Transparent methodology

How Thelma analyses
the markets for you.

No black box, no unrealistic promises. Here is exactly how our AI transforms millions of data points into understandable analyses — and why you can trust it.

+10,000

stocks analysed

4

fundamental pillars

0-100

personalised score

Every day

updated

The Thelma analysis pipeline

Every evening, a 5-step process transforms millions of raw data points into analyses readable by any investor.

01

Data collection

Every night, our servers retrieve millions of real-time data points from global markets, regulatory reports and news feeds.

Real-time prices and volumes (Yahoo Finance)
SEC annual reports: 10-K, 10-Q
Social media sentiment (Stocktwits)
Macro data (Eurostat, AFP/Reuters feeds)
02

4-pillar analysis

Each stock is scrutinised according to 4 fundamental criteria drawn from the best practices of academic and professional financial analysis.

Financial health: liquidity, debt, free cash flow
Growth: revenue, margins, analyst forecasts
Valuation: DCF, P/E vs sector, Price-to-Sales
Dividends: payout ratio, payment regularity
03

Thelma Score calculation

A scoring model aggregates the results of the 4 pillars into an overall score out of 100, with a rating per dimension. Simple to read, rigorous to calculate.

Weighted overall score out of 100 points
Detailed score per pillar (0-100)
Comparison with the sector median
Score history over 12 months
04

Personalisation based on your profile

An excellent stock for a Growth investor can be catastrophic for a retiree seeking dividends. Thelma tailors its analysis to your profile.

Risk tolerance (defined during onboarding)
Investment horizon (short, medium, long term)
Objective: capital growth or income
Monthly budget and investment style
05

Plain-language explanation

Thelma doesn't just give you a number. It explains why this score, what the strengths and risks are — in simple language, without jargon.

Summary of strengths and risks
Argued Bull Case / Bear Case view
Buy / Hold / Sell verdict with justification
Sources cited for each statement

The 4 fundamental pillars

Our analysis is based on decades of academic financial research. These 4 dimensions make it possible to evaluate the quality of a company in a rigorous and reproducible way.

Pillar 1

Financial health

The strength of a company's balance sheet determines its ability to weather crises. We analyse its financial structure in depth.

Current ratioCurrent assets ÷ current liabilities
Altman Z-ScoreProbability of default within 2 years
Free Cash FlowCash actually generated
Net debt / EBITDAFinancial leverage vs earnings capacity
Pillar 2

Growth

A company that doesn't grow loses ground. We measure the quality and consistency of growth based on past data and projections.

Revenue CAGR (5 years)Compound annual growth rate
Margin expansionEvolution of net margin over time
Forward EPSEarnings per share forecasts
Analyst revisionsConsensus trending up or down
Pillar 3

Valuation

A good company can be a bad investment if it is too expensive. We compare the market price with the estimated fundamental value.

P/E vs sector medianIs it expensive relative to peers?
Simplified DCFIntrinsic value by discounting cash flows
Price-to-SalesValuation relative to revenue
Margin of safetyGap between price and estimated value
Pillar 4

Dividends

For investors seeking passive income, the quality and regularity of dividends is as important as growth.

Dividend yieldAnnual dividend ÷ current price
Payout ratioShare of earnings paid out as dividends
Years of uninterrupted growthReliability track record
Free cash flow coverageIs the dividend sustainable?

The Thelma Score: how the 0-100 works

A single number to summarise the health of a company. Readable in a second, calculated from hundreds of data points.

A

Apple Inc.

AAPL · NASDAQ

82

/100

Santé financière90/100
Croissance78/100
Valorisation65/100
Dividendes62/100
Excellent80-100

Solid fundamentals across all pillars. High-quality stock.

Good60-79

Good overall quality with a few minor areas for improvement.

Average40-59

Acceptable quality but notable weaknesses on one or more pillars.

Weak0-39

Fragile fundamentals. High risk — avoid or monitor closely.

The score measures the fundamental quality of the company — not the future performance of the stock. Financial markets remain unpredictable.

Our data sources

Full transparency: here is exactly where the data that feeds our analyses comes from.

Yahoo Finance

Free

Real-time prices, historical data, financial figures

+10,000 stocks, indices, global ETFs

SEC EDGAR

Public

Annual and quarterly regulatory reports

10-K, 10-Q, 8-K — official data from listed companies

Stocktwits

Free

Sentiment and mentions on financial social networks

Real-time investor sentiment analysis

Eurostat

Public

European macroeconomic data

GDP, inflation, employment rates, economic indicators

AFP / Reuters feeds

Syndicated

Real-time financial news

Automatic summaries by our AI (Gemini 2.5 Flash)

Our independence guarantee

Thelma does not earn any commission on your transactions. We are not remunerated by brokers, fund issuers or listed companies.

No transaction commission
No paid partnerships with issuers
Single revenue model: your subscription

The AI works for you, and only for you.

Thelma is not a regulated investment adviser. Analyses are provided for informational purposes only. All investments involve a risk of capital loss.

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