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What's New? Finbox Product Updates Tracker

What's New? Finbox Product Updates Tracker

. 12 min read

Finbox is under active development, and we're continually pushing updates and improvements to the platform. Admittedly, we haven't done the best job of communicating new features as they're released. Going forward, we'll update this post as new features get added, and improvements are made to Finbox. Stay tuned!

In this article

September 24, 2020 - Performance Improvements & Additional Metrics

We've made several improvements to improve the rendering time of the desktop and mobile web pages so that you can get more done, faster.

Additional Metrics

August 7, 2020 - New Office 365 Excel Add-in

We've released a new and improved Excel Add-in for Office 365. The new add-in can be installed directly from Microsoft's AppSource store. We're thrilled that users have seen 5-10x improvements in performance! If you don't have an Office 365 subscription, the add-in is also compatible with the free online version of Excel. Try it today!

July 21, 2020 - Benchmark Updates & More

We've improved the factors considered to create the candidate list resulting in higher quality benchmarks used in our models.

For example, you'll find that Bank of America (BAC) is now compared to the following companies:

  • Wells Fargo & Company (WFC)
  • JPMorgan Chase & Co. (JPM)
  • Citigroup Inc. (C)
  • U.S. Bancorp (USB)
  • Trustmark Corporation (TRMK)

Previously BAC was compared to the following:

  • KeyCorp (KEY)
  • Hancock Whitney Corporation (HWC)
  • Atlantic Union Bankshares Corporation (AUB)
  • Fifth Third Bancorp (FITB)
  • Pinnacle Financial Partners, Inc. (PNFP)

The benchmarks for Delta Airlines (DAL) have now been updated to the following:

  • American Airlines Group Inc. (AAL)
  • Alaska Air Group, Inc. (ALK)
  • Allegiant Travel Company (ALGT)
  • JetBlue Airways Corporation (JBLU)
  • United Airlines Holdings, Inc. (UAL)
  • Spirit Airlines, Inc. (SAVE)
  • Hawaiian Holdings, Inc. (HA)
  • SkyWest, Inc. (SKYW)
  • Southwest Airlines Co. (LUV)

Previously, they were:

  • LATAM Airlines Group S.A. (SNSE:LTM)
  • Copa Holdings, S.A. (NYSE:CPA)
  • KLM Royal Dutch Airlines (OTCPK:KLMR)
  • Singapore Airlines Limited (OTCPK:SING.F)
  • ANA Holdings Inc. (OTCPK:ALNP.F)

A back of the envelope test to gauge improvement is the correlation of 1-year returns of benchmarks vs. the subject company. You can find an example of this analysis here. The top five (5) benchmarks have an average correlation of 0.35 (0.19 prior) with the subject, and the first benchmark had a correlation of 0.58 (0.17 prior).

We consider many more factors when selecting and ranking the candidate group, but the criteria above is a rough analysis of the improvement in one of the factors.

• Industry Group and Industry Level Benchmarks

You can now compare the percentile ranking of any numeric metric in the Data Explorer to the subject company's Industry Group and Industry.

July 12, 2020 - Keyboard Shortcuts For Easier Navigation

Our keyboard shortcuts are designed to help you navigate Finbox with minimal effort. For example, you can now bring up the search bar by pressing Ctrl + K on Windows devices or + K on Mac.

You can find the list of shortcuts in the Account Settings menu of the dashboard (top right corner), or reference the table below:

Action Windows Mac
Search bar Ctrl + K + K
Go To Watchlists Alt + W Option + W
Go To Ideas Alt + I Option + I
Go To Data Explorer Alt + D Option + D
Go To Stock Screener Alt + S Option + S
Go To Templates Alt + T Option + T
Go To Charts Editor Alt + C Option + C
Switch Company Page Tab Alt + 1-6 Option + 1-6

Other Additions & Improvements

June 18, 2020 - Our Blog Get A Fresh New Look

Our blog just got a fresh new look! We've updated this blog to load faster and be more organized. You can now find articles categorized in one of these three categories:

We'll also be actively sharing a lot more educational content and insights from our research desk so stay tuned!

June 17, 2020 - Mobile Support for Company Dividends & Earnings Views

You can now access insights on dividends and upcoming earnings on the go! We're excited to release support for Dividend & Earnings tabs that were previously only available on desktop, so that they can be accessed on mobile devices.


