gloomberb 0.19.0 → 0.19.2

package/src/plugins/builtin/ticker-detail/data-panes/historical-prices.tsx

@@ -24,7 +24,8 @@ import {
   barPriceDecimals, formatBarPrice, historyAllStart, historyBarsAfterHole, historyChangeBaseNote, historyMissingPeriodsNote, quotedPriceDivisor,
 } from "../../../../cli/history-rows";
 import {
-  MISSING_VOLUME_TEXT, missingVolumeCount, missingVolumeNotice, pricePointValues, priceHistoryIntegrityNotice,
+  MISSING_VOLUME_TEXT, missingVolumeCount, missingVolumeNotice, pricePointValues, pricePointWickFlags, priceHistoryIntegrityNotice,
+  priceHistoryWickNotice,
 } from "../../../../utils/price-history-integrity";
 import {
   useAssetData,
@@ -257,6 +258,7 @@ export function HistoricalPricesPane({ focused, width, height }: PaneProps) {
     [points, venue],
   );
   const integrityNotice = priceHistoryIntegrityNotice(rows.filter((row) => row.point.integrity).length);
+  const wickNotice = useMemo(() => priceHistoryWickNotice(points.filter((point) => pricePointWickFlags(point).length > 0).length), [points]);
   const volumeMissing = useMemo(() => missingVolumeCount(rows.map((row) => ({
     ...row.point, date: row.time, partial: row.partial, filled: row.filled,
   }))), [rows]);
@@ -356,7 +358,7 @@ export function HistoricalPricesPane({ focused, width, height }: PaneProps) {
 
   usePaneNoticeFooter({
     registrationId: "historical-prices:integrity",
-    notices: [integrityNotice, volumeNotice, ...gapNotices].filter((notice): notice is string => !!notice),
+    notices: [integrityNotice, wickNotice, volumeNotice, ...gapNotices].filter((notice): notice is string => !!notice),
     focused,
     title: "Price history data",
   });
@@ -404,6 +406,7 @@ export function HistoricalPricesPane({ focused, width, height }: PaneProps) {
           : loading ? (rows.length ? "Refreshing" : "Loading") : rows.length ? "Available" : "Empty"],
         ...(allStart ? [["Source starts", allStart]] : []),
         ...(integrityNotice ? [["Warning", integrityNotice]] : []),
+        ...(wickNotice ? [["Warning", wickNotice]] : []),
         ...gapNotices.map((notice) => ["Gap note", notice]),
         ...(volumeNotice ? [["Volume note", volumeNotice]] : []),
         ...(error ? [["Error", error]] : []),

package/src/plugins/builtin/ticker-detail/financials/model.ts

@@ -505,13 +505,46 @@ function coversLatestYear(ttm: FinancialTableStatement, latestYear: FinancialSta
   return days <= 7;
 }
 
+/** Counts of the shares a company has issued or has outstanding, which are never zero; treasury shares can be. */
+const OUTSTANDING_COUNT_FIELDS = ["basicShares", "dilutedShares", "shareIssued", "ordinarySharesNumber"] as const;
+
+/**
+ * Share counts that cannot be the company's: zero, or under a thousandth of its
+ * typical count (IAG's 4,642 for Q3 2025, millions read as shares, which shows
+ * as 0.00 bn and a fall of 100%). They are missing, not a value to grow from.
+ */
+function withoutImpossibleShareCounts(
+  annualStatements: FinancialStatement[],
+  quarterlyStatements: FinancialStatement[],
+): { annualStatements: FinancialStatement[]; quarterlyStatements: FinancialStatement[] } {
+  const all = [...annualStatements, ...quarterlyStatements];
+  const floors = new Map<string, number>();
+  for (const field of OUTSTANDING_COUNT_FIELDS) {
+    const counts = all.map((row) => row[field]).filter((value): value is number => typeof value === "number" && value > 0).sort((a, b) => a - b);
+    floors.set(field, counts.length ? counts[Math.floor(counts.length / 2)]! / 1000 : 0);
+  }
+  const impossible = (row: FinancialStatement, field: typeof OUTSTANDING_COUNT_FIELDS[number]) => {
+    const value = row[field];
+    return typeof value === "number" && (value <= 0 || value < floors.get(field)!);
+  };
+  const clean = (rows: FinancialStatement[]) => rows.map((row) => {
+    const drop = OUTSTANDING_COUNT_FIELDS.filter((field) => impossible(row, field));
+    if (!drop.length) return row;
+    const next = { ...row };
+    for (const field of drop) delete next[field];
+    return next;
+  });
+  return { annualStatements: clean(annualStatements), quarterlyStatements: clean(quarterlyStatements) };
+}
+
 export function selectFinancialStatements(
   period: FinancialPeriod,
   statement: string,
-  annualStatements: FinancialStatement[],
-  quarterlyStatements: FinancialStatement[],
+  servedAnnual: FinancialStatement[],
+  servedQuarterly: FinancialStatement[],
   limit = period === "annual" ? 5 : 6,
 ) {
+  const { annualStatements, quarterlyStatements } = withoutImpossibleShareCounts(servedAnnual, servedQuarterly);
   // A period with nothing on this statement (a fiscal year-end balance point on
   // the income statement) would render as an all-dash column.
   const tabRows = FINANCIAL_SUB_TABS.find((tab) => tab.key === statement)?.rows;

