Frequently asked questions

btlines compares each company report or earnings call with the previous one and shows, in a few seconds, what changed: the main figures, how management spoke, what stood out, and which topics came and went. It covers about 1,350 companies: US large caps and Polish companies listed on the GPW and NewConnect.

Figures come from the companies' own filings: SEC filings for US companies (10-Q and 10-K), periodic reports published via PAP Biznes for Polish companies, and ROIC.AI for earnings-call transcripts and some fundamentals. Share prices come from Yahoo Finance. Every company page names its sources.

Partly. Summaries, translations, the "What stood out" line and the "Why" notes are written by a language model running on our own machine, from the report's own sentences. Every AI sentence is checked before it is published: numbers must appear in the source, units must match, and anything that fails is left out. Figures are read from the filings, not generated, and the tone score uses no AI at all.

We check figures against other sources and fix errors we find, but extraction from reports is automatic and mistakes happen — for example a wrong period or unit. Always check the company's original report before relying on anything here. Nothing on btlines is investment advice.

It counts positive and negative finance words in the call or report, adjusted for length, and ranks the result against every other company: calls against calls, formal reports against reports. "Very upbeat" is the top tenth, "cautious" the bottom tenth. It is a signal about the language, not a verdict on the business. Formal reports contain legally required risk wording, so their tone moves little.

Polish periodic reports are often cumulative: a half-year report shows January–June, not just the second quarter. btlines compares them with the same period a year earlier and labels them, for example "H1 2026".

It is a reverse discounted cash flow: free cash flow from the last full year is grown for 10 years, discounted back, plus a terminal value. The page shows the growth the current price already assumes and a fair value at the growth you choose — by default the company's 3-year revenue growth (capped at 20%). Banks and insurers are valued on net income. It is a simplified model to explore assumptions, not a price target.

FCF growth is how fast cash flow grows over the next 10 years. The discount rate is the yearly return you want for the risk (higher means a lower fair value; 8–12% is typical). Terminal growth is growth forever after year 10, usually 2–3%, and must stay below the discount rate. The margin of safety lowers the buy-below price to leave room for wrong assumptions.

The model needs positive free cash flow or net income from a full fiscal year. Companies that are burning cash, newly listed companies without a full year of filings, and companies whose figures are reported in a different currency than their share price are shown without a value rather than with a misleading one.

Companies with a fiscal year that does not end in December name their quarters differently (Nike's June–August quarter is its "Q1 2027"). btlines labels quarters by calendar so companies are comparable, and shows the company's own fiscal label next to it.

Company pages are rebuilt when new reports and calls come out. Share prices and the valuations that use them are refreshed during trading hours.

No. Browsing is free and needs no account. A free account (email link or Google) only lets you save companies to your favourites.

Yes — use the PL switch at the top. Polish companies have fully Polish pages; for other companies the interface, labels and figures are in Polish and the summaries stay in English.

Write to [email protected] with the company and what looks wrong. We answer within 14 days.