---
title: "Two-stage DCF intrinsic value + sensitivity"
method: GET
path: "/api/v1/equities/{symbol}/intrinsic-value"
tags: ["Equities Indices"]
---

# Two-stage DCF intrinsic value + sensitivity

`GET /api/v1/equities/{symbol}/intrinsic-value`

Two-stage discounted-cash-flow intrinsic value per share for a U.S. filer, derived entirely from SEC EDGAR XBRL fundamentals. Free cash flow is computed per fiscal year as operating cash flow minus the absolute capital expenditure, outer-joined by period; the base FCF is the most recent valid year (override-able). Stage 1 projects `stage1_years` of explicit FCF at `stage1_growth` (defaulting to the historical FCF CAGR, clamped to [-20%, +50%]); the terminal value uses the Gordon growth model. Enterprise value is bridged to equity by net debt and divided by shares outstanding. A 25-cell (5x5) sensitivity table varies the discount rate (+-150bp/75bp) and stage-1 growth (+-4pp/2pp). The result is an assumption-sensitive MODEL ESTIMATE, not investment advice (see `disclaimer`). For financial-company SIC codes (banks / insurers / brokers) the value is still computed but flagged `dcf_applicable=false` with a warning. A missing price degrades `margin_of_safety` to null without affecting the valuation. Source is `sec_edgar_xbrl`.

## Path parameters

- `symbol` string, required

## Query parameters

- `discount_rate` number — Annual discount rate (WACC proxy), 0.01-0.50. Default 0.09.
- `terminal_growth` number — Perpetual terminal growth rate, -0.05 to 0.15. Must be strictly less than discount_rate (min spread 0.005). Default 0.025.
- `stage1_years` integer — Number of explicit stage-1 projection years, 1-10. Default 5.
- `stage1_growth` number, nullable — Stage-1 annual FCF growth, -0.20 to 0.50. Omit to derive from the historical FCF CAGR (clamped).
- `base_fcf_override` number, nullable — Override the base free cash flow (in dollars). Must be > 0. Lets a short-history filer through the >=2-year guard.