package/src/plugins/builtin/ticker-detail/financials/ratios.ts

@@ -4,6 +4,7 @@ import { formatNumber, pickUnit } from "../../../../utils/format";
 import { pricePointIntegrity } from "../../../../utils/price-history-integrity";
 import { formatPerShareNumber } from "../../../../utils/reported-money";
 import { hasStatementGap } from "../../../../utils/statement-gaps";
+import { debtAndLeases, leaseBasis, type LeaseBasis } from "../../../../utils/lease-liabilities";
 import { cashAndShortTermInvestments, excludesCashRunway, formatRunwayMonths, SHORT_RUNWAY_HISTORY, monthlyOperatingBurn, QUARTER_MONTHS, reportsShortTermTotal, runwayMonths, YEAR_MONTHS } from "../../../../utils/cash-runway";
 import {
   buildPreviousStatementMap,
@@ -58,6 +59,8 @@ export interface RatioPeriod {
   price: RatioAmount;
   /** The filer reports cash and short-term investments as a total in some period on file (utils/cash-runway). */
   shortTermTotalOnFile?: boolean;
+  /** How net debt treats the lease liabilities the listing's balance sheets report; absent when none do. */
+  leaseBasis?: LeaseBasis;
 }
 
 interface RatioInputDef {
@@ -75,6 +78,13 @@ interface RatioInputDef {
   trailing?: boolean;
   /** A shorter name for quarterly columns, so the label, TTM and its unit fit the label column. */
   trailingLabel?: string;
+  /** Debt net of cash: where the listing reports lease liabilities, a row naming them follows it (withLeaseRow). */
+  netDebt?: boolean;
+  /**
+   * Not an operand: a line the input before it includes or leaves out, shown under it. Neither its value nor
+   * its gap enters the ratio.
+   */
+  memo?: boolean;
   value: (period: RatioPeriod) => RatioAmount;
 }
 
@@ -245,12 +255,41 @@ function marketCap(period: RatioPeriod): RatioAmount {
   return period.price * shares;
 }
 
+/**
+ * Total debt less cash and short-term investments, with the balance sheet's lease liabilities where the listing's
+ * are included (utils/lease-liabilities). A balance sheet without its lease line then has no net debt.
+ */
+function netDebt({ statement, leaseBasis: basis }: RatioPeriod): RatioAmount {
+  const cash = cashAndShortTerm(statement);
+  if (basis === "included") {
+    const lines = debtAndLeases(statement);
+    return lines === undefined || cash === undefined ? "not-reported" : lines.totalDebt + lines.leases - cash;
+  }
+  const debt = finite(statement.totalDebt);
+  return debt === undefined || cash === undefined ? "not-reported" : debt - cash;
+}
+
 function enterpriseValue(period: RatioPeriod): RatioAmount {
-  const debt = finite(period.statement.totalDebt);
-  const cash = cashAndShortTerm(period.statement);
-  if (debt === undefined || cash === undefined) return "not-reported";
+  const debt = netDebt(period);
+  if (isGap(debt)) return debt;
   const cap = marketCap(period);
-  return isGap(cap) ? cap : cap + debt - cash;
+  return isGap(cap) ? cap : cap + debt;
+}
+
+/** The lease liabilities net debt includes, or a US GAAP filer's operating leases it leaves out. */
+const LEASE_ROW_LABEL: Record<LeaseBasis, string> = { included: "incl. leases", excluded: "excl. op. leases" };
+
+/** The ratio with a row naming the listing's lease liabilities under its net debt, when it reports any. */
+function withLeaseRow(def: RatioDef, basis: LeaseBasis | undefined): RatioDef {
+  const at = def.inputs.findIndex((input) => input.netDebt);
+  if (!basis || at < 0) return def;
+  const row: RatioInputDef = {
+    label: LEASE_ROW_LABEL[basis],
+    format: "money",
+    memo: true,
+    value: ({ statement }) => reported(finite(statement.capitalLeaseObligations)),
+  };
+  return { ...def, inputs: [...def.inputs.slice(0, at + 1), row, ...def.inputs.slice(at + 1)] };
 }
 
