Every company figure on Listed comes from the SEC's EDGAR system. The one exception is the U.S. Treasury's daily par yield curve on the home page, which is in the public domain. Nothing is licensed or bought. There are no stock prices on Listed, because EDGAR has none.
Listed is not affiliated with or endorsed by the SEC.
Delays
Each data page names its source and when Listed last ingested it. These are the delays the service is built to, measured from the moment EDGAR accepts a filing:
| Data | Delay after EDGAR accepts a filing |
|---|---|
| Filings list, 8-K items | About 2 minutes |
| Financial statements | About 5 minutes |
| Insider trades | About 5 minutes |
| Extracted 10-K and 10-Q sections | About 15 minutes |
| 13F fund holdings | Up to three months, with the SEC's quarterly data set |
| Company list | Up to a day |
| The home page's As filed list, tape and counters | About 1 to 3 minutes; each filing's detail about a minute later |
The home page reads EDGAR's current filings feed every minute, up to 500 entries at a time; in a larger burst the rest wait for the nightly index. Its counters count what the feed listed.
If the SEC's services or ours are slow or down, a page shows the time of its last ingest. That time is always accurate, even when the table above is not.
Hours
EDGAR accepts filings from 06:00 to 22:00 Eastern Time on federal business days. A filing accepted after 17:30 is dated the next business day, except insider Forms 3, 4 and 5, which keep the day they were accepted. EDGAR is closed on every federal holiday, including Columbus Day and Veterans Day when the exchanges trade, and open on Good Friday when they do not.
The home page's market status (pre-market, open, early close, after hours, closed or holiday for NYSE and Nasdaq) is computed from the exchanges' published holiday and early-close rules. Listed fetches no market data to produce it, and shows no prices, index levels or volumes.
What Listed reads
| What | SEC source | How often |
|---|---|---|
| The list of companies, tickers and exchanges | The SEC's ticker files | Daily |
| Company profiles and filing lists | The submissions API, and the nightly submissions bulk file | When a company files, and nightly to reconcile |
| Financial statements | XBRL company facts, from the API and the nightly bulk file | When a company files a 10-K, 10-Q or 8-K, and nightly to reconcile |
| New filings during the day | EDGAR's current filings feed | Every 60 seconds |
| Anything the feed missed | EDGAR's daily form index | Nightly |
| Insider trades | The XML of each Form 3, 4 and 5, and the SEC's insider transactions data sets for history | When filed, and quarterly for history |
| Fund holdings | The SEC's Form 13F data sets | Quarterly |
| Filing text | The primary document of each 10-K and 10-Q | Once per filing |
One source is not the SEC's: the US Treasury yield curve on the home page comes from the U.S. Department of the Treasury's Daily Treasury Par Yield Curve Rates, read each weekday evening after the Treasury publishes it. It is a work of the U.S. government and in the public domain. The chart shows each maturity's par yield and its change on the prior day in basis points, and names the Treasury as its source.
How figures are built
- Financial statements. The SEC publishes each company's XBRL-tagged figures as "company facts". Listed maps them to about 45 standard line items (revenue, cost of revenue, gross profit, operating income, net income, diluted EPS, cash flow, cash, debt, equity and the rest). Each line item tries an ordered list of standard concepts, with IFRS equivalents for companies that report under IFRS.
- Not reported. A line item with no matching concept is shown as "not reported". It is never estimated, and never built from other lines. The glossary entry explains the common reasons.
- Ratios use the formulas in the glossary, the same for every company.
- Restatements. When a company files a new value for a period it has already reported, Listed keeps both. Pages show the latest, and each figure's note names the filing it came from. The forecast leagues score against the value as first reported.
- Filing text. From each 10-K and 10-Q, Listed extracts Business, Risk Factors, MD&A, Legal Proceedings and Controls by their headings, and links each to the original on sec.gov.
- Insider trades are shown by transaction code, with the price the insider reported, labelled "reported price".
- Fund holdings are shown as filed: issuer name, class, CUSIP, value and shares. Listed keeps no CUSIP master, so holdings are not linked to company pages.
- History. Filings from 2009 onward. XBRL financial data starts with periods ending in mid-2009 for the largest companies and mid-2011 for most others.
Reusing SEC data
The SEC's privacy and security policy says that information on its website "is considered public information and may be copied or further distributed" without the SEC's permission, and asks that the SEC be cited as the source. Listed cites "Source: SEC EDGAR", with the accession number, on every data page. If you reuse figures from Listed, please cite the SEC the same way.
Listed's own computations, such as standardized line items, ratios and league scores, are covered by the terms of use.
Fair access
The SEC asks everyone who reads EDGAR by machine to stay at or below 10 requests a second in total, and to identify themselves with a declared user agent that includes a contact address. It may block addresses that do not.
Listed stays well inside those rules:
- Only one process talks to the SEC, and it is held to 8 requests in any second.
- Every request identifies Listed and gives a contact address.
- The initial load and the nightly reconciliation use the SEC's bulk files, which replace thousands of individual requests.
- Pages never call the SEC while you wait. If something is not yet fetched, the page says so and fetches it in the background.
- Listed does not use EDGAR full-text search, which is not a documented interface.
If you need bulk data, Listed's API, export packs and paid bulk export may save you, and the SEC, the requests. See the agent and API terms.
Reporting a wrong figure
Every figure has a report link that sends us its concept, period and accession number. You can also write through the contact form. A person reads every report.