New Constructs
New Constructs is a privately-held AI-powered equity research firm operating since 2002, using its proprietary Robo-Analyst platform to analyze SEC filings and generate fundamental ratings on 10,000+ stocks, ETFs, and mutual funds for individual investors, professional investors, and enterprise data licensing clients including Goldman Sachs, Bloomberg, and Google Cloud.
- Company typePrivate
- Founded2002
- HeadquartersBrentwood, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What New Constructs does
New Constructs, LLC is a privately-held financial technology firm founded in 2002 and headquartered in Brentwood, Tennessee, operating an AI-powered investment research platform built around its proprietary Robo-Analyst technology. The platform reads every SEC filing line by line, extracting information from footnotes and MD&A sections that conventional financial data providers miss, and produces fundamental analysis, accounting distortion scoring, and risk/reward ratings on more than 10,000 stocks, ETFs, and mutual funds. The firm's Core Earnings and Earnings Distortion methodology has been independently validated by The Journal of Financial Economics, Harvard Business School, and Ernst & Young, and the firm maintains strict independence (no investment banking, no trading desk, no management ties to covered companies).
The product portfolio spans individual and professional subscription memberships, a freemium funnel of free stock ratings, screening tools, model portfolios, marked-up SEC filings, company models, and an Excel add-in for analyst workflows. Institutional and enterprise customers access the data through a REST API, data feeds, and direct licensing arrangements; Bloomberg built its Core Earnings Leaders Index (BCORET) on the data, and Google Cloud selected the methodology to power its FinSights AI agent for investing. Enterprise clients include Goldman Sachs, Bloomberg, Google Cloud, First Trust, and Carbon Arc. Revenue is generated through recurring subscription tiers (monthly, quarterly, annual billing for individuals; annual professional memberships), multi-year institutional API and data feed contracts, and enterprise data licensing partnerships. The company is founder-led by CEO David Trainer, is closely held with negligible disclosed outside capital ($150K total from SixThirty in 2014–2015), and distributes globally through its website, content marketing, podcast, YouTube, and community forum channels.
New Constructs firmographics
Firmographics- Name
- New Constructs
- Legal name
- New Constructs, LLC
- Website
- https://newconstructs.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- New Constructs is a privately-held AI-powered equity research firm operating since 2002, using its proprietary Robo-Analyst platform to analyze SEC filings and generate fundamental ratings on 10,000+ stocks, ETFs, and mutual funds for individual investors, professional investors, and enterprise data licensing clients including Goldman Sachs, Bloomberg, and Google Cloud.
- Ownership category
- akta.pro rank
New Constructs industry classification
Industry- Product category
- Investment Research Software
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Portfolio Construction & Asset Allocation Advisory (FSAEAAAC)
- akta.pro secondary industry
- Execution-Only / Self-Directed Investing Platforms (FSAAAAAI)
Keywords
Where New Constructs is headquartered
LocationHeadquarters
- HQ city
- Brentwood
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
New Constructs business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations
Revenue model
- Professional Membership Subscriptions: Subscription-based access to the New Constructs platform providing stock ratings, research reports, screening tools, model portfolios, and fundamental data. Offered in tiers for individual investors and professional investors. Billed monthly, quarterly, or annually with automatic renewal.
- Data Feed/API Licensing: Institutional clients access New Constructs data through API endpoints and data feeds, including fundamental datasets (reported fundamentals, adjusted fundamentals), reconciliation datasets (Core Earnings, NOPAT, EBITDA, ROIC), ratings datasets, and sector/industry data. Updated daily.
- Enterprise Data Products: Bloomberg built the Core Earnings Leaders Index (BCORET) on New Constructs data. Google Cloud partnered to build FinSights AI agent using New Constructs proprietary data and research methodology.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Individual Investors - Free and paid tiers |
| Subscription | Annual | Professional Investors - Full platform access |
| Subscription | Multi-year contract | Enterprise/Data Licensing - Institutional clients |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
New Constructs product offering
Product offeringCore offering
New Constructs provides an AI-powered investment research platform centered on its proprietary Robo-Analyst technology that reads SEC filings line by line to generate stock, credit, sector, ETF, and mutual fund ratings on 10,000+ securities. The company sells professional and individual subscriptions, REST API and data feed access for institutional clients, and licenses its proprietary Core Earnings data and methodology to partners such as Bloomberg and Google Cloud.
Product overview
New Constructs is a financial technology firm offering an AI-powered investment research platform built around its proprietary Robo-Analyst technology. The platform reads every SEC filing and provides ratings and analytics on 10,000+ securities including stocks, ETFs, and mutual funds. The core product portfolio includes Stock Ratings, Credit Ratings, Sector Ratings, and ETF/Mutual Fund Ratings, all driven by the Robo-Analyst's analysis of filings. Supporting products include FinSights AI (an AI agent for investing built with Google Cloud), screening tools, model portfolios, company models, marked-up SEC filings, and an Excel Add-In. Data delivery is available via API or data feeds including Core Earnings, EBV, ROIC variations, and fundamental datasets. The Bloomberg Core Earnings Leaders Index (BCORET) is built on New Constructs data. The company also offers educational resources, podcasts, and a community forum for members.
