CVM data quality: 7,996 indicators we do NOT publish, and why

Every financial database has holes. The difference is whether they are declared or left for the reader to discover. This page is the list of ours.

9,153 more publish WITH a warning attached - the number is there, and the caveat travels with it.

Why an indicator is withheld

Withholding and FLAGGING are different: a withheld figure does not publish; a flagged one publishes with a warning attached. Most warnings do not block publication.

reason	indicators
`denominador_sem_comparativo` The prior year has no restated comparative, so there is no denominator for the change. First year of the series, or a year with no following filing.	2,961
`receita_zero_na_dre` The company reported ZERO revenue for the year. Common in holdings whose result comes from equity income, and in companies with no operations that year. A margin over zero does not exist.	1,737
`sem_da_na_dfc` The indirect-method cash flow statement has no depreciation line that year, so EBITDA cannot be reconstructed. We do not estimate.	1,314
`ebitda_nao_positivo` EBITDA at or below zero: net debt to EBITDA loses economic meaning rather than becoming a large number.	603
`pl_nao_positivo` Equity at or below zero: return on equity would divide by a negative base and flip sign.	601
`capital_investido_nao_positivo` Invested capital at or below zero — cash exceeding debt plus equity. Dividing by it produces a meaningless return.	559
`passivo_circulante_zero` Zero current liabilities as filed: the current ratio would divide by zero.	59
`sem motivo declarado` Still without a stated reason. These are the ones left to close, and they are listed here rather than folded into the total.	53
`escala_divergente` The company's two filings disagree on the file's scale. Absolute figures are withheld; ratios still publish, since the factor cancels.	44
`empresa_sem_operacao` Total assets below one million reais — a shell, not an operating company.	22
`ativo_medio_zero` Average total assets of zero across the two years.	10
`base_contabil_mudou` The company switched between individual and consolidated statements across the two years compared.	7
`lucro_total_sem_minoritarios` -	7
`aliq_fallback_34` -	6
`custo_ausente_na_dre` -	6
`caixa_nao_publicado` -	5
`ativo_final_sem_media` -	2

When the regulator contradicts itself

In 1,461 rows the regulator's file carries the SAME account, same year, same ordering, with DIFFERENT values - and nothing to tell them apart. 12 companies are affected. We do not choose: the indicator is withheld with a flag. Picking one in the dark would be inventing precision.

How to check this

company	rows
MANUFATURA DE BRINQUEDOS ESTRELA SA	378
CONSTRUTORA TENDA S/A	342
COSAN S.A.	313
ECONOMATICA S.A.	249
IFIN PARTICIPACOES S.A.	139
AUTOMOB PARTICIPAÇÕES S.A.	12
RIO ALTO ENERGIAS RENOVÁVEIS S.A. - EM RECUP	11
REVEE MCO S.A.	6
BRADSAÚDE S.A.	4
BRISANET SERVIÇOS DE TELECOMUNICAÇÕES S.A.	4
HAPVIDA PARTICIPAÇÕES E INVESTIMENTOS S.A.	2
ENEVA S.A.	1

statement	rows
BPP	421
DFC_MI	331
BPA	321
DRE	276
DMPL	112

Download the year's file from the regulator and filter by company code, ordering and account code. Wherever the same combination returns more than one row with different values, you have found the same conflict we record.

dados.cvm.gov.br · open audit

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