feat: add 4-tier auto-valuation system for negative FCF companies + platform-wide improvements

Report page now auto-detects valuation tier based on company financials:
- Tier 1 (FCF > 0): Traditional DCF analysis
- Tier 2 (EBITDA > 0): EV/EBITDA relative valuation with Bear/Base/Bull scenarios
- Tier 3 (Rev Growth > 10%): P/S revenue-based valuation
- Tier 4 (all weak): P/B / NAV approach

Includes RelativeValuationSection, PathToProfitability components, margin trajectory
chart, and cash runway analysis. Also includes fixes across earnings, macro, screener,
technical, filings pages and backend routers.

Co-Authored-By: Claude Opus 4.6 <noreply@anthropic.com>

atlas-terminal/apps/web/src/app/components/app-shell.tsx

@@ -5,9 +5,10 @@ import { TickerBar } from "./ticker-bar";
 import { ChatPanel } from "./chat-panel";
 
 /**
- * Sidebar는 usePathname()을 씁니다. Next App Router에서 SSR 출력과 클라이언트 첫 페인트가
- * 미묘하게 어긋나면 hydration 실패 → 전체 트리가 비거나(흰 화면) 콘솔에 recoverable 에러가 납니다.
- * 서버에서는 사이드바를 그리지 않고(ssr: false) 클라이언트에서만 마운트해 그 클래스의 버그를 제거합니다.
+ * Sidebar uses usePathname(). In Next App Router, if SSR output and client first paint
+ * mismatch even slightly, hydration fails — the whole tree empties (white screen) or
+ * console shows recoverable errors. We skip sidebar on server (ssr: false) and mount
+ * only on client to eliminate this class of bugs.
  */
 const SidebarClient = dynamic(
   () => import("./sidebar").then((m) => ({ default: m.Sidebar })),

atlas-terminal/apps/web/src/app/components/chat-panel.tsx

@@ -44,11 +44,11 @@ export function ChatPanel() {
       } else {
         setMessages((prev) => [
           ...prev,
-          { role: "assistant", content: "Settings에서 Gemini API Key를 설정해주세요." },
+          { role: "assistant", content: "Please set your Gemini API Key in Settings." },
         ]);
       }
     } catch {
-      setMessages((prev) => [...prev, { role: "assistant", content: "연결 오류. 다시 시도해주세요." }]);
+      setMessages((prev) => [...prev, { role: "assistant", content: "Connection error. Please try again." }]);
     }
     setLoading(false);
   }

atlas-terminal/apps/web/src/app/components/overview/EquityOverview.tsx

@@ -33,7 +33,9 @@ export function EquityOverview({ ticker, sector, health }: EquityOverviewProps)
     { label: "Sector", value: String(sector?.sector ?? "—") },
     { label: "Industry", value: String(sector?.industry ?? "—") },
     { label: "Market Cap", value: sector?.market_cap ? `$${(Number(sector.market_cap) / 1e9).toFixed(1)}B` : "—" },
-    { label: "P/E Ratio", value: sector?.pe_ratio != null ? Number(sector.pe_ratio).toFixed(1) : "—" },
+    { label: "P/E (TTM)", value: sector?.pe_ratio != null ? Number(sector.pe_ratio).toFixed(1) : "—" },
+    { label: "P/E (NTM)", value: sector?.forward_pe != null ? Number(sector.forward_pe).toFixed(1) : "—" },
+    { label: "PEG Ratio", value: sector?.peg_ratio != null ? Number(sector.peg_ratio).toFixed(2) : "—" },
     { label: "Beta", value: sector?.beta != null ? Number(sector.beta).toFixed(2) : "—" },
     { label: "Div Yield", value: sector?.dividend_yield != null ? `${Number(sector.dividend_yield).toFixed(2)}%` : "—" },
     { label: "52W High", value: sector?.fifty_two_week_high != null ? `$${Number(sector.fifty_two_week_high).toFixed(2)}` : "—" },
@@ -56,6 +58,7 @@ export function EquityOverview({ ticker, sector, health }: EquityOverviewProps)
           </div>
         ))}
       </div>
+      <ConsensusGauge sector={sector} />
       <KpiSection data={kpiData} />
       <div className="grid grid-cols-1 lg:grid-cols-4 gap-4 mb-4">
         <Card title="Altman Z-Score" value={health?.altman_z != null ? Number(health.altman_z).toFixed(2) : "—"} />
@@ -88,6 +91,64 @@ export function EquityOverview({ ticker, sector, health }: EquityOverviewProps)
   );
 }
 
+function ConsensusGauge({ sector }: { sector: Record<string, unknown> | null }) {
+  const current = sector?.current_price != null ? Number(sector.current_price) : null;
+  const target = sector?.target_mean_price != null ? Number(sector.target_mean_price) : null;
+  const low = sector?.target_low_price != null ? Number(sector.target_low_price) : null;
+  const high = sector?.target_high_price != null ? Number(sector.target_high_price) : null;
+  const rec = sector?.recommendation as string | undefined;
+  const count = sector?.analyst_count != null ? Number(sector.analyst_count) : null;
+
+  if (!current || !target) return null;
+
+  const upside = ((target - current) / current) * 100;
+  const upsideColor = upside >= 0 ? "text-accent-green" : "text-accent-red";
+  const recLabel = rec ? rec.replace(/_/g, " ").replace(/\b\w/g, (c) => c.toUpperCase()) : "—";
+
+  // gauge position: map current price within [low, high] range
+  const gaugeLow = low ?? target * 0.7;
+  const gaugeHigh = high ?? target * 1.3;
+  const range = gaugeHigh - gaugeLow;
+  const currentPct = range > 0 ? Math.max(0, Math.min(100, ((current - gaugeLow) / range) * 100)) : 50;
+  const targetPct = range > 0 ? Math.max(0, Math.min(100, ((target - gaugeLow) / range) * 100)) : 50;
+
+  return (
+    <div className="bg-bg-card border border-border rounded-lg p-5 mb-6">
+      <div className="flex items-center justify-between mb-3">
+        <h3 className="text-text-secondary text-sm font-semibold">Analyst Consensus</h3>
+        {count != null && <span className="text-text-muted text-xs">{count} analysts</span>}
+      </div>
+      <div className="flex items-baseline gap-4 mb-4">
+        <div>
+          <span className="text-text-muted text-xs block">Target</span>
+          <span className="text-2xl font-mono font-bold text-text-primary">${target.toFixed(2)}</span>
+        </div>
+        <div>
+          <span className="text-text-muted text-xs block">Upside</span>
+          <span className={`text-xl font-mono font-bold ${upsideColor}`}>
+            {upside >= 0 ? "+" : ""}{upside.toFixed(1)}%
+          </span>
+        </div>
+        <div>
+          <span className="text-text-muted text-xs block">Rating</span>
+          <span className="text-lg font-semibold text-text-primary">{recLabel}</span>
+        </div>
+      </div>
+      {/* Visual gauge bar */}
+      <div className="relative h-2 bg-bg-hover rounded-full mb-2">
+        {/* target marker */}
+        <div className="absolute top-0 h-2 w-0.5 bg-accent-yellow" style={{ left: `${targetPct}%` }} />
+        {/* current price marker */}
+        <div className="absolute -top-1 h-4 w-1 bg-accent-green rounded-sm" style={{ left: `${currentPct}%` }} />
+      </div>
+      <div className="flex justify-between text-text-muted text-xs font-mono">
+        <span>${gaugeLow.toFixed(0)}</span>
+        <span>${gaugeHigh.toFixed(0)}</span>
+      </div>
+    </div>
+  );
+}
+
 function Card({ title, value }: { title: string; value: string }) {
   return (
     <div className="bg-bg-card border border-border rounded-lg p-5">

atlas-terminal/apps/web/src/app/components/research/AnomalyChips.tsx

@@ -26,13 +26,13 @@ export function AnomalyChips({
   async function onChipClick(a: FinancialAnomalyItem) {
     const apiKey = typeof window !== "undefined" ? localStorage.getItem("atlas_gemini_key") || "" : "";
     if (!apiKey) {
-      setError("Settings에서 Gemini API 키를 저장한 뒤 다시 시도하세요.");
+      setError("Please save your Gemini API key in Settings, then try again.");
       setExplain(null);
       return;
     }
     const email = secEmail.trim() || (typeof window !== "undefined" ? localStorage.getItem("atlas_sec_email") || "" : "");
     if (!email.trim()) {
-      setError("SEC 공정 이용 이메일을 입력하거나 localStorage `atlas_sec_email`을 설정하세요.");
+      setError("Please enter your SEC fair-use email or set `atlas_sec_email` in localStorage.");
       setExplain(null);
       return;
     }
@@ -82,7 +82,7 @@ export function AnomalyChips({
         confidence: data.confidence || "medium",
       });
     } catch {
-      setError("네트워크 오류");
+      setError("Network error");
     } finally {
       setLoading(false);
     }
@@ -98,7 +98,7 @@ export function AnomalyChips({
   if (!anomalies.length) {
     return (
       <div className="text-text-muted text-sm">
-        YoY 변동이 임계값(30%)을 넘는 계정이 없습니다.
+        No accounts with YoY changes exceeding the 30% threshold.
       </div>
     );
   }

atlas-terminal/apps/web/src/app/components/research/ResearchGridLayout.tsx

@@ -59,7 +59,7 @@ export function ResearchGridLayout({ dashboard }: { dashboard: ResearchDashboard
       <div className="lg:col-span-12 min-h-[200px]">
         <Panel title={`YoY anomalies — ${ticker}`}>
           <p className="text-text-muted text-xs mb-3">
-            칩을 누르면 10-K 발췌와 Gemini로 설명합니다. 숫자는 서버에서만 계산됩니다.
+            Click a chip to see the 10-K excerpt explained by Gemini. All numbers are computed server-side.
           </p>
           <AnomalyChips ticker={ticker} anomalies={anomalies ?? []} />
         </Panel>