June 11, 2020 - Data Improvements

We've made improvements to several data points and added support for new metrics based on user requests.

• Improved Alternatives for ETFs

With over 3,000 ETFs in the U.S. alone, it can be overwhelming to find the best fit based on performance, expense ratio, fund brand, etc. We wanted to help make things easier, so we've improved the methodology used to determine ETF alternatives based on Asset Class, Asset Focus, Fund Brand, Economic Focus, and Benchmark Index.

For instance, as the chart below shows, investors may be better off using the VOO ETF in their portfolio to get exposure to the S&P 500 index since it has a lower expense ratio, a similar beta, one year and five-year performance.

• New Metrics Highlights

Dividend Per Share With and Without Special Dividends
Some companies like CME Group pay special dividends regularly. Including these dividends in the dividend yield is a valid approach to calculating yield. We've introduced two new metrics, Dividend Per Share (Ex Special Dividends) and Dividend Yield (Ex Special Dividends) to allow you to see the yield with and without these special dividends.

Improvements in Metrics for REITs
We've improved our coverage of the following metrics important to REITs:

We plan to add REIT specific models to improve our coverage of REIT fair values in future updates.

Degree of Operating, Financial and Combined Leverage
Since the coronavirus pandemic is still top of mind for management teams worldwide, several users have asked us about adding metrics for evaluating the cost structures (variable vs. fixed) and financial leverage of businesses.

While most companies do not report metrics like Contribution Margin, Variable Costs, and Fixed Costs, there are methods to tease out this information. Metrics like Degree of Operating (DOL), Degree of Financial (DFL), and Degree of Combined Leverage (DCL) can be derived using publicly available information as outlined here.

DOL = % change in EBIT / % change in Sales
DFL = EBIT / (EBIT - Interest)

Sloan Ratio
Sloan Ratio is a formula developed by Richard Sloan in 1996 that measures the degree of accruals versus reported earnings. Professor Sloan concludes, "The persistence of earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of earnings. However, stock prices act as if investors fail to identify correctly the different properties of these two components of earnings."

A backtest of the Sloan ratio also seemed to validate Professor Sloan's theory -- between 1962 and 2001, buying companies with the lowest accruals and shorting those with the highest accruals resulted in a CAGR of 18% while the S&P 500 returned 7.4% over the same period.

PEGY Ratios
Renowned value investor Peter Lynch created the PEGY Ratio. The PEGY Ratio adjusts the P/E Ratio to account for a company's future growth rate and dividend yield to identify companies trading at a discount.

Other Additions & Improvements

  • Fix page crash when asset doesn't support a model template
  • Fix Date Picker formatting on Safari browsers
  • Fix excluded full ticker column from exports
  • Add more intervals for price history chart on company page
  • Improve start y-axis at zero calculations to handle negative values
  • Fix page crash on new screener creation

May 22, 2020 — New Navigation, Company Overview & More

We're excited to roll out this update, which is one of the biggest since the launch of Finbox 3.0 last November. With this update, we introduce deep dives into a company's dividend history and earnings forecasts as well as improvements like full-screen mode for watchlist and screener tables, trend charts in the financial explorer, data exports from charts editor, and more! So let's get to it!

• Updated Navigation (New!)

The first order of business -- navigation updates. To make room for new tools that we're planning to introduce over the coming months and to ensure all existing tools are available with one click, we've added a new side-bar. On smaller screens, you may want to collapse the side-bar to increase screen space. The side-bar automatically expands when you hover over the icons.

We understand navigation changes can be annoying. I compare it to a stranger coming into my house and rearranging all my things, so rest assured we only do it when it's required.

• Dividend Explorer (New!)

The Dividends tab is the perfect place to start for all dividend hunters. You can now analyze everything about a company's dividend in one place (dividend yield, growth streak, expected payouts, and more.)

dividend explorer tab

Compare Dividend Yields Over Time

You can view the daily dividend yield history for any company using this widget. It also allows you to compare dividend yield histories for various companies.

Annual Payout History

The Payout History widget gives you insight into the total dividends paid by a company during a calendar year.

Dividend Payment Dates

The Dividend History Details table lists details on the dividend payments made by a company.

