DCF Valuation API Reference

Three models are available. When a request computes several of them, the consensus is their weighted average:

Model	Basis	Default weight
fcf	Average free cash flow of the last three fiscal years, projected, plus a Gordon terminal value, minus net debt	50 %
eps	Earnings per share growth (history and analyst trend) and a terminal P/E (the company's P/E bounded to 10–30, 15 when unknown)	30 %
ddm	Dividend discount (Gordon) — only for a company that pays a dividend	20 %

The weights are shared among the models computed by the request: with fcf and eps only, the consensus weighs them 50/30, normalised. GET /dcf/{ticker} computes fcf alone, so its consensus is the FCF value.

Inputs come from the database only. The service reads the highlights, the annual statements (grouped by fiscal year, five years), the earnings trend and the analyst ratings stored by the deep enrichment, and the last daily close of the main listing. Run GET /fundamental/deep?ticker=... first: a ticker that was never enriched answers 404 with the name of the missing data.

WACC. Cost of equity by CAPM (risk-free rate + beta × equity risk premium), cost of debt from interest and debt, weights from market capitalisation and debt; the WACC is kept within 5–20 %. The risk-free rate is the US 10-year Treasury yield from FRED (see GET /macro/rates), otherwise DCF_RISK_FREE_RATE. Missing inputs use documented defaults (beta 1, tax rate 25 %, cost of debt = risk-free rate + 2 points) and add a warning.

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GET /dcf/{ticker}

The FCF model alone, with the default assumptions: consensus_value is the FCF value. Cached 6 hours; force_refresh=true computes again. Use /compare for the three models, or POST to choose them.

curl -s -H "X-API-KEY: $FONREX_API_KEY" "http://localhost:5000/dcf/AIR.PA"

Answer layout:

{
  "ticker": "AIR.PA",
  "currency": "EUR",
  "current_price": "155.42",
  "shares_outstanding": "790000000",
  "wacc": {
    "wacc": "0.0865",
    "cost_of_equity": "0.0912",
    "cost_of_debt": "0.032",
    "tax_rate": "0.25",
    "weight_equity": "0.93",
    "weight_debt": "0.07",
    "beta_used": "1.1",
    "cost_of_debt_source": "calculated",
    "risk_free_rate_source": "fred_cached"
  },
  "models": {
    "fcf": {
      "model_name": "...",
      "intrinsic_value_per_share": "168.20",
      "upside_pct": "8.22",
      "projected_values": ["..."],
      "terminal_value": "...",
      "present_values": ["..."],
      "pv_terminal": "...",
      "warnings": []
    }
  },
  "solvency": { "debt_to_equity_ratio": "...", "net_debt_to_ebitda": "...", "interest_coverage_ratio": "...", "...": "..." },
  "consensus_value": "168.20",
  "consensus_upside_pct": "8.22",
  "analyst_target": "175.00",
  "computed_at": "2026-10-08T16:50:00Z"
}

The figures above are illustrative. Amounts and rates are decimal numbers serialised as strings. models is keyed by model (fcf, eps, ddm); warnings of each model says when a default or a cap was applied. risk_free_rate_source is fred_cached (FRED rate), env_fallback (DCF_RISK_FREE_RATE) or client_override (your POST assumptions).

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POST /dcf/{ticker}

Valuation with your own assumptions; never cached. It only computes, so a read-only key may call it.

Field	Type	Default	Description
models	list	["fcf"]	Among fcf, eps, ddm
projection_years	integer	5	3 to 10
terminal_growth_rate	number	0.025	Ratio (0.025 = 2.5 %)
wacc_params	object	—	risk_free_rate, equity_risk_premium, beta_override, cost_of_debt_override, tax_rate_override
fcf_growth_override, eps_growth_override, dividend_growth_override	number	—	Force the initial growth of a model
model_weights	object	—	Consensus weights, e.g. {"fcf": 0.6, "eps": 0.4, "ddm": 0}

curl -s -X POST -H "X-API-KEY: $FONREX_API_KEY" -H "Content-Type: application/json" \
  -d '{"models": ["fcf", "eps"], "projection_years": 10, "terminal_growth_rate": 0.02,
       "wacc_params": {"risk_free_rate": 0.035}}' \
  http://localhost:5000/dcf/AIR.PA

A terminal growth rate within half a point of the discount rate is capped (discount rate − 0.5 %) with a warning. Asking for ddm for a company that pays no dividend answers 404.

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GET /dcf/{ticker}/compare

The three models side by side, with their weighted consensus. A company without a dividend gets a DDM entry valued at zero with a warning, and the consensus is computed from FCF and EPS.

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GET /dcf/{ticker}/sensitivity

Intrinsic value for a grid of WACC (rows) × terminal growth (columns).

Parameter	Default
model	fcf
wacc_min, wacc_max, wacc_step	0.06, 0.16, 0.02
growth_min, growth_max, growth_step	0.01, 0.05, 0.01
force_refresh	false

The answer holds ticker, model, wacc_range, growth_range and matrix; each cell gives the intrinsic value and the upside or downside against the current price.

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GET /macro/rates

The risk-free rate used by the valuation:

{
  "risk_free_rate": {
    "series_id": "DGS10",
    "label": "10-Year Treasury Constant Maturity Rate",
    "value": "0.0412",
    "unit": "percent",
    "observation_date": "2026-10-07"
  }
}

value is a ratio (0.0412 = 4.12 %), serialised as a string, although unit says percent. It comes from Redis (6 hours), then from the value stored in macro_rates_cache when it was read from FRED less than 6 hours ago, then from the FRED API (FRED_API_KEY), and finally from an older stored value. Without any value, risk_free_rate is null and the valuation uses DCF_RISK_FREE_RATE.