 const DSO: RatioDef = {
@@ -378,15 +417,7 @@ export const RATIO_TABS: RatioTabDef[] = [
         label: "Net Debt / EBITDA",
         format: "multiple",
         inputs: [
-          {
-            label: "Net Debt",
-            format: "money",
-            value: ({ statement }) => {
-              const debt = finite(statement.totalDebt);
-              const cash = cashAndShortTerm(statement);
-              return debt === undefined || cash === undefined ? "not-reported" : debt - cash;
-            },
-          },
+          { label: "Net Debt", format: "money", netDebt: true, value: netDebt },
           trailingFlow("EBITDA", line("ebitda"), "÷"),
         ],
         compute: ([debt, ebitda]) => over(debt!, ebitda!),
@@ -517,7 +548,7 @@ export const RATIO_TABS: RatioTabDef[] = [
         label: "EV / EBITDA",
         format: "multiple",
         inputs: [
-          { label: "Enterprise Value", format: "money", value: enterpriseValue },
+          { label: "Enterprise Value", format: "money", netDebt: true, value: enterpriseValue },
           trailingFlow("EBITDA", line("ebitda"), "÷"),
         ],
         // A negative enterprise value makes the multiple meaningless too.
@@ -568,10 +599,11 @@ function inputAmount(input: RatioInputDef, period: RatioPeriod): RatioAmount {
 
 export function evaluateRatio(def: RatioDef, period: RatioPeriod): RatioCell {
   const inputs = def.inputs.map((input) => inputAmount(input, period));
-  const gap = GAP_ORDER.find((candidate) => inputs.includes(candidate));
+  const operands = inputs.filter((_, index) => !def.inputs[index]!.memo);
+  const gap = GAP_ORDER.find((candidate) => operands.includes(candidate));
   if (gap) return { value: gap, inputs };
-  const values = inputs.map((amount, index) => (
-    def.inputs[index]!.annualized && period.quarterly ? (amount as number) * QUARTERS_PER_YEAR : amount as number
+  const values = def.inputs.flatMap((input, index) => (
+    input.memo ? [] : [input.annualized && period.quarterly ? (inputs[index] as number) * QUARTERS_PER_YEAR : inputs[index] as number]
   ));
   const value = def.compute(values, period);
   return { value: isGap(value) || Number.isFinite(value) ? value : "not-meaningful", inputs };
@@ -702,6 +734,7 @@ export function ratioPeriods(
   onFile: { annual: readonly FinancialStatement[]; quarterly: readonly FinancialStatement[] } = { annual: [], quarterly: [] },
 ): RatioPeriod[] {
   const shortTermTotalOnFile = reportsShortTermTotal([...onFile.annual, ...onFile.quarterly, ...statements]);
+  const leases = leaseBasis([...onFile.annual, ...onFile.quarterly, ...statements]);
   return statements.map((statement) => {
     const quarterly = period === "quarterly" && statement.date !== "TTM";
     return {
@@ -711,6 +744,7 @@ export function ratioPeriods(
       ...(quarterly ? { trailing: trailingYear(statement, onFile.annual, onFile.quarterly) } : {}),
       price: price(statement),
       shortTermTotalOnFile,
+      ...(leases ? { leaseBasis: leases } : {}),
     };
   });
 }
@@ -758,11 +792,12 @@ export function buildRatioTableModel(
 ): RatioTableModel {
   const quarterly = periods.some((period) => period.quarterly);
   const totalOnFile = periods.some((period) => period.shortTermTotalOnFile);
+  const leases = periods.find((period) => period.leaseBasis)?.leaseBasis;
   const ratios = visibleRatios(tab, quarterly)
     .filter((def) => def.format !== "months" || !excludesCashRunway(profile))
     .map((def) => def.format === "months" && !totalOnFile
       ? { ...def, inputs: def.inputs.map((input, index) => index === 0 ? { ...input, label: "Cash" } : input) }
-      : def);
+      : withLeaseRow(def, leases));
   const cells = new Map(ratios.map((def) => [def.id, periods.map((period) => evaluateRatio(def, period))]));
   const inputs = ratios.flatMap((def) => def.inputs.map((input, index) => {
     const values = cells.get(def.id)!.map((cell) => cell.inputs[index]).filter((value) => typeof value === "number");

