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Historical Market Cap: SEC Share-Count Disclosure Lag Across 21 Companies

A Median 6-Day Gap Separated the Share Date From the Filing Date, a Point-in-Time Trap for Backtests
By Lee BaileyPublished September 11, 2026Latest included SEC filing September 2, 2026Version 1.021 reviewed companies
Key findings

A share count can describe an earlier date than the day investors first see it

Across 21 reviewed SEC share-count observations, the median gap between the issuer's stated share-count date and the filing date was 6 calendar days. Five observations had lags of at least 10 days. Historical market-cap and valuation work that uses the later filing must keep those two dates separate instead of treating the share count as knowable on its earlier as-of date.

6 daysMedian disclosure lag
Mean: 7.0 days across 21 observations.
5 of 21Lags of at least 10 days
23.8% of the selected reviewed cohort.
17 daysLongest reviewed lag
Netflix: June 30, 2026 to July 17, 2026.
This is a selected primary-source cohort, not an estimate of the typical lag across all public companies. The study uses one reviewed timing observation per company.

How the 21 disclosure lags were distributed

The study measures calendar days from the reported share-count as-of date to the SEC filing date. It does not estimate the date on which the company's economic share count actually changed.

Share-count disclosure lag buckets

Each bar shows the number of reviewed company observations in the stated lag range.
2–3 days3 companies
14.3% of the selected cohort.
4–6 days9 companies
42.9% of the selected cohort.
7–9 days4 companies
19.0% of the selected cohort.
10+ days5 companies
23.8% of the selected cohort.
Source: reviewed Forms 10-Q and 10-K hosted by the SEC. Latest included filing September 2, 2026.

The reviewed company observations

The table publishes timing and source information only. It intentionally omits the underlying share-count values and market data because this study is about when the share-count observation became public.

CompanyShare count as ofSEC filing dateLagFormPrimary source
NetflixJune 30, 2026July 17, 202617 days10-QNetflix Q2 2026 Form 10-Q ↗
Berkshire HathawayJuly 29, 2026August 10, 202612 days10-QBerkshire Hathaway Q2 2026 Form 10-Q ↗
General MotorsJuly 10, 2026July 21, 202611 days10-QGeneral Motors Q2 2026 Form 10-Q ↗
CorpayJuly 31, 2026August 10, 202610 days10-QCorpay Q2 2026 Form 10-Q ↗
OracleJune 12, 2026June 22, 202610 days10-KOracle fiscal 2026 Form 10-K ↗
AlphabetJuly 15, 2026July 23, 20268 days10-QAlphabet Q2 2026 Form 10-Q ↗
Dell TechnologiesJune 2, 2026June 9, 20267 days10-QDell Technologies fiscal 2027 Q1 Form 10-Q ↗
Monster BeverageJuly 31, 2026August 7, 20267 days10-QMonster Beverage Q2 2026 Form 10-Q ↗
TeslaJuly 16, 2026July 23, 20267 days10-QTesla Q2 2026 Form 10-Q ↗
Arista NetworksJuly 30, 2026August 5, 20266 days10-QArista Networks Q2 2026 Form 10-Q ↗
CiscoAugust 27, 2026September 2, 20266 days10-KCisco fiscal 2026 Form 10-K ↗
eBayJuly 31, 2026August 6, 20266 days10-QeBay Q2 2026 Form 10-Q ↗
Hyatt HotelsJuly 24, 2026July 30, 20266 days10-QHyatt Hotels Q2 2026 Form 10-Q ↗
MedpaceJuly 17, 2026July 23, 20266 days10-QMedpace Q2 2026 Form 10-Q ↗
MicrosoftJuly 23, 2026July 29, 20266 days10-KMicrosoft fiscal 2026 Form 10-K ↗
DanaherJuly 16, 2026July 21, 20265 days10-QDanaher Q2 2026 Form 10-Q ↗
Meta PlatformsJuly 24, 2026July 29, 20265 days10-QMeta Platforms Q2 2026 Form 10-Q ↗
NVIDIAAugust 21, 2026August 26, 20265 days10-QNVIDIA fiscal 2027 Q2 Form 10-Q ↗
AutoNationJuly 29, 2026July 31, 20262 days10-QAutoNation Q2 2026 Form 10-Q ↗
FortinetJuly 28, 2026July 30, 20262 days10-QFortinet Q2 2026 Form 10-Q ↗
Mohawk IndustriesJuly 29, 2026July 31, 20262 days10-QMohawk Industries Q2 2026 Form 10-Q ↗

