VOL. XCIV, NO. 247

Free Alternatives to Magic Formula Investing

Checking

Free replacement verdicts

Free Alternatives to Magic Formula Investing

Zero-cost replacements grouped by fit, tradeoffs, pricing friction, and platform access. Use this list to test Magic Formula Investing before paying for another subscription.

Switching from Magic Formula Investing doesn't have to cost a thing. We've curated 20 free-tier alternatives that cover similar workflows, from Screeners to Stock Ideas and beyond. Each pick below is framed by fit, caveats, and access friction so you can trial replacements without opening your wallet.

Visit Magic Formula Investing All alternatives Tool details

Disclosure: outbound links may include affiliate or sponsor links

Which Alternative Should You Use?

GuruFocus

Closest replacement

Best for: Value investors looking for long historical fundamentals, GF Score, GF Value, and guru/institutional holdings.

GuruFocus best matches the base workflow on stock screening, stock research, and fundamental research.
GuruFocus keeps the replacement test in the same free-access lane. Free access caveat: signup required and A free account has limited access..

Watch for: Paid access is region and tier dependent: Annual paid memberships, region add-ons, API plans, and pay-as-you-go API credits.

Start GuruFocus trial

Details Compare

Stock Analysis

Strong runner-up

Best for: Regular investors looking for fast stock and fund research pages, screeners, comparisons, watchlists, and market calendars.

Stock Analysis best matches the base workflow on stock screening, stock research, and fundamental research.
Stock Analysis keeps the replacement test in the same free-access lane. Free access caveat: Free access is ad-supported..

Watch for: No public API: Stock Analysis does not currently offer API access.

Try Stock Analysis Pro

Details Compare

The Ledger Terminal

Strong runner-up

Best for: Long-term stock pickers who want a low-cost, source-linked tearsheet instead of a broad multi-asset terminal.

The Ledger Terminal best matches the base workflow on stock screening, stock research, and fundamental research.
The Ledger Terminal keeps the replacement test in the same free-access lane. Free access caveat: Free accounts get six stock views per day, three alerts, and up to three stocks per watchlist. Anonymous visitors get one stock view per day..

Watch for: US-led coverage: Most coverage is US-listed stocks. UK companies have about five years of annual history and no quarterly data, while US stocks can have 15 years and quarterly detail.

Open stock tearsheets

Details Compare

Investing.com

Strong runner-up

Best for: Users looking for one free global market portal for quotes, charts, calendars, news, watchlists, and portfolio tracking.

Investing.com best matches the base workflow on stock screening, fundamental research, and screening and idea generation.
Investing.com keeps the replacement test in the same free-access lane. Free access caveat: Free access is ad-supported and does not include the full InvestingPro research layer..

Watch for: Not a broker or API product: Investing.com does not provide trade execution or a public API. Widgets and RSS are its public integration methods.

View InvestingPro

Details Compare

Detailed Alternatives

I want to

Pay lessFill a gapUpgrade overall

Free tiers first, then the lowest starting price.

Drop-in replacement

Stock Analysis

Analyst pickTested by us

Bottom line: Regular investors looking for fast stock and fund research pages, screeners, comparisons, watchlists, and market calendars.

Keep

Screeners
Stock Ideas

Gain

ETF Screeners
Top Analysts
Stock Comparison
ETF Comparison

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening and quant research.
Free-plan limits: Free access is ad-supported, Free exports and financial history are limited compared with Pro and Unlimited, and Free accounts allow 10 active alerts. Brokerage sync, full ETF holdings, and advanced analyst filtering require paid plans.
No public API: Stock Analysis does not currently offer API access.

