Frequently Asked Questions

Guideline Public Company Comps Tool
Frequently Asked Questions (FAQs)

Thank you for visiting the FAQ page for the Guideline Public Company Comps Tool. If you're unable to find the answer you are looking for, please contact us at 1-503-479-8200 and we are happy to help.

Q: Who is the provider of the data for BVR’s Guideline Public Company Comps Tool (GPCCT)?

A: BVR has partnered with Intrinio, a financial data company that powers fintech innovation and provides high-quality data.

Q: What is the source of the data?

A: The data are derived from public-company filings with the Securities and Exchange Commission (SEC). You can learn more about how the data are collected and organized here.

Q: Is there a definitions page that defines the terms used in the GPCCT and Excel add-in, as well as displays how the financial ratios and valuation multiples are calculated?

A: You can find the definition of the fields and the formulas for the calculations that are available in the GPCCT and Excel add-in here. If you have a term you wish to search by, you can search for fields here.

When you are within the GPCCT, clicking on a field name will open the definition/calculation for that field (Note: This is available on the “Income Statement,” “Balance Sheet,” “Cash Flow,” “Metrics & Growth,” “Ratios,” and “Multiples” tabs).

Q: Why are the values of the calculations I see sometimes different than those from other sources, such as Yahoo! Finance?

A: It’s possible that errors may occur. If an error is discovered, please contact us—Intrinio has a team dedicated to fixing any issue as quickly as possible.

What if the data are correct? Almost every data provider interprets data differently. Intrinio carefully chooses variables for its calculations recommended by financial experts to be the most accurate, proper, and actionable, based on years of research. All providers have strategies they follow based on their sources and customer needs.

If you find a calculation or price that looks off, report the issue to us, and Intrinio will either explain how it came up with the value or fix the value.

Q: Does the GPCCT and Excel add-in only include U.S. companies or are non-U.S. companies available?

A: The GPCCT and Excel add-in capture public-company fundamentals for companies that file 10-Qs and 10-Ks with the SEC. While this is predominantly U.S. companies, it may also include some non-U.S. companies.

Q: How often are data in the GPCCT updated?

A: Data from new 10-Qs and 10-Ks are typically captured within 30 minutes of being filed with the SEC, and the GPCCT is updated daily with new data.

Q: Is it possible to retrieve the most recently available data fields as of a certain date?

A: Yes. On the “Peer Group” tab, you can specify a “Valuation Date,” and all the data fields on that page will be populated with the most recently available values (TTM, fiscal year, or quarter) for the most recent period prior to your specified valuation date (or, you can select a period other than the most recent). If you wish to add additional data fields to the “Peer Group” tab, you can navigate to the “Display” tab to add any additional desired fields.

Q: How does the TTM period type function? Is it a trailing 12-month period based on a fiscal period of calendar period?

A: The TTM period type in the GPCCT uses a calendar period, not a fiscal period. If a user selects a period type of TTM and a period of 4Q 2019 (for example), the platform will return trailing 12-month values for the end of the 4th calendar quarter (i.e. end of December) for all selected companies. This is done so that the user can obtain data for a common time period when the selected comparable companies have different fiscal periods (e.g. such as year-end 9/30 or year-end 12/31).

While companies have different fiscal year ends, some companies have fiscal quarters that do not align with the standard calendar quarter end dates, which are 3/31, 6/30, 9/30, and 12/31. For example, a company may have a fiscal quarter with an end date of 7/7 (as opposed to the calendar quarter end of 6/30). The GPCCT uses a 15-day period (approximately half of one month) from the end of the calendar quarter when determining how to classify the period that straddles two calendar quarters. In our example, the company with a fiscal period ending on 7/7 would have that calendar quarter classified as 2Q (because the end date is less than 15 days from 6/30). If another company had a fiscal quarter with an end date of 7/25, the company would have that calendar quarter classified as 3Q (as the end date is greater than 15 days from 6/30.

Q: What statistics are provided for financial metrics, ratios, multiples and other data in the GPCCT?

A: The following statistics are provided for financial metrics, rations, multiples, and other values in the platform:

  • Min
  • Max
  • 25th percentile
  • Median
  • 75th percentile
  • Mean (average)
  • Harmonic mean
  • Weighted harmonic mean (only for multiples)
  • Standard deviation
  • Coefficient of variation

Q: When I select a comparable company, I see an option to view “Related Comps”. Where do these suggestions come from?

A: This feature provides a list of suggested companies that are derived from those that were used in sets of guideline comparable companies in fairness opinions, filed by the leading valuation firms and investment banks, that were accepted by the SEC. BVR does proprietary research on these fairness opinions and maps the guideline comparable company sets from these valuations to the companies in the GPCCT to suggest additional comps for the analyst to consider in their own analyses. The suggested comps list is first ordered using the number of times the comp appears and then by alphabetical order.

