Terms of service.

Who this is between.

These terms form a binding agreement between you (the "User") and the operators of Intrinsic ("we", "us", "Intrinsic"). They govern your access to and use of the Intrinsic website and the services made available through it (together, the "Service"). By creating an account, signing in, or generating a report, you confirm that you have read and accept these terms.

You must be at least 18 years old to use the Service. If you are using it on behalf of an organisation, you confirm that you have authority to bind that organisation.

What the service does.

Intrinsic generates discounted cash flow and comparable company analyses for S&P 500 constituents, delivered as Excel workbooks. Inputs are user-controlled. The model is deterministic. Optional AI-assisted features are clearly labelled as such. The Service is described in further detail on our methodology page.

Your account.

You are responsible for keeping your account credentials secure and for all activity that takes place under your account. You agree to provide accurate information when registering and to keep that information current. You may not share, sell, or transfer your account. We may suspend or close accounts that show signs of automated abuse, credential sharing, or attempts to circumvent rate limits.

This is early software.

The Service is currently in beta. Features may change, behave unpredictably, or be removed. Outputs may contain errors. Data we hold for you may be lost in the event of a serious incident. We will make a reasonable effort to avoid that, but we cannot promise it will not happen.

Free during beta.

The Service is currently free, subject to a daily report cap. We reserve the right to introduce paid tiers in the future. When we do, existing users will be given clear notice and will not be charged retroactively for any past usage.

What you cannot do.

You agree not to:

• Scrape, mirror, or systematically extract data from the Service.
• Use automated tools, bots, or scripts to bypass rate limits or interact with the Service in ways not intended by the user interface.
• Reverse engineer, decompile, or attempt to derive the source code of the Service, except to the extent expressly permitted by applicable law.
• Resell, sublicense, or redistribute access to the Service without our written permission.
• Use the Service to violate any law, infringe any intellectual property right, or harm any third party.
• Interfere with the operation of the Service, including by attempting denial-of-service attacks, probing for vulnerabilities, or introducing malware.
• Misrepresent the nature of the Service or its outputs to third parties — for example, by presenting an Intrinsic report as institutional research authored by a regulated firm.

What we own, what you own.

The Service, including its code, design, logos, brand identity, model logic, and Excel templates, is owned by Intrinsic and protected by intellectual property law. We grant you a limited, non-exclusive, non-transferable, revocable licence to access and use the Service for personal or internal business purposes, subject to these terms.

You retain ownership of the assumptions you input. The Excel workbooks generated for you are yours to use, edit, and share for non-commercial purposes. Commercial redistribution of workbooks at scale, or use of workbooks as the basis for a competing service, requires written permission.

Your content.

When you submit assumptions, peer selections, or other inputs to the Service, you grant us a limited, non-exclusive, royalty-free licence to process that content solely to provide the Service to you. This licence ends when you delete the relevant data or your account, except where we must retain it for legal or security reasons.

Where the financials come from.

The Service uses public financial data sourced from Yahoo Finance and SEC EDGAR. We make no representation about the accuracy, completeness, or timeliness of that data. Yahoo's and the SEC's own terms govern the data at source; you should review them if you intend to redistribute outputs that incorporate it. Reliance on the data is at your own risk.

As-is, as-available.

The Service is provided on an "as is" and "as available" basis. To the fullest extent permitted by law, we disclaim all warranties, express or implied, including warranties of merchantability, fitness for a particular purpose, non-infringement, and uninterrupted or error-free operation. We do not warrant that outputs are accurate or that the Service will meet your requirements.

Nothing in the Service constitutes investment advice. See our disclaimer page for the detailed position.

Limits of liability.

To the fullest extent permitted by applicable law, we will not be liable for any indirect, incidental, special, consequential, or punitive damages, or for any loss of profits, revenues, data, business opportunities, goodwill, or investment losses, whether arising in contract, tort, negligence, or otherwise, even if we have been advised of the possibility of such damages.

Our total aggregate liability arising out of or relating to the Service is limited to the greater of (a) the fees you have paid us in the twelve months preceding the claim, or (b) one hundred pounds sterling (£100). For users who have not paid any fees, the cap is one hundred pounds sterling (£100).

Nothing in these terms limits or excludes liability that cannot lawfully be limited or excluded under English law, including liability for death or personal injury caused by negligence, fraud, or fraudulent misrepresentation.

Indemnity.

You agree to indemnify and hold us harmless from any claims, losses, damages, and expenses (including reasonable legal fees) arising from your breach of these terms, your misuse of the Service, or your violation of any law or third-party right.

Ending the relationship.

You may stop using the Service and delete your account at any time from your account menu. We may suspend or terminate your access at any time, with or without cause and with or without notice, including for breach of these terms or suspected abuse.

Sections that by their nature should survive termination — including intellectual property, disclaimers, liability, indemnity, and governing law — will remain in effect.

When these terms are updated.

We may update these terms from time to time. The current version is always available at this URL with the "last updated" date at the top. For material changes, we will give active users reasonable notice by email before the new terms take effect. Continued use of the Service after that date constitutes acceptance.

English law, English courts.

These terms are governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction to hear any dispute arising out of or in connection with these terms or the Service, except that consumers based outside England and Wales retain the protection of any mandatory consumer law in their country of residence.

How to reach us.

For any question about these terms, email getintrinsic@gmail.com.