package/src/plugins/builtin/ticker-detail/headless.ts

@@ -1,4 +1,7 @@
-import { FINANCIAL_VINTAGE_NOTICE, filledPeriodsNote, stalePeriodNote, statementHistoryNotes } from "../../../utils/financial-statements";
+import {
+  FINANCIAL_VINTAGE_NOTICE, filledPeriodsNote, hasOlderStatements, reportsHalfYearly, stalePeriodNote, statementHistoryNotes,
+} from "../../../utils/financial-statements";
+import { canonicalExchange } from "../../../utils/exchanges";
 import { hasValidQuoteObservationTime } from "../../../market-data/quotes/freshness";
 import { EXTENDED_SESSION_LABELS, getQuoteSessionFields, quoteHeadlineTime, type ExtendedSession } from "../../../market-data/market/status";
 import type { HeadlessPaneColumn, HeadlessPaneDefinition, HeadlessPaneFreshness, HeadlessPaneOptionValues } from "../../../types/headless";
@@ -6,7 +9,8 @@ import type { TimeRange } from "../../../time-series/range";
 import { formatNumber, formatPercentRaw } from "../../../utils/format";
 import { formatMarketPrice, formatMarketPriceWithCurrency, formatPriceObservation, penceFigure, quoteFormatOptions, withCurrencyMinorDigits, type MarketFormatOptions } from "../../../market-data/market/format";
 import {
-  MISSING_VOLUME_TEXT, missingVolumeCount, missingVolumeNotice, pricePointValues, priceHistoryIntegrityNotice,
+  MISSING_VOLUME_TEXT, missingVolumeCount, missingVolumeNotice, pricePointValues, pricePointWickFlags, priceHistoryIntegrityNotice,
+  priceHistoryWickNotice,
 } from "../../../utils/price-history-integrity";
 import {
   buildFinancialTableModel, financialStatementCurrency, financialStatementDateNotice, financialStatementLimitations,
@@ -151,18 +155,23 @@ export const financialStatementsHeadless: HeadlessPaneDefinition<"rows"> = {
     const stale = table ? stalePeriodNote(financialStatementPeriods(table.statements, table.subTab)) : null;
     // Years filled from the listing's exchange, with the lines this table shows.
     const filled = table ? filledPeriodsNote(table.statements, financialSubTabFields(table.subTab)) : null;
+    const periodDates = dates.map(({ date }) => date);
+    const missing = rows.length ? null : await missingPeriodsError(ctx, symbol, financials, requestedPeriod, hasRequestedStatements, options.statement);
     return {
       rows, columns, unavailableSymbols: rows.length ? [] : [symbol],
-      ...(!hasRequestedStatements ? { errors: [`${symbol}: No ${requestedPeriod} financial statement coverage.`] } : {}),
+      ...(missing ? { errors: [missing] } : {}),
       // The report closes with how old its latest period is, how far back its periods go, and how to read further.
-      notes: [...stale ? [stale] : [], ...filled ? [filled] : [], ...offering ? [offering] : [], ...statementHistoryNotes(requestedPeriod, dates.map(({ date }) => date), symbol)],
+      notes: [...stale ? [stale] : [], ...filled ? [filled] : [], ...offering ? [offering] : [],
+        ...statementHistoryNotes(requestedPeriod, periodDates, symbol, await reportOlderStatements(ctx, symbol, requestedPeriod, periodDates))],
       metadata: {
         symbol, name: financials.quote?.name ?? symbol, currency: statementCurrency ?? null, unit: table?.unit ?? null, quoteCurrency: financials.quote?.currency ?? null,
         statement: table?.subTab.key ?? options.statement, statementLabel: table?.subTab.name ?? null,
         period: requestedPeriod, growthBasis: requestedPeriod === "quarterly" ? "QoQ" : "YoY", columns: dates,
         shareBasis: shareBases.size === 1 ? [...shareBases][0] ?? null : null,
         ...(receiptPeriods.length > 0 ? { adrRatio: financials.fundamentals?.adrRatio ?? financials.quote?.adrRatio ?? null } : {}),
-        notices: rows.length ? [FINANCIAL_VINTAGE_NOTICE, ...(shareBasisNotice ? [shareBasisNotice] : [])] : [],
+        // A quarter's change is against the quarter before it, which a reader of a table of quarters must be told.
+        notices: rows.length ? [FINANCIAL_VINTAGE_NOTICE, ...requestedPeriod === "quarterly" ? [QUARTERLY_GROWTH_NOTICE] : [],
+          ...(shareBasisNotice ? [shareBasisNotice] : [])] : [],
         limitations: financialStatementLimitations(financials),
         dateProvenance: financialStatementDateNotice(table?.statements ?? []),
       },
@@ -172,6 +181,44 @@ export const financialStatementsHeadless: HeadlessPaneDefinition<"rows"> = {
 
 const reportAmount = (amount: RatioAmount) => (typeof amount === "number" ? amount : null);
 
