01
How a screener actually filters
What a filter removes, what it silently keeps, and why two screeners disagree on the same universe.
Screening is two separate skills that get treated as one. Choosing criteria is the easy half. Knowing what your criteria quietly excluded, and whether the underlying figures mean what the field name says, is the half that decides whether the shortlist is worth anything.

01
What a filter removes, what it silently keeps, and why two screeners disagree on the same universe.
02
Income, balance sheet and cash flow: what each one can and cannot tell you on its own.
03
Nine binary tests over profitability, leverage and efficiency, scored out of nine.
04
Five weighted ratios combined into one number, with published zones either side of it.
05
What a bar or candle encodes, what volume adds, and what a chart cannot contain.
06
Maturity, covenants and coverage: the three questions that separate debt that funds from debt that binds.
07
Why small-cap screens break: thin float, missing data fields and survivorship in the universe itself.
08
Yield, price and duration move together by arithmetic, not sentiment. Here is the arithmetic.
Screening reads best from the outside in. Start with the mechanism, what a screener does to a universe when you add a criterion, then move to the statements the criteria are drawn from, then to the composite scores that bundle several ratios into one number, and only then to charts, which describe price rather than the business. Coming the other way round, from a chart to a screen, is how people end up filtering on fields they have never read the definition of.
A screener column labeled "P/E" has already resolved at least four questions for you: which earnings figure, over which twelve months, adjusted or as-reported, and what to do when the number is negative. Two vendors resolve those differently and both label the column identically. This is not an accusation of bad faith; it is a data-modeling reality, and it is why the pages here spend as much time on definitions as on formulas. When a screen surprises you, the definition is the first place to look, well before the conclusion.
The Piotroski F-Score and the Altman Z-Score are in this section for the same reason: both are published, both are computable from ordinary filings, and both were designed to answer a narrow question. The F-Score asks whether a company's fundamentals improved across nine specific tests. The Z-Score estimates distance from financial distress using five weighted ratios. Neither was designed to pick winners, and using them that way is a category error that the original papers themselves are careful about. Both are computable by hand, and both have a worksheet here that shows every term as it is entered: the F-Score worksheet and the Z-Score calculator.
The small-cap page exists because screens behave differently at that end of the market, and the reasons are mechanical rather than philosophical. Data fields go missing more often. Free float can be a small fraction of market capitalization, so a screen ranking by capitalization is not ranking by what is actually tradable. Thin volume means a criterion that reads as a bargain may simply be a price nobody has transacted at recently. None of that makes small caps uninvestigable; it makes the screen's output need more checking, and it is better to know which checks before running it.
A shortlist, and a fragile one. A screen answers exactly the question its criteria encode over exactly the universe it was pointed at. Change the universe from "all US listings" to "NYSE and Nasdaq primary listings" and the same criteria return a different set. Every page in this section treats a screen as a starting point that has to be checked by hand.
Because they are transparent. Both are published formulas over reported figures, which means you can compute them yourself and see exactly which input moved the result. That is the opposite of a proprietary rating, and it is the only kind of score worth explaining: the value is in the arithmetic being inspectable, not in the number being right.
No. Worked examples use constructed figures chosen to make the arithmetic legible, and no page names a company as a pass or a fail. The purpose is that you can run the same calculation over any filing you like and know what each term is doing.
Bond arithmetic sets the discount rate against which every equity screen is implicitly judged, and price-yield-duration is a mechanical relationship rather than a market opinion. It sits here because it is the same kind of content: a published relationship you can compute, not a forecast about where rates go next.