EarningsScore

How EarningsScore Works

EarningsScore automatically finds, reads and scores earnings reports from 137 Nordic OMX small and mid cap companies. The core insight is simple: management language changes before results do.

The core signal: deviation from own baseline

We do not compare companies to each other. Instead, each company is compared to its own historical communication — up to 8 previous quarters. A company that suddenly sounds more cautious than usual is a signal, regardless of whether it is a "good" or "bad" company in absolute terms.

This deviation is measured in standard deviations (σ). A signal of +2σ means management is communicating significantly more positively than their own historical average.

What is scored

Overall Score (−5 to +5)
The combined signal from all dimensions below. Positive = bullish management communication. Negative = defensive or cautious language.
Management Tone (−2 to +2)
The directional sentiment of narrative language in the report. Distinguishes between what management says and what the numbers show.
Guidance Certainty (0–100)
How specific and committed the forward-looking statements are. Concrete targets with numbers score higher than vague directional statements.
Hedging Frequency
Number of hedging words per 1,000 words. High hedging frequency indicates management is qualifying statements more than usual — often a defensive signal.
Strategic Signals
Identification of major strategic events — acquisitions, spin-offs, restructurings, strategic reviews. These are factored into the overall score.
Guidance Change
Whether guidance has been raised, lowered, maintained or withdrawn compared to the previous period. Lowered guidance reduces the overall score.

Score reference

+4/+5 Strongly Bullish Unusually confident. Concrete raised guidance. Almost no caveats.
+2/+3 Bullish Clear positive tone with concrete guidance.
0/±1 Neutral Consistent with expectations. No clear edge.
−2/−3 Bearish Defensive tone with many caveats.
−4/−5 Strongly Bearish Suspended or heavily downgraded guidance.

Coverage

137 Nordic OMX small and mid cap companies across Denmark, Sweden, Norway and Finland. Reports are sourced automatically from GlobeNewswire, Cision and MFN — typically within hours of publication.

See current signals from all 137 companies

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