Release notes
What's New
Release notes for the platform. Currently on v1.12.1.
Copy a screen, and more motion
v1.12.1Latest- Every screen has always been a link, with the filters kept in the address bar. There is now a button that copies it, which was the one part of that feature the page never offered.
- Filter groups open and close fluidly instead of snapping. They also keep what you typed when they are collapsed, which they previously threw away.
- The sort indicator rotates between ascending and descending rather than swapping to a different arrow, so a column reads as one control changing state.
- Hovering a result marks the row on its leading edge instead of repainting a fill behind fifty rows of figures.
- Long reference pages carry a reading-progress rule at the top.
- Glass no longer switches itself off when the system Reduce Transparency setting is on. The tints were already set so that text keeps its contrast either way.
Glass
v1.12.0- Translucent glass is now the surface style for anything that floats: the header, the sidebar, drawers, menus, and the search field. Content blurs and brightens as it passes underneath, rather than sliding behind a flat panel.
- Tables are deliberately excluded. Fifty rows of figures over a moving backdrop is unreadable, so the workspace tables stay opaque.
- Text on glass keeps its contrast. The tint on the surfaces that have live content moving under them was set by measurement rather than by eye, and the quietest ink is promoted a step stronger on those surfaces so nothing important sits on an unknown background.
- If your system has Reduce Transparency switched on, every glass surface falls back to a solid one. That setting exists for people who find translucency hard to read, and it overrides the house style.
A new look, and motion that means something
v1.11.0- The site has been redesigned. The canvas is a cool press stock with near-black ink, and the dark theme is now a true black that reads as the printed negative of it rather than as another dashboard. Gold stays, but only on data: headline figures, leverage bands, and the column you have sorted by. Anything you press is ink, so a control is never mistaken for a figure.
- Light is now the default. An explicit choice is still remembered, and where there is none the site follows your operating system, which is what it always claimed to do.
- Type sizes now scale continuously with the window instead of jumping at two breakpoints, so a 1100px window is no longer set at the tablet size.
- Motion has been built as a system rather than added as decoration. Springs are derived from real mass, stiffness and damping, so a drawer does not move like a button and a badge does not move like a panel. Six different reveals are used according to what is arriving: a rule is drawn, an image is wiped open, a figure snaps into place, and a line of a heading rides up inside its own mask.
- A new coverage band on the homepage fills as you scroll through it. It is not an effect: it is the live index, showing that roughly four in ten filers cannot have an EBITDA calculated because they do not disclose D&A separately.
- The workspace was deliberately left quiet. Company pages and the deal screen get responsive buttons and state changes, and nothing that animates in front of a number you are trying to read.
- Everything respects the reduced-motion setting: springs flatten, pointer effects never attach, and no content is ever hidden waiting for an animation that will not play.
Controls that look like controls
v1.10.1- An audit of the screen found that 165 of its 223 interactive elements had no resting appearance at all: they revealed themselves only when the pointer was already on them. Sort headers looked like column labels, clickable figures looked like plain numbers, and filter group headers gave no sign they opened. One element now remains without a resting cue, and that one is the wordmark, which is a link home by convention.
- Every sortable column shows its sort control at rest, and the arrow indicates the direction the column is currently sorted in rather than appearing only once you touch it.
- Figures that carry a source record are marked with a dotted underline, the long-standing convention for "there is more behind this". Clicking one still opens the filing it came from.
- Filter groups carry a bordered plus or minus, so it is clear which sections open and which are already open.
- The sidebar collapse control and the theme switch are drawn as buttons instead of as bare icons.
- Where the results table is wider than the space beside the filter rail, the cut edge now fades and clears as you scroll, so a half-visible column reads as more to come rather than as a broken layout.
Leverage, margins and a filter rail
v1.10.0- The screen now carries the balance sheet: net debt, cash, total assets, and net debt / EBITDA. Leverage is the ratio most screens are actually built around, and it is colour-banded by credit convention so conservative, moderate and aggressive read at a glance.
- Profitability filters for gross, operating, EBITDA and net margin, each with a minimum and a maximum rather than a floor only.
- Filters are grouped and collapsible, so a simple screen stays simple and a specific one is available without a wall of inputs. Closed groups show how many constraints they hold, and a row of chips above the results says exactly what is filtering, each removable on its own.
- Four named starting points: add-on targets, lower mid-market, conservatively levered, and net cash.
- Every screen is now a link. Filters live in the address bar, so a shortlist can be sent to someone else and it opens exactly as you left it.
