NPX-100 · Full methodology
v2.0.0 · CURRENT

NPX-100 Methodology
Cross-Industry · Global · Eight Axes

The NPX-100 identifies the 100 companies in the world — from any sector, any geography — that best demonstrate calibrated judgment, honest disclosure, and durable management quality. Anti-issuer-pay. Brier-tracked. Error-published. Sector-relative z-scoring. Methodology hash-stable.

Supersession notice: This document (v2.0.0) supersedes v1.0.0 (financial-sector only, 7-axis). The v1.0.0 financial cohort migrates to NPX-Financial-50. The v1.0.0 canonical document is preserved at /npx-100-methodology-v1.0.0.txt (hash: 13589f6a…).
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Version
v2.0.0
Ratified
2026-07-01
Universe
Global · all sectors · English filings
Axes
8 · FC · EQ · CD · GV · ST · EC · SK · DH
First publication
2027-02-04
Published by
AEQUARA · New York, NY
§1 · Overview and purpose

A calibration instrument, not a performance instrument.

NPX-100 does not measure total return, market capitalization, or revenue growth. It measures whether management teams make accurate, honest, and verifiable claims about the future — and whether the structures around them (governance, audit, incentives) support or undermine that discipline.

The index is sector-agnostic and geography-agnostic. GICS sector classification is used for relative normalization only, not for inclusion criteria. No sector is excluded beyond the eligibility gate. Any publicly listed company with English-language public filings is eligible.

Academic foundations: Brier scoring rule (Brier 1950), accruals anomaly (Sloan 1996), economic moat framework (Morningstar), ISS Governance QualityScore four-pillar structure, earnings variability as a quality signal (MSCI Quality Index methodology).

§2 · Universe definition

Any publicly listed company with English-language filings.

Eligibility criteria

A company is eligible for NPX-100 universe screening if all of the following hold:

  • Publicly listed on a recognized exchange (any jurisdiction, audited annual filings required)
  • Annual reports, earnings guidance, and governance disclosures available in English as primary filings, official translations, or IR publications
  • Market capitalization USD 500 million or above at reconstitution date
  • At least 5 consecutive years of operating history with audited financials
  • Positive operating income in at least 3 of the trailing 5 fiscal years

Primary exchanges covered

NYSE · Nasdaq · LSE (London) · Euronext (Paris, Amsterdam, Brussels, Dublin) · Deutsche Börse (Frankfurt) · Tokyo Stock Exchange · Hong Kong Stock Exchange · ASX (Australian) · TSX (Toronto) · SIX (Swiss) · Nasdaq Stockholm

Coverage expands by ratified amendment. Secondary listings counted toward the primary exchange of origin. No sector, region, or company size is excluded beyond eligibility criteria above.

§3 · Eligibility gate — hard screens

Six hard disqualifiers. Any one triggers removal.

The following conditions are disqualifying regardless of composite score. Evaluated at each quarterly reconstitution. Fast-exit rule: a constituent triggering a gate condition is removed within 5 business days — not at the next quarterly cycle.

GATE-1
Active SEC enforcement action, FCA enforcement action, or equivalent national securities-regulator action not yet resolved by court order, consent agreement, or regulatory determination. Companies under investigation but not yet charged receive a Controversy flag, not a gate trigger.
GATE-2
Material restatement of more than 2 fiscal years of audited financials within the trailing 5 fiscal years. A single-year restatement with prompt, transparent disclosure is NOT a gate trigger but reduces the GV and EC axis scores.
GATE-3
Going-concern audit opinion on any of the trailing 2 annual reports.
GATE-4
Active criminal indictment of the CEO, CFO, or a majority of the board filed within the trailing 3 years and not yet resolved.
GATE-5
Finding of securities fraud by a court of competent jurisdiction within the trailing 7 years.
GATE-6
No audited English-language annual report filed within the prior 15 months.

The steward panel may waive GATE-1 or GATE-4 by unanimous vote if the action is determined frivolous or politically motivated. Full written rationale published in quarterly artifacts.

§4 · Composite formula

Eight axes. Published weights. No black box.

