Country-, market-, and quarter-specific public-company data provide the foundation for the platform’s comparative analysis. Historically, small and medium size valuation firms have been handicapped by lack of full , easy, affordable access to these data sets.
The AbbottModelDLOM Analytical Platform is supported by a structured database of public-company market, trading, classification, and financial information organized by country, market, and calendar quarter.
The production platform currently includes:
- United States exchange-traded companies
- United States OTC-traded companies
- Canadian public companies
- United Kingdom public companies
Each market is maintained as a distinct analytical population. This helps prevent comparisons between companies operating in markets with materially different trading practices, liquidity conditions, disclosure environments, company-size distributions, currencies, and investor participation.
Public-Company Coverage
The following table reports the verified historical quarterly coverage through 2025Q4.
| Market | Coverage period | Quarters | Unique firms | Issuer-quarter observations | Firms in 2025Q4 |
|---|---|---|---|---|---|
| U.S. exchange-traded | 2000Q1–2025Q4 | 104 | 2,037 | 121,300 | 1,774 |
| U.S. OTC | 2000Q1–2025Q4 | 104 | 3,655 | 166,659 | 1,843 |
| Canada consolidated | 2001Q1–2025Q4 | 100 | 2,236 | 93,512 | 1,259 |
| United Kingdom/LSE | 2001Q1–2025Q4 | 100 | 3,144 | 88,339 | 1,318 |
The four quarterly datasets contain 469,810 issuer-quarter observations.
For this table, a unique firm is a distinct representative ticker observed at least once within the applicable market and coverage period. A firm appearing in multiple quarters is counted once in the unique-firm column and once for each applicable quarter in the issuer-quarter column.
Firm identifiers are market-specific. The unique-firm counts should not be added together and described as globally unique legal entities because an issuer may change its ticker or listing and a cross-listed issuer may appear in more than one market.
The firms-in-2025Q4 column shows the number of public-company records available in the most recent validated historical quarter. It should not be interpreted as the number of observations supporting every measure. Measure-specific valid counts may be lower.
Daily Market-Data Coverage
Daily security data provide the historical observations used to develop the platform’s trading, liquidity, liquidation-period, and volatility evidence.
| Market | Daily observation period | Daily security-date observations |
|---|---|---|
| U.S. exchange-traded | 2000–2025 | 7,113,463 |
| U.S. OTC | 2000–2025 | 8,459,345 |
| Canada consolidated | 2000–2025 | 8,806,312 |
| United Kingdom/LSE | 2000–2025 | 10,170,785 |
| Total assigned to the four covered markets | 34,549,905 |
A daily observation represents one unique security-date record containing the available daily market information. A security observed on multiple trading dates contributes one observation for each date.
Daily market information may support the calculation of:
- Daily logarithmic returns
- Historical return volatility
- Trading volume
- Share turnover
- Lambda
- Half-life
- Volume-weighted liquidation-period evidence
- Estimated block-liquidation periods
- Other marketability-related measures
Not every daily observation enters every calculation. Lookback periods, price freshness, trading activity, data availability, and calculation-specific quality controls determine which daily records support a particular quarterly liquidity or volatility estimate.
The daily market universe may also contain securities that do not produce an issuer-quarter observation because they lack the required quarterly financial, classification, market-value, or cohort information.
U.S. Exchange-Traded Market
The U.S. exchange-traded universe contains public securities classified by the source data as listed on established U.S. national securities exchanges.
The daily market classification includes:
- NASDAQ
- New York Stock Exchange
- NYSE MKT
- AMEX
- NYSE Arca
- BATS
This universe is maintained separately from U.S. OTC securities because exchange listing, reporting practices, trading activity, market participation, public float, and liquidity can differ materially between the two markets.
The available information may include daily prices, trading volume, shares outstanding, market value of equity, industry classifications, quarterly financial information, financial and operating measures, liquidity estimates, and daily returns used to estimate volatility.
When the U.S. exchange-traded market is selected, the reference cohort is formed from companies within that market. U.S. OTC securities are not treated as part of the exchange-traded population.
Coverage varies by quarter, company, and measure. A company may be included in the exchange-traded population while lacking sufficient information for a particular financial ratio, liquidity measure, or volatility calculation.
U.S. Over-the-Counter Market
The U.S. OTC universe contains public securities classified by the source data as trading over the counter rather than on a U.S. national securities exchange.
The daily market classification includes:
- PINK
- OTCQB
- OTCQX
- OTCCE
- OTCGREY
- OTCMKTS
- OTCBB
OTC securities are maintained as a separate analytical market because their trading and reporting characteristics may differ materially from those of exchange-listed companies.
