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Portfolio Income Statement
Monday, August 28, 2017

If your portfolio filed a 10-K what would the income statement look like? Using Calcbench standardized data we built a spreadsheet that computes a standardized income statement based on the holdings of your portfolio. For comparison we also compute the standardized income statement for the S&P500 tracker, SPY, showing what your income statement will look like if you throw in the towel and go passive.

As an example let’s compare a $10K portfolio invested equally in the FANGs (Facebook, Amazon, Netflix, and Google), $2,500 in each.

Our FANG portfolio’s standardized income statement is below-

MetricPortfolio Sum
Revenue$1,996
CostOfRevenue$1,093
GrossProfit$903
SGAExpense$264
OperatingExpenses$651
OperatingIncome$252
EBIT$257
InterestExpense$11
IncomeTaxes$53
NetIncome$193

Our ten thousand dollars invested in the FANGs buys us ~$2,000 of revenues and ~$200 of earnings.

Alternatively ten thousand dollars invested in the S&P500 index fund has an income statement that looks like the below. The S&P 500 is a market cap weighted index and we use the same weighting. Each of the line items in the aggregate income statement is the sum of the filer’s reported value times their weight in the index times the percentage of the company owned by the fund times the percentage of the fund represented by of $10k.

MetricIndex Sum
Revenue$4,658
CostOfRevenue$2,699
GrossProfit$1,959
SGAExpense$779
OperatingExpenses$1,361
OperatingIncome$567
EBIT$420
InterestExpense$102
IncomeTaxes$143
NetIncome$407

$10K in the S&P500 buys you ~$4,600 in revenue and ~$400 of earnings. Note that buying the index gets you about two times the revenue and earnings of the FANG portfolio.

In addition to face financials Calcbench has an unrivaled set of standardized metrics from the footnotes to the financials. We did the same analysis that we did with the income statement line-items a couple of points from the 10-K footnotes.

MetricFANG SumIndex Sum
UnremittedForeignEarnings$331$1,051
BusinessCombinationPurchasePrice$3$313
CapitalLeaseObligations$67$16
The spreadsheet used in this blog is @ Calcbench Portfolio Income Statement.xlsx To plug in your portfolio sign-up for Calcbench trial @ www.calcbench.com/join and download the Calcbench Excel Add-in

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