FC Forecast Calibration
22%
EQ Earnings Quality
18%
CD Capital Discipline
15%
GV Governance Integrity
15%
ST Strategic Transparency
10%
EC Error Culture
8%
SK Stakeholder Trust
7%
DH Durability Horizon
5%
C = (FC×0.22) + (EQ×0.18) + (CD×0.15) + (GV×0.15)
    + (ST×0.10) + (EC×0.08) + (SK×0.07) + (DH×0.05) + B

Where B = bonus points (max 5): +2 third-party calibration attestation · +1 ISSB/TCFD sustainability disclosure · +1 CEO letter acknowledges quantified past mistake · +1 company-maintained public prediction ledger

Minimum axis floor: any axis scoring below 40 (MINIMAL band) prevents constituent eligibility. Companies may appear on the watch list (85+ composite, all axes ≥25) but cannot enter the constituent band until no axis is below 40. Maximum composite before bonus: 100. Maximum with bonus: 105.

§5 · Score bands

Five bands. One operational band.

Band Score Status Description
Exemplar 101–105 NPX-EXEMPLAR Constituent of both NPX-100 and NPX-Exemplar. Requires ≥1 bonus point. Typically 10–20 companies.
Constituent 97–100 CONSTITUENT Eligible for NPX-100 roster. Subject to eligibility gate. Full steward commentary published. Buffer: removed only if score drops below 94.
Watch list 85–96 WATCH LIST Published quarterly to founding subscribers and Trustee Tier. All axes must be ≥25. Steward commentary available to Trustee Tier.
Engagement pool 75–84 TRACKED Tracked but not watch-list eligible. Steward commentary not published.
Below threshold <75 NOT TRACKED Below minimum engagement threshold.
§6 · Scoring framework — eight axes

Each axis scored 0–100. Each sub-criterion is citable.

Score bands within each axis: FULL (75–100) — exceptional, clearly documented; PARTIAL (40–74) — adequate with material gaps; MINIMAL (0–39) — absent, undisclosed, or negatively evidenced. All primary-axis scores must be supportable by citation to a specific publicly available document.

FC
Forecast Calibration
22% · primary axis

Measures whether management's own forward-looking statements — earnings guidance, revenue guidance, capex plans, strategic targets, product launch timelines — are subsequently realized at the rate and with the specificity that a calibrated forecaster would achieve. AEQUARA's core differentiator axis: no mainstream index currently scores guidance accuracy in a Brier-calibrated framework.

FC-1 · Guidance accuracy (50% of FC composite)
Trailing 12 quarters of material guidance items (EPS, revenue, operating income, operating margin). A guidance item is "hit" if the realized outcome falls within the stated range.
FULL75–100Hit rate ≥80% across trailing 12 quarters; no sandbagging evidence; guidance ranges ≤10% of midpoint in ≥8 of 12 quarters.
PARTIAL40–74Hit rate 60–79%; or ≥80% hit rate with sandbagging evidence; or consistently wide ranges (>15% of midpoint).
MINIMAL0–39Hit rate below 60%; or no material guidance for ≥3 trailing quarters; or guidance systematically reversed before period end.
FC-2 · Sandbagging detection
If median beat exceeds 12% of midpoint for ≥8 of 12 trailing quarters, FC score is capped at 65 regardless of hit rate. Cap removed if company provides documented explanation of its forecast range methodology.
FC-3 · Guidance specificity (30% of FC composite)
Quantified guidance with stated ranges ≤10% of midpoint for all three primary metrics (revenue, EPS/operating income, margin).
FULL75–100Quantified guidance on all three primary metrics; ranges ≤10% of midpoint.
PARTIAL40–74Partial quantification; one or two metrics guided; or all three guided with ranges >15% of midpoint.
MINIMAL0–39Only qualitative guidance; or no guidance; or guidance explicitly withdrawn in trailing year.
FC-4 · Strategic forecast follow-through (20% of FC composite)
When management announces a strategic target with a timeline, track resolution rate.
FULL75–100≥75% of stated strategic targets with timelines achieved, or explicitly revised with documented rationale before deadline.
PARTIAL40–7450–74% resolution rate; or limited evidence of targets with timelines.
MINIMAL0–39Below 50% resolution rate; no documented follow-up on strategic targets; or no verifiable timelines in 5 years of filings.
EQ
Earnings Quality
18% · new in v2.0.0

Measures whether reported earnings are backed by cash flows, free of accounting manipulation, and stable relative to the company's operating environment. Anchored in the accruals anomaly (Sloan 1996) and MSCI Quality methodology (earnings variability). The forensic-accounting honesty signal of the index. New in v2.0.0 — closes the biggest gap vs. S&P Quality and MSCI Quality indices.