atlas-terminal/apps/web/src/app/components/research/SankeyWidget.tsx

@@ -64,10 +64,10 @@ export function SankeyWidget({
         theme={nivoTheme}
         valueFormat={(v) => {
           const abs = Math.abs(v);
-          if (abs >= 1e9) return `$${(v / 1e9).toFixed(2)}B`;
-          if (abs >= 1e6) return `$${(v / 1e6).toFixed(1)}M`;
-          if (abs >= 1e3) return `$${(v / 1e3).toFixed(0)}K`;
-          return `$${v.toFixed(0)}`;
+          if (abs >= 1e9) return `$${(v / 1e9).toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 })}B`;
+          if (abs >= 1e6) return `$${(v / 1e6).toLocaleString(undefined, { minimumFractionDigits: 1, maximumFractionDigits: 1 })}M`;
+          if (abs >= 1e3) return `$${(v / 1e3).toLocaleString(undefined, { maximumFractionDigits: 0 })}K`;
+          return `$${v.toLocaleString()}`;
         }}
       />
     </div>

atlas-terminal/apps/web/src/app/components/research/WaterfallWidget.tsx

@@ -63,6 +63,14 @@ export function WaterfallWidget({ steps }: { steps: WaterfallStep[] }) {
           legend: "USD (reported units)",
           legendPosition: "middle",
           legendOffset: 32,
+          format: (v) => {
+            const n = Number(v);
+            const abs = Math.abs(n);
+            if (abs >= 1e9) return `${(n / 1e9).toLocaleString(undefined, { maximumFractionDigits: 1 })}B`;
+            if (abs >= 1e6) return `${(n / 1e6).toLocaleString(undefined, { maximumFractionDigits: 0 })}M`;
+            if (abs >= 1e3) return `${(n / 1e3).toLocaleString(undefined, { maximumFractionDigits: 0 })}K`;
+            return n.toLocaleString();
+          },
         }}
         axisLeft={{
           tickSize: 0,
@@ -70,6 +78,13 @@ export function WaterfallWidget({ steps }: { steps: WaterfallStep[] }) {
         }}
         enableGridX
         enableGridY={false}
+        valueFormat={(v) => {
+          const abs = Math.abs(v);
+          if (abs >= 1e9) return `$${(v / 1e9).toLocaleString(undefined, { minimumFractionDigits: 1, maximumFractionDigits: 1 })}B`;
+          if (abs >= 1e6) return `$${(v / 1e6).toLocaleString(undefined, { maximumFractionDigits: 0 })}M`;
+          if (abs >= 1e3) return `$${(v / 1e3).toLocaleString(undefined, { maximumFractionDigits: 0 })}K`;
+          return `$${v.toLocaleString()}`;
+        }}
         labelSkipWidth={12}
         labelSkipHeight={12}
         labelTextColor="#E5E7EB"

atlas-terminal/apps/web/src/app/earnings/page.tsx

@@ -21,29 +21,43 @@ interface QuarterlyData {
   earnings: number | null;
 }
 
+interface DeltaData {
+  available: boolean;
+  latest_quarter?: string;
+  prev_quarter?: string;
+  revenue_delta_pct?: number | null;
+  earnings_delta_pct?: number | null;
+  eps_trend?: { date: string; surprise_pct: number }[];
+  ai_summary?: string | null;
+}
+
 export default function EarningsPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [assetType, setAssetType] = useState<string>("equity");
   const [history, setHistory] = useState<EarningsRecord[]>([]);
   const [calendar, setCalendar] = useState<CalendarData | null>(null);
   const [quarterly, setQuarterly] = useState<QuarterlyData[]>([]);
+  const [delta, setDelta] = useState<DeltaData | null>(null);
   const [loading, setLoading] = useState(true);
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     Promise.all([
       fetch(`/api/earnings/${ticker}/history`).then((r) => r.ok ? r.json() : null),
       fetch(`/api/earnings/${ticker}/calendar`).then((r) => r.ok ? r.json() : null),
       fetch(`/api/earnings/${ticker}/quarterly`).then((r) => r.ok ? r.json() : null),
       fetch(`/api/market/overview/${ticker}`).then((r) => r.ok ? r.json() : null),
-    ]).then(([h, c, q, o]) => {
+      fetch(`/api/earnings/${ticker}/delta`).then((r) => r.ok ? r.json() : null),
+    ]).then(([h, c, q, o, d]) => {
       setHistory(h?.history || []);
       setCalendar(c);
       setQuarterly(q?.quarterly || []);
       setAssetType(o?.asset_type || "equity");
+      setDelta(d?.available ? d : null);
       setLoading(false);
     }).catch(() => setLoading(false));
-  }, [ticker]);
+  }, [ticker, initialized]);
 
   if (loading) return <div className="flex items-center justify-center h-64"><div className="text-accent-green animate-pulse font-mono">Loading...</div></div>;
 
@@ -54,7 +68,7 @@ export default function EarningsPage() {
           <span className="text-accent-green">{ticker}</span> Earnings
         </h1>
         <div className="bg-bg-card border border-border rounded-lg p-5 text-text-secondary text-sm">
-          해당 자산 유형({assetType})에는 Earnings 데이터가 없습니다.
+          Earnings data is not available for this asset type ({assetType}).
         </div>
       </div>
     );
@@ -88,6 +102,46 @@ export default function EarningsPage() {
         </div>
       </div>
 
+      {/* Earnings Delta — What Changed */}
+      {delta && (
+        <div className="bg-bg-card border border-accent-blue/40 rounded-lg p-5 mb-6">
+          <h3 className="text-accent-blue text-sm font-semibold mb-3">
+            Earnings Delta — {delta.latest_quarter} vs {delta.prev_quarter}
+          </h3>
+          <div className="grid grid-cols-2 gap-4 mb-4">
+            <div>
+              <div className="text-text-muted text-xs mb-1">Revenue Change</div>
+              <div className={`text-2xl font-mono font-bold ${delta.revenue_delta_pct != null && delta.revenue_delta_pct >= 0 ? "text-accent-green" : "text-accent-red"}`}>
+                {delta.revenue_delta_pct != null ? `${delta.revenue_delta_pct >= 0 ? "+" : ""}${delta.revenue_delta_pct}%` : "—"}
+              </div>
+            </div>
+            <div>
+              <div className="text-text-muted text-xs mb-1">Earnings Change</div>
+              <div className={`text-2xl font-mono font-bold ${delta.earnings_delta_pct != null && delta.earnings_delta_pct >= 0 ? "text-accent-green" : "text-accent-red"}`}>
+                {delta.earnings_delta_pct != null ? `${delta.earnings_delta_pct >= 0 ? "+" : ""}${delta.earnings_delta_pct}%` : "—"}
+              </div>
+            </div>
+          </div>
+          {delta.eps_trend && delta.eps_trend.length > 0 && (
+            <div className="flex gap-2 mb-3">
+              {delta.eps_trend.map((e, i) => (
+                <div key={i} className="text-xs font-mono px-2 py-1 bg-bg-primary rounded border border-border">
+                  <span className="text-text-muted">{e.date.slice(5)}</span>{" "}
+                  <span className={e.surprise_pct >= 0 ? "text-accent-green" : "text-accent-red"}>
+                    {e.surprise_pct >= 0 ? "+" : ""}{e.surprise_pct}%
+                  </span>
+                </div>
+              ))}
+            </div>
+          )}
+          {delta.ai_summary && (
+            <p className="text-text-secondary text-sm leading-relaxed border-t border-border pt-3">
+              {delta.ai_summary}
+            </p>
+          )}
+        </div>
+      )}
+
       {/* EPS History — Beat/Miss Chart */}
       <div className="bg-bg-card border border-border rounded-lg p-5 mb-6">
         <h3 className="text-text-secondary text-sm font-semibold mb-4">EPS History — Beat/Miss</h3>

atlas-terminal/apps/web/src/app/error.tsx

@@ -15,7 +15,7 @@ export default function Error({
 
   return (
     <div className="min-h-[50vh] flex flex-col items-center justify-center p-8 bg-bg-primary text-text-primary">
-      <p className="text-accent-red font-mono text-sm mb-2">화면을 그리는 중 오류가 났습니다.</p>
+      <p className="text-accent-red font-mono text-sm mb-2">An error occurred while rendering this page.</p>
       <p className="text-text-muted text-xs font-mono text-center max-w-md mb-6 break-words">
         {error.message || "Unknown error"}
       </p>
@@ -24,11 +24,11 @@ export default function Error({
         onClick={() => reset()}
         className="px-4 py-2 rounded-lg bg-accent-green text-bg-primary font-mono text-sm hover:opacity-90"
       >
-        다시 시도
+        Retry
       </button>
       <p className="text-text-muted text-xs mt-8 text-center max-w-lg">
-        흰 화면만 보일 때는 브라우저 개발자 도구(F12) → Console 탭의 빨간 에러 메시지를 확인하거나, 터미널에서{" "}
-        <code className="text-accent-blue">rm -rf .next && npm run dev</code> 로 캐시를 지우고 다시 실행해 보세요.
+        If you see a blank screen, check the browser developer tools (F12) → Console tab for red error messages, or run{" "}
+        <code className="text-accent-blue">rm -rf .next && npm run dev</code> in your terminal to clear the cache and restart.
       </p>
     </div>
   );

atlas-terminal/apps/web/src/app/filings/page.tsx

@@ -18,11 +18,11 @@ const SECTIONS_SEC: FilingSectionTab[] = [
 ];
 
