# Industry Playbooks

Use industry context to choose drivers and caveats, not to override source evidence.

SaaS: ARR/NRR/churn, billings, SBC, sales efficiency, CAC payback, and rule-of-40. Marketplaces: GMV, take rate, cohorts, incentives, fraud, and working capital. Retail/restaurants: units, comps, traffic, ticket, labor, occupancy, remodel capex, and leases.

Industrials/manufacturing: volume, price/cost, utilization, backlog, working capital, maintenance/growth capex, cyclicality. Healthcare services: volume, reimbursement, payer mix, labor, denial rates, regulation. Biotech: milestones, probability, cash runway, dilution, and pipeline risk.

Energy/resources: commodity deck, reserves, decline, abandonment, royalties, and sustaining capex. Real estate/infrastructure: NOI, leases, occupancy, rate cases, concession life, and project capex. Financial institutions: use equity or dividend capacity frameworks unless FCFF is clearly justified.

Distressed cases need liquidity, covenant, refinancing, restructuring cost, and going-concern caveats.