Why
?
Basic data for public companies is quick and easy to look up.
But too often, the basic numbers are inaccurate. Even current market cap and
enterprise value.
In some cases, what you see is materially wrong.
Then every other data point calculated on those metrics is wrong,
like EBITDA multiples and PE multiples.
Low-quality and incomplete data doesn’t stop there.
Why? A lack of care for the detail. Each company’s capital structure and financials are unique.
Public company valuations ought to be taken seriously. Why wait to get burned by back-of-the-napkin when being surgical is just as easy?
TruSpread sweats the details and spreads a capital structure like a conscientious analyst — reliably, and with rigor tracing back to the source.
An Illustrative Example
A typical stock quote screen.
Pull up QXO on Yahoo Finance.
Share count is not fully-diluted.
The market cap reads ~$11.4B. This is wrong. Materially.
The vendor uses basic common outstanding. It erroneously excludes dilutive shares that are actually outstanding.
True fully-diluted shares outstanding is 1.162B, not 725M. This misses nearly $7B of equity value.
Market cap is 38% too low. QXO is trading at a much higher valuation than Yahoo tells you. QXO is one of the names that penalizes the back-of-the-napkin approach (or even a quick check of today’s most common institutional-grade tools).
Share count detail doesn’t exist.
The screens stop at market cap. There’s no detail on the dilutive securities that make up the current fully-diluted share count. Even the “Implied Shares Outstanding” meant to capture dilutive securities is wrong.
Enterprise value isn’t clear. And it’s incorrect.
What is enterprise value? What are its components? Almost all tools, even institutional grade tools, do not present this clearly.
Yet it’s a simple concept.
Ignoring subsequent events.
Subsequent events happen after the latest financial statement dates, but they could have a material impact on capital structure. The standard quoting tools ignore this.
Debt structure isn’t quickly identifiable or visualized.
Vendors show total debt, without the basic details.
The basic problems don’t stop there.
- Incorrect Market Cap
- Incorrect Enterprise Value
- Up-C Structure Calculation
- Manual Treasury Stock Method
- Incomplete Capital Structure
- Incorrect Financials
- Inconsistent Financials
- Uncustomizable Financials
- Manual Comp Sets
- Excel-native Comp Sets
- Incorrect Market Cap
- Incorrect Enterprise Value
- Up-C Structure Calculation
- Manual Treasury Stock Method
- Incomplete Capital Structure
- Incorrect Financials
- Inconsistent Financials
- Uncustomizable Financials
- Manual Comp Sets
- Excel-native Comp Sets
Accuracy is True North.
TruSpread does other public company financials jiu jitsu, too.
- Comparative P&LsCurrent period, YTD, and FY
- Management guidanceLatest guidance compared to previous guidance
- Free cash flowGenerated and customizable
- Estimates spreadCustomizable, including entry by screenshot
- MultiplesLTM and forward-looking. Customizable
- Comp setsCustomizable and exportable
- VisualsGraphs and charts (exportable)
- MCP integrationPull TruSpread data into claude.ai & Claude Code
- …and more in development
Tearsheets
Capital structure and accurate valuation on a page — the fully-diluted share count, the enterprise-value bridge, debt by tranche, leverage, an LTM summary, trading multiples, and subsequent events. Every figure still traces back to QXO’s SEC filings.
Click the tearsheet to view it full-screen.
See your coverage spread with the same rigor.
To request an access code, email info@truspread.com