Price: Magic Formula InvestingFree
Stock AnalysisFree • From $79/yr
Free tier: Free, no signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Try Stock Analysis Pro Compare

Full review and details

Drop-in replacement

The Ledger Terminal

Bottom line: Long-term stock pickers who want a low-cost, source-linked tearsheet instead of a broad multi-asset terminal.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Data Visualizations
Watchlist
Alerts

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening and quant research.
Free-plan limits: Free accounts get six stock views per day, three alerts, and up to three stocks per watchlist. Anonymous visitors get one stock view per day, Pro is $8.40 per month billed as $100.80 for the first year, then $144 per year, with a seven-day free trial, and Full 15-year history, comparison workflow, quality checklist, and exports require Pro.
US-led coverage: Most coverage is US-listed stocks. UK companies have about five years of annual history and no quarterly data, while US stocks can have 15 years and quarterly detail.

Price: Magic Formula InvestingFree
The Ledger TerminalFree • From $100.80/yr
Free tier: Free, no signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Open stock tearsheets Compare

Full review and details

Drop-in replacement

Investing.com

Analyst pickTested by us

Bottom line: Users looking for one free global market portal for quotes, charts, calendars, news, watchlists, and portfolio tracking.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Data Visualizations
Options
Correlation

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Free access is ad-supported and does not include the full InvestingPro research layer, Free WarrenAI access is limited to 10 lifetime messages and requires an account; paid plans include 50 or 500 credits per month, and ProPicks, premium reports, and deeper datasets are plan-gated.
Not a broker or API product: Investing.com does not provide trade execution or a public API. Widgets and RSS are its public integration methods.

Price: Magic Formula InvestingFree
Investing.comFree • From $13.99/mo
Free tier: Free, no signup
Replacement: Drop-in replacement

Pricing checked 2026-08-05 via pricing.

View InvestingPro Compare

Full review and details

ValideaDrop-in replacementFree • From $269.95/yrFree, no signup

Drop-in replacement

Validea

Bottom line: Investors who want stock and ETF portfolios, screens, and reports based on published guru and academic factor models.

Keep

Screeners
Stock Ideas

Gain

ETF Screeners
Quant
Backtesting
Scores

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on stock research, API and market data, and dividend research.
Free-plan limits: Public pages include a weekly email newsletter and limited screen and portfolio results, The site limits monthly page views before requiring a trial or paid subscription, and Standard and Pro include a seven-day free trial.
Model returns are not live account returns: Validea states model returns do not reflect actual trading and may include backtested and live model performance.

Price: Magic Formula InvestingFree
ValideaFree • From $269.95/yr
Free tier: Free, no signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Explore Validea research Compare

Full review and details

ChartMillDrop-in replacementFree • Paid plans availableFree, no signup

Drop-in replacement

ChartMill

Tested by us

Bottom line: Self-directed traders and investors looking for technical and fundamental screening, watchlists, alerts, charts, and idea templates in one browser product.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Data Visualizations
Scores
Valuation Models

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and API and market data.
Free-plan limits: Free access includes screener and charts with data limits and Monthly subscription is $34.97/month after first-month promotion; annual plan is $299.97/year and includes a swing-trading course.
Delayed market data: Paid access unlocks tools, but market data remains delayed or end-of-day, so active traders needing real-time feeds need another platform.

Price: Magic Formula InvestingFree
ChartMillFree • Paid plans available
Free tier: Free, no signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Screen stocks on ChartMill Compare

Full review and details

ZiggmaPartial replacementFree • From $6.99/moFree with signup

Partial replacement

Ziggma

Bottom line: Self-directed investors looking for portfolio tracking, stock/ETF screens, stock scores, and impact analysis in one product.

Keep

Screeners
Stock Ideas

Gain

ETF Screeners
Financials
ESG Ratings
Portfolio

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Free tier includes core portfolio and research modules with limits, and Paid tiers have a 7-day trial.
Advanced features moved to paid tiers: Account aggregation, stock scores, the portfolio optimizer, model and guru portfolios, and more broker links require a paid plan.

Price: Magic Formula InvestingFree
ZiggmaFree • From $6.99/mo
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

View Ziggma plans Compare

Full review and details

EPSMomentumPartial replacementFree • From $9.99/moFree with signup

Partial replacement

EPSMomentum

Bottom line: Growth and momentum investors looking for earnings momentum, estimate revisions, PEAD drift, timing signals, scanners, dashboards, and AI analysis in one US stock/ETF platform.

