comps git:20260614.5208b4cA

Immutable. This exact content is served forever at /api/v1/blob/4d99acb6d4d9f7bd.

---
name: comps
multi_ticker_semantics: target_with_required_peers
description: Comparable company analysis, trading comps, peer multiples, EV/EBITDA comparison, P/E benchmarking, comps table, relative valuation, industry multiples, precedent transactions, trading comparable analysis
temporal_scope:
 default_quarters: 4
 max_quarters: 12
 description: "Typical lookback: 4 quarters, max: 12"
allowed_tools:
 - search_companies
 - search_xbrl_facts
 - get_company_financials
 - search_earnings_calendar
 - get_company_profile
 - list_xbrl_concepts
 - batch_search
retrieval_scope: structured_only
min_tool_diversity: 5
---

## Preflight

!curl -s -o /dev/null -w "%{http_code}" --max-time 2 https://mcp.agentii.ai/mcp/health 2>/dev/null || echo "UNREACHABLE"


**Agent Call Tracing**: The first tool you call will return a `_run_id` in its result. On every subsequent tool call, include HTTP header `X-Agentii-Trace: agent={skill_name}; parent={caller_name}; instance={instance_label}`. The MCP server will inject run_id, depth, and user_id automatically. When spawning parallel sub-agents of the same type, assign each a unique instance label (e.g., equity-research-1, equity-research-2). See `contracts/x-agentii-trace-header.md` for the full contract.
## Triggers

- analyze comps analysis
- run comps analysis analysis
- produce comps analysis report
- comps analysis breakdown
- comps analysis deep dive
- build a comps analysis
- assess comps analysis
- quantify comps analysis
- compare comps analysis across peers
- review comps analysis for
- generate comps analysis on
- comps analysis for investment decision

## Defaults

| Parameter | Default | Notes |
|---|---|---|
| lookback_years | 3 | Historical data window |
| include_peers | false | Whether to surface a peer comparison block |


## Methodology

### Retrieval Scope

This skill performs unstructured document search at scale across SEC filings (10-K, 10-Q, 8-K). The three-layer agent-use-ready retrieval protocol (Document Discovery → Page Map → Deep Read) applies to all unstructured document search at scale.

### Retrieval Strategy

Follow the retrieval strategy decision tree in `retrieval.md`. This skill uses:
- Branch (a) for structured financial metrics via `search_xbrl_facts` with `list_xbrl_concepts` pre-condition for unfamiliar concepts. **Before querying XBRL facts for peer comparability, call `get_statement_structure/{ticker}?statement_type=income_statement&fiscal_year=<YYYY>` for each peer ticker to verify concept availability — prevents cross-company line-item incomparability where one peer uses a non-standard concept name .**
- Branch (b) for multi-period unstructured queries via `search_cross_period`.
- Branch (c) for single-period document queries via direct `read_source_outline` → `read_source_pages`.
- Branch (d) for simple lookups via `get_company_profile` / `search_earnings_calendar`.

### Temporal Scope

Default: 12 fiscal quarters (max 20). Financial modeling: trailing 12 quarters (3 fiscal years) for long-range projection inputs.

### Tool Allowlist

See frontmatter `allowed_tools` — 12 tools declared for this vertical.

### Protocol

1. Pre-retrieval: call `get_company_fiscal_calendar/{ticker}` to resolve fiscal period format.
2. Concept discovery: call `list_xbrl_concepts(query=<term>, ticker=<T>)` for unfamiliar XBRL concepts.
3. Retrieval: follow the three-layer protocol —
 - Layer 1: `search_documents` / `search_sec_filings` to discover candidate filings.
 - Layer 2: `read_source_outline` to scan page-level metadata.
 - Layer 2.5 (optional): `search_keyword_in_source` to filter large documents.
 - Layer 3: `read_source_pages` to deep-read only selected pages.
4. Evidence-pack handoff: produce `evidence-pack.json` + `evidence-digest.md` per the evidence-pack output contract.
5. **xlsx-financials output**: invoke `xlsx-financials` as sub-skill to produce formatted `.xlsx` comps table workbook. For multi-ticker comps, output to `_cross/{slug}_{date}_statement-income.xlsx` . For single-ticker, output to `{ticker}/{date}_{time}_statement-income.xlsx`.

## Deliverable Chain

```
[search_companies + search_xbrl_facts] → xlsx_build(spec: comps) → xlsx_recalc → xlsx_audit → [.xlsx output]
```

## Validation Gates

1. **peer count**: between 4 and 8. *If failed*: If < 4: flag in Coverage Gaps, proceed with available peers. If > 8: trim to top 8 by sector proximity.
2. **trading multiples**: include EV/EBITDA + P/E at minimum. *If failed*: If either missing: flag which multiple is unavailable and why.
3. **comps statistics table**: present with mean, median, high, low for each multiple. *If failed*: If statistics table missing: refuse delivery.

