Data coverage

compounders.ai covers 88 listed serial acquirers from 10 countries, listed on 12 exchanges, in 5 archetypes. Each is read from its own filings in its own reporting currency.

Updated 19 October 2026 · Ruleset 1.4.0 · Markdown version

Which companies does compounders.ai cover?

88 serial acquirers, grouped by archetype because the accounting patterns and the operating KPIs that matter differ by archetype: software / vms roll-up (14), nordic industrial acquirer (28), uk serial acquirer (5), us industrial acquirer (14) and distribution / services roll-up (27). Each name links to its company page. The listing key is the company's address on the site, /company/<listing key>/.

Software / VMS roll-up

Buyers of many small vertical-market software (VMS) businesses, each a leader in a narrow niche, held for the long term. Acquired-intangible amortization is heaviest here, so the gap between reported and normalized profit is widest. Their KPIs: revenue by the company's own classes (recurring, maintenance, licence, services).

Nordic industrial acquirer

Decentralized groups of niche industrial, technical and distribution businesses, mostly listed in Stockholm, that buy profitable private companies and keep them independent. Many report EBITA themselves. Their KPIs: segment revenue and EBITA margins, the return measures they print, and the number of acquisitions a year.

UK serial acquirer

London-listed acquirers in safety and environmental technology, specialist distribution, electronics and scientific instruments. Their reports print a large gap between adjusted and statutory profit. Their KPIs: return on capital as they define it, cash conversion and segment margins.

US industrial acquirer

Diversified industrial and technology acquirers, mostly US-listed, that buy niche manufacturers and software businesses. Their KPIs: segment revenue, profit and margin under each company's own measure, revenue by product line or end market, and leverage as the company defines it.

Distribution / services roll-up

Distributors, insurance brokers, environmental, testing and business-services companies that grow through many bolt-on acquisitions of branches, agencies and routes. Their KPIs: locations, revenue by class, contingent commissions for brokers, and the company's own margins.

Where does the data come from?

From each company's own annual filings, fetched from the official source:

• SEC EDGAR for US filers (the 10-K) and for Canadian companies that file with the SEC (the 40-F, and the 6-K where the annual statements are filed in one), read from the filing's inline XBRL.
• ESEF report packages for companies listed in the European Union and Norway, and UKSEF packages for London-listed companies, read from their inline XBRL.
• Annual-report PDFs for companies whose filings are PDFs (SEDAR+ in Canada, AIM in London) and for older years a structured filing does not tag.

Each document is stored unchanged and identified by its hash, and every published figure cites the document and the element or page it was read from.

Which years are covered?

Annual fiscal years, as far back as the stored filings support each figure; the depth differs by company and by measure. Each company's Sources tab shows the year-by-year coverage, and the Coverage page shows the status of every company live. Interim periods (quarters and half-years) are not published yet.

Is every company normalized?

Not every company, and not every year. Normalized EBITA is published for a year only when every input it needs has been read from the filings and checked; other years show the statements as filed, and a missing figure carries the reason it is missing. The Coverage page shows which companies carry normalized figures today.

What does each company page publish?

• The income statement, balance sheet and cash-flow statement as filed, line by line, each figure cited.
• Normalized EBITA with the ledger of every adjustment, each cited to its filing line or note.
• Returns on capital (ROIC with and without goodwill, ROIIC), earnings and cash measures (normalized EBITDA, free cash flow before and after acquisitions, free cash flow available to shareholders) and leverage.
• Revenue growth split into organic, acquired and currency where the company discloses it, beside the company's own definition of organic growth.
• The company's own operating KPIs as it prints them, its share counts and dilution, and its auditor's report as printed.

What is not covered?

• Share prices and valuation multiples.
• Quarterly and half-year figures.
• Currency conversion: figures stay in the company's reporting currency.
• Estimates, forecasts and consensus figures.
• Figures from data vendors, press coverage or company presentations that are not filings.