Depending on the company and valuation quarter, OTC securities may exhibit:
- Lower or less frequent trading activity
- Wider variation in public float
- More concentrated ownership
- Greater price discontinuity
- Longer estimated liquidation periods
- Less complete financial information
- Fewer valid observations for particular measures
These characteristics do not mean that every OTC security is illiquid or that OTC evidence is inherently unsuitable. They indicate that the market should be evaluated according to its observed data rather than assumed to behave like the exchange-traded market.
When the U.S. OTC market is selected, the reference cohort is formed from the available OTC population. Exchange-traded U.S. securities are not automatically substituted for OTC companies.
Because trading and financial-data availability may be uneven, measure-specific valid observation counts are particularly important when interpreting OTC results.
U.S. Daily-Market Reconciliation
The complete audited U.S. daily master file contains 15,598,154 unique ticker-date observations through 2025Q4.
Of these:
- 7,113,463 are assigned to the U.S. exchange-traded population.
- 8,459,345 are assigned to the U.S. OTC population.
- 25,346 have missing or generic exchange designations and are not included in either published U.S. market count.
This reconciliation explains why the two published U.S. market counts do not equal the complete U.S. daily master-file total.
Records without a sufficiently specific market classification are not assigned arbitrarily to either analytical population.
Canadian Public Market
The Canadian dataset consolidates covered Canadian public securities into a unified analytical population.
The market includes securities identified by the following source exchange codes:
- Toronto Stock Exchange (
TO) - TSX Venture Exchange (
V) - NEO Exchange (
NEO)
Consolidation allows companies from the covered Canadian trading venues to be evaluated within a common Canadian market framework rather than being divided into unnecessarily narrow exchange-specific populations.
The available information may include daily prices, trading volume, shares outstanding, market value of equity, industry classifications, quarterly financial information, financial and operating measures, liquidity estimates, and daily returns used to estimate volatility.
Issuer identifiers, valuation quarters, and applicable monetary fields are standardized for analytical use. Market-value and financial comparisons are interpreted on the currency basis identified for the Canadian dataset.
When the Canadian market is selected, the reference cohort is formed from the consolidated Canadian population. U.S., U.K., and other international public companies are not automatically introduced to increase the cohort size.
Canadian public companies can differ substantially in size, industry concentration, public float, and trading activity. The additive cohort-formation process may therefore expand from the requested industry to the related industry group or sector when necessary to develop a sufficiently populated reference cohort.
The analyst should consider whether the resulting Canadian evidence remains economically relevant to the subject company, particularly when the cohort includes companies from broader industry classifications or with materially different trading characteristics.
United Kingdom Public Market
The United Kingdom dataset contains covered public securities from the London Stock Exchange and is maintained as a separate analytical population.
The underlying monetary information is normalized to a consistent British-pound basis for analytical use. This normalization is important because source prices and monetary amounts may otherwise be represented in different currencies or units, including pounds and pence.
The available information may include daily prices, trading volume, shares outstanding, market value of equity, industry classifications, quarterly financial information, financial and operating measures, liquidity estimates, and daily returns used to estimate volatility.
Daily price and volume information supports quarter-specific liquidity and volatility analysis. Available financial information supports reference-cohort formation, performance comparison, and the calculation of valid financial ratios.
When the United Kingdom market is selected, the reference cohort is formed from the available LSE population. Companies from the United States, Canada, and other markets are not automatically added to the cohort.
The London market includes companies with substantial variation in size, public float, trading frequency, geographic exposure, and operating characteristics. The analyst should therefore evaluate both the number of valid observations and the economic relevance of the selected cohort.
Currency normalization makes the underlying monetary measures internally consistent. It does not eliminate differences arising from accounting practices, business geography, capital structure, market conditions, or company-specific characteristics.
Quarter-Specific Observations
The database is organized using issuer-quarter observations. An issuer-quarter observation represents the available market, trading, classification, and financial information associated with a public-company security for a specified calendar quarter.
The user selects a quarter corresponding to the relevant valuation period. The platform then uses information associated with that quarter to form the reference cohort and develop applicable financial, operating, liquidity, volatility, and marketability benchmarks.
This structure supports time-specific analysis. It avoids relying only on current company information when evaluating a historical valuation date and avoids treating market conditions as constant over time.
Quarter-specific information may reflect:
- A quarter-end balance
- A quarterly financial result
- A trailing-twelve-month measure
- A ratio associated with the selected quarter
- A historical daily-market lookback ending at or near the selected quarter
- A classification or size assignment applicable to that quarter
The existence of an issuer-quarter record does not guarantee that a complete historical lookback is available for every derived measure, particularly during the earliest coverage periods.
Market and Trading Information
Depending on availability and the selected market, the platform incorporates:
- Security ticker and company name
- Market and exchange classification
- Calendar quarter
- Industry and sector classification
- Equity market value
- Company-size classification
- Historical share-price behavior
- Daily logarithmic returns
- Return volatility
- Trading volume
- Shares outstanding
- Trading-liquidity measures
- Lambda and half-life
- Estimated liquidation characteristics
- Other marketability-related measures
These fields support reference-cohort formation and provide market-based evidence for the platform’s liquidity, volatility, blockage, and DLOM analyses.
