Curiox Biosystems
Price chart
- MA5
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Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.
Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.
Overview
Summary
Curiox Biosystems was established on September 7, 2018. The company is listed on the KOSDAQ market and is classified as a small and medium enterprise and a venture business.
The company provides automation equipment and consumables for cell analysis processes. Its main offerings include the Pluto Wash technology and Pluto Code software, which are compatible with various automated liquid handlers. The company focuses on the flow cytometry market for research and diagnostics.
Business overview as filed
가. 사업의 내용 요약
당사는 세포 분석 공정의 자동화 장비와 소모품을 판매하며 세포 분석 공정의 글로벌 표준화에 기여하고 있습니다. 세포 분석 공정은 바이오 연구와 신약 개발, 진단 등 바이오 산업의 여러 분야에서 필수적으로 행해지는 공정으로, 정밀의학과 맞춤의학이 발달하며 자동화와 데이터의 정확성, 재현성이 그 어느 때보다 요구되고 있습니다.당사는 세계 최초로 원심분리기 없이 세포 분석 공정을 자동화하고 재현성을 획기적으로 향상시킬 수 있는 기술을 개발하였고 상용화에 성공하였습니다. 세포 세척 과정에서 원심분리 공정의 강한 원심력 작용 없이 자연 중력 상태에서 부드럽게 세척이 가능하여, 세포 손상을 최소화하고 높은 생존율과 재현성을 확보할 수 있는 것이 특징입니다. 동 기술은 과거 Laminar Wash 기술로 시작되어 현재 Pluto Wash 기술로 발전하였습니다.Pluto Wash 기술은 현재 널리 상용화된 자동 액체 핸들러(워크스테이션)를 하드웨어 플랫폼으로 활용함으로써 연구자들이 기존에 사용하던 장비 환경 내에서 친숙하고 편리하게 적용할 수 있도록 설계되었습니다. 이 기술은 소프트웨어를 기반으로 구현 가능하다는 점이 핵심 가치이며 이 소프트웨어 제품인 Pluto Code는 현재 글로벌 시장점유율이 높은 Hamilton/Tecan/Beckman Coulter/Opentrons 등 여러 브랜드의 자동 액체 핸들러에 적용할 수 있으며 적용 가능 범위 확대를 지속하고 있습니다.당사의 핵심기술은 세포를 이용한 여러 응용 연구에 적용될 수 있는 잠재력을 보유하고 있으며 당사에서 파악하고 있는 적용 가능한 시장은 유세포 분석(연구용 및 진단용), 라이브셀 이미징, 단일 세포 시퀀싱, 스페로이드/오가노이드 등으로 구분할 수 있으며, 상기 시장 중 현재의 사업 단계에서 가장 큰 수요가 있고 최적화된 유세포 분석 시장을 대상으로 영업을 집중하고 있습니다.
Company overview
가. 연결대상 종속회사 개황
1) 연결대상 종속회사 현황(요약)
2) 연결대상회사의 변동내용
나. 회사의 법적, 상업적 명칭
당사의 한글 명칭은 "큐리옥스바이오시스템즈 주식회사"이며, 영문으로는 "Curiox Biosystems Co., Ltd."라 표기합니다.
다. 설립일자
당사는 2018년 09월 07일 '큐리옥스바이오시스템즈 주식회사'로 설립되었습니다.
라. 본사의 주소, 전화번호, 홈페이지 주소
마. 회사사업 영위의 근거가 되는 법률
당사는 보고서 작성기준일 현재 해당사항이 없습니다.
바. 중소기업 등 해당 여부
당사는 보고서 작성기준일 현재「중소기업기본법」 제2조 및 동법 시행령 제3조에 따라 중소기업에 해당합니다. 또한 당사는「벤처기업육성에관한특별조치법」제2조제1항의 규정에 의한 벤처기업에 해당합니다.
