The Ledger Terminal

The Ledger Terminal is a stock research platform inspired by Value Line's one-page investment surveys — the same dense format professional investors have relied on for decades.

Every stock gets a single-page research report with a logarithmic valuation chart plotting price against fair value, up to 15 years of financial data sourced directly from SEC EDGAR filings, and direct links to 10-K and 10-Q reports. Four valuation methods are available — P/E, P/FCF, P/CF, and Owner Earnings — so investors can choose the lens that best fits each business.

The fair value line uses a 3-year geometric average of earnings to approximate normalized earning power, providing a conservative estimate rooted in how long-term investors like Buffett and Munger think about valuation.

Additional features include a stock screener with quality and valuation filters, side-by-side comparison of up to 5 stocks, watchlists, relative strength vs. the S&P 500, and a 9-point quality checklist covering ROIC, margins, growth, and balance sheet health.

All financial data is parsed directly from SEC filings — no third-party data aggregators. Covers 5,000+ US-listed companies.