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Transparency
Transparency — how you check the numbers yourself
Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 07:25 UTC. If these do not match /saude, you are reading a cached copy.
What is checked, before every publication — 479 automated tests, collected live
10 are DATA invariants (does the number tie out?) and 120 are product tests — access gate, navigation, language, AI connector. Calling all 479 'invariants' would be inflating it: the split is checkable in the list itself. Not a hand-picked highlight reel: every test below was found by introspecting the actual test files just now, the same way pytest --collect-only would. Grouped by what it protects against, not by which file it lives in.
Level 1 — Integrity: does the data tie out? (10)
LE01— resolver finds the company by any of its codes and returns the MAIN ticker (or the registry one when there is no main); unknown ticker is None. por_ano, multiplos_por_cd and serie put every column in its own field, and the series only carries multiples for years with indicators — the full list carries all.LE02— retrato takes the last year with an indicator, counts its flags, summarises restatements (total, years, the largest per year) and measures staleness: last filing received, last quarter and how many years the regulator holds beyond what was computed.LE03— faixa_propria uses only clean values and states the exact position (0 = lowest, 1 = highest), None below 2 years; mediana_setor excludes the company itself, requires 3 peers and is None without a sector; distribuicao takes each company's last CLEAN year (or all in a given year, multiples included) and the right quantiles; the fraction helpers are strict.LE04— liquidez is the average volume over the last N sessions, with the window stated; without prices, None.LE05— recebimentos separates annual from quarterly filings and puts each quarter in the right slot; reapresentacoes orders accounts by the largest difference, names the item in the chart of accounts of the company's TYPE and dates each year by the FOLLOWING annual filing.LE06— retrato_em builds the snapshot of the day that year's annual filing became public: that year's indicators and multiple, only restatements of EARLIER years, the year's average Selic and 'today' = the filing date. A year without indicators, or an unknown ticker, is None.LE07— The quarterly series respects the company's type: a bank gets no gross margin (it does not exist in its chart of accounts); with no type, the general one applies.LE08— Dividends newest first with every column in place; trading dates in order; the payment date announced to the regulator keyed by class, record date and value to 6 decimals, and empty without the table; last close of each year; coverage or None.LE09— A company that does not consolidate (publishes only the individual statements) restates like any other: the reading gives the year’s aggregation (ind, nao_consolida) and which side came zeroed in the CVM file; the page says “individual — company does not consolidate” and “no value in the file”, never R$ 0 nor the 100% the empty side produces; the flag counts every row and measures the difference only where both sides have a value.LE10— The list of curated sector comparisons comes from the data: in each sector, the three with the highest average traded value over the last sessions (the liquidity calculation), only among those that traded recently; it changes when liquidity changes; the “Sem Setor Principal” activity is left out; a trio already used by another sector is not repeated; a repeated slug gets the level; it never exceeds the page cap. The data puts the three side by side in the most recent year common to them, with the caveat, and says when there is no common year.
Level 2 — Semantics: does the account mean what the calculation assumes? (0)
Level 3 — Economic: is the result possible in the real world? (0)
Other product tests (0)
Access gate, navigation and the MCP connector — they test whether the product works, not whether a number is right, so they don't fit the 3 levels above by design. Still counted, still listed:
Reconstruct it yourself — net margin across 5 companies, 4 sectors
We don't ask you to trust the numbers. Here's the net margin of five companies in four different sectors, each rebuilt straight from its annual report (DFP) at the CVM — net income ÷ revenue, matching the published figure exactly. For ANY indicator, of any company, the whole chain down to the line in CVM's file is at /linhagem:
| Company · sector | Net income (CVM acct) | Revenue (CVM acct) | Margin =÷ |
|---|---|---|---|
| WEGE3 · industrial | R$ 6.78 bn DRE:3.11 | R$ 40.80 bn DRE:3.01 | 16.6% |
| VALE3 · mining | R$ 11.81 bn DRE:3.11 | R$ 213.59 bn DRE:3.01 | 5.5% |
| PETR4 · oil & gas | R$ 110.61 bn DRE:3.11 | R$ 497.55 bn DRE:3.01 | 22.2% |
| ITUB4 · bank | R$ 45.85 bn DRE:3.09 | R$ 387.12 bn DRE:3.01 | 11.8% |
| BBAS3 · bank | R$ 16.78 bn DRE:3.11 | R$ 319.46 bn DRE:3.01 | 5.3% |
Download any of these DFPs from the CVM, take the income and revenue accounts, divide — you get the same number. Banks use interest income as revenue (what makes sense for a bank), so the reconciliation is sector-aware; the others use sales revenue. Figures are the latest fiscal year.