사. 주요 사업의 내용 및 향후 추진하려는 신규사업당사는 세포 분석 공정의 자동화 장비와 소모품을 판매하며 세포 분석 공정의 글로벌 표준을 만들어 가고 있습니다. 세포 분석 공정은 바이오 연구와 신약 개발, 진단 등 바이오와 진단의 여러 분야에서 필수적으로 행해지는 공정이며, 정밀의학과 맞춤의학이 발달하며 자동화와 데이터의 정확성, 재현성이 그 어느때보다 요구되고 있습니다. 당사는 세포 분석 공정을 자동화하고 재현성을 획기적으로 향상시킬 수 있는 기술을 개발하였고 상용화에 성공하였습니다.
당사는 세포 분석 공정의 자동화 장비와 플레이트, 부속품 등 소모품을 판매하고 있습니다. 이를 통해 세포 분석 공정을 자동화하고 데이터의 정확성, 재현성을 획기적으로 향상시킬 수 있습니다.
당사는 지속적인 연구개발을 통해 궁극적으로 세포 분석의 글로벌 표준 플랫폼을 제시하여 관련 분야의 기술 선도와 당사 제품 판매 확대를 추진하고 있습니다.
[정관에 기재된 목적사업]
아. 신용평가에 관한 사항당사는 보고서 작성기준일 현재 해당사항이 없습니다.
자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항
Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.
- The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
- The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.
VaR
The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.
The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.
Deepest drawdown 75.4% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.
Characteristic line
- Intercept
- +0.172%[-0.538%, +0.881%]
- R squared
- 0.21
- Observations
- 252
- Trading-time corrected beta
- 0.84[0.41, 1.27]
A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.
Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.
- Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
- The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
- Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
- At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.
Financials
| 2022 | 2023 | 2024 | 2025 | TTM | |
|---|---|---|---|---|---|
| RevenueKRW 100M | 72 | 68 | 46 | 52 | 57 |
| Revenue growth% | — | -6.21 | -32.41 | 12.29 | — |
| Operating incomeKRW 100M | -114 | -106 | -134 | -123 | -130 |
| Net incomeKRW 100M | -115 | -100 | -81 | -272 | -128 |
| Attributable to ownersKRW 100M | -115 | -100 | -81 | -272 | -128 |
| Attributable to minoritiesKRW 100M | -0 | -0 | -0 | -0 | -0 |
| Operating margin% | -157.81 | -155.53 | -291.61 | -239.04 | -227.43 |
| Net margin% | -158.87 | -147.94 | -176.33 | -527.56 | -222.86 |
| ROE% | -26.21 | -18.99 | -16.63 | -51.47 | -26.09 |
| ROA% | -23.64 | -17.37 | -11.46 | -34.83 | -23.96 |
| Debt ratio% | 10.87 | 9.29 | 45.07 | 47.75 | 8.87 |
| Current ratio% | 492.08 | 795.15 | 162.00 | 171.77 | 523.65 |
| Quick ratio% | — | — | — | — | 466.87 |
| Reserve ratio% | 1,102.90 | 1,084.41 | 395.37 | 396.28 | 326.18 |
| Free cash flowKRW 100M | -107 | -84 | -100 | -112 | — |
| FCF margin% | -148.00 | -123.39 | -217.02 | -218.29 | — |
| Capex to revenue% | 11.37 | 3.12 | 5.62 | 2.64 | — |
| EPSKRW | -3,240 | -1,405 | -503 | -1,645 | -743 |
| PER | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
| BPSKRW | — | 6,591 | 3,016 | 3,084 | 2,847 |
| PBRx | — | 7.63 | 6.15 | 37.93 | 16.98 |
| Dividend per share | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
Consolidated basis
Profit flowKRW 100M
This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.
This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.
Revenue compositionKRW 100M
Margins%
Cash flow by activityKRW 100M
Balance sheet compositionKRW 100M
Debt ratio%
The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.
Quarterly resultsKRW 100M
Year-on-year growth%
Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.
Free cash flow breakdownKRW 100M
Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.
