Investment Research, Valuation

Getting Financial Statements into Excel

I was searching around for the best way to download financial statements into Excel. Here's a summary.

Free sources:

  1. MSN Money – have to use a web query to get it into excel, pretty decent, but due to the standardisation, the breakdown (e.g. of the cash flow statement) might not be as granular as you would like. Only has 5 years of data.
  2. Reuters – have to use a web query as well, pretty decent, but the standardised fields are slightly different from MSN Money, so the figures that you calculate might be slightly different. Only has 5 years of data.
  3. Edgarscan – comes in the form of an excel spreadsheet, but frequently have missing data for the multi-year 10K/Q spreadsheet, especially for recent years. The spreadsheet for the cashflow statement and income statement are good, very detailed. But the disadvantage of being too detailed is that its near-impossible to automate.
  4. – gets data from S&P Compustat. Very detailed with many many years of data. But all data comes in a huge table (have to use web query), with a column on the field name, and columns to the right with all the values. Not logically organised into Balance Sheet, Income Statement, Cashflow Statement. Hence its gonna be a huge huge pain to arrange all the fields into their proper rows and make sure everything adds up.

Seems like if an automated process is desired, then Reuters/MSN would be the way to go.

Paid sources:

  1. Spredgar – Pretty good, with 7 years of data. Places everything into an Excel spreadsheet neatly. But only has Balance Sheet and Income Statement data, no Cashflow Statement.

I don't know of any more sources that can download financial statements into Excel (I'm sure institutional investors have some costly service to do that, but that's out of my league =).


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