EQ-1 · Accruals ratio — primary forensic signal
Accruals ratio = (Change in Net Operating Assets) / (Average Total Assets). High accruals = earnings driven by non-cash accounting estimates, not cash flows. Computed over trailing 3 fiscal years. Sector-relative within GICS sector (see §7).
FULL75–100Accruals ratio consistently below sector median; or below 5% absolute in all 3 trailing years.
PARTIAL40–74Near sector median; or one year above median with subsequent improvement.
MINIMAL0–39Persistently above sector 75th percentile; or Beneish M-Score above −1.78 (elevated manipulation probability); or restatement in trailing 3 years.
EQ-2 · FCF/earnings conversion
Free cash flow to reported net income ratio, trailing 3-year average.
FULL75–100FCF/Net Income ≥0.90 in all 3 trailing years.
PARTIAL40–74FCF/Net Income 0.65–0.89; or one year below 0.65 with documented cyclical explanation.
MINIMAL0–39FCF/Net Income below 0.65 in ≥2 of 3 trailing years; or persistent negative FCF with positive reported earnings.
EQ-3 · Earnings variability — sector-relative
Standard deviation of year-over-year EPS growth, trailing 5 fiscal years. Sector-relative. Low variability signals genuine management quality. Earnings smoothing via manipulation penalized via EQ-1; only genuine operating stability is rewarded here.
FULL75–100EPS growth standard deviation in bottom third of GICS sector peers; no pattern of recurring charges described as non-recurring.
PARTIAL40–74Near sector median; or high variability explained by commodity-price exposure (mitigating for Energy and Materials).
MINIMAL0–39Variability in top third of sector peers; or management has characterized multiple recurring charges as non-recurring.
EQ-4 · Audit quality
PCAOB inspection reports (US-listed), FRC audit quality reports (UK), or equivalent. Auditor identity and tenure.
FULL75–100Big-4 or equivalent top-tier auditor; no PCAOB inspection deficiencies related to this company in trailing 5 years; auditor tenure 3–15 years.
PARTIAL40–74Non-Big-4 but established firm with clean inspection record; or Big-4 with one minor deficiency unrelated to core audit opinion.
MINIMAL0–39Material weakness in internal controls disclosed; or adverse opinion on internal controls; or auditor tenure >20 years with no re-tendering; or tenure <2 years without reason.
CD
Capital Discipline
15%

Measures whether management allocates capital above the cost of capital, makes sound acquisition decisions, and returns excess cash at appropriate valuations. Anchored in Morningstar's ROIC-vs-WACC excess-returns framework.

CD-1 · ROIC-vs-WACC spread — primary (sector-relative)
Return on invested capital minus estimated weighted-average cost of capital. Trailing 5-year average.
FULL75–100ROIC exceeds WACC by ≥300bps in 4 of 5 trailing years; positive or stable trend.
PARTIAL40–74ROIC exceeds WACC by 100–299bps; or inconsistent spread; or declining trend.
MINIMAL0–39ROIC at or below WACC for majority of trailing 5 years; or negative ROIC on trailing-year basis.
CD-2 · M&A track record
Post-acquisition ROIC evolution, goodwill impairment history, and management commentary on deal outcomes.
FULL75–100No goodwill impairments >5% of acquisition price in trailing 7 years; synergy targets achieved where verifiable; or no acquisitions (neutral — scored at median).
PARTIAL40–74One impairment of 5–20% of acquisition price; or synergy targets partially achieved with documented shortfall.
MINIMAL0–39Multiple impairments; or impairment >20% of acquisition price; or management repeatedly revised synergy targets downward without public acknowledgment.
CD-3 · Capital return discipline
Buyback and dividend decision quality: timing, sustainability, and stated rationale.
FULL75–100No dividend cuts in trailing 7 years; buyback timing shows no evidence of systematic top-of-cycle over-buying; capital return policy explicitly documented.
PARTIAL40–74One dividend reduction with documented rationale; or buyback timing neutral vs. sector peers.
MINIMAL0–39Multiple dividend cuts; or active buybacks at extreme valuations followed by equity issuance at lower valuations; or no documented capital return policy.
GV
Governance Integrity
15%

Measures corporate governance quality. Decomposed per ISS Governance QualityScore four pillars: board structure, compensation alignment, shareholder rights, and audit oversight. All four sub-criteria averaged for the GV axis score.

