About

Horizon is a stock research platform. It puts the things you would otherwise open five tabs for onto one page: price history you can draw on, up to 40 years of financial statements as charts rather than tables, a discounted cash flow calculator you can change the assumptions on, insider transactions, congressional trading disclosures, 13F filings from well known investors, the earnings and dividend calendar, and a screener for finding companies that match a set of numbers. Every company has a page at /stockanalysis/ followed by its ticker. Some of what's there is available to anyone who visits; other tools and data require signing in, and some are part of the Pro plan. What's free, what needs an account, and what's part of Pro can change as the product develops, so treat the Pricing page as the current word on what's included where.

Horizon is developed and operated by Investment Horizon Limited.

The platform is built in house. Its design, its methodology and the way its data is presented are shaped by continuing input from working investors and software engineers who use the product and review what it produces. Where a decision about how to derive or display a figure is a matter of judgment rather than fact, it is documented publicly, and the next section is where several of those decisions are written down.

Horizon does not resell a single vendor feed. Company fundamentals (the income statement, balance sheet and cash flow) are parsed from each company's own SEC filings. The exception is the quarters of companies that file a 20-F or 40-F, which come from a public market data provider and are checked against the company's annual filing. Exchange comes from SEC filings. Sector, industry, country and the business description come from a public market data provider, with SEC filings as the fallback. Prices and price history are public market data. Institutional holdings, insider transactions and congressional trading disclosures come from the relevant public government filings and disclosure systems. Everything above is normalized, reconciled and stored by us. Ratios, margins, growth rates and other figures that aren't in any filing are not sourced from anywhere; they're calculated by us, as described below.

Two consequences are worth knowing before you rely on a figure.

Prices are not a live trading feed. Daily closing prices typically settle within about an hour of the US market close, and the figure shown as a last price is the most recent settled close unless the page says otherwise. Other datasets refresh on their own schedule, which can take longer to work through the full universe of companies. If you are comparing against your broker mid-session, expect a difference, and treat your broker as correct.

Filing based data arrives when the filing does, not when the underlying event happened. A 13F describes what an investor held at the end of a quarter and can be published up to 45 days later, so a position you see may already have been sold. Congressional disclosures run on their own statutory deadline, which can also run up to 45 days. Insider transaction filings move fastest, typically appearing within a few business days of the trade. The site shows the disclosure date alongside the transaction date for exactly this reason.

Horizon shows a lot of figures that are derived rather than reported, and how they are derived is a judgment call. The main ones are written down here so you can decide whether you agree with them.

Ratios, margins, growth rates, trailing-twelve-month figures, beta and long-run CAGRs are all calculated by us from the primary filings and price history described above. They are not taken from a vendor, and a different provider computing the same ratio from the same filings can reasonably land on a different number, because the formula and which line items feed it are both choices. Where a company reports its own adjusted or non-GAAP version of a figure and it differs from ours, the company's figure is its own definition of that measure, and the Learn guides explain why adjusted figures differ. Ours is a formula applied consistently across every company, not a substitute for management's judgment about its own business.

Trailing twelve months is the latest four quarters added together, with balance sheet items taken from the newest of the four. The four have to be consecutive. If a company skips a quarter, reports only twice a year, or files no quarterly data at all, the figure uses its latest fiscal year instead. On the charts a trailing twelve month point appears once a year, and a year with a missing quarter is left as a gap.

Free cash flow is cash from operations minus capital expenditure. Gross, EBITDA and net margin are each that profit line divided by revenue. Return on equity is net income divided by total equity, return on assets is net income divided by total assets, and return on capital employed is operating income divided by total assets minus current liabilities. Return on invested capital is operating income after tax divided by debt plus equity, using the company's effective tax rate held between 0% and 50%.

Market ratios use the latest price for current figures and the close nearest the period end for past ones. Market cap is price times shares outstanding. Enterprise value is market cap plus total debt minus cash and short-term investments. P/E is price divided by earnings per share, price to book is price divided by book value per share, and price to free cash flow is market cap divided by free cash flow. For a company that reports in another currency, the price is converted to that currency first, so both sides of the ratio match.

Dividend yield is the dividends paid over the last twelve months divided by the price. If the payments on record look incomplete, because of a gap in the record or a dividend that has stopped, the yield is left blank and the page says why. A payment we had to estimate is marked "est."

Growth rates compare a period with the one before it: the change divided by the size of the earlier figure. A CAGR is the yearly rate that takes the starting value to the ending value over five or ten years of annual figures. It is left blank when the starting value is zero or the history does not reach back that far.

Beta compares a company's monthly price moves with the S&P 500's over up to the last five years, using prices adjusted for splits and dividends. It is left blank for a company with less than two years of monthly history.

Price changes over 1D, 5D, 1M, 6M, 1Y and longer are measured from an anchor close. For 1D and 5D the anchor is the close that many sessions before the latest one. For longer periods it is the last close on or before the same date that many months or years earlier, counted back from the latest close. The chart starts on the same close, so dragging across the whole chart gives the figure on the selector.

The 52-week high and low are taken from the daily high and low of every session in the window, not from closing prices. A close-based range is narrower, is a common mistake, and puts the lines in the wrong place on a chart.

The fair value calculator projects a per-share figure forward five years at the growth rate you set, applies the exit multiple you set to the fifth year, and discounts the result back to today at the discount rate you set. The figure is free cash flow per share or earnings per share, on the trailing twelve months or the latest fiscal year where there is no trailing figure. The defaults are the company's own five-year medians and a 15% discount rate. They are starting points, not recommendations. The output moves enormously on small changes to those inputs, which is the reason you are allowed to move them. It states whether the model's result sits above or below the latest close, and by how much. The number is best read as an answer to what would have to be true for this price to make sense, rather than as a statement of what the company is worth.

Moving averages are simple, not exponential, and are calculated on closing prices.

Banks, insurers and real estate investment trusts don't report the same line items as an industrial company, so some metrics are genuinely inapplicable to them rather than zero. Companies that report in a currency other than US dollars, and companies that don't file on a quarterly cycle, may show an annual figure where a quarterly one would normally appear, converted at published exchange rates.

Where a figure cannot be derived from a source we trust, the site draws nothing rather than guessing. A missing line means the filing didn't supply it, the history doesn't reach back that far, or the metric doesn't apply to that business, never that the value is zero.

Horizon is not a broker, a dealer, or a registered investment or financial adviser. It is not a bank, a securities exchange, a clearing agency or a market maker. It does not hold your money, execute orders, or connect to a brokerage account.

Nothing on the site is financial, investment, legal or tax advice, or a recommendation to buy or sell any security. Nothing on it is tailored to your circumstances, because the site does not know them. Data may be delayed or incomplete. Past performance says nothing reliable about future returns. Decisions about your own money are yours, and if you want advice about them you want a professional licensed to give it.

Horizon compiles data from a lot of moving parts, and things can go wrong anywhere along that chain: in the original filing, in how a figure gets parsed or derived, or somewhere in between. Some of what looks like an error traces back to the filer's own numbers rather than anything on our side, and we can't fix someone else's filing for them.

If a figure looks wrong, report it through the support page with the ticker, the figure as displayed, where on the page it appears, and what you believe the correct value to be. A source supporting the correction is helpful but not required.

We look into reports and correct genuine errors on our side where and when we can. We can't promise a detailed explanation for every report, and not every discrepancy turns out to be an error rather than a difference in definition or a quirk in the source filing, but every report helps make the data more accurate for everyone who uses the site. It's worth sending.

Questions, corrections, and feature requests all go through the support page.