March 9, 2021

An Introduction to Fundamental Analysis in Excel

Looking to get started with fundamental analysis? Learn the basics from an industry veteran.

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Tim Baker


In this video, Tim Baker, the Head of IEX Cloud, will take you through several of the foundational concepts to fundamental analysis using IEX Cloud data. Youʼll also learn interesting ways you can use IEX Cloud with Excel to make more data-driven investment decisions.

Tim Baker is a chartered financial analyst (CFA) with over 30 years of experience. He has previously worked for Rolls Royce, UBS, Thomson Reuters, and Refinitiv.

This session covers:

  • An overview of fundamental analysis as a method of determining a stock or companyʼs underlying value.
  • How to pull financial data available on IEX Cloud directly into Excel.
  • Common use cases, building charts, and ratio analysis


4:00: Introduction to IEX Cloud

6:15: Introduction to Fundamental Analysis

13:57: Demo of Fundamental Analysis in Excel

52:46: Audience Q&A

How to download the spreadsheets

You can download two spreadsheets below for fundamental analysis:

  • Single Company Analysis: Provides deep-dive fundamental analysis for one company. Ideal for paid plans.
  • A Comparison Table of Stocks (CompTable): Puts basic metrics side by side to do comparative analysis of different companies. Ideal for both free plans and paid plans.

Click below to get started.

Get Single Company Analysis Spreadsheet

Get Comparison Table Spreadsheet

These spreadsheets are also available on Tim Baker’s GitHub. Use that as a place to leave comments, suggestions, and any iterations you make to the spreadsheet yourself.

Note that these spreadsheets are the personal work of Tim Baker, and are not official IEX Cloud products.

Our support team is not able to help debug and provide support if you encounter issues, and IEX Cloud does not make any guarantees about their functionality.

Furthermore, these work best on PC and may not work on all Mac computers. (You can still download them as a Mac user and repurpose them for yourself.)

How many credits do I need?

Running the Single Company Analysis spreadsheet for one symbol uses about 900,000 credits (equal to around $0.90, depending on your plan).

The CompTable, on the other hand, uses about 5,000 credits per company in your comps table (this spreadsheet can also be used with credits included in free plans).

You can also test the spreadsheet with free scrambled data using our sandbox (deprecated).

Furthermore, of you have a Business or Individual plan, Cloud Cache is automatically enabled. Cloud Cache will automatically keep track of which data you've already requested from the platform, so that if you re-run the spreadsheet and re-request the same data points, you don't need to pay for that data twice.

Building your own spreadsheet?
We want to hear from you.

If you're creating your own spreadsheet for financial analysis in Excel, we’d like to see it. Share it with us at community@iexcloud.io for a chance to get featured in a future blog post or newsletter!

You can also leave comments and edits directly in Tim Baker’s GitHub.

The first time you download the spreadsheet, follow these steps:

  1. After downloading, click “Enable Editing” in the top yellow ribbon in the Excel spreadsheet that reads “PROTECTED VIEW.”
Step 1 screenshot
  1. After inputting your token, click “Enable Content” in the other top yellow ribbon that reads “SECURITY WARNING.”
Step 2 screenshot
  1. Next, enter your token and secret token into the spreadsheet. Enter a ticker symbol and click the load button. As data is loaded, rows 10 through 12 in column B will light up as green. This may take a minute or two.
Step 3 screenshot
  1. When you start loading data, youʼll also receive a pop-up labeled “Privacy levels.” You may receive this pop-up multiple times for each query that the spreadsheet is making to our API. Each time you receive this pop-up, tick the “Ignore Privacy Levels” box and click save.
Step 4 screenshot

If you receive the error below, click OK. This error just means there are no dividends to load for the ticker symbol.

Step 4 error screenshot

We hope you find this resource valuable!

IEX Cloud Services LLC makes no promises or guarantees herein regarding results from particular products and services, and neither the information, nor any opinion expressed here, constitutes a solicitation or offer to buy or sell any securities or provide any investment advice or service.