Owners' net margin%
Asset turnoverx
Financial leveragex
ROE%
ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.
Financial statements
Balance sheet
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 486 | 578 | 706 | 780 | |
| 139 | 216 | 323 | 402 | |
| Cash and cash equivalentsKRW 100M | 56 | 179 | 242 | 148 |
| Short-term financial instrumentsKRW 100M | 31 | — | 40 | 30 |
| InventoriesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable |
| Trade and other receivablesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable |
| 347 | 362 | 383 | 379 | |
| Property, plant and equipmentKRW 100M | 6 | 14 | 14 | 12 |
| Intangible assetsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable |
| 48 | 49 | 219 | 252 | |
| 28 | 27 | 199 | 234 | |
| Trade and other payablesKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable |
| Non-current liabilitiesKRW 100M | 19 | 22 | 20 | 18 |
| 439 | 529 | 486 | 528 | |
| 439 | 529 | 486 | 528 | |
| Issued capitalKRW 100M | 33 | 40 | 81 | 86 |
| Capital surplusKRW 100M | 717 | 890 | 854 | 1,147 |
| Retained earningsKRW 100M | -354 | -455 | -536 | -807 |
| Accumulated other comprehensive incomeKRW 100M | 29 | 40 | 68 | 82 |
| Other equityKRW 100M | 15 | 14 | 19 | 21 |
| Non-controlling interestsKRW 100M | 0 | 0 | 0 | 0 |
| 매출채권As filed | 18 | 17 | 6 | 18 |
| 파생상품자산As filed | — | — | 11 | 181 |
| 기타 유동채권As filed | 1 | 1 | 1 | — |
| 재고자산As filed | 29 | 16 | 18 | 17 |
| 기타유동채권As filed | — | — | — | 2 |
| 당기법인세자산As filed | 0 | 0 | 1 | 1 |
| 기타유동자산As filed | 4 | 2 | 4 | 4 |
| 사용권자산As filed | 4 | 10 | 7 | 6 |
| 기타 비유동채권As filed | 2 | 2 | 2 | — |
| 무형자산As filed | 335 | 336 | 360 | 359 |
| 기타비유동채권As filed | — | — | — | 2 |
| 자본과부채총계As filed | 486 | 578 | 706 | 780 |
| 매입채무As filed | 9 | 3 | 2 | 1 |
| 기타유동채무As filed | 7 | 12 | 8 | 8 |
| 유동리스부채As filed | 2 | 4 | 4 | 3 |
| 유동파생상품부채As filed | — | — | 102 | 195 |
| 유동성전환사채As filed | — | — | 74 | 18 |
| 유동충당부채As filed | 2 | 1 | 2 | 1 |
| 기타 유동부채As filed | 8 | 8 | 7 | 8 |
| 비유동리스부채As filed | 2 | 6 | 3 | 3 |
| 이연법인세부채As filed | 18 | 16 | 17 | 15 |
Income statement
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 72 | 68 | 46 | 52 | |
| Cost of salesKRW 100M | 25 | 30 | 20 | 30 |
| Gross profitKRW 100M | 47 | 38 | 26 | 21 |
| SG&A expensesKRW 100M | 162 | 144 | 159 | 144 |
| -114 | -106 | -134 | -123 | |
| Finance incomeKRW 100M | 30 | 13 | 92 | 183 |
| Finance costsKRW 100M | 30 | 9 | 37 | 327 |
| Other incomeKRW 100M | 2 | 0 | 0 | 1 |
| Other expensesKRW 100M | 0 | 0 | 1 | 6 |
| -113 | -102 | -80 | -273 | |
| Income tax expenseKRW 100M | 2 | -2 | 1 | -2 |
| -115 | -100 | -81 | -272 | |
| Attributable to ownersKRW 100M | -115 | -100 | -81 | -272 |
| Attributable to minoritiesKRW 100M | -0 | -0 | -0 | -0 |
| Basic earnings per shareKRW | -3,240 | -1,405* | -503 | -1,645 |
| Diluted earnings per shareKRW | -3,240 | -1,405* | -706 | -1,645 |