Differentiator
Problem solved
Functional benefit
Brands
- FinSights AI: An AI agent built for investors, powered by New Constructs' proven-superior data, that enables auditable, source-verified investment analysis. Built by Google Cloud.
- Robo-Analyst
- Core Earnings Leaders Index (BCORET)
Products and services
- Stock Ratings Overall and component risk/reward ratings on 3,300+ stocks based on five criteria: Economic vs. Reported EPS, ROIC, FCF Yield, Price-to-Economic Book Value, and Growth Appreciation Period. Updated daily for individual and professional investors.
- Credit Ratings Credit risk ratings based on metrics including Debt to Capital, EBITDA to Debt, FCF (3yr Avg.) to Debt, Cash to Debt, and Interest Coverage. For institutional and professional investors.
- Sector Ratings Aggregated ratings and analysis for sectors and industries based on aggregated data from company models within each category.
- ETF & Mutual Fund Ratings Ratings for 950+ ETFs and 5,700+ mutual funds based on the quality of underlying stock holdings (Portfolio Management Rating) and total annual costs. Driven by the same stock ratings methodology.
- Earnings Distortion Scores Identifies companies that are distorting earnings through accounting manipulations, featured in The Journal of Financial Economics research paper 'Core Earnings: New Data and Evidence'.
- Model Portfolios Long and short idea research with portfolios built using New Constructs' ratings methodology. For professional subscribers.
- Portfolio Tracking & Alert Emails Monitor portfolios and receive email alerts on changes to ratings and research. For professional subscribers.
- Screening Tools Stock screening tools to filter securities based on ratings, financial metrics, and other criteria.
- API REST API providing access to ratings, fundamental data, sector/industry data, EBV metrics, ROIC data, reconciliation datasets, and security coverage information in JSON format. For institutional and professional clients.
- Excel Add-In Microsoft Excel add-in for accessing and integrating New Constructs data directly into Excel spreadsheets. For professional investors and analysts.
- Company Models Detailed financial models for individual companies including adjusted financials, economic earnings calculations, and valuation metrics with full transparency to source data.
- Marked-Up SEC Filings SEC filings with highlighted adjustments showing where New Constructs made modifications to reported data, providing full transparency into the analysis.
- Bloomberg Core Earnings Leaders Index (BCORET) Index built by Bloomberg on New Constructs data that has outperformed the S&P 500 by more than 114 percentage points over 10 years.
- Core Earnings & Earnings Distortion Dataset Dataset providing Core Earnings and Earnings Distortion data as featured in The Journal of Financial Economics research. Updated daily.
- Reported Fundamentals Dataset Data as reported by companies from financial statements including income statement, balance sheet, and cash flow statement. Updated daily for 3,400+ stocks.
- Proprietary Adjusted Fundamentals Dataset Adjusted fundamental data incorporating critical adjustments from MD&A and footnotes sections, plus adjusted economic financial statements and metrics that drive New Constructs ratings. Updated daily for 3,400+ stocks.
- FinSights AI An AI agent for investing built in partnership with Google Cloud that enables users to ask questions about any stock and receive answers built on New Constructs' proven-superior fundamental data, validated by academic research. Provides auditable, source-verified investment analysis.
Quantifiable outcome
- Bloomberg Core Earnings Leaders Index (BCORET) outperformed S&P 500 by 114+ percentage points over 10 years
- +2 more outcomes
Companies that use New Constructs
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
New Constructs technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability6 records
Feature4 records
New Constructs partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered supporting, core and major.
- JOTO PR Disruptors™supportingNew Constructs joined JOTO PR Disruptors™ to promote transparent, source-driven financial analysis as AI becomes more embedded in the investment industry. The partnership aims to position New Constructs as a thought leader on AI accountability in finance, emphasizing that the reliability of AI-driven investment tools depends entirely on the transparency and verifiability of their underlying data and methodology.
- Google CloudcoreNew Constructs partnered with Google Cloud to launch FinSights, an AI Agent designed for investing. This AI tool utilizes proprietary and validated fundamental data and research methodology to enable auditable, source-verified investment analysis. Google Cloud selected New Constructs' methodology to power the FinSights AI agent, representing a significant endorsement of the company's data quality and approach.
- BloombergcoreBloomberg built the Core Earnings Leaders Index (BCORET) on New Constructs data. Over 10 years, this index has outperformed the S&P 500 by more than 114 percentage points. Bloomberg distributes New Constructs' proprietary Core Earnings and Earnings Distortion data as part of their financial data ecosystem.
