**Visible Alpha Excel Formula Guide**

**Intro**
You have full access to Visible Alpha consensus estimates data through the native Excel Add-in, but you should only pull Visible Alpha data **when the user explicitly tells you to**. Visible Alpha aggregates detailed analyst estimates from sell-side research, providing granular consensus data for revenue segments, KPIs, and financial metrics. You can retrieve any data point by writing VA formulas directly in Excel cells.

**IMPORTANT:** Before completing a task involving Visible Alpha, you must verify:
1. Your VAData and VAdetail formulas do not return errors.
2. All values should seem reasonable and make intuitive sense based on your general knowledge of analyst estimates.
3. Use cell references for tickers and parameters when possible as opposed to hardcoded values.
4. Be aware that coverage varies by company - large caps have more detail than small caps.
5. Some custom line items may require user help to identify correct field IDs.

You should essentially gut check every value that shows up. If there are any errors or the values seem wrong, you likely wrote the formula syntax incorrectly or are using invalid line item IDs. Please correct the formula until it outputs the proper value.

**Note:** Visible Alpha is a Pattern B integration. While most standard metrics work directly, some company-specific or custom fields may require the user to look up field IDs in the Visible Alpha platform.

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**Visible Alpha Excel Functions Overview**

Visible Alpha provides these main Excel functions:

| Function | Purpose | Use Case |
|----------|---------|----------|
| VAData | Consensus estimates | Line item data for any period |
| VAdetail | Estimate details | Contributor-level data, high/low/mean |
| VACompany | Company information | Metadata about coverage |
| VAContributor | Broker details | Information about contributing analysts |

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**1. VAData - Consensus Estimates**

Returns consensus estimate data for a specific line item and period.

**Syntax:** =VAData("Ticker", "Period", "LineItem", "Source", "DataType")

**Parameters:**
| Parameter | Description | Required |
|-----------|-------------|----------|
| Ticker | Stock ticker symbol | Yes |
| Period | Time period (see Period section) | Yes |
| LineItem | Line item ID or name | Yes |
| Source | Data source (Consensus, Custom, broker) | No (default: Consensus) |
| DataType | STD (standardized) or NMV (native) | No (default: STD) |

**Examples:**
=VAData("AAPL", "Q0", "190", "Consensus", "STD")
-> Apple's current quarter consensus revenue.

=VAData("MSFT", "Y0", "217", "Consensus", "STD")
-> Microsoft's current year consensus net income.

=VAData("GOOGL", "Q+1", "219")
-> Alphabet's next quarter consensus diluted EPS.

**Using Cell References:**
=VAData(A1, "Y0", "190")
-> Revenue for ticker in cell A1.

=VAData("AAPL", B1, "190")
-> Apple revenue for period in cell B1.

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**2. VAdetail - Estimate Details**

Returns detailed estimate information including contributor-level data.

**Syntax:** =VAdetail("Property", "Ticker", "Source", "Period")

**Properties:**
| Property | Description |
|----------|-------------|
| Mean | Average estimate |
| Median | Median estimate |
| High | Highest estimate |
| Low | Lowest estimate |
| StdDev | Standard deviation |
| NumEst | Number of estimates |
| LastUpdate | Last update date |

**Examples:**
=VAdetail("High", "AAPL", "Consensus", "Y0")
-> Highest estimate for Apple current year.

=VAdetail("Low", "MSFT", "Consensus", "Q+1")
-> Lowest estimate for Microsoft next quarter.

=VAdetail("NumEst", "GOOGL", "Consensus", "Y0")
-> Number of analysts covering Google.

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**3. Period Specification**

**Relative Periods:**
| Period | Description |
|--------|-------------|
| Q0 | Current fiscal quarter |
| Q+1 | Next fiscal quarter |
| Q+2 | Two quarters ahead |
| Q-1 | Prior fiscal quarter |
| Y0 | Current fiscal year |
| Y+1 | Next fiscal year |
| Y+2 | Two years ahead |
| Y-1 | Prior fiscal year |

**Absolute Periods:**
| Period | Description |
|--------|-------------|
| Q1-2024 | Q1 of fiscal 2024 |
| Q2-2024 | Q2 of fiscal 2024 |
| 3QFY-2024 | Third quarter of FY2024 |
| FY-2024 | Fiscal year 2024 |

**Semi-Annual:**
| Period | Description |
|--------|-------------|
| H1-2024 | First half 2024 |
| H2-2024 | Second half 2024 |

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**4. Standardized Line Item IDs**

Visible Alpha uses numeric IDs for standardized line items. These work across all covered companies.

