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Sources for Company Fundamentals and Analyst Consensus Data

Article Quant Q&A · Author: Matteo
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Summary

The document explains where financial data vendors obtain company fundamentals and analyst consensus figures. For US companies, quarterly disclosures are available in regulatory filings such as 10-K and 10-Q reports. Sell-side estimates and consensus data generally come from analysts directly.

Bloomberg, Refinitiv, and FactSet provide value by collecting, processing, and normalizing these sources, which saves users from integrating raw disclosures and analyst inputs themselves. The discussion also mentions stock market APIs as another route for accessing data. It is a brief forum exchange rather than a detailed sourcing guide: it gives examples but does not compare provider coverage, licensing terms, data quality, or API capabilities. Its regulatory filing guidance is specifically framed around the US.

Key ideas

  • US company quarterly financials can be sourced from regulatory filings.
  • Analyst consensus figures are typically collected directly from sell-side analysts.
  • Financial data vendors aggregate and normalize information from multiple sources.
  • Stock market APIs offer another possible path to market data.

Tags

EquitiesUS markets
Full text
# Where do big data companies get data?


# Where do big data companies get data?












First time posting at Quantitative Finance, hope the question is well suited in this stack section. I was wondering, where does big companies like Bloomberg or Reuters get their data? Since now, in my application I scrape data directly from Reuters (for fundamental analysis). I'd like to bypass this problem and get data from source, if possible.

Thanks for your time.

## Answer by LazyCat (score 2, accepted)

https://quant.stackexchange.com/a/68254

Assuming we're talking about US, the companies report their quarterly numbers via 10-K/Q forms available on EDGAR, e.g.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000034088/000003408821000051/xom-20210630.htm

For the sell side estimates/consensus numbers they typically get them directly from the analysts.

In both cases, you pay Bloomberg/Refinitiv/Factset for then convenience of having them collect, process and normalize the data for you.

## Answer by Igor Igor (score 1)

https://quant.stackexchange.com/a/68258

Also, there are several stock market API's from which some websites and companies browse their data. For example, IEX API or financialmodellingprep API.

Shown in full with attribution under the source's licence. Licence: CC BY-SA 4.0 (Stack Exchange)

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.