# title
LedgerLeaf Stock Report Markdown Contract

# description
Machine-readable guidance for AI agents that generate Markdown stock research reports for LedgerLeaf upload.

# properties.markdownBody.properties.format.const
GitHub Flavored Markdown with YAML front matter

# properties.qualityRules.default[]
Use public, cited sources for material facts.

# properties.qualityRules.default[]
Do not fabricate current prices, estimates, filings, or source claims.

# properties.qualityRules.default[]
Explain valuation method, assumptions, horizon, and risks.

# properties.qualityRules.default[]
Do not present the report as personalized investment advice.

# properties.stageFramework.default[].markers
Little or no recurring revenue, limited operating history, high cash burn, product-market fit still unproven.

# properties.stageFramework.default[].focus
Addressable market, product evidence, founder quality, runway, funding access, regulatory path, and survival probability.

# properties.stageFramework.default[].valuation
Scenario analysis, milestone valuation, comparable transactions, user or pipeline metrics when justified. Avoid false precision in DCF.

# properties.stageFramework.default[].markers
Fast revenue growth from a small base, negative or volatile margins, heavy reinvestment, customer concentration risk.

# properties.stageFramework.default[].focus
Revenue quality, retention, CAC/LTV, gross margin path, unit economics, sales efficiency, dilution, and path to break-even.

# properties.stageFramework.default[].valuation
Forward revenue or gross-profit multiples, probability-weighted DCF, and explicit downside funding scenarios.

# properties.stageFramework.default[].markers
Large market opportunity, accelerating or durable growth, improving margins, operating leverage beginning to appear.

# properties.stageFramework.default[].focus
Competitive moat, reinvestment runway, margin expansion, cohort quality, international or product expansion, execution capacity.

# properties.stageFramework.default[].valuation
DCF with staged margin assumptions, EV/sales, EV/gross profit, EV/EBITDA if earnings are meaningful, and sensitivity tables.

# properties.stageFramework.default[].markers
Growth near or above GDP, established margins, recurring free cash flow, stable balance sheet, active capital allocation.

# properties.stageFramework.default[].focus
ROIC, cash conversion, pricing power, competitive durability, dividends, buybacks, debt capacity, and management allocation discipline.

# properties.stageFramework.default[].valuation
DCF, dividend discount model when applicable, P/E, EV/EBITDA, EV/FCF, and peer premium or discount analysis.

# properties.stageFramework.default[].markers
Earnings heavily tied to cycles, restructuring, portfolio shift, commodity exposure, or uncertain strategic reset.

# properties.stageFramework.default[].focus
Mid-cycle margins, normalized earnings, cost actions, debt maturities, working capital, cycle indicators, and execution milestones.

# properties.stageFramework.default[].valuation
Mid-cycle earnings, sum-of-the-parts, NAV where relevant, trough/base/upside cases, and balance-sheet stress tests.

# properties.stageFramework.default[].markers
Shrinking market, negative free cash flow, covenant pressure, refinancing risk, asset sales, or going-concern questions.

# properties.stageFramework.default[].focus
Liquidity runway, debt stack, covenants, asset value, liquidation priority, restructuring options, and terminal decline rate.

# properties.stageFramework.default[].valuation
Liquidation value, recovery analysis, asset value, book multiples, and explicit probability of impairment or bankruptcy.