CFRA

What CFRA does

CFRA (Accounting Research & Analytics LLC, d/b/a CFRA) is an independent investment research firm founded in 1994 and headquartered in Charlottesville, Virginia, with regulated subsidiaries in the United Kingdom, Malaysia, and Hong Kong. The company delivers fundamental equity research, forensic accounting research, ETF data and analytics, public policy and legal research, and technical research to institutional investors, wealth management firms, financial advisors, and individual investors. Core proprietary assets include the STARS 5-level equity ranking system, the Lowry supply/demand technical methodology (with 80+ years of historical track record), granular ETF classifications spanning nearly 100 categories, 7 years of point-in-time ETF holdings history, and the patented CFRA Score. Coverage extends to qualitative analysis on 1,650+ companies and quantitative coverage on 13,000+ global companies, with 68 industries across 11 sectors, 15 Stock/ETF Model Portfolios, and 5 ESG Model Portfolios.

CFRA's product surface is delivered through multiple channels: the MarketScope Advisor web platform, dedicated specialty platforms (Accounting Lens, Lowry OnDemand, FUND*ynamix*, Institutional Portal), a Research-as-a-Service (RaaS) API and standardized data feeds in PDF, XML, TXT, and RIXML v2.5 formats, and direct integration with Bloomberg, FactSet, and Refinitiv terminals. The company sells exclusively on a subscription basis with annual billing and tiered enterprise agreements, positioning itself as conflict-free — explicitly without asset management, investment banking, trading, or proprietary product arms. Recent inorganic activity (First Bridge Data in 2019; Lowry Research and Washington Analysis in 2021) and a January 2023 strategic investment from Endicott Capital indicate an active growth and acquisition posture, with wholly-owned international subsidiaries supporting cross-border institutional distribution.

Name

CFRA

Legal name

Accounting Research & Analytics LLC

Website

https://cfraresearch.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

CFRA is an independent investment research firm founded in 1994 providing fundamental equity, forensic accounting, ETF, public policy, and technical research to institutional investors, wealth managers, financial advisors, and individual investors via its MarketScope Advisor platform, proprietary STARS ranking system, RaaS API, and Bloomberg/FactSet/Refinitiv integrations under subscription-based enterprise contracts.

Ownership category

akta.pro rank

Product category

Investment Research & Analytics

NAICS

Other Scientific and Technical Consulting Services (54169)

akta.pro primary industry

Outsourced Finance & CFO Services (BPAHABAE)

Keywords

• Investment research
• Forensic accounting research
• Equity research analytics
• ETF data analytics
• Public policy research

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Subscription-based Research Services: CFRA generates revenue through subscription-based access to its research platform, data, and analytics services, serving institutional investors, wealth management firms, financial advisors, and individual investors with tiered access to various research products and capabilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

CFRA is an independent investment research firm that provides fundamental equity research, forensic accounting research, ETF and mutual fund data and analytics, technical research, and public policy/legal research. Its offerings are delivered through proprietary web platforms (MarketScope Advisor, Lowry OnDemand, FUND*ynamix*), Research-as-a-Service APIs and data feeds, as well as third-party integrations with Bloomberg, FactSet, and Refinitiv.

Product overview

CFRA (Accounting Research & Analytics) is an independent investment research firm offering a comprehensive suite of research and analytics products delivered through its proprietary MarketScope Advisor platform. The core offerings include Fundamental Equity Research (with the proprietary STARS 5-level ranking system covering 1,650+ companies), Forensic Accounting Research (via Accounting Lens), ETF Data & Analytics (including the FUND*ynamix* platform), Technical Research (via Lowry OnDemand), and Public Policy & Legal Research (including Washington Analysis acquired in 2021). CFRA also provides Model Portfolios (15 Stock/ETF and 5 ESG), Industry Surveys (68 industries), and delivery via Research-as-a-Service APIs and third-party platform integrations with Bloomberg, FactSet, and Refinitiv. The company serves wealth management, institutional investors, financial advisors, and individual investors.