Keep

Screeners
Stock Ideas

Gain

Data Visualizations
Money Flow
Portfolio
Watchlist

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Bronze is advertised at $0/month, and Silver is advertised at $9.99/month and Gold at $49.99/month, with yearly-plan discounts shown.
US stocks and ETFs focus: EPSMomentum is not positioned as a global multi-asset terminal or full portfolio accounting product.

Price: Magic Formula InvestingFree
EPSMomentumFree • From $9.99/mo
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via homepage.

Visit EPSMomentum Compare

Full review and details

FinboxPartial replacementFree • From $120/yrFree with signup

Partial replacement

Finbox

Tested by us

Bottom line: Investors who want screening, company financials, valuation models, and watchlists in one web service.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Data Visualizations
Watchlist
Institutional Ownership

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Some research features require a paid plan, and Exports require Starter plus Data Boost or Professional.
Exports require paid add-ons or higher tiers: CSV exports require Starter plus Data Boost or Professional. Data Boost is priced per region and applies to all regions in the plan.

Price: Magic Formula InvestingFree
FinboxFree • From $120/yr
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

View Finbox pricing Compare

Full review and details

Simply Wall StPartial replacementFree • From $120/yrFree with signup

Partial replacement

Simply Wall St

Analyst pickTested by us

Bottom line: Long-term investors looking for visual company reports and portfolio diagnostics.

Keep

Screeners
Stock Ideas

Gain

Data Visualizations
Portfolio
Watchlist
Financials

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, 5 company reports per month on Free, and 1 portfolio with up to 10 holdings on Free.
Free plan has report and portfolio limits: The Free tier includes 5 company reports per month and 1 portfolio with 10 holdings.

Price: Magic Formula InvestingFree
Simply Wall StFree • From $120/yr
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Try Simply Wall St Compare

Full review and details

StockoscopePartial replacementFree • From $150/yrFree with signup

Partial replacement

Stockoscope

Bottom line: Retail investors who want a guided workflow for business quality, peers, valuation, analyst sentiment, and ownership activity.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Data Visualizations
Watchlist
Financials

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and API and market data.
Free-plan limits: Signup required, Every new account starts with a 28-day Pro trial without a credit card, then falls back to the permanent Free plan unless upgraded, and The public AAPL dashboard and one stock can be explored without an account.
U.S.-listed stock coverage: Coverage is limited to more than 3,000 U.S.-listed companies, including the S&P 1500 and the broader Russell 3000, rather than global equities or other asset classes.

Price: Magic Formula InvestingFree
StockoscopeFree • From $150/yr
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-29 via pricing.

Try Stockoscope Pro Compare

Full review and details

TradingViewPartial replacementFree • From $12.95/moFree with signup

Partial replacement

TradingView

Analyst pickTested by us

Bottom line: Traders and investors looking for charting, alerts, screeners, and market coverage across many asset classes.

Keep

Screeners
Stock Ideas

Gain

Data Visualizations
Quant
ETF Screeners
Stock Comparison

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on stock screening, factor screening, and quant research.
Free-plan limits: Signup required, Basic tier limits charts per tab, indicators, alerts, watchlists, and historical bars, and Some real-time exchange data is sold separately from platform plans.
Real-time market data can require add-ons: Optional real-time quote subscriptions and exchange-specific data fees.

Price: Magic Formula InvestingFree
TradingViewFree • From $12.95/mo
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Open TradingView Compare

Full review and details

Value SenseDrop-in replacementFree • From $15/moFree with signup

Drop-in replacement

Value Sense

Bottom line: Fundamental investors comparing intrinsic-value estimates, company fundamentals, earnings, insider transactions, and 13F holdings.