 const SECTIONS_DART: FilingSectionTab[] = [
-  { key: "item1a", label: "투자위험 (II)", short: "투자위험", anchorId: "dart-item-1a" },
-  { key: "item3", label: "소송 등", short: "소송", anchorId: "dart-item-3" },
-  { key: "item7", label: "사업의 내용 / MD&A", short: "사업·MD&A", anchorId: "dart-item-7" },
-  { key: "item8", label: "재무에 관한 사항", short: "재무", anchorId: "dart-item-8" },
-  { key: "item9a", label: "내부통제", short: "내부통제", anchorId: "dart-item-9a" },
+  { key: "item1a", label: "Investment Risk (II)", short: "Risk", anchorId: "dart-item-1a" },
+  { key: "item3", label: "Litigation", short: "Legal", anchorId: "dart-item-3" },
+  { key: "item7", label: "Business / MD&A", short: "MD&A", anchorId: "dart-item-7" },
+  { key: "item8", label: "Financial Statements", short: "Financials", anchorId: "dart-item-8" },
+  { key: "item9a", label: "Internal Controls", short: "Controls", anchorId: "dart-item-9a" },
 ];
 
 const SECTIONS_EDINET: FilingSectionTab[] = [
@@ -46,7 +46,7 @@ function mapApiSource(s: string | undefined): FilingJurisdiction {
 }
 
 export default function FilingsPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const viewerRef = useRef<FilingsViewerHandle | null>(null);
   const [activeSection, setActiveSection] = useState("item7");
   const [sections, setSections] = useState<Record<string, string>>({});
@@ -61,6 +61,9 @@ export default function FilingsPage() {
   const [filingSource, setFilingSource] = useState<FilingJurisdiction | null>(null);
   const [linkMap, setLinkMap] = useState<Record<string, string> | null>(null);
   const [infoMessage, setInfoMessage] = useState<string>("");
+  const [translatedText, setTranslatedText] = useState<string>("");
+  const [translating, setTranslating] = useState(false);
+  const [showTranslation, setShowTranslation] = useState(false);
 
   const previewJ = inferFilingJurisdiction(ticker);
   const activeJurisdiction = filingSource ?? previewJ;
@@ -94,6 +97,9 @@ export default function FilingsPage() {
             item9a: data.item9a || "",
           });
           setHtmlDoc(typeof data.html === "string" ? data.html : "");
+          if (data.links && typeof data.links === "object") {
+            setLinkMap(data.links as Record<string, string>);
+          }
           setActiveSection("item7");
           setHtmlVersion((v) => v + 1);
           setLoaded(true);
@@ -113,7 +119,7 @@ export default function FilingsPage() {
           const data = await res.json();
           setFilingSource(mapApiSource(data.source));
           if (data.configured === false) {
-            setInfoMessage(data.message || "DART_API_KEY가 설정되지 않았습니다.");
+            setInfoMessage(data.message || "DART_API_KEY is not configured.");
             setLoaded(false);
           } else {
             setSections({
@@ -124,13 +130,16 @@ export default function FilingsPage() {
               item9a: data.item9a || "",
             });
             setHtmlDoc(typeof data.html === "string" ? data.html : "");
+            if (data.links && typeof data.links === "object") {
+              setLinkMap(data.links as Record<string, string>);
+            }
             setActiveSection("item7");
             setHtmlVersion((v) => v + 1);
             setLoaded(true);
           }
         } else {
           const err = await res.json().catch(() => ({}));
-          setError(err.detail || "DART 공시를 불러오지 못했습니다.");
+          setError(err.detail || "Failed to load DART filing.");
         }
         setLoading(false);
         return;
@@ -160,7 +169,7 @@ export default function FilingsPage() {
         setLoaded(true);
       } else {
         const err = await res.json().catch(() => ({}));
-        setError(err.detail || "EDINET 데이터를 불러오지 못했습니다.");
+        setError(err.detail || "Failed to load EDINET data.");
       }
     } catch {
       setError("Connection error. Make sure the backend server is running.");
@@ -168,6 +177,41 @@ export default function FilingsPage() {
     setLoading(false);
   }
 
+  async function runTranslation() {
+    const content = sections[activeSection];
+    if (!content) return;
+    const apiKey = localStorage.getItem("atlas_gemini_key") || "";
+    if (!apiKey) {
+      setTranslatedText("Settings에서 Gemini API 키를 먼저 설정해주세요.");
+      setShowTranslation(true);
+      return;
+    }
+    setTranslating(true);
+    try {
+      const res = await fetch("/api/analysis/translate", {
+        method: "POST",
+        headers: { "Content-Type": "application/json" },
+        body: JSON.stringify({
+          text: content.slice(0, 12000),
+          target_lang: "ko",
+          api_key: apiKey,
+        }),
+      });
+      if (res.ok) {
+        const data = await res.json();
+        setTranslatedText(data.translated_text || "");
+        setShowTranslation(true);
+      } else {
+        setTranslatedText("번역에 실패했습니다.");
+        setShowTranslation(true);
+      }
+    } catch {
+      setTranslatedText("번역 중 오류가 발생했습니다.");
+      setShowTranslation(true);
+    }
+    setTranslating(false);
+  }
+
   async function runAiSummary() {
     const content = sections[activeSection];
     if (!content) return;
@@ -213,8 +257,8 @@ export default function FilingsPage() {
   const intro = useMemo(() => {
     if (previewJ === "DART") {
       return {
-        title: "DART 사업보고서",
-        body: "한국 상장사 최신 사업보고서(연간)를 Open DART에서 받아 옵니다. 티커는 005930.KS 형식이어야 합니다. DART_API_KEY가 .env에 필요합니다.",
+        title: "DART Annual Report",
+        body: "Fetches the latest annual business report for Korean listed companies from Open DART. Ticker must be in 005930.KS format. Requires DART_API_KEY in .env.",
       };
     }
     if (previewJ === "EDINET") {
@@ -231,13 +275,22 @@ export default function FilingsPage() {
 
   const pageTitle =
     previewJ === "DART"
-      ? "DART 공시"
+      ? "DART Filings"
       : previewJ === "EDINET"
         ? "EDINET Filings"
         : "SEC Filings";
 
   const needsEmail = previewJ === "SEC";
 
+  // Auto-load filing for non-SEC jurisdictions (no email required)
+  useEffect(() => {
+    if (!initialized) return;
+    if (!loaded && !loading && previewJ !== "SEC") {
+      loadFiling();
+    }
+    // eslint-disable-next-line react-hooks/exhaustive-deps
+  }, [ticker, initialized]);
+
   return (
     <div>
       <h1 className="text-2xl font-bold mb-4">
@@ -267,7 +320,7 @@ export default function FilingsPage() {
                 : previewJ === "SEC"
                   ? "Load 10-K Filing"
                   : previewJ === "DART"
-                    ? "사업보고서 불러오기"
+                    ? "Load DART Report"
                     : "Load EDINET filing"}
             </button>
           </div>
@@ -285,7 +338,7 @@ export default function FilingsPage() {
             <div className="mt-3 text-text-muted text-sm animate-pulse">
               {previewJ === "SEC"
                 ? "Downloading from SEC EDGAR... This may take 10-30 seconds for first download."
-                : "공시 원본을 가져오는 중입니다..."}
+                : "Fetching filing data..."}
             </div>
           )}
         </div>
@@ -294,22 +347,26 @@ export default function FilingsPage() {
       {loaded && (
         <>
           {linkMap && Object.keys(linkMap).length > 0 && (
-            <div className="bg-bg-card border border-border rounded-lg p-4 mb-4 text-sm text-text-secondary">
-              {infoMessage && <p className="mb-2 text-text-muted">{infoMessage}</p>}
-              <ul className="list-disc list-inside space-y-1">
-                {Object.entries(linkMap).map(([k, v]) => (
-                  <li key={k}>
-                    <a
-                      href={v}
-                      target="_blank"
-                      rel="noopener noreferrer"
-                      className="text-accent-blue hover:underline"
-                    >
-                      {k}: {v}
-                    </a>
-                  </li>
-                ))}
-              </ul>
+            <div className="flex flex-wrap items-center gap-2 mb-4">
+              {infoMessage && <p className="w-full text-text-muted text-sm mb-1">{infoMessage}</p>}
+              {Object.entries(linkMap).map(([k, v], i) => (
+                <a
+                  key={k}
+                  href={v}
+                  target="_blank"
+                  rel="noopener noreferrer"
+                  className={`inline-flex items-center gap-1.5 px-4 py-2 rounded-md text-sm font-semibold transition-opacity hover:opacity-90 ${
+                    i === 0
+                      ? "bg-accent-blue text-white"
+                      : "bg-bg-card border border-border text-text-secondary hover:text-text-primary"
+                  }`}
+                >
+                  {k}
+                  <svg xmlns="http://www.w3.org/2000/svg" className="h-3.5 w-3.5" fill="none" viewBox="0 0 24 24" stroke="currentColor" strokeWidth={2}>
+                    <path strokeLinecap="round" strokeLinejoin="round" d="M10 6H6a2 2 0 00-2 2v10a2 2 0 002 2h10a2 2 0 002-2v-4M14 4h6m0 0v6m0-6L10 14" />
+                  </svg>
+                </a>
+              ))}
             </div>
           )}
 