GV-1 · Board structure
FULL75–100≥75% independent directors; fully independent audit, compensation, and nominating committees; no classified board; no director on >4 public boards; evidence of diversity.
PARTIAL40–7450–74% independent; or one committee not fully independent; or classified board with otherwise strong practices.
MINIMAL0–39Below 50% independent; insider-dominated board; audit committee includes executive directors; CEO also serves as board chair without lead independent director.
GV-2 · Executive compensation alignment
FULL75–100≥70% of CEO compensation is performance-linked; most recent say-on-pay ≥90%; no option repricing in trailing 7 years; termination benefits ≤3x base-plus-target-bonus.
PARTIAL40–7450–69% performance-linked; say-on-pay 70–89%; or one say-on-pay below 70% in trailing 5 years with subsequent correction.
MINIMAL0–39Below 50% performance-linked; say-on-pay below 70% with no correction; excessive termination benefits; option repricing history.
GV-3 · Shareholder rights
FULL75–100Single-class share structure; no poison pill or pill adopted with shareholder approval and sunset provision; majority voting for director election; shareholders may call special meetings at ≤25% ownership threshold.
PARTIAL40–74Dual-class with published sunset provision; or pill adopted with shareholder ratification; or supermajority for specific extraordinary transactions only.
MINIMAL0–39Unmitigated dual-class with no sunset; entrenched poison pill without shareholder approval; supermajority >66% for routine shareholder actions.
GV-4 · Audit and risk oversight
FULL75–100No material weakness in trailing 5 years; no restatement in trailing 5 years; non-audit fees <50% of audit fees; audit committee meets ≥4 times per year (disclosed).
PARTIAL40–74One material weakness disclosed and remediated within 12 months; or non-audit fees 50–75% of audit fees with documented independence rationale.
MINIMAL0–39Unremediated material weakness; or multiple restatements in trailing 5 years; or non-audit fees exceed audit fees.
ST
Strategic Transparency
10%

Measures whether the company's stated strategy is specific, measurable, and falsifiable — and whether the company follows through on stated priorities and communicates changes without obscuring the delta.

ST-1 · Strategic plan specificity
FULL75–100Quantified strategic targets publicly disclosed in annual report or investor day; targets tracked in subsequent quarterly disclosures.
PARTIAL40–74Some quantified targets but others vague; or investor days held without published commitments; or targets disclosed but not subsequently tracked.
MINIMAL0–39Entirely qualitative communication with no falsifiable targets; or investor days suspended for ≥3 consecutive years without reason.
ST-2 · Follow-through and amendment honesty
FULL75–100Strategic amendments disclosed proactively with explicit comparison to prior stated strategy; "what changed and why" answered in a public document.
PARTIAL40–74Strategy changed without explicit comparison to prior; or prior targets quietly removed from reporting without acknowledgment.
MINIMAL0–39Strategy changed repeatedly with no documentation; prior targets removed from filings without acknowledgment.
ST-3 · Segment and reporting consistency
FULL75–100Segment structure unchanged for ≥5 consecutive years; or segment changes with full restatement of prior periods.
PARTIAL40–74One restructuring with partial prior-period restatement; or recent restructuring under 2 years with documented rationale.
MINIMAL0–39Multiple restructurings in 5 years without adequate restatement; or segment reporting changed after a period of underperformance in the then-disclosed segment.
EC
Error Culture
8% · novel axis — no mainstream precedent

Measures whether the company publicly acknowledges mistakes, quantifies the error and its source, corrects course publicly, and learns from failure. A calibrated organization's willingness to acknowledge error is as important as its ability to avoid error. This axis has no established precedent in mainstream indexing — it is novel and unique to NPX-100.

