Legal · Effective November 1, 2026

Investment disclaimer.

Read this before you act on anything you see on this site.

Who we are not

Fantom Research is not a registered investment adviser ("RIA"). We are not a broker-dealer, a bank, an introducing broker, a futures commission merchant, a commodity trading adviser, or any other regulated financial intermediary. No part of this site creates a fiduciary, advisory, custodial, or agency relationship between you and us. We owe you no duty of care beyond what applies to any publisher of educational material.

What the score is

The Fantom score is a cross-sectional ranking derived from a published five-input formula (Valuation, Runway, Burn, Substance, Froth). It is a way to compare the fragility of names within the universe we cover. It is not a price target, not a probability of loss, not a timing signal, and not a prediction that any specific stock will fall by any specific amount within any specific period. A high score means a name looks fragile relative to its peers on our inputs; it does not mean a drawdown is imminent, likely, or guaranteed. A low score means the opposite in the same relative sense; it does not mean a name is safe or a good investment.

The model can be wrong

Models are simplifications. Ours uses a small number of inputs, chosen explicitly, with public weights. It does not capture every risk, catalyst, management change, product launch, lawsuit, regulatory action, geopolitical event, or market regime shift that can move a stock. Fundamentals data, forward estimates, and listing information are sourced from third parties and can be delayed, incomplete, revised, or simply wrong. Scores are recomputed on a published cadence and are only as current as the inputs behind them. Any score on this site may be wrong at the moment you read it.

Hype can persist

Themed, speculative stocks can trade well above any defensible valuation for extended periods, sometimes years. Shorting a high-score name because it looks fragile is a separate decision from reading our ranking, and it carries its own, often extreme, risks: unlimited loss potential, borrow costs, forced buy-ins, and squeezes. A name on our list can double, triple, or more between weekly updates. Past rankings are no guarantee of future rankings, and past performance of any security or strategy, whether good or bad, is not indicative of future performance.

Forward-looking statements

Parts of our content, including commentary on company trajectory, cash runway, and expected margins, are forward-looking statements. They reflect our view at the time of publication based on information available then. Actual results may differ materially from what we describe. We undertake no obligation to update any forward-looking statement to reflect later events, revised data, or changes in expectation, except as our methodology schedule provides.

Positions and conflicts

Fantom Research, its author(s), and its contributors may hold long or short positions, options, or other derivative exposure in any security discussed on this site, at any time, including before, during, and after publication. We may change those positions without notice and without updating published content to reflect them. We do not accept payment, equity, tokens, or any other consideration from issuers in exchange for coverage, favorable mention, or inclusion in or exclusion from the universe. We may receive affiliate compensation from unrelated third parties (for example, broker referral links) and will disclose such arrangements where they appear.

Risk factors

• Trading in equities, especially speculative, small-cap, or thinly traded names, involves substantial risk of loss, including total loss of capital.
• Options, short positions, and leveraged products magnify both gains and losses and can lose more than the initial amount invested.
• Market conditions, liquidity, borrow availability, and corporate actions can change rapidly and without warning.
• Historical returns are not predictive. A strategy that worked in one regime can fail in another.
• Tax treatment of any transaction depends on your personal circumstances and the jurisdiction you report in.

Do your own research

Nothing here replaces your own analysis. Before you buy, sell, short, hedge, or otherwise act on anything you read on this site, you should read the issuer's public filings, consider your own financial situation and risk tolerance, and consult a licensed financial, tax, and legal professional who can advise you based on your personal circumstances. We cannot and do not do that.

No liability

To the fullest extent permitted by law, Fantom Research, its author(s), and its contributors are not liable for any trading loss, investment loss, consequential loss, or any other damages arising out of your use of or reliance on anything published on this site. Your use of the site is at your sole risk. See our Terms of Service for the full limitation of liability.

Jurisdiction

This site is published from the United States and is intended for a US audience. If you access it from a jurisdiction where its content is not lawful or where providing or receiving it would require registration or licensure we do not hold, you must not use it.