@@ -323,6 +380,8 @@ export default function FilingsPage() {
                   onClick={() => {
                     setActiveSection(s.key);
                     setAiSummary("");
+                    setShowTranslation(false);
+                    setTranslatedText("");
                     if (hasHtml) {
                       viewerRef.current?.scrollToAnchor(s.anchorId);
                     }
@@ -352,14 +411,36 @@ export default function FilingsPage() {
             </div>
             <div className="flex flex-wrap items-center gap-2">
               {currentContent && (
-                <button
-                  type="button"
-                  onClick={runAiSummary}
-                  disabled={aiLoading}
-                  className="bg-accent-blue text-white px-4 py-1.5 rounded-md text-xs font-semibold hover:opacity-90 disabled:opacity-50 transition-opacity"
-                >
-                  {aiLoading ? "Analyzing..." : "AI Summary"}
-                </button>
+                <>
+                  <button
+                    type="button"
+                    onClick={runAiSummary}
+                    disabled={aiLoading}
+                    className="bg-accent-blue text-white px-4 py-1.5 rounded-md text-xs font-semibold hover:opacity-90 disabled:opacity-50 transition-opacity"
+                  >
+                    {aiLoading ? "Analyzing..." : "AI Summary"}
+                  </button>
+                  <button
+                    type="button"
+                    onClick={() => {
+                      if (showTranslation) {
+                        setShowTranslation(false);
+                      } else if (translatedText) {
+                        setShowTranslation(true);
+                      } else {
+                        runTranslation();
+                      }
+                    }}
+                    disabled={translating}
+                    className={`px-4 py-1.5 rounded-md text-xs font-semibold transition-opacity ${
+                      showTranslation
+                        ? "bg-accent-green text-bg-primary hover:opacity-90"
+                        : "bg-bg-card border border-accent-green/50 text-accent-green hover:opacity-90"
+                    } disabled:opacity-50`}
+                  >
+                    {translating ? "번역 중..." : showTranslation ? "English" : "한국어"}
+                  </button>
+                </>
               )}
               <button
                 type="button"
@@ -374,15 +455,15 @@ export default function FilingsPage() {
 
           {!hasHtml && previewJ === "SEC" && (
             <p className="text-text-muted text-sm mb-3">
-              <strong className="text-text-secondary">서식 HTML 스냅샷</strong>이 아직 없습니다(예: 예전에 텍스트만 캐시된 경우).
-              아래에 SEC에서 추출한 <strong className="text-text-secondary">평문</strong>이 그대로 표시됩니다.
-              표·강조가 있는 원문 형태를 보려면 <strong className="text-text-secondary">Reload</strong>로 다시 받아
-              HTML을 만드세요. (야후 iframe 차단과는 무관합니다.)
+              <strong className="text-text-secondary">HTML snapshot</strong> is not available (e.g. only plain text was cached previously).
+              The <strong className="text-text-secondary">plain text</strong> extracted from SEC is shown below.
+              To view the formatted version with tables and emphasis, click <strong className="text-text-secondary">Reload</strong> to re-fetch
+              and generate the HTML. (This is unrelated to Yahoo iframe blocking.)
             </p>
           )}
           {!hasHtml && previewJ !== "SEC" && currentContent && (
             <p className="text-text-muted text-sm mb-3">
-              HTML 조각이 없을 때는 아래 <strong className="text-text-secondary">평문</strong>으로 동일 내용을 표시합니다.
+              When HTML fragments are unavailable, the same content is displayed as <strong className="text-text-secondary">plain text</strong> below.
             </p>
           )}
 
@@ -396,7 +477,22 @@ export default function FilingsPage() {
             </div>
           )}
 
-          {hasHtml && (
+          {showTranslation && translatedText && (
+            <div className="border border-accent-green/30 rounded-lg bg-bg-card overflow-hidden flex flex-col max-h-[min(72vh,calc(100vh-200px))] mb-4">
+              <div className="px-4 py-2 border-b border-accent-green/30 bg-accent-green/5 text-xs text-accent-green shrink-0 flex items-center gap-2">
+                <span className="font-semibold">한국어 번역</span>
+                <span className="text-text-muted">— Gemini AI 번역</span>
+              </div>
+              <div
+                className="overflow-y-auto flex-1 min-h-0 p-4 md:p-6 pb-10 text-sm text-text-primary leading-relaxed whitespace-pre-wrap break-words"
+                style={{ WebkitOverflowScrolling: "touch" }}
+              >
+                {translatedText}
+              </div>
+            </div>
+          )}
+
+          {!showTranslation && hasHtml && (
             <FilingsViewer
               ref={viewerRef}
               html={htmlDoc}
@@ -406,7 +502,7 @@ export default function FilingsPage() {
             />
           )}
 
-          {!hasHtml && currentContent && (
+          {!showTranslation && !hasHtml && currentContent && (
             <div className="border border-border rounded-lg bg-bg-card overflow-hidden flex flex-col max-h-[min(72vh,calc(100vh-200px))]">
               <div className="px-4 py-2 border-b border-border bg-bg-primary/50 text-xs text-text-muted shrink-0">
                 Plain text (cached) — same source as AI Summary; formatted HTML viewer is optional.

atlas-terminal/apps/web/src/app/lib/use-ticker.ts

@@ -9,6 +9,7 @@ const EVENT_NAME = "atlas-ticker-change";
 export function useTicker() {
   // Must match server render: never read localStorage in useState initializer — hydration mismatch → white screen.
   const [ticker, setTickerState] = useState(DEFAULT_TICKER);
+  const [initialized, setInitialized] = useState(false);
 
   useEffect(() => {
     const saved = localStorage.getItem(STORAGE_KEY);
@@ -16,6 +17,7 @@ export function useTicker() {
       const n = normalizeTickerInput(saved);
       if (n) setTickerState(n);
     }
+    setInitialized(true);
 
     const handler = (e: Event) => {
       const detail = (e as CustomEvent).detail;
@@ -33,5 +35,5 @@ export function useTicker() {
     window.dispatchEvent(new CustomEvent(EVENT_NAME, { detail: upper }));
   }, []);
 
-  return { ticker, setTicker };
+  return { ticker, setTicker, initialized };
 }

atlas-terminal/apps/web/src/app/macro/page.tsx

@@ -22,7 +22,23 @@ interface FredPoint {
   value: number;
 }
 
-type MacroTab = "fred" | "cycle" | "oecd" | "korea" | "calendar";
+type MacroTab = "fred" | "cycle" | "oecd" | "korea" | "calendar" | "subfactors";
+
+interface SubfactorIndicator {
+  key: string;
+  label: string;
+  value: number | null;
+  unit?: string;
+  change_3m: number | null;
+  zscore: number | null;
+  signal: "improving" | "neutral" | "deteriorating";
+}
+
+interface SubfactorData {
+  composite_score: number;
+  cycle_stage: string;
+  categories: Record<string, { score: number; indicators: SubfactorIndicator[] }>;
+}
 
 export default function MacroPage() {
   const [series, setSeries] = useState("UNRATE");
@@ -36,6 +52,7 @@ export default function MacroPage() {
   const [oecd, setOecd] = useState<OECDData | null>(null);
 
   const [classicOpen, setClassicOpen] = useState(false);
+  const [subfactors, setSubfactors] = useState<SubfactorData | null>(null);
 
   const [quadPoints, setQuadPoints] = useState<QuadrantPoint[]>([]);
   const [quadErr, setQuadErr] = useState<string | null>(null);
@@ -88,6 +105,15 @@ export default function MacroPage() {
       .catch(() => setSnap(null));
   }, []);
 
+  useEffect(() => {
+    fetch("/api/macro/subfactors")
+      .then((r) => (r.ok ? r.json() : null))
+      .then((j) => {
+        if (j && typeof j === "object" && j.categories) setSubfactors(j);
+      })
+      .catch(() => setSubfactors(null));
+  }, []);
+
   useEffect(() => {
     fetch("/api/macro/oecd/cli")
       .then((r) => (r.ok ? r.json() : null))
@@ -150,6 +176,7 @@ export default function MacroPage() {
 
   const tabs: { key: MacroTab; label: string }[] = [
     { key: "fred", label: "FRED" },
+    { key: "subfactors", label: "Sub-Factors" },
     { key: "cycle", label: "Cycle & valuation" },
     { key: "oecd", label: "OECD CLI" },
     { key: "korea", label: "Korea" },
@@ -291,6 +318,63 @@ export default function MacroPage() {
               </>
             )}
 
+            {tab === "subfactors" && (
+              <div className="space-y-4">
+                {subfactors ? (
+                  <>
+                    <div className="flex items-center gap-4 mb-2">
+                      <div className="bg-bg-secondary border border-border rounded-lg px-4 py-2">
+                        <div className="text-text-muted text-xs">Cycle Stage</div>
+                        <div className="text-accent-green font-mono font-bold text-lg">{subfactors.cycle_stage}</div>
+                      </div>
+                      <div className="bg-bg-secondary border border-border rounded-lg px-4 py-2">
+                        <div className="text-text-muted text-xs">Composite Score</div>
+                        <div className={`font-mono font-bold text-lg ${subfactors.composite_score >= 0 ? "text-accent-green" : "text-accent-red"}`}>
+                          {subfactors.composite_score >= 0 ? "+" : ""}{subfactors.composite_score.toFixed(2)}
+                        </div>
+                      </div>
+                    </div>
+                    <div className="grid grid-cols-1 lg:grid-cols-2 gap-4">
+                      {Object.entries(subfactors.categories).map(([catName, cat]) => (
+                        <div key={catName} className="bg-bg-secondary border border-border rounded-lg p-4">
+                          <div className="flex items-center justify-between mb-3">
+                            <h3 className="text-text-primary text-sm font-semibold">{catName}</h3>
+                            <span className={`text-xs font-mono px-2 py-0.5 rounded ${cat.score >= 0.5 ? "bg-accent-green/15 text-accent-green" : cat.score <= -0.5 ? "bg-accent-red/15 text-accent-red" : "bg-bg-hover text-text-muted"}`}>
+                              {cat.score >= 0 ? "+" : ""}{cat.score.toFixed(2)}
+                            </span>
+                          </div>
+                          <div className="space-y-2">
+                            {cat.indicators.map((ind) => (
+                              <div key={ind.key} className="flex items-center justify-between text-sm">
+                                <span className="text-text-secondary">{ind.label}</span>
+                                <div className="flex items-center gap-3">
+                                  <span className="text-text-primary font-mono">{ind.value != null ? ind.value : "—"}{ind.unit && ind.value != null ? ind.unit : ""}</span>
+                                  {ind.change_3m != null && (
+                                    <span className={`text-xs font-mono ${ind.change_3m >= 0 ? "text-accent-green" : "text-accent-red"}`}>
+                                      {ind.change_3m >= 0 ? "+" : ""}{ind.change_3m}%
+                                    </span>
+                                  )}
+                                  <span className={`text-[10px] px-1.5 py-0.5 rounded font-medium ${
+                                    ind.signal === "improving" ? "bg-accent-green/15 text-accent-green" :
+                                    ind.signal === "deteriorating" ? "bg-accent-red/15 text-accent-red" :
+                                    "bg-bg-hover text-text-muted"
+                                  }`}>
+                                    {ind.signal}
+                                  </span>
+                                </div>
+                              </div>
+                            ))}
+                          </div>
+                        </div>
+                      ))}
+                    </div>
+                  </>
+                ) : (
+                  <div className="text-accent-green animate-pulse font-mono">Loading sub-factor data...</div>
+                )}
+              </div>
+            )}
+
             {tab === "cycle" && (
               <div className="space-y-4">
                 {snapErr && (

