Calendarisation
Every peer on the same calendar year.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: calendarisation.Updated 30 September 2026
What it does
The step that puts every peer’s figures on the same twelve months before any multiple is read. A peer whose fiscal year ends in month M of calendar year N has M of that year’s months in FY_N and the rest in FY_(N+1); calendar year N is the two fiscal years weighted by those months. A December year end weights entirely to itself, which is the check.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, row 13: Fiscal year end (month number)
- Assumptions, rows 16–18: Revenue, last fiscal year (FY0A), Revenue, current fiscal year (FY1E), Revenue, next fiscal year (FY2E)
- Assumptions, rows 21–23: EBITDA, FY0A, EBITDA, FY1E, EBITDA, FY2E
- Assumptions, rows 26–28: Net income, FY0A, Net income, FY1E, Net income, FY2E
- Calendarisation, rows 6–8: Fiscal year end month, Share of the fiscal year inside the calendar year, Share taken from the following fiscal year
- Calendarisation, rows 11–13: Revenue, EBITDA, Net income
- Calendarisation, rows 16–21: Revenue, EBITDA, Net income, Revenue growth, calendar year 1 on 0…
What a reviewer looks for
- Leaving a March or June year end on fiscal-year figures beside December peers.
- Weighting by quarters when the year end falls mid-quarter, or the other way round.
- Calendarising the balance sheet, which is a point in time and is not averaged.
Learn it, then build it
Understand · Primer
Comparable Company Valuation
Build · Lab · ~15 min
Comps Explorer
Curate a peer set you can defend name by name, calendarise it to one year end, and say what the median does and does not tell you.
Read · Guide · 7 min
Comparable Companies (Comps) Interview Questions
Vocabulary: Calendarisation, Comparable Companies (Comps).