What the numbers are, where they come from, and what they are not.

Where the data comes from

Company financials are read from SEC EDGAR, the XBRL company-facts API, which is the same structured data companies file with the regulator. Nothing is retyped, and nothing is sourced from a third-party aggregator, so any figure in the terminal can be traced back to a filing.

• Financial statements: EDGAR XBRL company facts, tagged us-gaap
• Company identification: the SEC company-ticker index
• Share prices: delayed market quotes, refreshed on load
• Everything else (margins, growth, WACC) is an assumption you control

Reported versus estimated

The terminal distinguishes between figures that came from a filing and figures it derived or you supplied. This matters more than it sounds: a valuation that silently mixes filed data with defaults is impossible to audit later, and the first question any reviewer asks is which is which.

What each tool computes

• DCF: unlevered free cash flow discounted at WACC, with Gordon growth and exit-multiple terminal values, and a sensitivity grid across both
• Comparable companies: trading multiples across a peer set, with quartiles and an implied range
• LBO: sources and uses, a full debt schedule with cash sweep, and IRR and multiple-of-money at exit
• Tear sheet: the valuation range across all three methods on one page, with the assumptions behind it

Assumptions and defaults

Every default is a starting point, not a recommendation. The forecast horizon is five years, terminal growth defaults to a figure below long-run GDP, and the discount rate is built from inputs you can see and change. If a default materially drives your answer, the sensitivity grid is there to show you by how much.

Known limits

• Banks and insurers are not properly served by an unlevered DCF; interest is operating revenue for them
• Companies with no filing history in EDGAR cannot be loaded automatically
• Quotes are delayed, not real-time, and should not be used for trading decisions
• Terminal value dominates most DCF outputs: this is a property of the method, not a defect in the tool
• Restatements and late filings can leave EDGAR data temporarily inconsistent with a company’s own reporting

Keyboard

• Cmd/Ctrl + K: open the command palette
• Type to filter tools, Enter to open
• Esc: close any panel or dialog
• Tab and Shift+Tab move through inputs in reading order

Access and plans

Anyone can create an account and use the full valuation engine on the free plan. Paid plans add more cloud storage, share links without our watermark, white-label export and the Thesis Monitor. What your plan permits is decided on the server on every single request, never in the browser.

• Free: every calculator, three saved models, three watermarked share links, three AI theses a month
• Analyst: cloud Deal Room, version history, share links, exports without our watermark
• Professional: your own branding, and the Thesis Monitor watching your valuations nightly
• Assessment: a one-time purchase, kept whether or not you keep a subscription