atlas-terminal/apps/web/src/app/markets/page.tsx

@@ -128,7 +128,7 @@ const ROW_MAP: Record<StatementType, RowDef[]> = {
 };
 
 export default function MarketsPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [data, setData] = useState<FinancialStatements | null>(null);
   const [tab, setTab] = useState<StatementType>("income_statement");
   const [viewTab, setViewTab] = useState<ViewTab>("overview");
@@ -138,6 +138,7 @@ export default function MarketsPage() {
   const [loading, setLoading] = useState(true);
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     fetch(`/api/financials/${ticker}/statements`)
       .then((r) => (r.ok ? r.json() : null))
@@ -146,7 +147,7 @@ export default function MarketsPage() {
         setLoading(false);
       })
       .catch(() => setLoading(false));
-  }, [ticker]);
+  }, [ticker, initialized]);
 
   useEffect(() => {
     fetch("/api/market/overview")

atlas-terminal/apps/web/src/app/news/page.tsx

@@ -81,7 +81,7 @@ interface QuoteRow {
 }
 
 export default function NewsPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [news, setNews] = useState<NewsItem[]>([]);
   const [loading, setLoading] = useState(true);
   const [selected, setSelected] = useState<NewsItem | null>(null);
@@ -90,6 +90,7 @@ export default function NewsPage() {
   const [mentionQuotes, setMentionQuotes] = useState<Record<string, QuoteRow>>({});
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     setSelected(null);
     fetch(`/api/news/${ticker}`)
@@ -99,7 +100,7 @@ export default function NewsPage() {
         setLoading(false);
       })
       .catch(() => setLoading(false));
-  }, [ticker]);
+  }, [ticker, initialized]);
 
   const filtered = useMemo(() => {
     const kw = keyword.trim().toLowerCase();
@@ -305,8 +306,7 @@ export default function NewsPage() {
               {isIframeEmbeddingBlocked(selected.url) ? (
                 <div className="flex flex-col items-center justify-center h-full min-h-[280px] p-8 text-center">
                   <p className="text-text-muted text-sm mb-2 max-w-md">
-                    이 출처(Yahoo·Bloomberg 등)는 보안 정책으로 <span className="text-text-primary font-semibold">미리보기 iframe</span>을
-                    허용하지 않습니다. 원문은 새 탭에서 열어 주세요.
+                    This source (Yahoo, Bloomberg, etc.) does not allow <span className="text-text-primary font-semibold">iframe preview</span> due to security policies. Please open the original article in a new tab.
                   </p>
                   {selected.summary ? (
                     <div className="w-full max-w-2xl mt-4 mb-6 text-left rounded-lg border border-border bg-bg-card p-4">
@@ -320,7 +320,7 @@ export default function NewsPage() {
                     rel="noopener noreferrer"
                     className="inline-flex items-center gap-2 px-5 py-2.5 bg-accent-green text-bg-primary rounded-lg font-semibold text-sm hover:opacity-90"
                   >
-                    원문 열기 ↗
+                    Open Article ↗
                   </a>
                 </div>
               ) : (

atlas-terminal/apps/web/src/app/page.tsx

@@ -6,7 +6,7 @@ import { ETFOverview } from "./components/overview/ETFOverview";
 import { CommodityOverview } from "./components/overview/CommodityOverview";
 
 export default function OverviewPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [sector, setSector] = useState<Record<string, unknown> | null>(null);
   const [health, setHealth] = useState<Record<string, unknown> | null>(null);
   const [overview, setOverview] = useState<Record<string, unknown> | null>(null);
@@ -14,19 +14,26 @@ export default function OverviewPage() {
   const [loading, setLoading] = useState(true);
 
   useEffect(() => {
+    if (!initialized) return;
+    const ac = new AbortController();
     setLoading(true);
+    setSector(null);
+    setHealth(null);
+    setOverview(null);
     Promise.all([
-      fetch(`/api/market/sector/${ticker}`).then((r) => r.ok ? r.json() : null),
-      fetch(`/api/market/health/${ticker}`).then((r) => r.ok ? r.json() : null),
-      fetch(`/api/market/overview/${ticker}`).then((r) => r.ok ? r.json() : null),
+      fetch(`/api/market/sector/${ticker}`, { signal: ac.signal }).then((r) => r.ok ? r.json() : null),
+      fetch(`/api/market/health/${ticker}`, { signal: ac.signal }).then((r) => r.ok ? r.json() : null),
+      fetch(`/api/market/overview/${ticker}`, { signal: ac.signal }).then((r) => r.ok ? r.json() : null),
     ]).then(([s, h, d]) => {
+      if (ac.signal.aborted) return;
       setSector(s);
       setHealth(h);
       setAssetType(d?.asset_type || "equity");
       setOverview(d?.data || null);
       setLoading(false);
-    }).catch(() => setLoading(false));
-  }, [ticker]);
+    }).catch(() => { if (!ac.signal.aborted) setLoading(false); });
+    return () => ac.abort();
+  }, [ticker, initialized]);
 
   if (loading) return <LoadingState />;
 

atlas-terminal/apps/web/src/app/portfolio/page.tsx

@@ -117,7 +117,7 @@ export default function PortfolioPage() {
       const geminiKey = localStorage.getItem("atlas_gemini_key") || "";
       if (!geminiKey.trim()) {
         setOcrPositions([]);
-        setOcrError("Gemini API 키가 없습니다. Settings에서 Gemini API Key를 먼저 저장하세요.");
+        setOcrError("Gemini API key is missing. Please save your Gemini API Key in Settings first.");
         return;
       }
 
@@ -142,7 +142,7 @@ export default function PortfolioPage() {
         setOcrWarnings(Array.isArray(data?.warnings) ? data.warnings : []);
         setOcrAccountCurrency(data?.account_currency || data?.total_value?.currency || "USD");
         if (!Array.isArray(data?.positions) || data.positions.length === 0) {
-          setOcrError("OCR은 완료됐지만 포지션을 찾지 못했습니다. 표가 선명하게 보이는 스크린샷으로 다시 시도하세요.");
+          setOcrError("OCR completed but no positions were found. Try again with a clearer screenshot showing the table.");
         }
       }
     } catch {
@@ -179,7 +179,7 @@ export default function PortfolioPage() {
       }
     }
     if (failed.length > 0) {
-      setOcrError(`일부 저장 실패: ${failed.join(", ")}. Import Results를 유지합니다.`);
+      setOcrError(`Some imports failed: ${failed.join(", ")}. Keeping Import Results.`);
       return;
     }
     setOcrPositions([]);
@@ -369,11 +369,11 @@ export default function PortfolioPage() {
           onClick={() => document.getElementById("ocr-file-input")?.click()}
         >
           {isProcessing ? (
-            <p className="text-accent-green animate-pulse font-mono">AI가 포지션을 분석중...</p>
+            <p className="text-accent-green animate-pulse font-mono">AI is analyzing positions...</p>
           ) : (
             <>
               <span className="text-3xl mb-3 block">📸</span>
-              <p className="text-text-secondary text-sm">Trading 212 / IBKR 스크린샷을 드래그하세요</p>
+              <p className="text-text-secondary text-sm">Drag & drop a Trading 212 / IBKR screenshot</p>
             </>
           )}
         </div>
@@ -604,8 +604,8 @@ export default function PortfolioPage() {
       {deleteConfirmId && (
         <div className="fixed inset-0 bg-black/60 flex items-center justify-center z-[1000]" onClick={() => setDeleteConfirmId(null)}>
           <div className="bg-bg-card border border-border rounded-xl p-6 max-w-sm w-full" onClick={(e) => e.stopPropagation()}>
-            <p className="text-text-primary mb-1">정말 삭제하시겠습니까?</p>
-            <p className="text-text-muted text-sm mb-4">이 작업은 되돌릴 수 없습니다.</p>
+            <p className="text-text-primary mb-1">Are you sure you want to delete this?</p>
+            <p className="text-text-muted text-sm mb-4">This action cannot be undone.</p>
             <div className="flex justify-end gap-2">
               <button onClick={() => setDeleteConfirmId(null)} className="px-4 py-2 border border-border rounded-md text-text-secondary">Cancel</button>
               <button onClick={() => handleDelete(deleteConfirmId)} className="px-4 py-2 bg-accent-red text-white rounded-md">Delete</button>

atlas-terminal/apps/web/src/app/report/page.tsx

@@ -43,6 +43,28 @@ interface QuarterlyEarnings { period: string; revenue: number | null; earnings:
 interface HealthData { dupont: Record<string, number>; altman_z: number | null; current_ratio: number | null; interest_coverage: number | null; debt_to_equity: number | null; red_flags: string[] }
 interface TechnicalData { [key: string]: any }
 
