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How we turn Saudi Exchange (Tadawul) filings into comparable metrics and ratings.
Every metric starts from primary filings: annual and interim financial statements and market disclosures published by issuers through the Saudi Exchange (Tadawul), plus official market price data. We do not use unverified third-party estimates as inputs.
We translate reported financials and market prices into a consistent set of comparable indicators — standard valuation multiples (such as price-to-earnings, price-to-book and enterprise-value multiples), profitability and return measures, capital-structure and risk indicators, and our own measures of value creation and cash-flow dynamics. The same definitions are applied to every company so the figures can be compared like-for-like across the market, with appropriate adjustments for sectors such as banks and insurers. The specific models, parameters and formulas behind our derived figures are proprietary.
Our governance tracker identifies material governance, oversight and disclosure matters for each company and weighs them by significance to produce a single letter grade. The grade is relative — it reflects how a company stands against its Tadawul peers, not an absolute or regulatory assessment — and matters involving government entities are treated separately. The underlying scoring model is proprietary.
Pages are refreshed regularly — typically following new filings, dividend declarations, or material disclosures. The "last updated" date on each page reflects the latest market data used.
Derived metrics are estimates produced by automated models from reported figures and may contain errors or omissions. They are simplifications and cannot capture every nuance of a business. Nothing on Usool Research is investment advice, an offer, or a solicitation. Always verify against original filings and consult a licensed adviser before investing.