How do you find comparable companies with free sources?
Start with the industry codes, then narrow by business model, size and the peers companies name themselves. Every SEC registrant carries a 4-digit SIC code, which the SEC also uses to route its filings to a review office (SEC SIC code list, 2026). NAICS codes add finer detail. Filings then confirm which candidates truly compete.
What makes a company comparable?
A comparable company earns money the same way, from similar customers, at a similar scale and stage. Industry codes give a first list, but they are broad: one code can hold a software maker and a consultancy that resells software. A good comps set is usually 5 to 10 companies you can defend one by one, with a sentence on why each belongs.
Step 1. Find the target's SIC and NAICS codes
Search the company on SEC EDGAR. The company page shows its SIC code and description. The SEC's own list maps each code to an industry title and to the review office that handles those filings (SEC SIC code list).
NAICS is the newer US system used by federal statistics. Its 2022 revision changed more than 100 six-digit codes from the 2017 version, with the largest shifts in Retail Trade and Information; retailers are now grouped by what they sell, so an online and a store-based jewelry seller share code 458310 (US Census Bureau, November 2024). Use the Census NAICS search to find the code that matches the target's main activity, and note whether a database you use still runs on the 2017 codes.
Step 2. Pull every filer with the same SIC code
EDGAR's company search can list all registrants under one SIC code. Export or copy the list and filter it: drop shell companies, delinquent filers and entities with no recent 10-K. For a private target, this gives you the listed peers whose filings disclose revenue, margins and segment data.
For private peers, search Form D filings by industry group and state. Form D carries an industry group rather than a SIC code, and revenue only as an optional range, so it helps you find names more than measure them. Our guide on how to read a Form D filing explains each item.
Step 3. Read the competitors section of each 10-K
Item 1 of a 10-K, the business description, often names competitors. Many proxy statements also list the peer group the board used to set executive pay, and the 10-K performance graph may name a peer index. These are peers the company chose itself, which makes them easier to defend in a memo. Run EDGAR full-text search for the target's name to find every filing where another company calls it a competitor (SEC EDGAR full-text search FAQ).
Step 4. Screen on size and business model
Cut the list by revenue, growth and margin. The SEC publishes the financial data companies tag in XBRL through free APIs, including frames that return one concept, such as revenue, for every filer in a given period (SEC EDGAR APIs). Watch the tags: companies report revenue under different XBRL concepts, so a blank result may only mean the company used another tag.
Keep a short note for each name you remove. A reviewer will ask why a well-known competitor is missing.
Step 5. Add non-US peers from their registers
For European listed peers, annual reports filed in the ESEF format carry the same kind of tagged statements. For UK private peers, Companies House holds filed accounts, though small companies can file filleted accounts with no profit and loss. Our guide on researching a UK company on Companies House shows what each filing type includes.
What do free sources not give you?
Free filings give you operating figures. They do not give trading multiples, which need market prices, and private company figures are sparse. If your comps analysis needs valuation multiples, you will still need a market data source alongside the filings. For private peers, see how to estimate private company revenue.
How does Tamarly Intelligence help with comps?
Tamarly Intelligence is Tamarly's research platform on companies, funds, countries and markets, built from official filings and open data. It has 19,910 company pages across 22 sectors, and every figure links to the filing or record it came from. When Tamarly does not cover a company it says so. Tamarly shows no market prices, so it supports the operating side of a comps set rather than the multiples.
Compare companies with every figure linked to its filing, free for 7 days
Frequently asked questions
What is the difference between SIC and NAICS codes?
SIC is the older 4-digit system the SEC still assigns to every EDGAR registrant (SEC SIC code list). NAICS is the 6-digit system used by US federal statistics, last revised in 2022 (US Census Bureau). Use both: SIC to pull SEC filers, NAICS to match industry statistics.
How many companies should a comps set have?
Enough to show a range and few enough to defend each one. Many analysts work with 5 to 10 close peers and a wider list for context. Quality of fit matters more than count.
Can I find comparable private companies for free?
Partly. Form D filings show private US companies raising money by industry group, and Companies House shows UK private companies and their filed accounts. Neither gives full financials for most private companies, so expect to estimate.
About the author. Melvine Manchau is the founder of Tamarly and author of the Tamarly Newsletter. He previously worked at PwC, Salesforce, BlackRock/eFront and Lazard.
About Tamarly Research. Tamarly Research is part of Tamarly Media, which holds no investment positions. Tamarly is a New York research house that studies how AI is changing regulated institutions.