**Income Statement:**
| ID | Line Item |
|----|-----------|
| 190 | Total Revenue |
| 191 | Product Revenue |
| 192 | Service Revenue |
| 193 | Other Revenue |
| 194 | Gross Profit |
| 195 | Cost of Goods Sold |
| 200 | Operating Expenses |
| 201 | R&D Expense |
| 202 | SG&A Expense |
| 204 | Operating Income (EBIT) |
| 205 | EBITDA |
| 210 | Interest Expense |
| 211 | Interest Income |
| 215 | Pre-tax Income |
| 216 | Tax Expense |
| 217 | Net Income |
| 218 | EPS (Basic) |
| 219 | EPS (Diluted) |

**Profitability:**
| ID | Line Item |
|----|-----------|
| 4250 | EBITDA |
| 4251 | Adjusted EBITDA |
| 4260 | EBIT |
| 4261 | Adjusted EBIT |
| 4441 | Free Cash Flow |
| 4442 | Operating Cash Flow |

**Per Share:**
| ID | Line Item |
|----|-----------|
| 218 | EPS Basic |
| 219 | EPS Diluted |
| 220 | Adjusted EPS |
| 230 | Dividends Per Share |
| 231 | Book Value Per Share |

**Margins (as %):**
| ID | Line Item |
|----|-----------|
| 300 | Gross Margin |
| 301 | Operating Margin |
| 302 | EBITDA Margin |
| 303 | Net Margin |

**Balance Sheet:**
| ID | Line Item |
|----|-----------|
| 500 | Total Assets |
| 501 | Cash & Equivalents |
| 510 | Total Debt |
| 520 | Shareholders' Equity |
| 530 | Net Debt |

**Cash Flow:**
| ID | Line Item |
|----|-----------|
| 600 | Operating Cash Flow |
| 610 | Capital Expenditures |
| 620 | Free Cash Flow |
| 630 | Dividends Paid |

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**5. Data Source Options**

| Source | Description |
|--------|-------------|
| Consensus | Aggregated estimate from all contributors |
| Custom | User's custom model (if configured) |
| [Broker Name] | Specific broker's estimate (e.g., "Goldman Sachs") |

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**6. Example Formulas by Use Case**

**Revenue Estimates:**
=VAData("AAPL", "Q0", "190")
-> Apple current quarter revenue consensus.

=VAData("MSFT", "Y+1", "190")
-> Microsoft next year revenue estimate.

=VAData("AMZN", "Q+1", "191")
-> Amazon next quarter product revenue.

**Earnings Estimates:**
=VAData("AAPL", "Y0", "219")
-> Apple current year diluted EPS consensus.

=VAData("GOOGL", "Q0", "217")
-> Google current quarter net income.

=VAData("META", "Y+1", "220")
-> Meta next year adjusted EPS.

**EBITDA & Profitability:**
=VAData("NVDA", "Y0", "4250")
-> NVIDIA current year EBITDA.

=VAData("TSLA", "Y0", "302")
-> Tesla EBITDA margin estimate.

**Estimate Ranges:**
=VAdetail("High", "AAPL", "Consensus", "Y0")
-> Apple highest estimate.

=VAdetail("Low", "AAPL", "Consensus", "Y0")
-> Apple lowest estimate.

=VAdetail("High", "AAPL", "Consensus", "Y0") - VAdetail("Low", "AAPL", "Consensus", "Y0")
-> Apple estimate spread.

**Analyst Coverage:**
=VAdetail("NumEst", "AAPL", "Consensus", "Y0")
-> Number of analysts covering Apple.

=VAdetail("LastUpdate", "MSFT", "Consensus", "Y0")
-> Date of last estimate update.

**Multi-Period Analysis:**
=VAData("AAPL", "Y0", "190") / VAData("AAPL", "Y-1", "190") - 1
-> Apple YoY revenue growth estimate.

**Segment Revenue (if available):**
=VAData("AAPL", "Y0", "191")
-> Apple product revenue estimate.

=VAData("AAPL", "Y0", "192")
-> Apple services revenue estimate.

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**7. Company-Specific Line Items**

Beyond standardized line items, Visible Alpha tracks company-specific KPIs and segment data. These vary by company and may require looking up the field ID in the platform.

**Common Company-Specific Metrics:**
| Type | Examples |
|------|----------|
| Segment Revenue | iPhone, Mac, iPad, Services (Apple) |
| KPIs | Monthly Active Users, ARPU, Subscribers |
| Unit Economics | Gross Merchandise Value, Take Rate |
| Operating Metrics | Store Count, Same-Store Sales |

**To find custom field IDs:**
1. Open Visible Alpha platform
2. Navigate to company page
3. Find the line item in the estimates table
4. Note the field ID or use the Excel Field Picker

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**8. Error Handling**

**Common Errors:**
| Error | Cause | Solution |
|-------|-------|----------|
| #VALUE! | Invalid ticker | Verify ticker symbol |
| #N/A | No coverage | Company may not be covered |
| #REF! | Invalid line item | Check line item ID exists |
| 0 or blank | No estimate | Period may not have estimates yet |
| Wrong value | Wrong data type | Try STD vs NMV parameter |

**Debugging Tips:**
1. Verify company coverage on Visible Alpha platform
2. Check line item ID is valid (use standardized IDs first)
3. Ensure period format is correct (Q0, Y0, Q1-2024, etc.)
4. For company-specific fields, look up ID in platform
5. Try Consensus source before specific brokers

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**Final Checklist:**
- Is the ticker covered by Visible Alpha?
- What line item is needed? (Use standardized ID if possible)
- What period? (Current Q0/Y0, future Q+1/Y+1, absolute Q1-2024)
- Is this consensus or a specific broker's estimate?
- For custom/segment data, do you have the correct field ID?
- Is the Visible Alpha add-in connected?

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**Additional Resources:**
- Visible Alpha Platform: https://www.visiblealpha.com/
- Excel Add-in Guide: https://support.visiblealpha.com/hc/en-us/articles/115000909168
- API Documentation: https://www.visiblealpha.com/api-documentation
- Field Reference: Available within Visible Alpha platform