Financial and Operating Information
The platform also incorporates available company financial information used in performance evaluation and comparative analysis.
Depending on availability, this information may include:
- Revenue
- EBITDA
- Net income
- Total assets
- Total liabilities
- Total debt
- Book value of equity
- Current assets
- Current liabilities
- Net working capital
- Net margin
- Return on assets
- Return on equity
- Leverage measures
- Current ratio
- Other operating and financial-condition indicators
The platform does not infer general company growth from a single quarterly observation. Growth analysis requires appropriately defined multi-period information and should be evaluated separately when relevant.
Available fields may differ by company, market, quarter, and underlying source. The platform therefore reports the valid peer population for each measure and does not assume that every metric is populated for every cohort member.
Missing Information and Zero Values
Missing information is distinguished from an observed zero.
A zero may represent an economically meaningful reported amount. Missing information means that the required observation is unavailable. The platform does not automatically replace missing values with zero.
A company may remain part of the selected reference cohort while lacking the information required for a particular measure. For example, it may have valid financial information but insufficient daily trading history for volatility, or valid market information but a missing financial-statement item required for a ratio.
The platform reports valid observation counts by measure. Differences in valid counts do not mean that the selected cohort has changed. They identify how many selected companies support the applicable statistic.
Data Integrity and Internal Consistency
A defensible analytical database requires more than a large number of observations. It also requires controls over duplication, ambiguity, missing values, currency, classification, and internal consistency.
The production workflow applies controls that may include:
- Canonical security and quarter identifiers
- Market and exchange classification
- Duplicate issuer-quarter testing
- Calendar-quarter alignment
- Market-value review and repair
- Currency and unit normalization
- Size-decile assignment
- Price-freshness evaluation
- Return and volatility eligibility testing
- Trading-activity and liquidity checks
- Missing-data identification
- Valid-observation counts
- Analytical cohort eligibility indicators
Where an issuer-quarter key is duplicated in a manner that cannot be resolved reliably, the ambiguous records are excluded rather than selecting one arbitrarily. Dependent analytical layers are then built from the cleaned source population.
The four published quarterly coverage files contain no duplicate representative ticker-quarter observations within the stated coverage periods.
This policy is intended to keep size thresholds, cohort assignments, peer statistics, and analytical outputs internally consistent, traceable, and auditable.
Interpreting Coverage Figures
The published coverage figures identify:
- Historical quarter range
- Number of covered quarters
- Unique firm identifiers
- Issuer-quarter observations
- Firms in the latest validated quarter
- Daily security-date observations
- Most recent validated quarter
The unit being counted should always be identified.
A unique-firm count should not automatically be interpreted as the number of unique legal entities. Companies may change tickers, listings, or market classifications over time.
An issuer-quarter count measures company-quarter records, not companies. A company appearing in 40 quarters contributes 40 issuer-quarter observations.
A daily observation count measures security-date records, not companies or quarters. A security trading on 250 dates may contribute 250 daily observations.
A large daily observation count does not mean that every record is valid for every calculation. Measure-specific lookback and quality requirements continue to apply.
Cross-Market Interpretation
Results from different markets should not be treated as directly interchangeable without further analysis.
Market structure, investor participation, reporting practices, currency, industry composition, trading frequency, public float, and regulatory conditions may affect the observed financial, liquidity, and volatility evidence.
For this reason:
- Each market maintains its own public-company population.
- Reference cohorts are formed within the selected market.
- Quarter-specific evidence is used throughout the analysis.
- Valid observation counts are reported by measure.
- Missing information is not treated as an observed zero.
- Evidence from one market is not automatically used to fill a shortfall in another market.
Cross-market comparison may be informative for research, sensitivity analysis, or reasonableness testing. It should not replace the selected-market evidence without a documented explanation of why the alternative market is relevant to the subject interest.
Coverage Updates
The published tables report the validated historical baseline through 2025Q4. Later quarters may be added after the applicable market, financial, classification, and calculation controls have been completed.
Because coverage expands over time, published figures should be accompanied by the applicable coverage endpoint and reviewed when a new production data release is deployed.
Coverage figures verified August 3, 2026.
Role in the Analysis
The public-company database provides the market-based evidence used to form the selected reference cohort and support the platform’s performance, liquidity, volatility, DLOM, blockage, and Mandelbaum analyses.
Data coverage alone does not establish comparability or prescribe a valuation conclusion.
The analyst remains responsible for determining whether the selected market, valuation quarter, reference cohort, available observations, and resulting evidence are relevant to the subject company and the facts of the assignment.