Flamsal Business Benchmark Standard

Flamsal Business Benchmark Standard (FBBS™)

The modern, five-sector, 85 industry classification that finally makes sense.

Consumer + Financial + Health + Industrial + Technology

About Flamsal Business Benchmark Standard (FBBS™)

FBBS™ is an industry analysis framework that helps investors understand the key business activities for companies — without the clutter.

Developed by Roy W. Freeman Jr. and Flamsal Enterprises LLC, a wholly owned subsidiary of ARFFO IP LLC, and managed by Flamsal Business LLC, FBBS™ gives you consistent, exhaustive, and forward-looking definitions that actually reflect today’s economy.

FBBS™ in a Nutshell

  • Only two tiers: 5 Sectors + 85 Industries
  • Single classification per company (revenue-driven)
  • Annual review that also considers earnings and market perception
  • Designed for clarity, comparability, and speed

Legacy systems are too complex and lag the real world. FBBS™ is deliberately streamlined so you can see what matters—fast.

Why Investors Choose FBBS™

Simpler structure
5 sectors instead of more. No more arguing which industry a company belongs.

Consumer → 27 industries

Financial → 11 industries

Health → 7 industries

Industrial → 28 industries

Technology → 12 industries

Better captures the modern economy
Everything is just in the right place.

Transparent and repeatable
Revenue is king. Earnings and perception are used in the annual review.

Future-proof by design
We review and update every year so your classifications never get stale.

The Five FBBS™ Sectors

Consumer + Financial + Health + Industrial + Technology

Consumer
Companies that produce, distribute, or sell goods and services primarily for personal or household consumption (discretionary + staples). Revenue driven by end-consumer demand.

Financial
Companies providing banking, lending, insurance, investment, capital markets, real estate finance, or other financial intermediation. Revenue from interest, fees, premiums, or asset management.

Health
Companies engaged in research, development, manufacturing, distribution, or delivery of healthcare products, equipment, pharmaceuticals, biotech, life-sciences tools, or patient services.

Industrial
Companies involved in extraction, production, transformation, construction, transportation, utilities, or supply of raw materials, energy, machinery, infrastructure, or B2B goods/services.

Technology
Companies that develop, manufacture, or provide software, hardware, semiconductors, telecom equipment/services, data processing, IT services, interactive media, digital content, or AI-related platforms/infrastructure.

FBBS™ – A Global Standard

FBBS™ was established to be a global standard, widely used within the investment management industry as well as by a range of other organizations, including:

Ready to Classify Smarter?

Get the complete FBBS™ methodology and industry list (PDF)

Request a sample classification report for your portfolio

Talk to the Flamsal Business team