| -89 | -89 | -53 | -258 | |
| Other comprehensive incomeKRW 100M | 26 | 11 | 28 | 14 |
| 포괄손익, 비지배지분As filed | -0 | -0 | 0 | -0 |
| 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed | -89 | -89 | -53 | -258 |
| 해외사업장환산외환차이(세후기타포괄손익)As filed | 26 | 11 | 28 | 14 |
Cash flow statement
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Net incomefrom the income statement | -115 | -100 | -81 | -272 |
| Total adjustments to operating cash flowcomputed | 16 | 19 | -16 | 161 |
| -99 | -82 | -97 | -111 | |
| Interest receivedKRW 100M | 2 | 2 | 5 | 6 |
| Interest paidKRW 100M | 0 | 0 | 0 | 0 |
| DepreciationKRW 100M | 3 | 5 | 6 | 6 |
| AmortisationKRW 100M | 10 | 11 | 11 | 12 |
| Income taxes paidKRW 100M | 0 | 0 | 1 | 0 |
| 47 | 29 | -43 | 9 | |
| Purchase of property, plant and equipmentKRW 100M | 8 | 2 | 3 | 1 |
| Proceeds from sale of property, plant and equipmentKRW 100M | Not applicable | 0 | Not applicable | Not applicable |
| Purchase of intangible assetsKRW 100M | 0 | Not applicable | Not applicable | Not applicable |
| -2 | 176 | 199 | 4 | |
| Issue of sharesKRW 100M | — | 180 | — | — |
| Cash at beginning of periodKRW 100M | 110 | 56 | 179 | 242 |
| 56 | 179 | 242 | 148 | |
| Effect of exchange rate changesKRW 100M | -0 | -1 | 4 | 4 |
| Net change in cash and cash equivalentsKRW 100M | Not applicable | Not applicable | Not applicable | Not applicable |
| 주식선택권행사로 인한 현금유입As filed | — | — | 3 | 8 |
| 리스부채의 상환As filed | -2 | -3 | -4 | 4 |
| 무상증자As filed | — | — | -0 | — |
| 전환사채의 발행As filed | — | — | 200 | — |
| 전환사채의 전환As filed | — | — | — | 0 |
| 임차보증금의 감소As filed | 0 | — | 0 | 1 |
| 임차보증금의 증가As filed | 1 | 0 | 0 | 0 |
| 단기금융상품의 처분As filed | 80 | 41 | 50 | 230 |
| 단기금융상품의 취득As filed | 23 | 10 | 90 | 220 |
| 영업활동으로 인한 자산 부채의 변동As filed | -10 | 3 | 1 | -29 |
| 충당부채의 증가(감소)As filed | -2 | -0 | -2 | -0 |
| 기타유동채권의 감소(증가)As filed | 1 | 0 | 0 | — |
| 기타유동채무의 증가(감소)As filed | 0 | 4 | -5 | — |
| 재고자산의 감소(증가)As filed | -8 | 2 | -5 | -15 |
| 기타유동자산의 감소(증가) 조정As filed | 1 | 2 | -1 | — |
| 기타채권의 감소(증가)As filed | — | — | — | -1 |
| 매출채권의 감소(증가)As filed | 12 | 2 | 27 | -14 |
| 기타부채의 증가(감소)As filed | — | — | — | 1 |
| 기타유동부채의 증가(감소)As filed | 2 | -1 | -2 | — |
| 기타채무의 증가(감소)As filed | — | — | — | 0 |
| 매입채무의 증가(감소)As filed | -15 | -7 | -12 | 2 |
| 기타자산의 감소(증가)As filed | — | — | — | -0 |
| 당기순이익조정을 위한 가감As filed | 25 | 15 | -21 | 184 |
| 대손상각비 조정As filed | 0 | 0 | 0 | 0 |
| 유형자산처분이익 조정As filed | — | 0 | — | 0 |
| 외화환산이익 조정As filed | 2 | 8 | 15 | 6 |
| 이자비용 조정As filed | 28 | 0 | 7 | 12 |
| 유형자산처분손실 조정As filed | 0 | 0 | — | — |
| 외화환산손실 조정As filed | 1 | 4 | 1 | 3 |
| 판매보증비 조정As filed | 1 | 0 | 3 | -1 |
| 유형자산폐기손실 조정As filed | — | — | 1 | 1 |
| 주식보상비용(환입) 조정As filed | 7 | -0 | 8 | 10 |
| 재고자산평가손실 조정As filed | — | 1 | 0 | 8 |
| 사용권자산상각비에 대한 조정As filed | 3 | 3 | 4 | 4 |
