{
  "signal": "certvas-fundamentals-quality-v1",
  "name": "Certvas Fundamentals Quality Signal",
  "version": "v1",
  "sku": "AF-FUND",
  "label": "Published for research and informational use. Not administered as, and not for use as, a regulated benchmark.",
  "grain": "issuer_fiscal_year",
  "point_in_time": "as-reported (first-vintage) values; trailing windows look backwards only; revision intensity counts only restatements observed by observed_at",
  "snapshot_hash": "0424cabdb3b040a0",
  "caveats": [
    "No composite quality score is published in v1. A quality score is conventionally a cross-sectional z-score or percentile, and AF-FUND currently carries 1-4 issuers per fiscal year \u2014 ranking that few issuers would manufacture precision the coverage cannot support. Every metric here is absolute and scaled, so rank them against your own universe.",
    "Point-in-time: metrics use AS-REPORTED (first-vintage) values; margin volatility looks only at fiscal years up to and including the row's own; revision intensity counts only restatements whose latest vintage was observed on or before this cell's knowable date (observed_at). No look-ahead.",
    "accrual_ratio_pct = (net_income - cash_from_operations) / total_assets x 100. A HIGH value means less of the reported profit is backed by operating cash. That association with weaker subsequent earnings is an academic regularity (Sloan 1996), not a prediction and not investment advice.",
    "cash_conversion_pct is null when net income is zero or negative \u2014 the ratio is not meaningful against a non-positive base, and is not published rather than being shown as a misleading sign.",
    "margin_volatility_pp is a sample standard deviation and is null below 3 trailing fiscal years; n_margin_obs publishes the base it was computed on. Read the two together \u2014 a volatility over 3 years is a weak estimate.",
    "revision_intensity_pct is the mean ABSOLUTE revision, so upward and downward restatements do not cancel; n_revisions publishes the base, which is 0 for most issuers because the vintage archive accrues from ingest forward. A revision is not a correction judgement \u2014 it can be a legitimate audit adjustment.",
    "Metrics are computed within an issuer and are therefore currency-neutral, but coverage is thin: a row ships when at least ONE metric is computable, so nulls are common and expected. The panel widens automatically as issuer and vintage coverage grows."
  ],
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