## Response `200`

Successful Response

- EnvelopeIntrinsicValuePayload
  - `data` IntrinsicValuePayload, required — Full intrinsic-value response payload.
    - `symbol` string, required — Ticker as requested, normalized to upper case.
    - `assumptions` DcfAssumptions, required — The assumption set the valuation was run under (echoed back).
      - `discount_rate` number, required — Annual discount rate (WACC proxy) applied to projected cash flows.
      - `terminal_growth` number, required — Perpetual growth rate used in the Gordon terminal value. Strictly less than discount_rate (min spread 0.005).
      - `stage1_years` integer, required — Number of explicit stage-1 projection years.
      - `stage1_growth` number, nullable — Stage-1 annual FCF growth rate actually used.
      - `growth_source` string, required — How stage1_growth was set: historical_cagr / clamped_min / clamped_max / user_override.
      - `base_fcf_override_used` boolean, required — True when the caller supplied base_fcf_override (history guard bypassed).
    - `inputs` DcfInputs, required — The resolved fundamental inputs that fed the valuation.
      - `base_fcf` number, nullable — Base free cash flow grown across stage 1. Most recent valid year unless overridden.
      - `base_fcf_source` string, required — latest_fiscal_year or user_override.
      - `base_fcf_year` string, nullable — Fiscal period end (`YYYY-MM-DD`) the base FCF came from. Null when overridden.
      - `fcf_3y_median` number, nullable — Median of the most recent (up to 3) valid annual FCF values, for the anomaly warning.
      - `fcf_history` FcfHistoryRow[], required — Up to 6 most-recent annual FCF rows, newest first.
        - `end` string, required — Fiscal period end date (`YYYY-MM-DD`).
        - `operating_cash_flow` number, nullable — Reported operating cash flow for the period. Null when the concept is absent.
        - `capex` number, nullable — Reported capital expenditure (as filed; sign as reported). Null when absent.
        - `fcf` number, nullable — Free cash flow = operating_cash_flow - abs(capex). Null when either component is missing for this year.
      - `shares_outstanding` number, nullable — Shares used for the per-share value.
      - `shares_source` string, nullable — CommonStockSharesOutstanding or WeightedAverageNumberOfSharesOutstandingBasic.
      - `total_debt` number, nullable — Total debt used in the net-debt bridge.
      - `debt_source` string, nullable — DebtAndCapitalLeaseObligations / long_term_debt+short_term_debt / long_term_debt / short_term_debt. Null when no debt concept resolved.
      - `cash` number, nullable — Cash and equivalents used in the net-debt bridge. Null when the concept is absent (treated as 0).
      - `net_debt` number, nullable — total_debt - cash. Missing components treated as 0 with net_debt_partial=true.
      - `net_debt_partial` boolean, required — True when debt or cash was partially missing (e.g. long-term debt only, or cash absent) so net debt is an underestimate.
      - `current_price` number, nullable — Most recent close used for margin_of_safety. Null when the price fetch degraded (the SEC valuation is unaffected).
      - `as_of` string, nullable — Fiscal period end the valuation rests on (`YYYY-MM-DD`).
    - `outputs` DcfOutputs, required — The valuation outputs.
      - `enterprise_value` number, nullable — Present value of stage-1 cash flows plus the discounted terminal value.
      - `equity_value` number, nullable — Enterprise value minus net debt.
      - `intrinsic_value_per_share` number, nullable — Equity value divided by shares outstanding.
      - `margin_of_safety` number, nullable — (intrinsic_per_share - current_price) / current_price. Null when the price is unavailable.
      - `dcf_applicable` boolean, required — False for financial-company SIC codes (banks / insurers / brokers) where a single-name FCF DCF is structurally inappropriate; the value is still computed but is illustrative only.
      - `warning` string, nullable — Caveat(s): financial-company applicability and/or base-FCF deviation from the 3-year median. Null when none apply.
    - `stage1_projections` Stage1Projection[], required — Explicit stage-1 projection, one row per year.
      - `year` integer, required — Projection year (1..stage1_years).
      - `fcf` number, nullable — Projected free cash flow for the year = base_fcf * (1 + stage1_growth)^year.
      - `present_value` number, nullable — Discounted present value of that year's FCF.
    - `sensitivity` SensitivityRow[], required — 25-row (5x5) sensitivity of intrinsic value per share over discount_rate x stage1_growth.
      - `discount_rate` number, required — Discount rate for this cell (center +-150bp/75bp).
      - `stage1_growth` number, required — Stage-1 growth for this cell (center +-4pp/2pp).
      - `intrinsic_per_share` number, nullable — Intrinsic value per share for this assumption pair. Null when discount_rate - terminal_growth < 0.005 (the Gordon denominator is too small).
    - `disclaimer` string, required — Plain-language caveat that this is an assumption-sensitive model estimate, not investment advice.
    - `source` string — Fundamentals source. Always `sec_edgar_xbrl`.
  - `meta` SugraMeta, required — Metadata attached to every /api/v1/* response envelope.
    - `endpoint` string, required — Requested endpoint path.
    - `data_time` string, required — ISO 8601 UTC timestamp of the source data, not of the request.
    - `response_time` string, required — ISO 8601 UTC timestamp when this response was produced.
    - `provider` string, required — API name and version.
    - `source` string, nullable — Identifier of the primary upstream source used for this response.
    - `attribution` string, nullable — Human-readable attribution mandated by an upstream source (e.g. a securities regulator or self-regulatory organization). Present only on responses whose source requires the owner and source to be clearly identified. Do not remove or alter it when using the response.
    - `fallback_used` boolean, nullable — True when the primary source failed and a fallback produced the data.
    - `fallback_chain` string[], nullable — Ordered list of sources attempted, in the order they were tried.
    - `cached` boolean, nullable — True when this response was served from the internal cache.
    - `stale` boolean, nullable — True when the cached response was returned after the upstream rate-limited or errored. Clients can use this to detect degraded data.

## Other responses

- `401` — Missing or invalid `x-api-key` header. JSON body with a stable `code` distinguishing `missing_api_key` (no header sent) from `invalid_api_key` (header sent, key not accepted); any other 401 source carries the generic `unauthorized` with its detail as `reason`. Plus `hint`. `plan` is always null on 401 - an unauthenticated request has no plan; quota exhaustion is 429, not 401.
- `422` — Validation Error
- `429` — Daily rate limit exceeded. Check `X-RateLimit-Reset` for the next window.
- `503` — Upstream source is temporarily unavailable. Retry after a short delay.

---

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