+type ValuationTier = "dcf" | "ev_ebitda" | "ps_revenue" | "pb_nav";
+interface RelativeValData {
+  tier: ValuationTier;
+  tierLabel: string;
+  tierReason: string;
+  method: string;
+  multipleName: string;
+  peerAvgMultiple: number;
+  companyMetric: number;
+  metricLabel: string;
+  bear: { multiple: number; value: number };
+  base: { multiple: number; value: number };
+  bull: { multiple: number; value: number };
+  netDebt: number;
+  shares: number;
+  cashRunwayQuarters: number | null;
+  revenueGrowth: number | null;
+  rule40: number | null;
+  ebitda: number | null;
+  fcf: number | null;
+}
+
 /* ═══════════════════════════════════════════════════════════════════
    Utility
    ═══════════════════════════════════════════════════════════════════ */
@@ -76,7 +98,7 @@ function renderMarkdown(text: string) {
    SECTION COMPONENTS
    ═══════════════════════════════════════════════════════════════════ */
 
-function CoverPage({ ticker, info, consensus, dcf }: { ticker: string; info: Record<string, any>; consensus: ConsensusData | null; dcf: DCFResult | null }) {
+function CoverPage({ ticker, info, consensus, dcf, relativeVal }: { ticker: string; info: Record<string, any>; consensus: ConsensusData | null; dcf: DCFResult | null; relativeVal: RelativeValData | null }) {
   const now = new Date();
   const dateStr = now.toLocaleDateString("en-US", { year: "numeric", month: "long", day: "numeric" });
   const price = info.currentPrice || info.regularMarketPrice || 0;
@@ -115,7 +137,7 @@ function CoverPage({ ticker, info, consensus, dcf }: { ticker: string; info: Rec
         {[
           { label: "Price", value: fmtPrice(price) },
           { label: "Market Cap", value: fmtB(info.marketCap) },
-          { label: "DCF Fair Value", value: dcf?.base != null ? fmtPrice(dcf.base) : "N/A" },
+          { label: relativeVal ? `${relativeVal.method} Fair Value` : "DCF Fair Value", value: relativeVal ? fmtPrice(relativeVal.base.value) : dcf?.base != null ? fmtPrice(dcf.base) : "N/A" },
           { label: "Analysts", value: consensus ? `${consensus.num_analysts}` : "N/A" },
         ].map((k) => (
           <div key={k.label}>
@@ -810,6 +832,194 @@ function TechnicalSnapshot({ technical, info }: { technical: TechnicalData | nul
   );
 }
 
+/* ── Valuation Tier Detection ── */
+function detectValuationTier(fcf: number | null, ebitda: number | null, revenueGrowth: number | null): ValuationTier {
+  if (fcf != null && fcf > 0) return "dcf";
+  if (ebitda != null && ebitda > 0) return "ev_ebitda";
+  if (revenueGrowth != null && revenueGrowth > 0.10) return "ps_revenue";
+  return "pb_nav";
+}
+
+function buildRelativeVal(
+  tier: ValuationTier, peers: PeerData | null, info: Record<string, any>,
+  di: { fcf: number; total_debt: number; cash: number; shares: number } | null, hi: any,
+): RelativeValData | null {
+  if (!di || !di.shares || di.shares <= 0) return null;
+  const netDebt = (di.total_debt || 0) - (di.cash || 0);
+  const revenue = hi?.revenue || info.totalRevenue || 0;
+  const ebitda = hi?.ebitda || 0;
+  const fcf = hi?.free_cash_flow ?? info.freeCashflow ?? di.fcf ?? 0;
+  const revGrowth = hi?.revenue_growth ?? info.revenueGrowth ?? null;
+  const profitMargin = hi?.profit_margin ?? info.profitMargins ?? 0;
+  const rule40 = revGrowth != null ? (revGrowth * 100) + (profitMargin * 100) : null;
+  const cash = di.cash || 0;
+  const qBurn = fcf < 0 ? Math.abs(fcf) / 4 : 0;
+  const cashRunway = qBurn > 0 ? cash / qBurn : null;
+
+  if (tier === "ev_ebitda") {
+    const peerAvg = peers?.averages?.ev_ebitda ?? 12;
+    const impliedEV = peerAvg * ebitda;
+    const baseVal = (impliedEV - netDebt) / di.shares;
+    return {
+      tier, tierLabel: "EV/EBITDA Relative Valuation",
+      tierReason: "Free cash flow is negative due to heavy capital investment, but EBITDA is positive — the company generates operating profit before reinvestment.",
+      method: "EV/EBITDA", multipleName: "EV/EBITDA", peerAvgMultiple: peerAvg,
+      companyMetric: ebitda, metricLabel: "EBITDA",
+      bear: { multiple: peerAvg * 0.7, value: (peerAvg * 0.7 * ebitda - netDebt) / di.shares },
+      base: { multiple: peerAvg, value: baseVal },
+      bull: { multiple: peerAvg * 1.3, value: (peerAvg * 1.3 * ebitda - netDebt) / di.shares },
+      netDebt, shares: di.shares, cashRunwayQuarters: cashRunway, revenueGrowth: revGrowth, rule40, ebitda, fcf,
+    };
+  }
+  if (tier === "ps_revenue") {
+    const peerAvg = peers?.averages?.ps ?? 4;
+    const impliedMC = peerAvg * revenue;
+    const baseVal = impliedMC / di.shares;
+    return {
+      tier, tierLabel: "Price/Sales Relative Valuation",
+      tierReason: "Both FCF and EBITDA are negative, but revenue is growing rapidly. P/S (Price-to-Sales) multiple is the appropriate valuation framework for high-growth, pre-profit companies.",
+      method: "P/S", multipleName: "P/S", peerAvgMultiple: peerAvg,
+      companyMetric: revenue, metricLabel: "Revenue",
+      bear: { multiple: peerAvg * 0.6, value: (peerAvg * 0.6 * revenue) / di.shares },
+      base: { multiple: peerAvg, value: baseVal },
+      bull: { multiple: peerAvg * 1.5, value: (peerAvg * 1.5 * revenue) / di.shares },
+      netDebt, shares: di.shares, cashRunwayQuarters: cashRunway, revenueGrowth: revGrowth, rule40, ebitda, fcf,
+    };
+  }
+  // pb_nav
+  const bookVal = hi?.book_value || 0;
+  const peerAvg = peers?.averages?.pb ?? 2;
+  const baseVal = bookVal > 0 ? bookVal * peerAvg : 0;
+  return {
+    tier, tierLabel: "Price/Book (NAV) Valuation",
+    tierReason: "FCF, EBITDA, and revenue growth are all weak or negative. Asset-based valuation (P/B) provides the most relevant framework.",
+    method: "P/B", multipleName: "P/B", peerAvgMultiple: peerAvg,
+    companyMetric: bookVal * di.shares, metricLabel: "Book Value",
+    bear: { multiple: peerAvg * 0.6, value: bookVal * peerAvg * 0.6 },
+    base: { multiple: peerAvg, value: baseVal },
+    bull: { multiple: peerAvg * 1.5, value: bookVal * peerAvg * 1.5 },
+    netDebt, shares: di.shares, cashRunwayQuarters: cashRunway, revenueGrowth: revGrowth, rule40, ebitda, fcf,
+  };
+}
+
+/* ── Relative Valuation Section ── */
+function RelativeValuationSection({ rv, info }: { rv: RelativeValData; info: Record<string, any> }) {
+  const price = info.currentPrice || 0;
+  const scenarios = [
+    { label: "Bear", ...rv.bear, color: C.red },
+    { label: "Base", ...rv.base, color: C.blue },
+    { label: "Bull", ...rv.bull, color: C.green },
+  ];
+  const chartData = scenarios.map((s) => ({ name: `${s.label} (${s.multiple.toFixed(1)}x)`, value: Math.max(s.value, 0), fill: s.color }));
+
+  return (
+    <div className="report-section">
+      {/* Tier Banner */}
+      <div className="p-3 rounded mb-4" style={{ background: "#FFF8E1", borderLeft: `4px solid ${C.gold}` }}>
+        <div className="flex items-center gap-2 mb-1">
+          <span className="text-sm">&#9888;</span>
+          <span className="text-xs font-bold" style={{ color: C.navy }}>DCF Not Applicable — {rv.tierLabel}</span>
+        </div>
+        <p className="text-[10px] leading-relaxed" style={{ color: C.text }}>{rv.tierReason}</p>
+      </div>
+
+      <h2 className="section-title">{rv.method} Scenario Analysis</h2>
+      <div className="grid grid-cols-2 gap-6">
+        <div>
+          <h3 className="chart-title">Peer Avg {rv.multipleName}: {rv.peerAvgMultiple.toFixed(1)}x &bull; {rv.metricLabel}: {fmtB(rv.companyMetric)}</h3>
+          <ResponsiveContainer width="100%" height={180}>
+            <BarChart data={chartData} layout="vertical">
+              <CartesianGrid strokeDasharray="3 3" stroke="#E0E0E0" />
+              <XAxis type="number" tick={{ fontSize: 10 }} tickFormatter={(v) => `$${v.toFixed(0)}`} />
+              <YAxis type="category" dataKey="name" tick={{ fontSize: 9 }} width={100} />
+              <Tooltip formatter={(v: number) => fmtPrice(v)} />
+              <Bar dataKey="value" radius={[0, 4, 4, 0]}>{chartData.map((d, i) => <Cell key={i} fill={d.fill} />)}</Bar>
+              {price > 0 && <ReferenceLine x={price} stroke={C.gold} strokeWidth={2} strokeDasharray="5 5" label={{ value: `Current $${price.toFixed(0)}`, fill: C.gold, fontSize: 10 }} />}
+            </BarChart>
+          </ResponsiveContainer>
+        </div>
+        <div className="space-y-3">
+          {scenarios.map((s) => {
+            const upside = price > 0 ? ((s.value - price) / price) * 100 : 0;
+            return (
+              <div key={s.label} className="flex items-center justify-between p-3 rounded" style={{ background: "#F4F6F9" }}>
+                <div>
+                  <div className="text-xs font-bold" style={{ color: s.color }}>{s.label} ({s.multiple.toFixed(1)}x)</div>
+                  <div className="text-xl font-mono font-bold" style={{ color: C.navy }}>{fmtPrice(Math.max(s.value, 0))}</div>
+                </div>
+                <div className="text-right">
+                  <div className="text-[10px]" style={{ color: C.muted }}>vs Current</div>
+                  <div className="font-mono font-bold" style={{ color: upside >= 0 ? C.green : C.red }}>{fmtPct(upside)}</div>
+                </div>
+              </div>
+            );
+          })}
+        </div>
+      </div>
+    </div>
+  );
+}
+
+/* ── Path to Profitability ── */
+function PathToProfitability({ rv, stmts }: { rv: RelativeValData; stmts: { income_statement?: FinancialPeriod[] } }) {
+  const is = stmts.income_statement;
+  // Compute margin trends from statements
+  const marginData = (is || []).slice(0, 5).reverse().map((p) => {
+    const rev = getValue(p, "TotalRevenue|Total Revenue|Revenue");
+    const gp = getValue(p, "GrossProfit|Gross Profit");
+    const op = getValue(p, "OperatingIncome|Operating Income");
+    const ni = getValue(p, "NetIncome|Net Income|Net Income Common Stockholders");
+    const yr = p.asOfDate || p.fiscalYear || "";
+    return {
+      year: typeof yr === "string" ? yr.slice(0, 4) : String(yr),
+      grossMargin: rev && gp ? (gp / rev) * 100 : null,
+      opMargin: rev && op ? (op / rev) * 100 : null,
+      netMargin: rev && ni ? (ni / rev) * 100 : null,
+    };
+  });
+
+  const kpis = [
+    { l: "FCF (TTM)", v: fmtB(rv.fcf), color: (rv.fcf ?? 0) >= 0 ? C.green : C.red },
+    { l: "EBITDA (TTM)", v: fmtB(rv.ebitda), color: (rv.ebitda ?? 0) > 0 ? C.green : C.red },
+    { l: "Revenue Growth", v: rv.revenueGrowth != null ? fmtPct(rv.revenueGrowth * 100) : "N/A", color: (rv.revenueGrowth ?? 0) > 0 ? C.green : C.red },
+    { l: "Rule of 40", v: rv.rule40 != null ? rv.rule40.toFixed(1) : "N/A", color: (rv.rule40 ?? 0) >= 40 ? C.green : (rv.rule40 ?? 0) >= 20 ? C.gold : C.red },
+    { l: "Cash Runway", v: rv.cashRunwayQuarters != null ? `${rv.cashRunwayQuarters.toFixed(1)} Q` : "N/A", color: (rv.cashRunwayQuarters ?? 0) > 8 ? C.green : (rv.cashRunwayQuarters ?? 0) > 4 ? C.gold : C.red },
+    { l: "Net Debt", v: fmtB(rv.netDebt), color: rv.netDebt > 0 ? C.red : C.green },
+  ];
+
+  return (
+    <div className="report-section">
+      <h2 className="section-title">Path to Profitability</h2>
+      <div className="grid grid-cols-6 gap-2 mb-4">
+        {kpis.map((k) => (
+          <div key={k.l} className="text-center p-2 rounded" style={{ background: "#F4F6F9" }}>
+            <div className="text-[9px] uppercase tracking-wider" style={{ color: C.muted }}>{k.l}</div>
+            <div className="text-sm font-mono font-bold" style={{ color: k.color }}>{k.v}</div>
+          </div>
+        ))}
+      </div>
+      {marginData.length > 1 && (
+        <div>
+          <h3 className="chart-title">Margin Trajectory — Is Profitability Approaching?</h3>
+          <ResponsiveContainer width="100%" height={180}>
+            <LineChart data={marginData}>
+              <CartesianGrid strokeDasharray="3 3" stroke="#E0E0E0" />
+              <XAxis dataKey="year" tick={{ fontSize: 10 }} />
+              <YAxis tick={{ fontSize: 10 }} tickFormatter={(v) => `${v}%`} />
+              <Tooltip formatter={(v: number) => `${v?.toFixed(1)}%`} />
+              <ReferenceLine y={0} stroke={C.navy} strokeDasharray="3 3" />
+              <Line type="monotone" dataKey="grossMargin" stroke={C.green} name="Gross" strokeWidth={2} dot={{ r: 3 }} connectNulls />
+              <Line type="monotone" dataKey="opMargin" stroke={C.blue} name="Operating" strokeWidth={2} dot={{ r: 3 }} connectNulls />
+              <Line type="monotone" dataKey="netMargin" stroke={C.gold} name="Net" strokeWidth={2} dot={{ r: 3 }} connectNulls />
+              <Legend wrapperStyle={{ fontSize: 10 }} />
+            </LineChart>
+          </ResponsiveContainer>
+        </div>
+      )}
+    </div>
+  );
+}
+
 /* ── Wall Street 10 ── */
 function WallStreet10Section({ sections }: { sections: Record<string, string> }) {
   const order: [string, string, string][] = [
@@ -887,6 +1097,8 @@ export default function ReportPage() {
   const [tornado, setTornado] = useState<TornadoItem[] | null>(null);
   const [reverseDcf, setReverseDcf] = useState<ReverseDCFResult | null>(null);
   const [institutional, setInstitutional] = useState<InstitutionalData | null>(null);
+  const [valTier, setValTier] = useState<ValuationTier>("dcf");
+  const [relativeVal, setRelativeVal] = useState<RelativeValData | null>(null);
   const [loading, setLoading] = useState(false);
   const [progress, setProgress] = useState("");
   const [error, setError] = useState("");
@@ -959,8 +1171,8 @@ export default function ReportPage() {
       const te = rTe.status === "fulfilled" ? rTe.value : null;
       if (te) setTechnical(te);
 
