{
  "context": "https://belvedereresearch.com/universe-facts/",
  "citation": "Belvedere Research, “SEC-Derived Universe Statistics,” data as of 2026-09-21, SEC EDGAR. https://belvedereresearch.com/universe-facts/",
  "facts": {
    "dataDate": "2026-09-21",
    "ingestedAt": "2026-09-21T01:46:18.327Z",
    "source": "SEC EDGAR",
    "limitation": "These figures describe Belvedere’s curated operating-company extract from SEC EDGAR submissions and companyfacts XBRL. They are not a census of all U.S. listed equities, not market-capitalization statistics, and not investment recommendations.",
    "companies": 163,
    "activeResearch": 5,
    "publishedReports": 5,
    "radarSignals": 693,
    "withRevenue": 160,
    "withYoy": 157,
    "growingYoy": 114,
    "shrinkingYoy": 43,
    "withFcf": 22,
    "positiveFcf": 17,
    "negativeFcf": 5,
    "withCash": 147,
    "withIdentifiedDebt": 94,
    "netCashPosition": 20,
    "usGaap": 163,
    "ifrs": 0,
    "withWebsite": 0,
    "with10k": 45,
    "with10q": 153,
    "with8k": 159,
    "filingsInWindow": 3912,
    "smallCapProxy": 80,
    "microCapProxy": 15,
    "overlapFiveToFiftyMillion": 13,
    "revenueBelowFiveMillion": 2,
    "revenueAbove250Million": 78,
    "medianQuarterlyRevenue": 233154500,
    "medianYoyGrowth": 0.06673929445821725,
    "profile": {
      "Apex": 2,
      "Established": 9,
      "Developing": 106,
      "Limited": 43,
      "Insufficient": 3
    },
    "sectors": [
      {
        "name": "Biotechnology",
        "count": 4,
        "withYoy": 4,
        "growingYoy": 4,
        "withFcf": 0,
        "positiveFcf": 0,
        "medianQuarterlyRevenue": 205728500
      },
      {
        "name": "Consumer",
        "count": 9,
        "withYoy": 9,
        "growingYoy": 4,
        "withFcf": 3,
        "positiveFcf": 2,
        "medianQuarterlyRevenue": 593515000
      },
      {
        "name": "Financial Services",
        "count": 22,
        "withYoy": 18,
        "growingYoy": 11,
        "withFcf": 3,
        "positiveFcf": 3,
        "medianQuarterlyRevenue": 133106461.5
      },
      {
        "name": "Gaming",
        "count": 4,
        "withYoy": 4,
        "growingYoy": 2,
        "withFcf": 0,
        "positiveFcf": 0,
        "medianQuarterlyRevenue": 457759500
      },
      {
        "name": "Healthcare",
        "count": 5,
        "withYoy": 5,
        "growingYoy": 5,
        "withFcf": 1,
        "positiveFcf": 1,
        "medianQuarterlyRevenue": 153604000
      },
      {
        "name": "Industrials",
        "count": 37,
        "withYoy": 37,
        "growingYoy": 27,
        "withFcf": 3,
        "positiveFcf": 2,
        "medianQuarterlyRevenue": 330426000
      },
      {
        "name": "Lodging & Leisure",
        "count": 23,
        "withYoy": 22,
        "growingYoy": 13,
        "withFcf": 1,
        "positiveFcf": 1,
        "medianQuarterlyRevenue": 285514000
      },
      {
        "name": "Materials",
        "count": 7,
        "withYoy": 6,
        "growingYoy": 4,
        "withFcf": 3,
        "positiveFcf": 1,
        "medianQuarterlyRevenue": 334656000
      },
      {
        "name": "Technology",
        "count": 49,
        "withYoy": 49,
        "growingYoy": 42,
        "withFcf": 8,
        "positiveFcf": 7,
        "medianQuarterlyRevenue": 187822000
      },
      {
        "name": "Telecommunications",
        "count": 3,
        "withYoy": 3,
        "growingYoy": 2,
        "withFcf": 0,
        "positiveFcf": 0,
        "medianQuarterlyRevenue": 225237000
      }
    ]
  },
  "statements": [
    {
      "id": "universe-size",
      "statement": "As of 2026-09-21, Belvedere Research’s operating-company universe included 163 U.S. SEC registrants with usable XBRL in the current extract.",
      "denominator": "163 issuers; source SEC EDGAR; not a complete listed-market census."
    },
    {
      "id": "revenue-coverage",
      "statement": "160 of 163 issuers (98.2%) had a tagged latest quarterly revenue fact greater than zero.",
      "denominator": "Issuers in the extract with identifiable revenue concepts."
    },
    {
      "id": "yoy-growth",
      "statement": "Among 157 issuers with a comparable year-ago quarterly revenue fact, 114 (72.6%) showed higher latest-quarter revenue than the year-ago quarter and 43 (27.4%) showed lower revenue.",
      "denominator": "Comparable quarterly duration only; annual facts are not compared with quarterly facts."
    },
    {
      "id": "fcf",
      "statement": "Among 22 issuers with both operating cash flow and capex tagged, 17 (77.3%) had positive Belvedere free cash flow (operating cash flow minus capex) and 5 (22.7%) had negative Belvedere FCF.",
      "denominator": "Belvedere FCF is a labeled calculation, not company-defined non-GAAP FCF."
    },
    {
      "id": "size-proxy",
      "statement": "Using latest quarterly SEC revenue as a disclosure-size proxy (not market cap), 80 issuers fell in the $5 million–$250 million band and 15 issuers had revenue below $50 million. 13 issuers sit in both proxies ($5 million to under $50 million).",
      "denominator": "Licensed market capitalization is not configured and is not used."
    },
    {
      "id": "filings-window",
      "statement": "The current filing window stores 3912 SEC forms across the universe, including 45 issuers with a Form 10-K (or 10-K/A), 153 with a Form 10-Q (or 10-Q/A), and 159 with a Form 8-K (or 8-K/A).",
      "denominator": "Windowed extract, not an all-time EDGAR history for every registrant."
    },
    {
      "id": "research-objects",
      "statement": "5 issuers currently have active Belvedere research status, and 5 dated research reports are in the live archive. 693 filing-linked numerical change signals are stored for the current extract.",
      "denominator": "Universe inclusion is not the same as initiation coverage. Radar items are arithmetic comparisons, not recommendations."
    },
    {
      "id": "cash-debt",
      "statement": "147 issuers have tagged cash; 94 have tagged debt. Missing debt tags are not treated as a zero-debt capital structure. 20 issuers currently show cash greater than identified debt.",
      "denominator": "Balance-sheet instants from XBRL. Net cash is counted only when both cash and debt concepts are tagged; a missing debt tag is not treated as zero debt."
    }
  ]
}