- Goldman SachsmajorGoldman Sachs is listed as a trusted user of New Constructs data. The investment bank's use of New Constructs' fundamental data and research methodology validates the quality and credibility of the company's analytical approach.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
New Constructs competitors and assessment
Company assessmentDirect peers
- AlphaSense: AlphaSense is an AI-powered market intelligence platform providing institutional-grade search across SEC filings, broker research, and proprietary content. It directly overlaps with New Constructs in using AI to extract insights from corporate filings and serves many of the same institutional clients.
- Koyfin: Koyfin is a financial research and analytics platform offering fundamental data, screening, and visualization tools to individual and professional investors. It directly competes with New Constructs in subscription-based investment research with comparable data coverage and tiered self-serve + professional pricing.
- GuruFocus: GuruFocus provides value-investing-focused fundamental data, stock screening, and research tools to retail and professional investors. It is the closest direct competitor to New Constructs in value-investor-centric fundamental research with overlapping product features and audience.
- YCharts: YCharts is a financial research and screening platform aimed at advisors and retail investors, offering fundamental data, screening, and model-building tools. It competes with New Constructs in subscription-based fundamental research for advisors and individual investors.
- Hedgeye: Hedgeye is an independent investment research firm providing fundamental and macro analysis to institutional and retail subscribers via subscription. It directly parallels New Constructs' subscription-based independent research model targeting investors seeking Wall-Street-alternative viewpoints.
Broad incumbents
- Bloomberg: Bloomberg is a global financial data, analytics, and media platform serving institutional investors through the Bloomberg Terminal. It is also a current New Constructs customer (built BCORET on their data), making it both partner and potential competitor in fundamental data distribution.
- FactSet: FactSet is a leading provider of financial data, analytics, and workflow solutions to the global investment community. It competes with New Constructs in delivering fundamental data and analytics to institutional clients, though at significantly greater scale and product breadth.
- S&P Capital IQ: S&P Capital IQ is a major financial intelligence platform offering fundamentals, estimates, transcripts, and analytics to institutional clients. It directly overlaps with New Constructs' core earnings and fundamentals offerings and serves many of the same enterprise buyer personas.
- Morningstar: Morningstar is a leading investment research and data provider known for its fund ratings, stock ratings, and stewardship research. It competes with New Constructs in stock and fund ratings and offers a Premium Research subscription product aimed at retail and professional investors.
Emerging players
- Validea: Validea is a research platform that translates legendary investors' strategies (e.g., Buffett, Lynch) into systematic stock screeners and ratings. It overlaps with New Constructs' value-investing methodology focus and competes for the same retail-investor audience.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
New Constructs social profiles
Digital presenceNew Constructs financial estimates
Financial estimateRevenue estimate
Valuation estimate
New Constructs leadership team
Management profileNumber of profiles
Profiles2 records
New Constructs funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
New Constructs M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about New Constructs
What does New Constructs do?
New Constructs provides an AI-powered investment research platform centered on its proprietary Robo-Analyst technology that reads SEC filings line by line to generate stock, credit, sector, ETF, and mutual fund ratings on 10,000+ securities. The company sells professional and individual subscriptions, REST API and data feed access for institutional clients, and licenses its proprietary Core Earnings data and methodology to partners such as Bloomberg and Google Cloud.
Is New Constructs a public or private company?
New Constructs is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was New Constructs founded?
New Constructs was founded in 2002. It employs 11 to 50 people.
Where is New Constructs based?
New Constructs is headquartered in Brentwood, United States, in the North America region.
How does New Constructs make money?
Three revenue lines are on record. Professional Membership Subscriptions are the primary driver. The others are data Feed/API Licensing and enterprise Data Products.
Who are New Constructs's main competitors?
Direct peers on record are AlphaSense, Koyfin, GuruFocus, YCharts and Hedgeye. Broad incumbents are Bloomberg, FactSet, S&P Capital IQ and Morningstar. Validea is listed as an emerging player.
Does New Constructs have an API?
Yes. New Constructs offers a public REST API that provides access to ratings, fundamental data, sector/industry data, EBV metrics, ROIC data, reconciliation datasets, and coverage information. The API uses JSON format with x-api-key authentication. Available endpoints include component ratings, overall ratings, sector/industry data, EBV calculations, ROIC metrics, book value reconciliation, total assets to invested capital reconciliation, market value to enterprise value reconciliation, revenue to EBITDA reconciliation, and security coverage data. The API is accessible via https://api.newconstructs.com/v1/ and includes Python examples in their GitHub repository. Developer documentation is at client.newconstructs.com/nc/documentation/api.htm.
What industry is New Constructs in?
New Constructs's product category is Investment Research Software. Its primary akta.pro industry code is FSAEAAAC, Portfolio Construction & Asset Allocation Advisory, with a secondary code of FSAAAAAI, Execution-Only / Self-Directed Investing Platforms. Its NAICS code is 523940 and its SIC code is 6282.