-      /* ── Phase 2: DCF Inputs ── */
-      setProgress("Phase 2/4 — Loading DCF inputs...");
+      /* ── Phase 2: DCF Inputs + Tier Detection ── */
+      setProgress("Phase 2/4 — Loading valuation inputs & detecting tier...");
       const [dcfInputs, smartDefaults] = await Promise.allSettled([
         fetchJson(`/api/valuation/dcf-inputs/${ticker}`),
         fetchJson(`/api/valuation/smart-defaults/${ticker}`),
@@ -968,8 +1180,15 @@ export default function ReportPage() {
       const di = dcfInputs.status === "fulfilled" ? dcfInputs.value : null;
       const sd = smartDefaults.status === "fulfilled" ? smartDefaults.value : null;
 
-      if (di && sd && di.fcf && di.shares) {
-        // smart-defaults returns percentage (e.g. 10 = 10%), but POST endpoints expect decimal (0.10)
+      // Detect valuation tier
+      const fcfVal = hi?.free_cash_flow ?? di?.fcf ?? null;
+      const ebitdaVal = hi?.ebitda ?? null;
+      const revGrowthVal = hi?.revenue_growth ?? null;
+      const tier = detectValuationTier(fcfVal, ebitdaVal, revGrowthVal);
+      setValTier(tier);
+
+      if (tier === "dcf" && di && sd && di.fcf && di.shares) {
+        // Tier 1: Full DCF analysis
         const waccDec = (sd.wacc || 9) / 100;
         const tgDec = (sd.terminal_growth || 2.5) / 100;
         const growthDec = (sd.fcf_growth || 10) / 100;
@@ -984,8 +1203,7 @@ export default function ReportPage() {
           term_growth: tgDec, n_simulations: 5000,
         };
 
-        /* ── Phase 3: DCF Calculations (5 parallel) ── */
-        setProgress("Phase 3/4 — Running valuation models (DCF, Sensitivity, Monte Carlo, Tornado, Reverse DCF)...");
+        setProgress("Phase 3/4 — Running DCF models (5 parallel)...");
         const [rDcf, rSens, rMc, rTor, rRev] = await Promise.allSettled([
           fetchJson("/api/valuation/dcf", { method: "POST", headers: { "Content-Type": "application/json" }, body: JSON.stringify(params) }),
           fetchJson("/api/valuation/sensitivity", { method: "POST", headers: { "Content-Type": "application/json" }, body: JSON.stringify(params) }),
@@ -999,6 +1217,11 @@ export default function ReportPage() {
         if (rMc.status === "fulfilled" && rMc.value) setMonteCarlo(rMc.value);
         if (rTor.status === "fulfilled" && rTor.value?.data) setTornado(rTor.value.data);
         if (rRev.status === "fulfilled" && rRev.value) setReverseDcf(rRev.value);
+      } else if (tier !== "dcf") {
+        // Tier 2/3/4: Relative valuation
+        setProgress("Phase 3/4 — Computing relative valuation (peer multiples)...");
+        const rv = buildRelativeVal(tier, pr, mergedInfo, di, hi);
+        if (rv) setRelativeVal(rv);
       }
 
       /* ── Phase 4: Gemini AI ── */
@@ -1022,7 +1245,7 @@ export default function ReportPage() {
   const handlePrint = useCallback(() => { window.print(); }, []);
 
   const hasReport = institutional && institutional.sections;
-  const hasData = Object.keys(info).length > 0 || Object.keys(stmts).length > 0 || research != null || dcf != null;
+  const hasData = Object.keys(info).length > 0 || Object.keys(stmts).length > 0 || research != null || dcf != null || relativeVal != null;
   const currentPrice = info.currentPrice || info.regularMarketPrice || dcf?.current_price || 0;
 
   return (
@@ -1084,7 +1307,7 @@ export default function ReportPage() {
       {(hasReport || hasData) && (
         <div className="report-container" id="atlas-report">
           {/* Page 1: Cover */}
-          <CoverPage ticker={ticker} info={info} consensus={consensus} dcf={dcf} />
+          <CoverPage ticker={ticker} info={info} consensus={consensus} dcf={dcf} relativeVal={relativeVal} />
 