Why we may differ from another site (and it's not an error)
A difference between two sites usually isn't one being wrong — it's a method choice. We disclose ours:
- Average vs ending capital: ROE and ROIC use average equity/capital (this year + last ÷ 2), not the ending balance — so they're not a naive single-year division.
- Controlling vs consolidated: we state which one each item uses.
- TTM vs annual: quarterly multiples use trailing-twelve-months earnings.
- IFRS 16, goodwill, cash, exceptional tax: each handled explicitly and flagged when it distorts.
Do the tests bite? Yes — real cases the suite has caught
A test that never fails could mean perfect data — or a weak test. These were born from real errors that slipped through, and now fail — only shown for tests that actually exist in the collected suite above:
- I-B16 · banks' P/E = 0: the CVM reports share count sometimes in units, sometimes in thousands (varying by company and year); market cap came out 1000× too small and P/E was zero. I-B16 (price × shares recomputed) caught it — we fixed 661 annual and 2,027 quarterly multiples.
- I-B24 · the vanishing profit: the profit/equity account varies by bank (Itaú 3.09, BB 3.11); if the label search fails, the number vanishes silently and ROE is born wrong. I-B24 makes that hole fail.
- H-B23 · the 800% dividend yield: old B3 dividends carry a price not adjusted for splits; without H-B23 the yield would look absurdly real. The flag keeps the record and warns.
- I-B20 · the missing COTAHIST 2023: on the first deploy one year of prices failed to download silently; the API shipped with ~50k fewer prices and the suite passed, because nothing checked coverage. We added I-B20 — a year without prices now fails the build loudly.
- I-B33 · Oil & Gas at −89.6% in one week: COTAHIST isn't split-adjusted; a 10:1 split read as a −90% weekly return and stayed in the cumulative return forever, with nothing failing (a blind amplitude filter didn't fix it either — it just flipped which direction was wrong). I-B33 (no sector week beyond ±35%, the ruler is the exchange itself) stops the build.
- I-B31 · 364 of 865 sector-index weeks frozen: extending the series back to 2010, a sector with no company carrying a market cap that week turned into a factor of 1.0 — a flat line that the cumulative return read as 'market stood still', and the 'since 2010' return came out fictional (+527%). I-B31 fails on any week repeated to the cent.
- I-E05 · EMBRAER's 2010 P/E priced with 2025 data: the point-in-time price lookup fell forward with no ceiling whenever the current ticker had no price at balance-sheet time (ticker change, share-class migration); the multiple came out priced 15 years into the future, in 22% of annual and quarterly rows, silently. The 45-day window (and I-E05) blocks it: no session inside the deadline, no multiple computed.
- I-E04 · AZUL at R$ 1.67 quadrillion market cap: the balance sheet carried 54.7 trillion shares from the judicial recovery issuance, but the price used was already on the post-reverse-split (1:150,000) basis — two ends measured on different bases, market cap wrong by orders of magnitude. I-E04 (market cap never above Brazil's GDP) fails the build on that absurdity.
How far back each block of data goes
No asterisks here: this is coverage year by year, counted right now. Indicators (ROE, ROIC, margins, growth) come from the filings alone and cover the whole series. Multiples (P/E, P/BV, EV/EBITDA) need a price and a share count — and the share count comes from CVM's reference form, which the further back you go the fewer companies filed in a usable format. The gap between the two columns is a source limit, not an ingestion hole. If you look for an old P/E and do not find it, it is because nobody has it — not because we hid it. The same numbers as JSON: /cobertura.
| Year | Companies with indicators | Companies with multiples |
|---|---|---|
| 2025 | 438 | 290 |
| 2024 | 444 | 296 |
| 2023 | 442 | 298 |
| 2022 | 429 | 295 |
| 2021 | 423 | 296 |
| 2020 | 410 | 274 |
| 2019 | 371 | 164 |
| 2018 | 326 | 164 |
| 2017 | 317 | 162 |
| 2016 | 311 | 152 |
| 2015 | 303 | 143 |
| 2014 | 301 | 139 |
| 2013 | 292 | 130 |
| 2012 | 291 | 111 |
| 2011 | 284 | 97 |
| 2010 | 277 | 34 |
Live coverage
456 companies · 876,076 price points · 8,654 recorded restatements · last refresh 2026-09-27 00:20:28. Full live counts at /saude.
Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.
Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 07:25 UTC. If this does not match /saude, you are reading a cached copy.