+/** What a table of quarters says its growth is measured against. */
+const QUARTERLY_GROWTH_NOTICE = "Growth is vs prior quarter.";
+
+type HeadlessContext = Parameters<typeof financialStatementsHeadless.load>[1];
+
+/** Whether GF, reading the listing's extended statement history, goes back further than the report (statementHistoryNotes). */
+function reportOlderStatements(ctx: HeadlessContext, symbol: string, period: "annual" | "quarterly", dates: readonly string[]) {
+  return hasOlderStatements(async () => {
+    const { symbol: bare, exchange } = await resolveHeadlessInstrument(ctx, symbol);
+    return ctx.marketData.getTickerFinancials(bare, exchange ?? "", { statementHistory: "extended" });
+  }, period, dates);
+}
+
+/**
+ * Why a statements report has no rows, and what to read instead: a listing
+ * with years but no quarters names its years, and says so of a company that
+ * reports half-yearly (Qantas on ASX). Null when it has years and quarters,
+ * whatever this table lacks.
+ */
+async function missingPeriodsError(
+  ctx: HeadlessContext,
+  symbol: string,
+  financials: Awaited<ReturnType<typeof loadHeadlessFinancials>>,
+  period: "annual" | "quarterly",
+  hasRequestedStatements: boolean,
+  statement: unknown,
+): Promise<string | null> {
+  const hasYears = financials.annualStatements.length > 0;
+  if (period === "annual" || !hasYears) return hasRequestedStatements ? null : `${symbol}: No ${period} financial statement coverage.`;
+  const exchange = await resolveHeadlessInstrument(ctx, symbol).then(({ exchange }) => canonicalExchange(exchange ?? ""))
+    .catch(logFailure("ticker-detail.headless", "Resolving the listing of a statements report failed", ""));
+  const halfYearly = reportsHalfYearly(exchange, financials.quarterlyStatements);
+  if (hasRequestedStatements && !halfYearly) return null;
+  const tab = typeof statement === "string" && statement && statement !== "income" ? ` --statement ${statement}` : "";
+  const years = `For its years: gloom fn FA ${symbol} --period annual${tab}`;
+  return halfYearly ? `${symbol} reports half-yearly, not quarterly. ${years}` : `${symbol}: No quarterly financial statement coverage. ${years}`;
+}
+
 /** The note that an offering filed after the latest balance sheet is not in its cash yet; a failed read leaves it out. */
 async function reportOfferingNote(
   ctx: Parameters<typeof financialStatementsHeadless.load>[1],
@@ -240,16 +287,18 @@ async function loadRatioReport(
   const runwayShown = liquidity && table.ratios.some((def) => def.format === "months"
     && table.cells.get(def.id)!.some((cell) => typeof cell.value === "number"));
   const offering = liquidity ? await reportOfferingNote(ctx, symbol, financials) : null;
+  const periodDates = dates.map(({ date }) => date);
+  const missing = rows.length ? null : await missingPeriodsError(ctx, symbol, financials, period, hasRequestedStatements, tab.key);
   return {
     rows, columns, unavailableSymbols: rows.length ? [] : [symbol],
-    ...(!hasRequestedStatements ? { errors: [`${symbol}: No ${period} financial statement coverage.`] } : {}),
+    ...(missing ? { errors: [missing] } : {}),
     ...(tab.key === "valuation" && hasRequestedStatements && !history?.length ? { complete: false } : {}),
     notes: [
       ...[stalePeriodNote(dates.map(({ periodEnd }) => ({ date: periodEnd, lead: true })))].filter((note): note is string => !!note),
       ...[filledPeriodsNote(table?.periods.map(({ statement }) => statement) ?? [])].filter((note): note is string => !!note),
       ...offering ? [offering] : [],
       ...runwayShown ? [runwayMethod(reportsShortTermTotal([...financials.quarterlyStatements, ...financials.annualStatements]))] : [],
-      ...statementHistoryNotes(period, dates.map(({ date }) => date), symbol),
+      ...statementHistoryNotes(period, periodDates, symbol, await reportOlderStatements(ctx, symbol, period, periodDates)),
     ],
     metadata: {
       symbol, name: financials.quote?.name ?? symbol, currency: statementCurrency ?? null,
@@ -453,7 +502,9 @@ export const historicalPricesHeadless: HeadlessPaneDefinition<"rows"> = {
     const drawdown = maxDrawdown(shown);
     const drawdownLine = drawdown ? maxDrawdownText(drawdown, { basis: `${historyBarSizeWord(size)} closes`, price: (value) => formatBarPrice(value, decimals),
       date: (value) => isDailyOrLongerBar(size) ? value.slice(0, 10) : formatUtcTime(value) }) : null;
-    const reportNotices = [drawdownLine, notice].filter((line): line is string => line != null);
+    // A wick left out of the range is said, though the bar's close still counts.
+    const wickNotice = priceHistoryWickNotice(points.filter((point) => pricePointWickFlags(point).length > 0).length);
+    const reportNotices = [drawdownLine, notice, wickNotice].filter((line): line is string => line != null);
     return {
       rows: shown,
       columns: historyColumns(size, marked, false, false, decimals),