EC-1 · CEO letter candor
Annual CEO/chairman letter reviewed for: (a) direct first-person acknowledgment of past failures, (b) quantification of the failure, (c) described corrective action.
FULL75–100At least 2 of 5 trailing letters explicitly acknowledge a material failure with quantification and stated correction; no exclusively success-narrative framing.
PARTIAL40–74One letter acknowledges a material failure; or failures acknowledged but not quantified; or passive attribution ("market conditions prevented…").
MINIMAL0–39No acknowledgment of material failure in 5 trailing letters; or all failures attributed exclusively to external macro factors.
EC-2 · Forecast error disclosure
When guidance is materially missed (>10% of midpoint), does management explicitly acknowledge the miss with explanation?
FULL75–100Every material miss in trailing 8 quarters accompanied by an explicit "we guided X, we achieved Y, here is why" disclosure in earnings call or filing.
PARTIAL40–74≥75% of material misses acknowledged; or acknowledged with exclusively external attribution.
MINIMAL0–39Material misses not acknowledged; or management redirects discussion from guidance misses without addressing the delta.
EC-3 · Project failure transparency
FULL75–100Material project failures disclosed within 2 quarters of determination with quantified write-down and corrective plan; no slow-drip disclosure pattern.
PARTIAL40–74Failures disclosed but not proactively; disclosed only when required by accounting rules; or insufficient quantification.
MINIMAL0–39Failures not disclosed until forced by regulatory review or litigation; or disclosed with only boilerplate language.
SK
Stakeholder Trust
7%

Measures whether the company maintains genuine trust with employees, customers, and suppliers. High retention signals alignment; dysfunction here often precedes governance failures.

SK-1 · Employee engagement and retention
FULL75–100Glassdoor overall rating ≥4.0; CEO approval ≥80%; voluntary turnover below industry median where disclosed; no major unresolved labor actions in trailing 3 years.
PARTIAL40–74Glassdoor rating 3.5–3.9; or one significant labor action resolved without structural change; or employee metrics not publicly disclosed.
MINIMAL0–39Glassdoor rating below 3.5; major unresolved labor actions; or evidence of systematic employee misconduct suppression.
SK-2 · Customer trust
FULL75–100Customer retention ≥90% (disclosed); or published NPS ≥50; or industry leadership in satisfaction rankings; no material customer disputes or class actions in trailing 5 years.
PARTIAL40–74Customer metrics disclosed but below threshold; or no public disclosure but no material disputes.
MINIMAL0–39Material class-action litigation from customers in trailing 5 years; or systematic misrepresentation documented by regulators; or published NPS below 0.
SK-3 · Supplier stability
FULL75–100Supplier payment terms disclosed; no documented pattern of forced renegotiation; supply chain stability evidenced by absence of relationship-failure disruptions.
PARTIAL40–74Limited disclosure but no documented conflicts; or one documented dispute resolved.
MINIMAL0–39Documented pattern of forcing supplier renegotiation under market leverage; or supplier disputes cited as material risks in multiple consecutive filings.
DH
Durability Horizon
5%

Measures whether the company has structural competitive advantages allowing it to sustain returns above the cost of capital over the long term. Anchored in Morningstar's five moat sources (intangible assets, switching costs, network effects, cost advantage, efficient scale) and ROIC-WACC excess-returns operationalization.

DH-1 · Economic moat evidence
FULL75–100At least one moat source clearly documentable from public filings, persistent for ≥5 years, reflected in above-sector ROIC-WACC spread.
PARTIAL40–74Moat evidence mixed or early-stage; or ROIC-WACC spread positive but trending toward zero.
MINIMAL0–39No documentable moat source; ROIC at or below WACC; or business model evidences high substitutability.
DH-2 · Long-term investment sustainability (sector-relative)
FULL75–100Long-term investment (R&D + capex) as % of revenue stable or growing in trailing 5 years; not below sector median; explicit long-term investment rationale disclosed.
PARTIAL40–74Investment stable but near sector median; or declining but with documented cyclical explanation.
MINIMAL0–39Long-term investment declining materially below sector median without explanation; or company explicitly sacrificing long-term investment for short-term EPS management.
DH-3 · Capital structure and regulatory durability
FULL75–100Net debt/EBITDA below sector median or explicitly justified; investment-grade credit rating where rated; no material regulatory license risk cited; no covenant violations in trailing 5 years.
PARTIAL40–74Net debt/EBITDA near sector median; or sub-investment-grade with improving trend; or one covenant waiver with documented remediation.
MINIMAL0–39Net debt/EBITDA materially above sector median with no deleveraging plan; or sub-investment-grade deteriorating; or material regulatory license risk prominently disclosed.
§7 · Sector-relative z-scoring

A bank's leverage is compared to other banks. Not to software companies.