Keep

Screeners
Stock Ideas

Gain

Backtesting
Stock Comparison
Data Visualizations
Watchlist

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening and quant research.
Free-plan limits: Signup required, Free includes two stock views per week, one watchlist, one dashboard, one saved screen, and three lifetime spreadsheet downloads, and Starter is $129 annually and Pro is $189 annually. The page also offers a monthly billing toggle.
Model outputs need independent review: Intrinsic-value estimates, summaries, scores, and signals depend on inputs and model choices. Users should review filings and test valuation assumptions.

Price: Magic Formula InvestingFree
Value SenseFree • From $15/mo
Free tier: Free with signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Compare Value Sense plans Compare

Full review and details

Value LinePartial replacementFree • From $199/yrFree with signup

Partial replacement

Value Line

Bottom line: Long-term investors who want analyst commentary, proprietary ranks, model portfolios, screens, and printable equity reports.

Keep

Screeners
Stock Ideas

Gain

Watchlist
Alerts
Financials
Scores

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on stock screening, factor screening, and quant research.
Free-plan limits: Signup required, Stock Market Today is a free daily email and Market Focus is a free weekly email, and Core equity, fund, ETF, option, and selection research requires separate paid services.
Subscription services are fragmented: Equities, funds, ETFs, options, and selection services are sold as separate products with different coverage and entitlements.

Price: Magic Formula InvestingFree
Value LineFree • From $199/yr
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Compare Value Line services Compare

Full review and details

TickeronPartial replacementFree • From $20/moFree, card required

Partial replacement

Tickeron

Bottom line: Active traders comparing algorithmic signals, chart-pattern scans, paper trading, and AI Robots across stocks, ETFs, crypto, currencies, and mutual funds.

Keep

Screeners
Stock Ideas

Gain

Stock Comparison
Auto-Trading & Bots
Copy/Social Trading
Paper Trading

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Credit card required, and Tickeron offers a $0 Member account.
Complex pricing surface: Tickeron sells memberships, robots, signal tools, and credits separately. The pricing page also contains temporary sale language, so users should check the selected checkout bundle.

Price: Magic Formula InvestingFree
TickeronFree • From $20/mo
Free tier: Free, card required
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Start Tickeron trial Compare

Full review and details

DanelfinPartial replacementFree • From $264/yrFree with signup

Partial replacement

Danelfin

Tested by us

Bottom line: Investors who want stock and ETF scores as an idea-ranking and portfolio-monitoring input.

Keep

Screeners
Stock Ideas

Gain

Portfolio
Watchlist
Alerts
Scores

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Free web and API tiers are available but limited, and Paid web and API plans offer a 14-day trial without a required card.
Scores are end-of-day: Scores use the previous market day and update daily except Sundays and Mondays. They are not intraday signals.

Price: Magic Formula InvestingFree
DanelfinFree • From $264/yr
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Try Danelfin Compare

Full review and details

Seeking AlphaDrop-in replacementFree • From $299/yrFree with signup

Drop-in replacement

Seeking Alpha

Analyst pickTested by us

Bottom line: Retail investors looking for news, contributor analysis, quant ratings, screeners, and portfolio alerts together.

Keep

Screeners
Stock Ideas

Gain

News
News Sentiment
Alerts
Calendar

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and API and market data.
Free-plan limits: Signup required, Basic has limited premium-article access, and Premium is needed for unlimited articles/transcripts, ratings, factor grades, screeners, comparisons, broker linking, and AI summaries.
Free access is limited: The Basic plan has limited premium-article access and core portfolio/watchlist features.

Price: Magic Formula InvestingFree
Seeking AlphaFree • From $299/yr
Free tier: Free with signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

View Seeking Alpha plans Compare

Full review and details

Portfolio123Partial replacementFree • From $25/moFree with signup

Partial replacement

Portfolio123

Analyst pickTested by us

Bottom line: Rules-based investors looking for point-in-time stock and ETF simulations.

Keep

Screeners
Stock Ideas

Gain

Data Visualizations
Quant
Scores
Valuation Models

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on stock screening, stock research, and dividend research.
Free-plan limits: Signup required, Free Manage module is separate from paid Research, API, and DataMiner access, and General registration offers 30 days of screener and backtesting access without a payment card.
Advanced research is paid: Free Manage covers portfolio tracking. Time-limited access covers screener and backtesting use before a paid Research plan, while API and DataMiner require separate paid access.