Differentiator

Problem solved

Functional benefit

Products and services

• MarketScope Advisor CFRA's flagship web-based platform providing financial professionals access to extensive market commentary, independent investment analysis, and up-to-date news and data on a broad range of asset classes including stocks, ETFs, mutual funds, sectors and industries.
• Fundamental Equity Research Comprehensive fundamental equity research covering over 1,650 companies with qualitative analysis and quantitative coverage extending to more than 13,000 global companies, featuring the proprietary STARS ranking system.
• Forensic Accounting Research Identifies companies with significantly poor quality reported financial results, operational metrics, and corporate governance issues to generate alpha and avoid portfolio blowups. Delivered via Accounting Lens platform.
• ETF Data & Analytics Global ETF data and analytics providing comprehensive coverage including constituent holdings data, reference and classifications data, and ETF statistics with daily NAV, flows, and returns.
• FUND*ynamix* Dynamic web-based data platform for ETF and fund professionals providing trend analysis, ETF deep dive capabilities, screening tools, and custom watchlists powered by CFRA's proprietary granular ETF classifications.
• Technical Research Time-tested, data-driven technical market analysis based on supply and demand measuring internal strength of markets, sectors, industries, and individual securities. Delivered via Lowry OnDemand platform.
• Public Policy & Legal Research Identifies investment opportunities and risks driven by public policy and legal developments including legislative, regulatory, judicial, and political developments across all levels of government. Delivered via Institutional Portal.
• Lowry OnDemand Technical research platform delivering CFRA's Lowry technical analysis with daily statistics updated nightly and ready by 7:00AM ET, including Power Ratings, alerts, and market analysis.
• Washington Analysis Acquired policy risk research firm specializing in identifying risks and opportunities across asset classes emanating from courts, Congress, and regulators at federal and state levels. Covers sectors including Aerospace & Defense, Energy, Financial Services, Healthcare, and Technology.
• Research-as-a-Service (RaaS) API Real-time API enabling atomized integration of CFRA content into client portals, applications, and internal workflows supporting PDF, XML, TXT, and RIXML v2.5 formats.
• Data Feeds Daily data feeds for easy ingestion of CFRA content through internal workflows, processes, and platforms in multiple file formats.

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• BloombergcoreTechnology or IntegrationThird-party financial platform providing integrated access to CFRA's investment research and analytics content for Bloomberg terminal subscribers.
• FactSetcoreTechnology or IntegrationThird-party financial platform providing integrated access to CFRA's investment research and analytics content for FactSet users.
• RefinitivcoreTechnology or IntegrationThird-party financial platform providing integrated access to CFRA's investment research and analytics content for Refinitiv users.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Morningstar: Morningstar is the closest direct peer to CFRA, providing independent investment research, fund and equity ratings, ETF data, and portfolio analytics to institutional and retail investors globally. Both compete head-to-head on independent equity research, fund/ETF data, and analyst ratings.
• Argus Research: Argus Research is an independent investment research firm offering fundamental equity research, model portfolios, and quantitative ratings to wealth management and institutional clients, directly competing with CFRA's MarketScope Advisor in the broker-dealer channel.
• Zacks Investment Research: Zacks Investment Research provides proprietary quantitative equity rankings (Zacks Rank), fundamental research, and earnings data to retail and institutional investors. It overlaps with CFRA's STARS system and quantitative coverage of 13,000+ companies.
• Value Line: Value Line is a long-established independent investment research and analytics firm with proprietary ranking systems and broad equity coverage, serving both individual and institutional investors with subscription research, conceptually parallel to CFRA's offerings.

Broad incumbents

• S&P Global Market Intelligence (S&P Capital IQ): S&P Global Market Intelligence offers equity research, fundamental data, and analytics as part of a broader portfolio that includes ratings, indices, and commodities. It is the broad incumbent where CFRA originated historically and competes on independent equity research at the institutional level.
• Bloomberg Intelligence: Bloomberg Intelligence provides in-house equity, industry, and macro research to Bloomberg terminal subscribers. It competes with CFRA on analyst-authored research and is also a distribution partner, creating both rivalry and channel dependency.
• FactSet: FactSet delivers portfolio analytics, fundamental data, and integrated third-party research (including CFRA) to buy-side firms. It is both a competitor in research-enabled analytics and a key distribution channel for CFRA content within the FactSet terminal.
• LSEG (formerly Refinitiv, I/B/E/S): LSEG provides consensus estimates, fundamentals, and integrated research through its Workspace platform, including CFRA content via the Refinitiv integration. It is both a channel partner and a competitor on coverage breadth and consensus.

Emerging players

• ISS (Institutional Shareholder Services): ISS provides independent governance, ESG, and forensic research to institutional investors. It overlaps with CFRA's forensic accounting and ESG model portfolio offerings and competes for governance and risk research budgets at asset owners.
• Gavekal Capital / Dragonomics: Gavekal provides independent equity, macro, and policy research with strong Asia and emerging-markets coverage. It is comparable to CFRA in the policy research and global equity coverage dimensions, particularly via the Washington Analysis policy desk.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cfra-research
• Xx.com/cfraresearch
• Facebookfacebook.com/cfra-research-349169425434800

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CFRA