The following axes and sub-criteria are computed sector-relative (within GICS sector) before being incorporated into the composite:

  • EQ-1 (Accruals ratio) — sector-relative within GICS sector
  • EQ-3 (Earnings variability) — sector-relative within GICS sector
  • CD-1 (ROIC-WACC spread) — sector-relative for capital-intensive vs. asset-light
  • DH-2 (Long-term investment %) — sector-relative within GICS sector

Sector-relative scoring converts raw values to sector-percentile z-scores before applying FULL/PARTIAL/MINIMAL bands. For sectors with fewer than 10 companies in the NPX universe, sector-relative scoring falls back to market-wide comparison. The steward panel documents this fallback in quarterly artifacts.

§8 · NPX family map

NPX-100 is the apex. The family extends into sectors and regions.

All sub-indices: anti-issuer-pay · quarterly publication on the same first-Tuesday schedule · methodology-hash-stable canonical documents · Trustee Tier co-signature for hash rotations.

NPX-100
Flagship · cross-industry · global · v2.0.0 current
The 100 best companies on earth by calibrated management quality, any sector, any geography. Target 100. Operational band 97–105. First publication 2027-02-04.
NPX-Exemplar
Sub-set of NPX-100 · score 103+ · count floats
Floating subset of NPX-100 constituents scoring 103 or above. Typically 10–20 companies. Published simultaneously with NPX-100. Inherits NPX-100 methodology entirely.
NPX-Financial-50
Sector-dedicated · GICS 40 · target 50
Financials sector — banks, asset managers, insurers, trust companies. Bespoke derivative methodology. The v1.0.0 founding cohort (13 firms) transitions here. First publication 2027-02-04.
NPX-Technology-50
Planned v1.0 2027 · GICS 45 · target 50
Information Technology. Product roadmap accuracy as core FC signal. R&D ROI replaces general capex quality in the CD axis. Pre-revenue companies excluded.
NPX-Consumer-30
Planned v1.0 2027 · GICS 30 · target 30
Consumer Staples. High guidability and long operating histories make this the highest-signal sector for the FC axis.
NPX-Industrial-50
Planned v1.0 2027 · GICS 20 · target 50
Industrials. Backlog conversion rate as core FC sub-metric. Target count 50.
NPX-Healthcare-30
Planned v1.0 2028 · GICS 35 · target 30
Healthcare with approved and marketed products. Clinical trial timeline accuracy as key FC signal. Pre-revenue pipeline-only companies excluded.
NPX-Americas / EMEA / APAC
Planned 2028 · regional cuts of NPX-100
Regional cuts of NPX-100 using the same methodology with no axis modification. Counts TBD based on qualifying pool depth.
§9 · Inaugural cycle — 2026 founding evaluation

Evaluation open. No scores published yet. No constituent list yet.

✓ Complete · 2026-07-01
Methodology published
v2.0.0 · SHA-256 hashed · 8-axis rubric · cross-industry · global universe · NPX family map ratified
In progress · Jul–Dec 2026
Cross-industry evaluation open
Any sector · any geography · English-language public filings · $500M+ market cap
Upcoming · 2026-11-04
Pilot watch list
Companies scoring 85+ delivered to founding subscribers. Not a constituent list — a watch list.
First publication · 2027-02-04
Full quarterly cycle
Constituent list + all eight artifacts. Trustee Tier sees it 24h early.
Founding cohort transition. The 13 firms under evaluation in the v1.0.0 founding cohort (Amalgamated Financial, Baillie Gifford, Boston Common, Brandes, Calvert, Dimensional Fund Advisors, First Affirmative, Northern Trust, Parnassus Investments, T. Rowe Price, TIAA, Trillium, Vanguard) are transitioning to NPX-Financial-50 evaluation under the NPX-Financial-50 bespoke methodology. They are not candidates for NPX-100 v2.0.0 in the current evaluation cycle — this reflects the change from a financial-sector-only index (v1.0.0) to a cross-industry index (v2.0.0).
§10 · Quarterly ritual

Eight artifacts. First Tuesday of Feb · May · Aug · Nov. The date does not move.

