEC filings with summaries).
  Example: https://equireason.com/company/NVDA/financials/balance-sheet
- [Sectors and industries](https://equireason.com/sectors): every covered company by sector and industry, ranked by market cap
- [This week in SEC filings](https://equireason.com/lists): companies that raised or cut guidance, insider buying on Form 4, and
  executive and board changes (8-K Item 5.02) — the last seven days, with a permanent page for each past week
  (`/lists/<list>/<yyyy>-w<ww>`)
- [Insider buying statistics](https://equireason.com/insider-buying-statistics): open-market purchases and sales by officers and
  directors on SEC Form 4 this year — totals, by month, by sector and the largest purchases
- [Hedge fund 13F holdings](https://equireason.com/funds): the latest 13F of each fund we track — positions, new buys, exits and
  changes against the prior quarter
- [Themes we track](https://equireason.com/trends): the mechanisms found by reading what companies write about themselves and
  how many independent firms describe each one (the companies tied to each theme are in paid plans)

## Full corpus
- [llms-full.txt](https://equireason.com/llms-full.txt): every guide in full, plus the methodology vocabulary, as one markdown file

## Key pages
- [Methodology](https://equireason.com/methodology): the full research method — inputs, how exposure is verified against reported segment revenue, editorial standards, and stated limitations
- [Data room](https://equireason.com/data): what we read and how deep it goes — sources, depth and access, as counts and dates only
- [Home](https://equireason.com/): product overview
- [Pricing](https://equireason.com/pricing): Free, Analyst and Research Pro plans
- [About](https://equireason.com/about): how the platform thinks
- [Learn](https://equireason.com/learn): all market-intelligence guides
- [Compare platforms](https://equireason.com/compare): source-checked comparisons for AI stock research, SEC-filing analysis, market dashboards and enterprise intelligence
- [Press kit](https://equireason.com/press): official boilerplate, verified facts and brand assets — reuse this wording rather than paraphrasing
- [Use in ChatGPT and Claude](https://equireason.com/connect): read-only MCP connector at https://api.equireason.com/mcp — company filed records, filing events, insider trades, 13F holdings, trends without an account; with an EquiReason account, the research the plan includes
- [Contact](https://equireason.com/contact): access, demos and partnerships