But in fact that doesn’t always seem to be the case. I have found one example where OperCashFlQ appears to include stock-based compensation, for which no separate line item is available. Without studying more examples, I can’t be sure what else OperCashFlQ might include. I think P123 would be much more usable if the complete set of Compustat codes for the financial statements were made available, and if the mathematical relationship between the codes were explicitly stated in a document. As it stands I’m left to spend lots of time trying to puzzle things out for myself.
We don’t necessarily offer all of the line items that CompuStat has available, pretty much for usability. It’s very possible for things that “should” add up to not actually do so in the financial statements section due to lines that we consider less important. (If the sublines add up to more than the total, though, please let us know. That would be a bug.) The effort to double-check the data is therefore kind of pointless.
Are you looking for a specific cash-flow line that’s not there?
For me, “usability” would be achieved by offering all the available codes, and explaining how they are derived. Currently, if you want to get from the SEC filing numbers to the P123 data, you may have to know
(1) how Compustat have “standardized” the data
(2) which line items P123 consider to be important
Unfortunately Compustat’s standardization appears to be a commercial secret, and P123 don’t explain which items are missing or included within something else.
Transparency has therefore been lost in the process.
I’m surprised that you consider it “pointless” to understand how the numbers are derived and how they relate to one another. I consider it vital.
In this case, it turns out that I was looking for stock-based compensation expense from the cash flow statement.
I would also like to see stock based compensation listed individually. It may not technically be a cash expense but it sure comes out of the pocket of shareholders.
CompuStat used to release Data Guides with information on how each line item has been standardized. I would assume that its analysts continue to follow similar guidelines. Even so, you almost need two degrees, one in accounting, the other in CompuStat, to really dig into the methodology.