The point-in-time rule for historical market cap

What a clean historical calculation needs
  • A share-count observation tied to its stated as-of date.
  • A separate public-availability date for when the filing exposed that observation.
  • A market price from a trading session after the required information was available under the chosen timing policy.
  • Compatible security identity, share class, split/conversion treatment, and financial-denominator timing.
What this study does not claim
  • The filing date is not necessarily the day the economic share count changed.
  • The selected 21-company cohort is not representative of all issuers.
  • No market price, historical market capitalization, P/S ratio, or other valuation multiple is published here.
  • The study does not claim an intraday filing timestamp or same-day pre-close availability state.

Methodology

  1. Select one reviewed common-equity share-count timing observation for each of 21 companies, with sources reviewed through September 11, 2026.
  2. Keep the share count's stated as-of date and the SEC filing date separate. Do not replace either date with a review or market-price timestamp.
  3. Calculate disclosure lag as whole calendar days from the share-count as-of date to the SEC filing date.
  4. Summarize the cohort with the median, mean, range, a 10+-day count, and mutually exclusive lag buckets.
  5. Publish timing and source fields only. Do not redistribute the underlying share counts, market prices, market caps, or valuation multiples in this dataset.

Data cutoff: latest included SEC filing September 2, 2026. Public version 1.0.

Primary SEC sources

Every observation links to the Form 10-Q or Form 10-K that supplied the reviewed share-count date. The SEC filing is the factual source; the lag is a Grizzly Bulls derived timing measure.

Netflix: 10-Q filed July 17, 2026 ↗Berkshire Hathaway: 10-Q filed August 10, 2026 ↗General Motors: 10-Q filed July 21, 2026 ↗Corpay: 10-Q filed August 10, 2026 ↗Oracle: 10-K filed June 22, 2026 ↗Alphabet: 10-Q filed July 23, 2026 ↗Dell Technologies: 10-Q filed June 9, 2026 ↗Monster Beverage: 10-Q filed August 7, 2026 ↗Tesla: 10-Q filed July 23, 2026 ↗Arista Networks: 10-Q filed August 5, 2026 ↗Cisco: 10-K filed September 2, 2026 ↗eBay: 10-Q filed August 6, 2026 ↗Hyatt Hotels: 10-Q filed July 30, 2026 ↗Medpace: 10-Q filed July 23, 2026 ↗Microsoft: 10-K filed July 29, 2026 ↗Danaher: 10-Q filed July 21, 2026 ↗Meta Platforms: 10-Q filed July 29, 2026 ↗NVIDIA: 10-Q filed August 26, 2026 ↗AutoNation: 10-Q filed July 31, 2026 ↗Fortinet: 10-Q filed July 30, 2026 ↗Mohawk Industries: 10-Q filed July 31, 2026 ↗

Download the timing dataset

The public files contain company name, share-count as-of date, SEC filing date, derived calendar-day lag, form, accession number, and SEC source URL. They intentionally omit share-count values and market data.

Download CSVDownload JSON

Citation and reuse

You may cite the study or reuse the public timing dataset with attribution. Preserve both dates when discussing a company-level observation; the lag is specifically the difference between the share-count as-of date and SEC filing date.

Lee Bailey. “Historical Market Cap: SEC Share-Count Disclosure Lag Across 21 Companies: A Median 6-Day Gap Separated the Share Date From the Filing Date, a Point-in-Time Trap for Backtests.” Grizzly Bulls, September 11, 2026. Version 1.0. Data snapshot September 2, 2026. https://grizzlybulls.com/research/historical-market-cap-share-count-lag
Research source kit →

Do not describe the lag as the age of the company's “actual” share count or as proof that no other public share information existed before the filing.

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