Signal

Funding Fragility

Can the company survive financial stress and access capital when needed?

Assessment Spectrum

STABLE

STRETCHED

STRAINED

CRITICAL

BestWorst

How This Signal Affects Analysis

This signal provides a standardized assessment that makes it easy to compare across different companies. When multiple lenses produce this signal, disagreements surface where the evidence is ambiguous.

Assessment Labels

Every analysis assigns one of 4 categorical labels to this signal. Labels represent a spectrum from best to worst assessment.

STABLEBest outcome

Strong balance sheet with ample liquidity, manageable debt, and clear access to capital markets. Can weather significant stress.

STRETCHEDPositive outcome

Adequate liquidity but limited buffer. Some refinancing risk or covenant tightness. Can survive moderate stress but vulnerable to prolonged downturn.

STRAINEDConcerning outcome

Material refinancing needs, tight covenants, or limited liquidity. Vulnerable to near-term stress. May need external capital to survive.

CRITICALWorst outcome

Immediate funding concerns. Covenant breach likely, limited liquidity, or going concern risk. Survival depends on external factors.

What This Signal Captures

Cash runwayDebt covenantsRefinancing riskLiquidity coverageMaturity wall exposure

Lenses That Produce This Signal

Multiple lenses can assess the same signal independently. When lenses disagree, we surface the conflict rather than hiding it.

Fugazi Filter

Are the reported numbers trustworthy?

Roadkill Radar

Can this distressed company survive and recover?

Stress Scanner

What breaks first under plausible stress?

Consolidation Calibrator

Is this acquisition strategy creating or destroying value?

All Concepts Learn about Evidence Levels