| Symbol | Sector | Margin | vs. Sector |
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| Symbol | Sector | Margin | vs. Sector |
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| Symbol | Sector | Net Debt/EBITDA | vs. Sector |
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| Symbol | Sector | Net Debt/EBITDA | vs. Sector |
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Data. The universe is the S&P 500. For each company, Alpha Vantage's quarterly INCOME_STATEMENT and BALANCE_SHEET data are joined on fiscal quarter-end date. Gross, operating and net margin are gross profit, operating income and net income divided by total revenue for the quarter. Leverage is net debt (total debt, using Alpha Vantage's combined shortLongTermDebtTotal field where available, minus cash & equivalents) divided by trailing-twelve-month EBITDA. EBITDA uses Alpha Vantage's ebitda field where populated, otherwise operating income plus depreciation & amortization. Some tickers return the string "None" for a field. Those values are treated as missing, and the company-quarter is dropped from that metric.
Sector series. Each is the median across a SPDR sector's constituents for a calendar quarter. A fiscal quarter-end is placed in the calendar quarter its month falls in, so a company with a non-calendar fiscal year (a January quarter-end, for example) can land one quarter off its own numbering. That doesn't affect a sector median. A sector-quarter median is published only once at least 3 companies report.
Regime test. Each calendar quarter is classified as Hiking, Holding or Cutting using the same thresholds as Small Cap vs. Large Cap Spread: a trailing-3-month change in the effective Fed funds rate above 0.1pp is hiking, below -0.1pp is cutting, otherwise holding. The test uses one point per calendar quarter, not each company's quarterly change (~500 overlapping points per quarter would overstate significance). That point is the cross-company median change in operating margin, and separately in net-debt/EBITDA, regressed against that quarter's Fed funds change (Pearson and Spearman, as on Factor Analysis). With a few dozen quarters, and margins and leverage that move slowly, this is a small-sample test. A weak or insignificant result is still a result.
Leaderboards and the per-company table compare each company to its own sector's latest median, since margin and leverage norms vary a lot by industry (software vs. retail, utilities vs. banks). A company can show the widest margin on the page and still look ordinary next to its sector peers.
Refreshes weekly (Saturday morning), since fundamentals only change when a company files a new 10-Q or 10-K. Sector and company name come from Sector Beeswarm.