Reading the warnings

The engine never blocks a valuation, but it flags internal inconsistencies. Each warning below names the code shown in brackets on the result.

negative_terminal_value

The terminal-year operating profit is a loss, so the perpetuity prices the company as unprofitable forever. Set a positive target margin, or enable fade to sector norms.

cash_burn_exceeds_terminal

Discounted losses in the forecast years outweigh a positive terminal value, so equity is negative. The company burns more cash reaching profitability than the mature business is worth. Raise the target margin, reduce the margin's years-to-target so profitability arrives sooner, or temper initial growth so losses scale less.

terminal_g_gt_rf

Terminal growth exceeds the risk-free rate. Nothing grows faster than the economy forever. Lower terminal growth to the risk-free rate or below.

terminal_spread_clamped

WACC minus terminal growth was under 0.5%, so growth was clamped to keep the perpetuity finite. Either the discount rate is too low or growth too high.

terminal_roic_gt_wacc

Informational. Terminal ROIC is more than two points above WACC, which asserts excess returns in perpetuity. Defensible for the rare durable franchise, optimistic for most.

terminal_dominates

Over 90% of value sits in the terminal and the explicit years lose money. The valuation rests entirely on the far future, so treat it as a story, not an estimate.

margin_vs_sector

Informational. The target margin is more than 15 points from the sector norm. Make sure you have a reason the company differs from its peers.

missing_inputs

A required input such as revenue, book equity or share count is absent. Ingest the company's filings from the Admin page.