Data and valuation methodology

Tape multiples (price, market cap, P/E, EV/EBITDA, FCF, margins, ROE, ROIC) come from the financial_metrics table. Empty fields must print as N/A — inventing a P/E or FCF is forbidden.

ROIC is treated as return on invested capital (a quality proxy). WACC is not always on the tape: if missing, copy either compares ROIC with an implied sector cost of capital or states the gap. EV/EBITDA and P/E are cross-check multiples, not a buy recipe.

EBITDA → free-cash-flow conversion uses reported FCF when present; the prose must not fabricate a cash bridge. Editorial quality requires a numeric anchor in every material claim and a sources_audit of primary sources (SEC 10-K/10-Q, CNMV, FRED, ECB, Eurostat, venue close, EIA/ENTSO-E, ETF filings).

Crypto and macro are not forced into a blue-chip P/E. On-chain metrics, spot ETF flows and FRED/ECB series replace equity multiples when the desk requires it. Covers and logos are not data: the audit lives in sources_audit and the article footer.