package/src/plugins/builtin/ticker-detail/overview/model.ts

@@ -1,9 +1,9 @@
 import { formatPriceEarnings, NOT_MEANINGFUL } from "../../../../utils/price-earnings";
 import { convertMarketCapitalization } from "../../../../utils/market-capitalization";
 import { priceColor } from "../../../../theme/colors";
-import type { CompanyProfile, DepositaryPair, NextEarnings, Quote, TickerFinancials } from "../../../../types/financials";
+import type { CedearRatio, CompanyProfile, DepositaryPair, NextEarnings, Quote, TickerFinancials } from "../../../../types/financials";
 import { adrRatioText } from "../../../../utils/depositary-receipt";
-import { ratioCount } from "../../../../market-data/depositary-pair";
+import { cedearRatioText, ratioCount } from "../../../../market-data/depositary-pair";
 import { ADR_PAIR_TAB_ID, ADR_PAIR_TEMPLATE_ID } from "../adr-pair/model";
 import type { Portfolio, TickerPosition, TickerRecord } from "../../../../types/ticker";
 import type { BrokerInstanceConfig } from "../../../../types/config";
@@ -151,6 +151,7 @@ export function buildOverviewStats({
   nextEarnings,
   depositaryReceipt = false,
   depositaryPair = null,
+  cedearRatio = null,
   today,
   dividend,
   bond = null,
@@ -169,6 +170,8 @@ export function buildOverviewStats({
   depositaryReceipt?: boolean;
   /** The receipt pair the listing is a side of, as Gloom Cloud serves it; `receiptSide` when the listing is the receipt. */
   depositaryPair?: { pair: DepositaryPair; receiptSide: boolean } | null;
+  /** A Buenos Aires CEDEAR's ratio in its company's shares, as Gloom Cloud serves it. */
+  cedearRatio?: CedearRatio | null;
   /** The listing's calendar day, YYYY-MM-DD; dates before it are left out. */
   today?: string;
   /** The history the dividend yield reads (useOverviewDividend): a trailing one is measured from its cash, a forward one stops with it; without it the yield stands. */
@@ -223,6 +226,11 @@ export function buildOverviewStats({
       ? { label: "ADR Ratio", value: `1:${count}`, detail: [adrRatioText(pair.ratio)!, `${count} sh per ADR`], link: ADR_PAIR }
       : { label: "ADR", value: pair.receipt, detail: [`1 ADR = ${count} of these shares`, `1:${count}`], link: ADR_PAIR });
   }
+  if (cedearRatio) {
+    const receipts = ratioCount(cedearRatio.receipts);
+    const shares = ratioCount(cedearRatio.shares);
+    stats.push({ label: "CEDEAR Ratio", value: `${receipts}:${shares}`, detail: [cedearRatioText(cedearRatio), `${receipts} per ${shares} sh`] });
+  }
   const trailingPE = liveTrailingPE(quote, fundamentals);
   if (trailingPE != null) {
     stats.push({ label: "P/E (TTM)", value: formatPriceEarnings(trailingPE) });

package/src/plugins/builtin/ticker-detail/overview-tab.tsx

@@ -42,7 +42,7 @@ import { appTtmRate, enterpriseValueReconciliationNote, ttmAtAppRate, ttmConvers
 import { atRegularSessionPrice } from "../../../market-data/quotes/regular-session-valuation";
 import { zonedDateKey } from "../../../utils/zoned-date-time";
 import { sharesOutstandingInReceipts } from "../../../utils/depositary-receipt";
-import { isReceiptSide, listingDepositaryPair } from "../../../market-data/depositary-pair";
+import { isReceiptSide, listingCedearRatio, listingDepositaryPair } from "../../../market-data/depositary-pair";
 import {
   CompactRangeBar,
   FundamentalsGrid,
@@ -335,6 +335,7 @@ function ResolvedOverviewTab({ width, height, focused = false, ticker, financial
     nextEarnings: financials?.nextEarnings,
     depositaryReceipt: sharesOutstandingInReceipts(quote, fundamentals, description),
     depositaryPair: depositaryPair ? { pair: depositaryPair, receiptSide: isReceiptSide(financials) } : null,
+    cedearRatio: listingCedearRatio(financials),
     // Report and ex-dividend dates are the listing's calendar days.
     today: zonedDateKey(Date.now(), chartTimeZone ?? "America/New_York"),
     dividend,

package/src/plugins/builtin/ticker-detail/pane.tsx

@@ -326,16 +326,21 @@ export function TickerResearchPane({ focused, width, height }: PaneProps) {
     selectResearchTab(tabId);
     return true;
   }, [selectResearchTab, visibleTabIds]);
+  // Without a ticker the pane draws only its empty state, and the tab list has
+  // no Overview, so the fallback above lands on the first tab that needs no
+  // ticker. Nobody opened it, and keeping it mounted would load its data on
+  // every ticker switch.
+  const shownTabId = ticker && visibleTabIds.has(resolvedTabId) ? resolvedTabId : null;
   const renderedTabIds = useMemo(() => {
     const next = new Set<string>();
     for (const tabId of mountedTabIds) {
       if (visibleTabIds.has(tabId)) next.add(tabId);
     }
-    if (visibleTabIds.has(resolvedTabId)) {
-      next.add(resolvedTabId);
+    if (shownTabId) {
+      next.add(shownTabId);
     }
     return next;
-  }, [mountedTabIds, resolvedTabId, visibleTabIds]);
+  }, [mountedTabIds, shownTabId, visibleTabIds]);
 
   const handlePluginCapture = useCallback((capturing: boolean) => {
     setPluginCaptured(capturing);
@@ -354,12 +359,12 @@ export function TickerResearchPane({ focused, width, height }: PaneProps) {
       for (const tabId of current) {
         if (visibleTabIds.has(tabId)) next.add(tabId);
       }
-      if (visibleTabIds.has(resolvedTabId)) {
-        next.add(resolvedTabId);
+      if (shownTabId) {
+        next.add(shownTabId);
       }
       return sameStringSet(current, next) ? current : next;
     });
-  }, [resolvedTabId, visibleTabIds]);
+  }, [shownTabId, visibleTabIds]);
 
   if (!ticker) {
     const isEmptyFollowCollection = paneInstance?.binding?.kind === "follow" && !!collectionId && collectionTickerCount === 0;

package/src/plugins/builtin/treasury-auctions/cache.ts

@@ -1,4 +1,5 @@
-import { createPluginCache } from "../../../data/plugin-cache";
+import { createPluginCache, savedCopyForTransientFailure } from "../../../data/plugin-cache";
+import { servedFromSavedCopy } from "../../../data/saved-copies";
 import type { ConnectionHealthRegistry } from "../../../core/connection-health";
 import type { PluginPersistence } from "../../../types/plugin";
 import {
@@ -37,6 +38,8 @@ export interface TreasuryAuctionsResult {
   fetchedAt: number;
   /** True when the network failed and expired cache was served instead. */
   stale: boolean;
+  /** The refresh failed and the copy saved at this time (ms) answered instead. */
+  savedAt?: number;
   refreshError?: string;
 }
 