Price: Magic Formula InvestingFree
Portfolio123Free • From $25/mo
Free tier: Free with signup
Replacement: Partial replacement

Pricing checked 2026-08-23 via pricing.

Try Portfolio123 Compare

Full review and details

TipRanksDrop-in replacementFree • From $29.95/moFree with signup

Drop-in replacement

TipRanks

Analyst pickTested by us

Bottom line: Retail investors looking for analyst consensus, expert rankings, Smart Score, news sentiment, and stock ideas.

Keep

Screeners
Stock Ideas

Gain

Top Analysts
ETF Screeners
US Government Trades
Stock Comparison

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on stock screening, factor screening, and quant research.
Free-plan limits: Signup required, Free/Basic MCP OAuth quota is 10 tool calls per month, and Free API-key tier is limited to 10 requests per minute and 50 requests per month.
Best tools are paid: Premium and Ultimate gate Smart Portfolio, Smart Score, expert/insider/hedge-fund tools, exports, and higher MCP quotas.

Price: Magic Formula InvestingFree
TipRanksFree • From $29.95/mo
Free tier: Free with signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

View TipRanks plans Compare

Full review and details

GuruFocusClosest replacementFree • From $549/yrFree with signup

Closest replacement

GuruFocus

Analyst pickTested by us

Bottom line: Value investors looking for long historical fundamentals, GF Score, GF Value, and guru/institutional holdings.

Keep

Screeners
Stock Ideas

Gain

ETF Screeners
Top Analysts
Stock Comparison
ETF Comparison

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening and quant research.
Free-plan limits: Signup required, A free account has limited access, and Free members have limited portfolio capacity.
Paid access is region and tier dependent: Annual paid memberships, region add-ons, API plans, and pay-as-you-go API credits.

Price: Magic Formula InvestingFree
GuruFocusFree • From $549/yr
Free tier: Free with signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

Start GuruFocus trial Compare

Full review and details

BörsdataDrop-in replacementFree • Contact for pricingFree with signup

Drop-in replacement

Börsdata

Bottom line: Nordic and European investors looking for a fundamentals-rich screener, reports, owner data, technical charts, and dividend research.

Keep

Screeners
Stock Ideas

Gain

Data Visualizations
Index Rebalancing
Watchlist
Institutional Ownership

Lose

The screener accepts a minimum market cap in USD millions and returns 30 or 50 stocks.
Universe restricted to U.S.-listed equities, excluding financial and utility companies.
The model combines high earnings yield and high return on capital with accounting adjustments.
Prices update around 8:00 AM ET on trading days. Financial data updates quarterly.
Underlying data source is S&P Compustat. Official guidance suggests focusing on larger caps for less volatility and holding at least 20 stocks.

Watch out

Avoid as a full replacement if you rely on factor screening, quant research, and stock research.
Free-plan limits: Signup required, Free account has limited access, and Full data requires Premium, Pro, Pro+, or Enterprise.
Best value is Nordic-first: Global coverage exists on higher tiers, but Börsdata is strongest for Nordic equities and Nordic ownership/insider workflows.

Price: Magic Formula InvestingFree
BörsdataFree • Contact for pricing
Free tier: Free with signup
Replacement: Drop-in replacement

Pricing checked 2026-08-23 via pricing.

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Full review and details

What This Shortlist Tells You

GuruFocus is the closest drop-in replacement with overlapping coverage in Screeners and Stock Ideas while adding ETF Screeners and Top Analysts coverage and Historical financial and valuation data covers stocks in multiple regions, with screens, charts, comparisons, disclosed investor holdings, insider trades, and economic indicators. and Large global coverage footprint: current membership pages advertise 1M+ investors, 100,000 stocks across 100 markets, 30 years of financial data, thousands of institutional-investor trading histories, and 15,000+ mutual-fund holdings; the Data API separately documents 60,000+ companies across 9 regions. features (workflow overlap ~100%).

