That's what he's talking about, a spectrographic analysis. You're never looking at the "formula" for the oil, only a basic elemental analysis of decomposed compounds. And only those atoms that can be tested in this type of an analysis, which for the most part would be metals. The base oil composition is not detectable via a spectrograph since the oil is composed of carbon and hydrogen.
You also get nothing about performance. Performance of the finished product is tested by sophisticated tests such as those in SAE J300, the ACEA Sequences and various manufacturer approvals.