- Balance-sheet figures are matched to each company's own year end rather than to 31 December, so filers like Apple and NVIDIA are read against the right quarter instead of being dropped or mismatched.
- Rules and small labels were too faint to read: table rules sat at 1.3:1 contrast and the smallest labels failed the WCAG AA floor. Both were corrected, and labels and figures gained weight, without making any row taller.
Deal screen
v1.9.0- A new Deal screen: filter every US-listed filer by revenue, EBITDA, EBITDA margin and sector, then open any result straight into its research workspace. Built for sourcing, when you do not yet have a company in mind.
- The index is built from the SEC's XBRL company-facts data, so every figure is the one the company filed. Each row states its own reporting period and links to the filing the revenue came from.
- EBITDA is calculated as operating income plus depreciation and amortisation. Roughly four in ten filers do not tag D&A separately, so their EBITDA is shown as not disclosed rather than estimated, and an EBITDA filter leaves them out instead of guessing.
- Companies whose EBITDA exceeds their revenue are flagged as filing artifacts, which usually means a one-off gain sits inside reported operating income. They are marked rather than hidden, and can be excluded with one toggle.
- Quarterly figures now count: a company that has filed only a 10-Q, such as a recent listing, shows its interim results instead of an empty page.
Research workspace
v1.8.0- Rebuilt the site around a research-workspace design: an author-led homepage, a live worked example on Apple, and a clearer path from search to memo.
- Newly listed companies now appear in search as soon as they file with the SEC, and a company with no annual report yet shows a plain explanation instead of a blank page.
- The SEC ticker index now refreshes on its own, so a fresh listing is no longer missed until the next deploy.
- A methodology page and this changelog, so the sources and formulas behind each figure sit in one place.
Risk assessment
v1.7.0- A new Risks page: a rating-agency-style read combining a financial risk profile, sector context, and the company's own disclosed risk factors.
- Quantitative: Altman Z''-distress score, Piotroski F-score, and red-amber-green credit metrics (leverage, coverage, liquidity, cash runway, earnings-quality accruals) with the formula shown on each.
- Qualitative: the company's actual risk factors pulled verbatim from its 10-K (Item 1A), keyword-categorised and linked to the SEC filing, never summarised.
- Sector context: how the company's risk metrics compare to its peers, and a going-concern flag when the filing uses that language.
Analysts, Ownership & Dividends
v1.6.0- Analysts: sell-side consensus rating, mean/high/low price targets with implied upside, and forward estimates (the Bloomberg ANR / EE / ERN view).
- Ownership: institutional and insider holdings, public float and short interest, sourced from SEC filings for US names (the HDS view).
- Dividends: yield, rate, payout ratio, five-year average and ex-date (the DVD view).
- Coverage is honest: figures thin outside large-cap US names show clear "unavailable" states rather than blanks.
Markets tools
v1.5.0- A new Markets menu (hover to open) with five market tools: a stock screener, a markets overview, a sector heatmap, an economic calendar, and per-company technicals.
- Powered by TradingView, kept clearly separate from, and complementary to, the app's primary-source fundamentals.
Deal-memo depth
v1.4.0- Sources & Uses table on the LBO, with transaction fees funded as a use and pro-forma opening leverage.
- Underwriting scenarios: the base case bracketed by a strategic-buyer upside and a downturn downside, so returns read as a range, not a point estimate.
- Covenant-headroom stress panel testing each modeled year against a maintenance package (net leverage, interest coverage, DSCR).
- IC one-pager: a print-to-PDF deal summary composing the score, the returns range and the memo, reachable from the LBO page.
- This What's New page, a methodology page, and an in-app version marker.
Growth-company LBO
v1.3.0- Model high-growth companies with negative EBITDA on a revenue (EV/Revenue) basis, with a margin ramp to profitability and an EV/EBITDA exit once profitable.
- Honest guardrails: the return is framed as predicated on the operating assumptions rather than an unearned multiple re-rating.
Accounts & infrastructure
v1.2.0- Sign in with Google or GitHub.
- Institutional number presentation across the app (a diligence-grade tearsheet).
- Durable database and a hardened data pipeline.
Global coverage & polish
v1.1.0- Worldwide public companies (US, UK and Europe) with reporting-currency handling.
- Dark mode, mobile navigation and motion polish.
Platform launch
v1.0.0- Company dashboard, traceable KPIs and full financial statements.
- Valuation range, peer comparables and SEC filings.
- Editable five-year LBO with IRR / MoM and sensitivity grids.
- Transparent 0–100 deal score and a deterministic investment memo.
- Saved deals and company news.