Q: Can you retrieve data for inactive companies (e.g., companies that were previously publicly traded but have since delisted)?

A: Yes. You can specify an “Active As Of” date within the platform if you wish to include companies that are no longer actively traded.

Q: Does the GPCCT use any logic to determine whether a company was actively traded before presenting it in the tool? If so, what is the logic?

A: The GPCCT uses a date field called “Active As Of”. By default, the date value in the “Active As Of” date will match the date value the user has entered into the “Valuation Date” field, though the user has the ability to overwrite the value in the “Active As Of” date field. The date that is in the “Active As Of” field is used to check whether the potential comparable companies were actively traded. The GPCCT reviews all trading activity within a 7 day period prior to the date in the “Active As Of” field to determine if there was trading activity, and if so, whether the companies had an updated closing price within 7 days of the “Active As Of” date.

Additionally, a user may also review or remove all OTC companies, even if actively traded, should they choose. This can be done by using the “Stock Exchange” filter available in both the Quick Search tab and Search tab. A user may also navigate to the Display tab and add the “Trade Volume” field to the Peer Group tab. Adding this field to the Peer Group tab will allow the user to review the comparable companies’ trading volume. .

Q: Can searches be saved, so a user can return to the results later?

A: Yes. After you conduct a search and receives the results, you can select the “Save” option in the upper right side of the screen. From there, the search can be named, given any applicable notes, and saved. The save feature will save your selected search criteria, your valuation date, your active as of date, and your selected financial statement period types and periods.

Q: Can the search results be exported into Excel?

A: Yes. The results can easily be exported into Excel using the Download tab.

Q: Are there any export limitations in the GPCCT?

A: The platform allows 250 unique company exports per day and 500 unique company exports per month. The daily export limitation resets every 24 hours and the monthly limits reset each month—and the limits only apply to unique companies. Once a company is exported to Excel, exporting that same company again during the 24-hour period will not count against the daily export total, and exporting that same company again any time during the month will not count against the monthly export total.

If you are a subscriber and would like to increase your daily and/or monthly export limits, there are upgrade options. For more information, please contact us at 503-479-8200, ext. 2, or

Q: Why is a publicly traded company in the U.S. missing fundamentals?

A: Companies that have this issue typically fall into one of three categories:

1.) Non-U.S. companies that file 20-Fs and 40-Fs instead of 10-Qs and 10-Ks, respectively;

2.) Companies that recently had their initial public offering (IPO) and haven’t hit the end of their first fiscal quarter; and

3.) Companies that Intrinio’s processor couldn’t reconcile due to XBRL or other technical issues

No. 1 is not an error. Intrinio’s current capability is to process 10-Qs and 10-Ks for U.S.-based companies only. It does not process fundamentals for companies that file 20-Fs and 40-Fs, such as Canadian companies. That includes foreign companies that are traded on U.S. markets or that do significant amount of business for the domestic U.S.

No. 2 takes time, as companies have up to 45 days after the end of the fiscal quarter to file 10-Qs with the SEC and up to 90 days to file 10-Ks. This rule only applies to publicly traded companies.

For No. 3, please contact us. If the GPCCT or Excel add-in does not have a filling for a U.S.-based company, Intrinio will be happy to fix that issue to the best for its ability.

Q: What can I do if I spot an error in the data?

A: If an error is discovered, please contact us—Intrinio has a team dedicated to fixing any issue as quickly as possible.

Q: Is access to the Excel add-in included with my subscription?

A: Yes. Subscribers to the GPCCT receive access to the accompanying Excel add-in. At this time, the add-in is not available to day pass buyers.

Q: How do I install the Excel add-in?

A: You can learn how to install and use the Excel add-in here.

After purchasing the GPCCT, BVR will send you an API key that you will need for accessing the data available in the Excel add-in. Please allow for one business day to receive this API key.

Q: Does the Excel add-in include any precreated templates?

A: Yes. These templates are mentioned in the installation instructions and can be found as a button under the “Intrinio” add-in at the top of Excel on a PC and in the folder installed on your computer if using a Mac (since Macs do not include a tab at the top of Excel).

Q: How do I use the Excel add-in?

A: You can learn how to use the Excel add-in here. This is a consolidated page, including links along the left side of the page for installation instructions, troubleshooting help, examples, and formulas.

You can find a list of available data tags (fields) to be used in your formulas here.

If you would like to see some specific formulas, here are some of the most commonly used:

It may also be helpful to review the formulas provided in Intrinio’s precreated Excel templates to better understand how Intrinio’s formulas work (these are available on the “Intrino” tab in your Excel workbook). These templates can serve as the starting point to create your own Excel templates.

Q: Will you provide some examples of using the add-in formulas in Excel?

A: You can download a spreadsheet with example formulas here.