Terms of Use

Effective July 13, 2026

These terms govern your use of Owner Scorecard (the "Site"), an independent financial publication reachable at ownerscorecard.com. By using the Site you agree to these terms. If you do not agree, please do not use the Site.

1. What Owner Scorecard is

Owner Scorecard is an independent publisher of financial information and research of general and regular circulation. It presents the record a company files: roughly a decade of revenue, margins, returns on capital, owner earnings, buybacks, share count, and debt, with each figure traced to the company's own filings. It is a publication, read the same way by everyone, and it is not tailored to any individual's financial situation.

Owner Scorecard is not registered as an investment adviser, broker-dealer, or financial planner, and it does not act as one. Nothing on the Site creates an advisory, brokerage, fiduciary, or other professional or client relationship between you and the publication.

2. Not investment advice

Everything on the Site is provided for informational and educational purposes only. Nothing on the Site is, or should be taken as, investment, financial, legal, accounting, or tax advice, or a recommendation, endorsement, offer, or solicitation to buy, sell, or hold any security or to pursue any investment strategy. The Site carries no ratings, price targets, or estimates by design, and no figure or page on it is a judgment about what any security is worth or whether it should be owned.

The Site does not know your circumstances, goals, risk tolerance, or holdings, and nothing on it is personalized to you. Any decision you make is your own.

3. The data, its sources, and its accuracy

The figures on the Site are drawn from public sources, principally filings made with the U.S. Securities and Exchange Commission and the equivalent regulators for the ADR and Japan catalogs, together with figures computed from those filings by methods defined on the Principles page. These sources are believed to be reliable, but their accuracy, completeness, and timeliness are not guaranteed.

The Site, and all data, text, and materials on it, are provided "as is" and "as available," without warranty of any kind, whether express or implied, including but not limited to any implied warranties of accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Filings can contain errors, data can be transcribed or computed wrongly, and figures can be out of date. Where an error is found, it is corrected in the open and logged in the public corrections record, but no promise is made that the Site is free of error. You should verify any figure against the company's original filing before relying on it. The primary sources are linked throughout the Site for that purpose.

4. Your decisions are your own

You are solely responsible for your own investment decisions and their outcomes. Investing in securities involves risk, including the possible loss of principal. Past performance is not a guarantee or indication of future results. Before making any investment decision you should do your own research and consult a qualified professional who can consider your individual circumstances. You agree not to treat anything on the Site as a substitute for that.

5. Limitation of liability

To the fullest extent permitted by law, Owner Scorecard, its founder, and anyone who contributes to it will not be liable for any loss or damage of any kind arising out of or in connection with your use of, or reliance on, the Site or anything on it. This includes, without limitation, any direct, indirect, incidental, consequential, special, punitive, or exemplary damages; any trading or investment losses; and any lost profits, lost data, or lost opportunities, whether based in contract, tort, negligence, strict liability, or any other theory, and whether or not the publication was advised of the possibility of such damages. Some jurisdictions do not allow certain of these limitations, and in those places the limitations apply to the fullest extent the law allows.

6. Indemnification

You agree to indemnify and hold harmless Owner Scorecard and its founder from any claim, loss, liability, or expense (including reasonable legal fees) arising out of your use of the Site, your breach of these terms, or your violation of any law or the rights of a third party.

7. Positions and disclosure

The people who write here may own securities discussed on these pages. Positions may change, and no position is ever announced, not when it is opened and not when it is closed. Around any company the publication writes research on, personal trading stops five days before publication and does not resume until ten days after it, and a dated log of every personal trade is kept. The reasoning behind these rules is set out in The Founding Letter. Nothing on the Site is written to move a price, and the publication earns nothing when you trade.

8. Use of the Site and its content

The underlying financial figures come from public filings and are facts, free for anyone to use. The Site's own writing, arrangement, computations, and presentation are the property of the publication. You are welcome to quote and cite the Site; attribution to Owner Scorecard (ownerscorecard.com) is requested but not required, as set out in the data terms. You agree not to use the Site in any way that is unlawful, that would disrupt or overburden it, or that would misrepresent it as offering the advice it expressly does not offer.

9. Third-party links

The Site links to third-party sources, including the SEC's EDGAR system and other filing databases. Those sites are not under the publication's control, and the publication is not responsible for their content, accuracy, or availability. A link is not an endorsement.

10. Availability

The Site is offered free of charge and is provided on an "as available" basis. The publication does not guarantee that the Site will be uninterrupted, current, or error-free, and it may change, suspend, or discontinue any part of the Site at any time without notice.

11. Changes to these terms

These terms may be updated from time to time. When they change, the effective date above will change to say so, and your continued use of the Site after that means you accept the updated terms.

12. Governing law

These terms are governed by the laws of the United States and the state in which the publication's founder resides, without regard to conflict-of-laws principles, to the extent permitted by applicable law.

13. Contact

Questions about these terms can be sent to hello@ownerscorecard.com. To report a factual error in the data, the corrections record describes how errors are handled and fixed.

Owner Scorecard is not registered as an investment adviser or broker-dealer. Nothing here is investment advice or a recommendation to buy or sell any security.