Frequently Asked Questions
Everything you need to know about The Ledger Terminal
Search for any stock. Type a company name or ticker symbol in the search bar. We'll pull up a complete one-page research report—the same format professional investors have relied on for decades.
Study the chart. Our valuation chart shows you where the stock price sits relative to its fundamental value. When the price line hovers near the teal fair value line, the market is pricing the business rationally. Wide gaps above suggest overvaluation; gaps below may signal opportunity.
Read the financials. The data table below the chart gives you five years of key metrics. Click any year to jump directly to that year's SEC 10-K filing. No searching, no guessing—just the source documents.
One-Page Stock Research
Most financial websites scatter data across endless tabs, charts, and dashboards. We believe the opposite: everything you need to evaluate a business should fit on one page.
This isn't minimalism for its own sake. It's the philosophy behind Value Line's legendary investment survey, Moody's financial manuals, and the tear sheets that shaped generations of professional investors. Dense, comprehensive, respectful of your time.
The Log-Scaled Valuation Chart
Our chart does something you won't find on Yahoo Finance or Google: it plots price on a logarithmic scale against earnings-based fair value.
Why does this matter?
- Equal percentage moves look equal. A 100% gain from $10 to $20 appears the same size as a 100% gain from $100 to $200. This reveals compounders that would look flat on linear charts.
- Sustainable growth becomes visible. A business growing earnings at 15% annually traces a straight upward line. Unsustainable spikes and declines stand out immediately.
- Valuation context at a glance. The fair value line shows what the market has historically been willing to pay for each dollar of earnings. Deviation from this line tells you whether the market is optimistic, pessimistic, or realistic.
Warren Buffett spent years studying Value Line's log-scaled charts. Charlie Munger called them "one of the great tools ever invented for investors." We built this chart because we believe that tool should be available to everyone.
Cycle Through the Screener
Our screener isn't just a filter—it's a research workflow. Find stocks matching your criteria, then cycle through them one by one. No new tabs, no context switching. Just methodical, focused analysis.
This is how serious investors work: systematic screening, then deep dives into each candidate. The Ledger Terminal is built for exactly this process.
The chart plots three key elements:
1. Stock Price (black line) The actual historical price, plotted on a logarithmic scale. This means percentage gains and losses appear proportional regardless of price level.
2. Fair Value Line (teal dashed line) Calculated as: Trailing Twelve Month EPS × Median Historical P/E Ratio
This represents what investors have historically been willing to pay for the company's earnings. When the price line rises far above fair value, the market is pricing in exceptional growth. When it falls below, the market may be overly pessimistic—or the business may be deteriorating.
3. Toggle: P/E vs P/FCF Valuation Click the toggle to switch between earnings-based and free cash flow-based fair value. Some businesses (especially capital-light companies) are better evaluated on cash flow. The toggle lets you see both perspectives.
Reading the chart:
- Price hugging fair value = market pricing the business rationally
- Price far above fair value = expensive relative to fundamentals
- Price far below fair value = potentially undervalued (investigate why)
- Upward-sloping fair value line = growing earnings
- Flat or declining fair value line = stagnant or declining earnings
Each one-pager includes:
Valuation Chart
- 10+ years of price history (log scale)
- Earnings-based fair value line
- Free cash flow-based alternative
- Relative strength vs S&P 500
Financial Data Table
- 5 years of annual financials
- Per share data (EPS, dividends, book value, cash flow)
- Valuation metrics (P/E, Price/Book, Price/Sales)
- Profitability (margins, returns on capital)
- Cash flow details (operating CF, CapEx, buybacks)
- Balance sheet highlights
- Direct links to SEC 10-K filings
Company Overview
- Business description
- Industry classification
- Links to investor relations and SEC filings
We source financial data from Financial Modeling Prep (FMP), a professional-grade API used by institutional investors and financial applications worldwide. Price data reflects end-of-day values with approximately 15-minute delay for real-time quotes.
All SEC filing links connect directly to the official EDGAR database maintained by the Securities and Exchange Commission.
Yes. Basic access to one-page stock research is free for all users.
Our Pro plan unlocks additional features including the full stock screener, extended historical data, and watchlist functionality. See our pricing page for details.
The Ledger Terminal is built for investors who read.
Not traders chasing momentum. Not speculators looking for tips. Investors—people who understand that good decisions come from studying businesses, not stock prices.
If you've ever wished for a modern version of Value Line's one-pagers, or if you appreciate the craft of presenting complex financial data with clarity and density, you're in the right place.
- Search for a company you want to research
- Study the valuation chart to understand price vs. fundamentals
- Review the financials to understand the business trajectory
- Click through to SEC filings for primary source verification
- Use the screener to find more candidates systematically
No account required for basic research. Create a free account to save watchlists and access additional features.
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