@@ -84,11 +87,18 @@ export async function loadTreasuryAuctions(
   window: AuctionHistoryWindow = AUCTION_HISTORY_DAYS,
 ): Promise<TreasuryAuctionsResult> {
   if (window === AUCTION_HISTORY_ALL) return loadAllTreasuryAuctions(force, loader);
-  const result = await cache.load(`recent:${window}`, walk(loader, () => auctionWindowQuery(window)), { force });
-  return {
+  // A saved board answers only for a failure asking again may get past; a refusal or an invalid page is the error.
+  const result = savedCopyForTransientFailure(await cache.load(`recent:${window}`, walk(loader, () => auctionWindowQuery(window)), { force }));
+  return answered({
     auctions: result.data, fetchedAt: result.fetchedAt, stale: result.stale,
+    ...(result.source === "stale-fallback" ? { savedAt: result.fetchedAt } : {}),
     ...(result.refreshError ? { refreshError: result.refreshError } : {}),
-  };
+  });
+}
+
+/** A board a saved copy answered: marked as one, so a command ends by saying when it was saved, not with its failure. */
+function answered(result: TreasuryAuctionsResult): TreasuryAuctionsResult {
+  return result.savedAt != null ? servedFromSavedCopy(result, result.savedAt) : result;
 }
 
 /**
@@ -100,16 +110,18 @@ export async function loadTreasuryAuctions(
 async function loadAllTreasuryAuctions(force: boolean, loader: AuctionLoader): Promise<TreasuryAuctionsResult> {
   const boundary = auctionArchiveBoundary();
   const [recent, archive] = await Promise.all([
-    cache.load(`since:${boundary}`, walk(loader, () => ({ from: boundary })), { force }),
+    cache.load(`since:${boundary}`, walk(loader, () => ({ from: boundary })), { force }).then(savedCopyForTransientFailure),
     archiveCache.load(`archive:${boundary}`, walk(loader, () => ({
       from: AUCTION_HISTORY_START, before: boundary, pageSize: AUCTION_ARCHIVE_PAGE_SIZE,
-    }))),
+    }))).then(savedCopyForTransientFailure),
   ]);
   const seen = new Set<string>();
   const auctions = [...recent.data, ...archive.data].filter((auction) => !seen.has(auction.id) && Boolean(seen.add(auction.id)));
   const refreshError = recent.refreshError ?? archive.refreshError;
-  return {
+  const savedAt = Math.min(...[recent, archive].map((part) => part.source === "stale-fallback" ? part.fetchedAt : Infinity));
+  return answered({
     auctions, fetchedAt: recent.fetchedAt, stale: recent.stale || archive.stale,
+    ...(Number.isFinite(savedAt) ? { savedAt } : {}),
     ...(refreshError ? { refreshError } : {}),
-  };
+  });
 }

package/src/plugins/builtin/treasury-auctions/client.ts

@@ -1,3 +1,4 @@
+import { ApiRequestError } from "../../../api-client/errors";
 import { createThrottledFetch } from "../../../utils/throttled-fetch";
 import type { TreasuryAuction, TreasuryAuctionRaw } from "./types";
 
@@ -222,9 +223,8 @@ export async function fetchTreasuryAuctions(
 ): Promise<TreasuryAuction[]> {
   return fetchAuctionPages(async (page) => {
     const response = await TREASURY_FETCH.fetch(buildAuctionsUrl(query, page));
-    if (!response.ok) {
-      throw new Error(`Treasury Fiscal Data request failed (${response.status})`);
-    }
+    // The status stays: an overloaded server is a failure a saved board may answer for, a refusal is not.
+    if (!response.ok) throw new ApiRequestError(`Treasury Fiscal Data request failed (${response.status})`, response.status);
     return response.json();
   });
 }

package/src/plugins/builtin/treasury-auctions/headless.ts

@@ -5,6 +5,7 @@ import type {
 import { formatCompact } from "../../../utils/format";
 import { AUCTION_HISTORY_ALL, AUCTION_HISTORY_START, fetchTreasuryAuctions, type AuctionHistoryWindow } from "./client";
 import { loadTreasuryAuctions, type TreasuryAuctionsResult } from "./cache";
+import { unansweredRefreshError } from "../../../data/saved-copies";
 import type { TreasuryAuction } from "./types";
 import { FIXED_INCOME_VIEW_STATE } from "../fixed-income/model";
 import {
@@ -28,27 +29,34 @@ import {
 } from "./model";
 
