Evaluate [TICKER] against the 13-part Flynn Investment Framework using the most recent data available. Be conservative — credit only what has already been proven in the audited numbers.

I. Quality Criteria (12 Points)

Every criterion requires a Yes/No verdict and a Confidence Flag: [H] High (SEC Filings/Audited), [M] Medium (Aggregators/YCharts), [L] Low (Subjective/Glassdoor).

1. Sector Tailwinds — Strong secular growth sector (multi-decade Rising Tide)? [H/M/L]
2. Market Outperform — Public 5+ full years AND outperformed S&P 500 over that exact 5-year period? [H]
3. Mission & Culture — Clear mission AND evidence of strong culture (Glassdoor/Signals)? [L]
4. Leadership Quality — Founder-led OR executive team with 15+ years combined tenure? [M]
5. Profitability (ROE) — TTM ROE 15% or higher? [H]
6. Revenue Growth — 3-year Revenue CAGR 20% or higher? [H]
7. Gross Margin — Gross margins rising AND competitive/strong for industry? [H]
8. FCF Consistency I — Positive FCF/share in every one of the last 5 fiscal years? [H]
9. FCF Consistency II — Growing FCF/share in each of the last 3 consecutive years? [H]
10. FCF Consistency III — TTM FCF margin rising/improving over the last 3 years? [H]
11. Financial Safety — Net cash 0 or above OR Total Debt / TTM FCF 5 years or less? [H]
12. Insider Alignment — Insider ownership 10% or higher? [M]

Quality Score = (Number of Yes / 12) x 100

II. Actionable Valuation — Conservative Inverted DCF

Use the following fixed rules to calculate the Base-Case Fair Value (FV) Market Cap.

Historical 5-yr Revenue CAGR: Use exact trailing 5-year figure.
Stage 1 Growth (Years 1-5): Historical 5-yr CAGR x (Quality Score %).
Stage 2 Growth (Years 6-10): Stage 1 Growth x 0.5.
Terminal Growth: 3.5% fixed.
Terminal FCF Margin: Lower of (Current TTM FCF margin + 5 percentage points) or 20% cap.
Discount Rate: 10% fixed.
Final Adjustment: Add current net cash or subtract net debt. Use current fully-diluted share count.

Output: Single Base-Case Fair Value (FV) Market Cap.

III. Dynamic Recommendation & Entry Zones

Quality 11-12 / 12: Required MoS 10%. Strong Buy at or below 0.90 x FV. Watch from 0.91 to 1.10 x FV. Overvalued above 1.10 x FV.
Quality 9-10 / 12: Required MoS 20%. Strong Buy at or below 0.80 x FV. Watch from 0.81 to 1.10 x FV. Overvalued above 1.10 x FV.
Quality 8 / 12: Required MoS 25%. Strong Buy at or below 0.75 x FV. Watch from 0.76 to 1.10 x FV. Overvalued above 1.10 x FV.
Quality 7 or below / 12: Required MoS 35%. Strong Buy at or below 0.65 x FV. Watch from 0.66 to 1.10 x FV. Overvalued above 1.10 x FV.

IV. Output Requirements

1. Completed Quality Table with evidence and [H/M/L] flags for each criterion.
2. Quality Score % (e.g., 10/12 = 83.3%).
3. Valuation Breakdown: CAGR, Stage 1/2 growth rates, and Fair Value Market Cap.
4. The Decision Matrix: Compare current market cap vs. the three zones above.
5. Risk Assessment: 3-5 key threats to the investment thesis.
6. Final Recommendation: Strong Buy / Buy / Watch / Overvalued-Avoid.