> For the complete documentation index, see [llms.txt](https://matterhorn-doc.mometic.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://matterhorn-doc.mometic.com/investigate-the-business/evidence-and-citations.md).

# Evidence and citations

Trace Matterhorn financial claims to evidence and source documents, check periods and units, and understand what citation verification can establish.

Evidence is the point at which an attractive story becomes testable. The goal is not to read every filing from beginning to end. It is to inspect the few claims on which the investment case depends.

![Source documents flow through facts and calculations to scores, with commentary drawing from those records](https://981865776-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNOJXLd7UJBniObM136Nu%2Fuploads%2Fgit-blob-7cf3f39e3190a3cbd9bb8f62ce049af8a8f90eb2%2Fevidence-trail.svg?alt=media)

## Follow a number to its source

1. Open a company and select **Evidence**.
2. Find the metric behind the claim. This view shows the latest recorded fact per metric, not every historical observation.
3. Read its value, unit, reporting period, status, confidence, and available passage or source link.
4. Open **Filings** to inspect the associated document and its wider context.

![Evidence tab with metric values, periods, source status and supporting passages](https://981865776-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FNOJXLd7UJBniObM136Nu%2Fuploads%2Fgit-blob-b8a94b59e6d21277c100cb327f0ebdf74bee56d7%2Fcompany-evidence.png?alt=media)

Check whether a figure refers to the whole company or a segment, an annual period or a quarter, GAAP or an adjusted measure, and a balance or a flow. Those distinctions can change the conclusion without changing the printed number.

## Filed, calculated, and attributed

**Verified** source values and **derived** deterministic calculations can support scoring when they clear the other admission controls. **Estimated** extractions remain subject to review and do not score as verified measurements. A management claim is evidence that the statement was made; it is not independent proof that the claimed outcome will occur.

Earnings transcripts can supply company-defined demand and operating metrics where the evidence contract supports them. An entire transcript is not converted into scoring truth merely because it was ingested.

## What citation checks tell you

Analyst citations such as **\[F12345]** refer to stored fact identifiers. The review system checks whether cited facts were offered to the writer and whether numerical claims agree with the cited values. It can retry a failed draft once and retain unresolved warnings.

**“Figures match their sources” verifies numerical correspondence within the implemented checks.** It does not establish causation, settle a bull/bear disagreement, or prove that an investment thesis is correct. A qualitative manager judgment can be useful without earning a numerical-verification badge.

If a citation appears wrong, compare the sentence to the cited metric and period. Keep the ticker, fact ID, claim, source link, and discrepancy when reporting it. Re-running a review updates commentary; it is not a substitute for correcting a bad source interpretation.

> **Pro Tip — Verify the number that changes your decision.** A flawless revenue citation does little good if the thesis depends on a misunderstood backlog definition.

Next: [forward-demand comparability](/investigate-the-business/forward-demand.md), [analyst reviews](/investigate-the-business/analyst-review.md).