 /**
- * A completed auction's missing bid-to-cover or bidder split is a blank cell:
- * the source has bid-to-cover regularly from late 1999 and the split only from
- * 2008-04-07. "-" stays for an announced auction whose results are not out yet.
+ * A missing bid-to-cover or bidder split is a blank cell: the source has
+ * bid-to-cover regularly from late 1999 and the split only from 2008-04-07,
+ * and an announced auction has no results to fill them; its Rate says so.
  */
-const missing = (row: Record<string, unknown>) => isPendingAuction(row as unknown as TreasuryAuction) ? "-" : "";
-const formatPercent = (value: unknown, row: Record<string, unknown>) => value == null ? missing(row) : `${Number(value).toFixed(1)}%`;
+const formatPercent = (value: unknown) => value == null ? "" : `${Number(value).toFixed(1)}%`;
+
+/** What an announced auction's Rate reads until the source publishes its results. */
+const RESULTS_NOT_PUBLISHED = "results not published";
+const pending = (row: Record<string, unknown>) => isPendingAuction(row as unknown as TreasuryAuction);
 
 /** Why the stop-out column is not a tail; the docs page says the same at length. */
 const STOP_OUT_NOTE = "Stop-out vs avg is the high yield minus the average/median yield, in bp (bills: discount rates). "
   + "A true tail, the stop-out against the 1 pm when-issued yield, needs the when-issued yield, which the source does not carry.";
 
 const MISSING_METRICS_NOTE = "A blank B/C or bidder share is one the source does not have for that auction: "
-  + "bid-to-cover is regular from late 1999, the indirect, direct and dealer split from 2008-04-07. - is a result not out yet.";
+  + "bid-to-cover is regular from late 1999, the indirect, direct and dealer split from 2008-04-07.";
 
 /** A completed auction the source gives no bid-to-cover or no bidder split for. */
 const lacksMetrics = (auction: TreasuryAuction) => !isPendingAuction(auction)
   && (auction.bidToCoverRatio == null || indirectPct(auction) == null || directPct(auction) == null || dealerPct(auction) == null);
 
-/** The rate as the table prints it; a TIPS or FRN row says what its number is (`2.653% real`, `4.0bp spread`). */
+/**
+ * The rate as the table prints it; a TIPS or FRN row says what its number is
+ * (`2.653% real`, `4.0bp spread`), and an announced auction that its results
+ * are not published yet.
+ */
 const rateCell = (value: unknown, row: Record<string, unknown>) => {
-  const text = formatAuctionRate(row as unknown as TreasuryAuction, value == null ? null : Number(value), "-");
+  const text = formatAuctionRate(row as unknown as TreasuryAuction, value == null ? null : Number(value), pending(row) ? RESULTS_NOT_PUBLISHED : "-");
   const qualifier = value == null ? null : rateQualifier(row as unknown as TreasuryAuction);
   return qualifier ? `${text} ${qualifier}` : text;
 };
@@ -61,14 +69,16 @@ const COLUMNS = [
     key: "rate",
     header: "Rate",
     align: "right" as const,
-    format: (value: unknown, row: Record<string, unknown>) => formatAuctionRate(row as unknown as TreasuryAuction, value == null ? null : Number(value), "-"),
+    format: (value: unknown, row: Record<string, unknown>) => formatAuctionRate(
+      row as unknown as TreasuryAuction, value == null ? null : Number(value), pending(row) ? RESULTS_NOT_PUBLISHED : "-",
+    ),
     textFormat: rateCell,
   },
-  { key: "stopOutVsAvgBp", header: "Stop-out vs avg (bp)", align: "right" as const, format: (value: unknown) => value == null ? "-" : Number(value).toFixed(1) },
   {
-    key: "bidToCoverRatio", header: "B/C", align: "right" as const,
-    format: (value: unknown, row: Record<string, unknown>) => value == null ? missing(row) : Number(value).toFixed(2),
+    key: "stopOutVsAvgBp", header: "Stop-out vs avg (bp)", align: "right" as const,
+    format: (value: unknown, row: Record<string, unknown>) => value == null ? pending(row) ? "" : "-" : Number(value).toFixed(1),
   },
+  { key: "bidToCoverRatio", header: "B/C", align: "right" as const, format: (value: unknown) => value == null ? "" : Number(value).toFixed(2) },
   { key: "indirectPercent", header: "Indirect", align: "right" as const, format: formatPercent },
   { key: "directPercent", header: "Direct", align: "right" as const, format: formatPercent },
   { key: "dealerPercent", header: "Dealer", align: "right" as const, format: formatPercent },
@@ -147,7 +157,8 @@ function createTreasuryAuctionsHeadless(
       ];
       return {
         complete: !result.refreshError,
-        errors: result.refreshError ? [result.refreshError] : [],
+        // A saved copy answering the failed refresh ends the report by saying when it was saved instead.
+        errors: [unansweredRefreshError(result)].filter((error): error is string => !!error),
         notes,
         rows: auctions.map((auction) => ({
           ...auction,