4. **tool diversity**: distinct MCP tools used in this invocation >= `min_tool_diversity` (5). *If failed*: flag as depth-insufficient in Coverage Gaps, listing which tool categories were unused (structured data / document retrieval / company metadata / earnings calendar / coverage). This gate does NOT block analysis completion — it is a quality signal for your review.

## Tool Fallbacks

| Tool | Failure Mode | Fallback Action | Coverage Annotation |
|------|-------------|-----------------|---------------------|
| `read_source_pages` | SQL error / PROXY_ERROR | Use `search_keyword_in_source(document_id, keyword)` if document_id known; otherwise `search_documents` with same query | "source file unavailable; used keyword search instead" |
| `read_source_deep_outline` | PROXY_ERROR / 404 | Use lightweight `read_source_outline` and flag `deep_outline_degraded: true` | "deep outline unavailable; used lightweight page map instead" |
| `read_source_outline` | PROXY_ERROR / 404 | Use `list_sources` for document-level metadata | "page map unavailable; used document listing instead" |
| `list_xbrl_concepts` | Timeout / 503 | Use direct `search_xbrl_facts` with standard US-GAAP concepts (Revenues, NetIncomeLoss, EarningsPerShareDiluted, OperatingIncomeLoss, Assets) | "concept discovery skipped due to timeout; using standard US-GAAP concepts" |
| `get_company_fiscal_calendar` | Cross-validation failed | Use XBRL-derived period grid from `search_xbrl_facts` `period_end` dates | "fiscal calendar mismatch; using XBRL-derived period grid" |
| `search_unified` | Intermittent error | Use parallel `search_documents` + `search_xbrl_facts` with the same query | "unified search unavailable; used parallel document + XBRL search" |
| `batch_search` | PROXY_ERROR | Use sequential individual calls (one per sub-query) | "batch search unavailable; used sequential calls" |

Tool errors are retried ONCE with the fallback action before escalating to the retrieval gaps failure policy. If both Layer 2 and Layer 3 tools are unavailable, enter document access degradation mode (structured data + metadata only, flag output as degraded).

## Output File

Write the final deliverable to `_cross/{descriptive-slug}_{{YYYY-MM-DD_HHMM}}_comps_{{affix}}.md` or `_sector/{sector_name}/{{YYYY-MM-DD_HHMM}}_comps_{{affix}}.md` .

## Output Structure

1. **Executive Summary** — target company's relative valuation conclusion (premium/discount/fair vs. peers), key multiple that drives the spread
2. **Peer Selection Rationale** — 4-8 peers (Validation Gate 1), sector/industry alignment, size proximity (market cap, revenue scale), business model comparability
3. **Company Profiles** — one paragraph per peer: ticker, market cap, revenue, EBITDA, key business segments, 1-sentence differentiation from target
4. **Trading Multiples Table** — P/E (LTM + NTM), EV/EBITDA (LTM + NTM), EV/Revenue, P/B, PEG ratio for each peer (Validation Gate 2: EV/EBITDA + P/E at minimum)
5. **Valuation Summary** — mean, median, high, low for each multiple (Validation Gate 3: statistics table mandatory). Implied valuation range for target
6. **Relative Value Assessment** — target vs. peer median: premium/discount analysis, justified premium factors (growth, margins, moat), unjustified discount factors (overhang, complexity)
7. **Cross-Company Comparability Notes** — concept availability verified (`get_statement_structure` for each peer), accounting differences flagged, fiscal-year misalignment noted
8. **Coverage Gaps & Citations** — data not retrievable + full citation index in `{ticker} {citation_id} page<N>` format

## Error Handling

| Failure Mode | Detection | Action | User-Facing Message |
|---|---|---|---|
| Missing data | Data API returns empty result set | Widen date range and retry once | "No data available for {ticker} in requested window." |
| Partial data | Data API returns <80% expected records | Proceed with coverage gaps section | "Analysis based on partial data; see Coverage Gaps section." |
| Sector mismatch | Peer sector != target sector | Filter out mismatched peers | "Removed {n} peer(s) due to sector mismatch." |
| Insufficient history | Ticker <3 years on public markets | Downgrade to limited-history profile | "Limited historical data; analysis adjusted accordingly." |
| MCP unreachable | Preflight probe fails | Halt with actionable error | "agentii data plane unreachable; check connection." |