| 당기손익-공정가치측정금융부채평가이익As filed | -26 | — | — | — |
| 재고자산폐기손실 조정As filed | — | 2 | 0 | 0 |
| 법인세비용 조정As filed | 2 | -2 | 1 | -2 |
| 리스처분이익As filed | — | -0 | -0 | -0 |
| 복구충당부채환입액As filed | — | — | — | 0 |
| 이자수익에 대한 조정As filed | 2 | 2 | 5 | 5 |
| 당기순이익(손실)As filed | -115 | -100 | -81 | -272 |
| 환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed | -54 | 124 | 59 | -98 |
| 이연거래일손익상각As filed | — | — | 5 | 7 |
| 유형자산손상차손As filed | — | — | — | 4 |
| 파생상품평가이익As filed | — | — | -62 | 170 |
| 파손상품평가손실As filed | — | — | 15 | — |
| 파생상품평가손실As filed | — | — | — | 300 |
In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.
A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.
Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.
The newest annual filing shown was received on 2026.03.23.
Audit opinion
| Fiscal year | Opinion | Auditor | Fiscal year end |
|---|---|---|---|
| 2025 | 적정의견Term 8 | 삼화회계법인 | 2025-12-31 |
| 2024 | 적정의견Term 7 | 삼화회계법인 | 2025-12-31 |
| 2023 | 적정의견Term 6 | 삼화회계법인 | 2025-12-31 |
The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.
Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.
Valuation
Valuation multiplesx
PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.
Valuation models
Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.
Assumptions
The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.
| Model | Model priceKRW | Versus current price |
|---|---|---|
| Gordon growth model | No dividend | |
| Dividend discount model DDM | No dividend | |
| Discounted cash flow FCFF | No borrowing line filed | |
| Discounted cash flow FCFE | Base-year cash flow not positive | |
| Residual income model RIM | -981 | -101.7% |
Dividend and residual income familyKRW
Discounted cash flow familyKRW
How the figures are calculated
Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.
Cost of equity
r = 4.37% + 0.86 × 5.00% = 8.68%
Initial growth
g_1 = max(-51.47% × (1 − 0.00%), 0) = 0.00%
Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth
Residual income model RIM
B_0 = 3,084 KRW, ROE = -51.47%, payout ratio = 0.00%, r = 8.68%, g_T = 2.00%
| Year | Opening book value | Earnings | Equity charge | Residual income | Discount factor | Present value |
|---|---|---|---|---|---|---|
| 1 | 3,084 | -1,587 | 268 | -1,855 | 0.9201 | -1,707 |
| 2 | 1,497 | -770 | 130 | -900 | 0.8466 | -762 |
| 3 | 727 | -374 | 63 | -437 | 0.7790 | -340 |
| 4 | 353 | -181 | 31 | -212 | 0.7167 | -152 |
| 5 | 171 | -88 | 15 | -103 | 0.6595 | -68 |
| Terminal value | -1,571 | 0.6595 | -1,036 | |||
P_0 = 3,084 + -3,030 + -1,036 = -981 KRW
The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.
- A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
- The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
- The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
- Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.