Every pick keeps a free tier; start with GuruFocus, Stock Analysis, and The Ledger Terminal to road-test Magic Formula Investing workflows without paying up front.

Need mobile access? GuruFocus, Stock Analysis, and Investing.com bring phone-ready workflows that Magic Formula Investing lacks.

Round out your stack with new coverage areas like ETF Screeners, Top Analysts, Stock Comparison, and ETF Comparison.

Coverage Snapshot

Where alternatives already align

Most shared categories across the top matches.

Screeners×20Stock Ideas×20

New angles introduced

Categories the alternatives add beyond Magic Formula Investing.

Watchlist+19Financials+17Data Visualizations+16Alerts+15News+14Dividends+13Portfolio+13Scores+13

Free Access & Pricing

Free options

All 20

20 vetted picks keep a permanent free tier so you can validate workflows before upgrading.

Mobile ready

9/20

9 alternatives bring native mobile access.

API availability

7/20

7 of the shortlisted tools expose API endpoints for automation-heavy workflows.

Quality checks

8 starred / 11 tested

8 tools are flagged as analyst picks; 11 have been hands-on tested.

Avg. coverage overlap

100%

Average percentage of categories shared with the base tool.

Free Alternatives FAQ

What are the best free alternatives to Magic Formula Investing?

Start with GuruFocus, Stock Analysis, and The Ledger Terminal to replicate Magic Formula Investing workflows without paying for a subscription.

Do these picks stay permanently free?

Yes. Each platform listed keeps a standing free tier with no credit card required -- though export limits or seat caps may apply if you scale usage.

Which Magic Formula Investing workflows stay covered on the free plan?

Expect solid overlap across Screeners and Stock Ideas, so core Magic Formula Investing workflows can move over without a paid upgrade.

What extra coverage do the free alternatives add?

ETF Screeners, Top Analysts, Stock Comparison, ETF Comparison, Data Visualizations, Quant, Backtesting, Correlation, Portfolio, Watchlist, Institutional Ownership, US Government Trades, News, Alerts, Calendar, APIs & Data Feeds, Corporate Actions & Special Situations, IPO, Dividends, Splits, Macro Data, Yield Curves, Credit Ratings & Outlooks, Financials, Scores, Flags, Valuation Models, Improved Filings, Transcripts, Insider Data, Short Interest, Options, ETF Analysis, Fund Analysis, Analyst Forecasts, Analyst Ratings & Price Targets, AI Research, AI Chat, Sheets / Excel Add-ins, Broker Connectors, Education, Blogs, Videos, Forums, Newsletters, Custom Dashboards, Stock Handbook, Risk Metrics, Which ETF includes this Stock?, Compounding Calculator, Checklist, Market Sentiment, CDS Spreads, Performance Attribution, Bulls Say Bear Say, News Sentiment, Guidance / Pre-announcements, Options P&L, Retirement Calculator, Earnings Calls Sentiment, Index Rebalancing, Paper Trading, Webhooks, Order Book / Level II, Position Sizing, Money Flow, Dark Pool & Off-Exchange, Factor Exposure, Auto-Trading & Bots, Copy/Social Trading, Courses & Certs, ETF Factors, Management Performance, Management Compensation, and ESG Ratings show up most often as bonus coverage beyond the base platform, giving you room to experiment before upgrading.

Keep Exploring

Wide Moat StocksBrowse the current moat score ranking and company-level moat notes.

Short InterestDaily tracker for heavily shorted stocks and short squeeze candidates.

Stock RankingsBacktested ranking systems for quality, value, momentum, and more.

Investing BooksBooks behind value investing, quality investing, moats, and market behavior.

Live AnalyticsSee what users are clicking, searching, and voting for across the site.

Research ToolsFind screeners, data platforms, portfolio trackers, and research tools.

Feedback

Missing an alternative, or is a listing out of date? Tell me and I will look.

Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.