• Earnings Explorer (New!)

earnings explorer tab
Love them or hate them, earnings reports can cause big swings in a company's stock price and sometimes even the entire market. To give you better insight into how management has performed during prior earnings reports and prepare you for what's ahead, we've introduced several new widgets on this page. Key highlights below:

Upcoming Quarter's Earnings

We source forecast data from Standard & Poors. S&P aggregates forecasts from various brokers and equity research institutions. This widget allows you to better understand the market expectation for the upcoming quarter and how expectations have been revised over the last year:

Stock Price Reactions

Does management have a track record of exceeding analyst expectations? Does the market even care about a company's earnings report? You can glean this information from the Stock Price Reactions widget where quantify the impact of past earnings reports by comparing the stock price the day before earnings and the day after earnings once the market has processed the new information provided by management:

• Trend Charts in Financials Explorer (New!)

You can now instantly visualize the trends in financial statements using the charting tool in the Financials Explorer.

• Full Screen Mode For Tables (New!)

We heard you, data fiends - you want to data as quickly as possible. We've added a Full-Screen mode to the tables in Watchlist and Screener help:

• Table View And Data Export In Charts Editor (New!)

You can now view and export data from the Charts Editor:

May 16, 2020 — Edit Model Benchmarks & A New Currency Selector

• Model Benchmarks Editor (New!)

Finbox's benchmark selection algorithm considers various factors, including mentions in earnings calls, filings, business geography, industry, sector, as well as fundamentals factors like market capitalization, enterprise value, and valuation multiples to determine the appropriate set of benchmarks for any company. We make the ranked list available in the Data Explorer: Similar Companies.

These benchmarks are used in the financial models available for each company. If you're unhappy with the default benchmarks or just want to use a few different ones, you can now do so using the benchmarks editor. You can find the new tab labeled "Benchmarks Editor" in the model viewer. The benchmarks editor is enabled for any model where the benchmarks used have a material impact on the conclusion, including Revenue Multiples, EBITDA Multiples, P/E Multiples, Weighted Average Cost of Capital, and DuPont ROE Analysis:

• Watchlist Currency Selector (New!)

You can now view your Watchlist in any currency of your choice. By default, the Watchlist normalizes all data in the stock's trading currency so that the price matches what you see on the respective stock exchanges. It can be helpful when comparing groups of companies to view all data in the same currency.

Bug fixes & improvements

  • Improved performance in the bulk ticker uploader in the Watchlist

May 7, 2020 — Y-Axis Scaling in Charts Editor

• Y-Axis Scaling In Charts Editor (New!)

When metrics are in different units of scale, it can be difficult to compare trends and performance. Common cases where since can be an issue are:

a) Comparing stock price performance of two or more companies
b) Analyzing a company's growth in earnings relative to the stock price
c) Benchmarking growth in balance sheet metrics like cash balance, total assets and total debt of two or more companies
d) Benchmarking the historical performance of income statement metrics like revenue, gross profit, margins and earnings per share (EPS)
e) Benchmarking forecasts for revenue, capital expenditures, and EPS

Stock price charts end up looking something like this:

Source: Apple, Google, Microsoft Stock Price Chart

Fundamental charts with valuation ratios like P/E Ratio and per-share metrics like EPS end up plotted on two different Y-Axes:

Source: Apple's Stock Price, P/E Ratio and EPS Chart

To make it easier to interpret the underlying trends you can now click the Start Y-Axis at 0 button in the options bar:

The stock price chart becomes a lot easier to interpret:

After scaling the stock price, P/E Ratio, and EPS chart, it becomes much easier to deconstruct the increase is Apple's stock price. Over the last five years, Apple's stock price has increased by 151.9%. About 47.2% percent of the rise in stock price can be attributed to Apple management's ability to grow earnings over that period.

Using the chart, we can also note that investors today are willing to pay 58.8% more for each dollar of Apple's earnings than they were five years ago since the P/E ratio has increased by that amount (aka multiple expansion).

Source: Apple P/E Multiple Expansion

Bug fixes & improvements

  • Added support for Start Y-Axis At 0 button in the chart editor
  • Fixed a bug in the screener related to sorting by 3-month total return
  • Improved formatting of the selected page in table pagination controls

Andy Pai

Founder @ We build tools that make life easier for investors. I started my career in investment banking. I live in Chicago. Reach out if I can be helpful!

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