The eight artifacts

  1. Constituent roster with composite scores and per-axis breakdown
  2. Methodology hash — confirmed unchanged or rotated with documented new-family declaration
  3. Brier ledger — every prior-cycle prediction resolved against realized outcomes
  4. New-cycle predictions — quantified forward assessments with stated horizons
  5. Steward commentary — per-constituent changes, additions, removals, pool size disclosure
  6. Error disclosure — all errors in prior-cycle scoring subsequently identified
  7. Revenue and conflict-of-interest disclosure — all revenue from constituent-adjacent sources
  8. Sub-index roll — NPX-Exemplar list; NPX-Financial-50 list and delta; active sub-index previews

Trustee Tier early access

Trustee Tier subscribers receive all eight artifacts 24 hours early. Embargo lifted at 9:00 AM Eastern Time on the publication date for all other subscribers.

Controversy and decay

Controversy flags for resolved incidents decay over 3 years: Year 1 = full penalty; Year 2 = 50%; Year 3 = 25%; Year 4+ = removed. Severity tiers: Tier 1 (fine <1% revenue = flag only), Tier 2 (major fine/class action = GV/EC penalties up to 15pts each), Tier 3 (fraud finding = GATE-1/5 trigger).

§11 · Anti-issuer-pay firewall

No company pays for a better score. Not now. Not ever.

No company, fund, financial sponsor, investor, or intermediary may pay AEQUARA for NPX-100 inclusion, score improvement, score review, advance score information, or advisory services that would create an incentive to improve an NPX score. AEQUARA's revenue from NPX-100 is derived exclusively from subscriber access fees, Trustee Tier memberships, and index licensing for replication products. No constituent-specific revenue. Stewards holding material financial positions in any scored company must recuse from that company's scoring and disclose the position in ARTIFACT-7.

"The case is closed in 18 karat."

Trustee Tier → Hash registry
§12 · AEQUARA self-assessment

We apply this methodology to ourselves. Here is what we find.

AEQUARA is a private company. It does not satisfy the NPX-100 eligibility gate — GATE-0 requires a publicly listed security. AEQUARA cannot appear in its own index. What it can do is apply the same 8-axis standard to its own conduct and publish the result without claiming scoring authority over itself.

Axis
Wt.
Rating
AEQUARA assessment
FC · Forecast Calibration
22 %
PARTIAL
Pre-revenue. No published business forecasts with stated horizons or tracked Brier resolution. Commit: begin publishing forward statements tied to Q1 2027 first quarterly cycle.
EQ · Earnings Quality
18 %
N / A
Private company; no public financial statements. Sloan accruals, Beneish M-Score, and FCF conversion cannot be computed. This axis becomes scoreable upon public offering.
CD · Capital Discipline
15 %
PARTIAL
Bootstrapped; no external capital raised; no M&A. ROIC-WACC spread not calculable (pre-revenue). Capital deployment is focused but cannot be externally verified.
GV · Governance Integrity
15 %
PARTIAL
Sole founder; no independent board, audit committee, or compensation committee. Single-point-of-failure risk is acknowledged, not papered over. Institutional governance structures do not yet exist.
ST · Strategic Transparency
10 %
FULL
SHA-256 methodology hash published and stable. Inaugural cycle dates committed publicly. Sub-index roadmap with target years published. All 8 axis weights disclosed. Supersession rationale documented.
EC · Error Culture
8 %
FULL
v1.0.0 supersession documented: reason, new hash, transition notice, and v1.0.0 archive all published. Version history maintained in hash registry. Hash rotates on substantive change only — not cosmetically.
SK · Stakeholder Trust
7 %
EARLY
Pre-revenue. No published employee, customer, or supplier trust metrics. Trust is being built through transparent process; no formal tracking exists yet.
DH · Durability Horizon
5 %
EARLY
Moat thesis: methodology IP, Brier-tracking precedent, and anti-issuer-pay covenant. ROIC-WACC not calculable. Economic moat persistence is unproven at founding.
No composite score published. EQ is N/A (private company — no public financials). A composite requires all axes. We do not claim a score we cannot honestly compute.
Updated annually. This self-assessment publishes each year alongside the Q1 quarterly cycle. Independent steward review is the long-term goal once institutional governance is in place.
Self-assessment published 2026-07-01 · AEQUARA private · NPX-100 v2.0.0 methodology applied · not reviewed by independent steward
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Hash rotates only on index-family declaration — not for operational amendments (publication cadence, editorial procedures, steward rotation).

The full constituent list publishes with the first quarterly cycle. Trustee Tier sees it 24h early.

Trustee Tier → Brier ledger Index overview
The quarterly publication
Free. Public. Four times a year.
First Tuesday of Feb · May · Aug · Nov. Eight artifacts every cycle.