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, the simplest case of 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
- Assumptions, rows 16–18: Revenue, FY0A, Revenue, FY1E, Revenue, 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, Weight on earlier fiscal year, Weight on following fiscal year
- Calendarisation, rows 11–13: Revenue, CY0, EBITDA, CY0, Net income, CY0
- Calendarisation, rows 16–22: Revenue, CY1, EBITDA, CY1, Net income, CY1, Revenue growth, CY1 vs CY0…
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).