           {/* Page 2: TOC */}
           <TableOfContents hasInstitutional={!!hasReport} />
@@ -1124,29 +1347,40 @@ export default function ReportPage() {
             </div>
           ) : null}
 
-          {/* Page 7: DCF Valuation */}
-          {dcf && (
-            <div className="report-page">
-              <div className="page-header">Valuation &mdash; DCF Analysis</div>
-              <DCFValuationSection dcf={dcf} reverseDcf={reverseDcf} info={info} />
-            </div>
+          {/* ── Valuation Pages (Tier-Dependent) ── */}
+          {valTier === "dcf" && dcf && (
+            <>
+              <div className="report-page">
+                <div className="page-header">Valuation &mdash; DCF Analysis</div>
+                <DCFValuationSection dcf={dcf} reverseDcf={reverseDcf} info={info} />
+              </div>
+              {(sensitivity || monteCarlo) && (
+                <div className="report-page">
+                  <div className="page-header">Valuation &mdash; Sensitivity &amp; Monte Carlo</div>
+                  <SensitivityHeatmap sensitivity={sensitivity} currentPrice={currentPrice} />
+                  <MonteCarloSection mc={monteCarlo} />
+                </div>
+              )}
+              {tornado && tornado.length > 0 && (
+                <div className="report-page">
+                  <div className="page-header">Valuation &mdash; Tornado Sensitivity</div>
+                  <TornadoSection tornado={tornado} />
+                </div>
+              )}
+            </>
           )}
 
-          {/* Page 8: Sensitivity + Monte Carlo */}
-          {(sensitivity || monteCarlo) && (
-            <div className="report-page">
-              <div className="page-header">Valuation &mdash; Sensitivity &amp; Monte Carlo</div>
-              <SensitivityHeatmap sensitivity={sensitivity} currentPrice={currentPrice} />
-              <MonteCarloSection mc={monteCarlo} />
-            </div>
-          )}
-
-          {/* Page 9: Tornado */}
-          {tornado && tornado.length > 0 && (
-            <div className="report-page">
-              <div className="page-header">Valuation &mdash; Tornado Sensitivity</div>
-              <TornadoSection tornado={tornado} />
-            </div>
+          {valTier !== "dcf" && relativeVal && (
+            <>
+              <div className="report-page">
+                <div className="page-header">Valuation &mdash; {relativeVal.tierLabel}</div>
+                <RelativeValuationSection rv={relativeVal} info={info} />
+              </div>
+              <div className="report-page">
+                <div className="page-header">Path to Profitability</div>
+                <PathToProfitability rv={relativeVal} stmts={stmts} />
+              </div>
+            </>
           )}
 
           {/* Page 10: Peer Comparison */}

atlas-terminal/apps/web/src/app/research/page.tsx

@@ -6,13 +6,14 @@ import type { ResearchDashboardPayload } from "../components/research/types";
 import { useTicker } from "../lib/use-ticker";
 
 export default function ResearchPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [assetType, setAssetType] = useState<string>("equity");
   const [dashboard, setDashboard] = useState<ResearchDashboardPayload | null>(null);
   const [loadError, setLoadError] = useState<string | null>(null);
   const [loading, setLoading] = useState(true);
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     setLoadError(null);
     Promise.all([
@@ -30,11 +31,11 @@ export default function ResearchPage() {
         setDashboard(dash as ResearchDashboardPayload);
       })
       .catch(() => {
-        setLoadError("대시보드 데이터를 불러오지 못했습니다.");
+        setLoadError("Failed to load dashboard data.");
         setDashboard(null);
       })
       .finally(() => setLoading(false));
-  }, [ticker]);
+  }, [ticker, initialized]);
 
   if (loading) {
     return (
@@ -57,29 +58,28 @@ export default function ResearchPage() {
           <>
             {dashboard.error && (
               <div className="mb-4 rounded-lg border border-accent-yellow/40 bg-bg-card px-4 py-3 text-sm text-accent-yellow">
-                {dashboard.error} — 일부 위젯이 비어 있을 수 있습니다.
+                {dashboard.error} — Some widgets may be empty.
               </div>
             )}
             <ResearchGridLayout dashboard={dashboard} />
           </>
         ) : (
           <div className="bg-bg-card border border-border rounded-lg p-5 text-text-muted text-sm">
-            대시보드 데이터가 없습니다. API 응답을 확인하거나 티커를 바꿔 보세요.
+            No dashboard data available. Check the API response or try a different ticker.
           </div>
         )
       ) : assetType === "etf" ? (
         <div className="bg-bg-card border border-border rounded-lg p-5 mb-6">
           <h3 className="text-text-secondary text-sm font-semibold mb-3">ETF Research</h3>
           <div className="text-text-secondary text-sm">
-            Holdings Analysis, Sector Breakdown, Overlap Analysis를 우선 제공합니다. Piotroski/F-Score 및 기업 재무
-            대시보드는 ETF에 적용되지 않습니다.
+            Provides Holdings Analysis, Sector Breakdown, and Overlap Analysis. Piotroski F-Score and corporate financial dashboards are not applicable to ETFs.
           </div>
         </div>
       ) : (
         <div className="bg-bg-card border border-border rounded-lg p-5 mb-6">
           <h3 className="text-text-secondary text-sm font-semibold mb-3">Commodity Research</h3>
           <div className="text-text-secondary text-sm">
-            Seasonal Analysis와 Supply/Demand 요인을 중심으로 분석합니다. 주식 전용 지표는 표시하지 않습니다.
+            Focuses on Seasonal Analysis and Supply/Demand factors. Equity-specific indicators are not displayed.
           </div>
         </div>
       )}

atlas-terminal/apps/web/src/app/screener/page.tsx

@@ -26,8 +26,23 @@ interface BacktestResult {
   benchmark_ticker?: string;
 }
 
+interface PortfolioResult {
+  error?: string;
+  total_return_pct?: number;
+  benchmark_return_pct?: number;
+  alpha?: number;
+  sharpe_ratio?: number;
+  sortino_ratio?: number;
+  max_drawdown_pct?: number;
+  contributions?: Record<string, number>;
+  equity_curve?: number[];
+  benchmark_curve?: number[];
+  dates?: string[];
+  benchmark_ticker?: string;
+}
+
 export default function ScreenerPage() {
-  const [tab, setTab] = useState<"screener" | "backtest">("screener");
+  const [tab, setTab] = useState<"screener" | "backtest" | "portfolio">("screener");
   const [rows, setRows] = useState<ScreenerRow[]>([]);
   const [loading, setLoading] = useState(false);
   const [peMax, setPeMax] = useState("25");
@@ -44,6 +59,42 @@ export default function ScreenerPage() {
   const [btLoading, setBtLoading] = useState(false);
   const chartRef = useRef<HTMLDivElement>(null);
 
+  // Portfolio backtest state
+  const [ptTickers, setPtTickers] = useState("AAPL, MSFT, GOOG");
+  const [ptWeights, setPtWeights] = useState("40, 30, 30");
+  const [ptBenchmark, setPtBenchmark] = useState("SPY");
+  const [ptRebal, setPtRebal] = useState("3");
+  const [ptStart, setPtStart] = useState("2021-01-01");
+  const [ptEnd, setPtEnd] = useState("2026-01-01");
+  const [ptResult, setPtResult] = useState<PortfolioResult | null>(null);
+  const [ptLoading, setPtLoading] = useState(false);
+  const ptChartRef = useRef<HTMLDivElement>(null);
+
+  async function runPortfolioBacktest() {
+    setPtLoading(true);
+    try {
+      const tickers = ptTickers.split(",").map((s) => s.trim().toUpperCase()).filter(Boolean);
+      const weights = ptWeights.split(",").map((s) => parseFloat(s.trim())).filter((n) => !isNaN(n));
+      const res = await fetch("/api/screener/portfolio-backtest", {
+        method: "POST",
+        headers: { "Content-Type": "application/json" },
+        body: JSON.stringify({
+          tickers,
+          weights: weights.length === tickers.length ? weights : undefined,
+          start_date: ptStart,
+          end_date: ptEnd,
+          rebalance_months: parseInt(ptRebal, 10) || 3,
+          benchmark_ticker: ptBenchmark || "SPY",
+        }),
+      });
+      setPtResult(await res.json());
+    } catch {
+      setPtResult(null);
+    } finally {
+      setPtLoading(false);
+    }
+  }
+
   async function runScreener() {
     setLoading(true);
     try {
@@ -138,6 +189,53 @@ export default function ScreenerPage() {
     };
   }, [btResult]);
 
+  useEffect(() => {
+    if (!ptResult?.equity_curve || !ptResult.benchmark_curve || !ptResult.dates || !ptChartRef.current) return;
+    // eslint-disable-next-line @typescript-eslint/no-explicit-any
+    let chart: any = null;
+    const el = ptChartRef.current;
+    let onResize: (() => void) | null = null;
+
+    import("lightweight-charts")
+      .then(({ createChart }) => {
+        if (!el) return;
+        el.innerHTML = "";
+        chart = createChart(el, {
+          width: el.clientWidth,
+          height: 320,
+          layout: { background: { color: "#1A1A26" }, textColor: "#9CA3AF" },
+          grid: { vertLines: { color: "#2A2A3A" }, horzLines: { color: "#2A2A3A" } },
+          crosshair: { mode: 0 },
+          timeScale: { borderColor: "#2A2A3A" },
+        });
+        const port = chart.addLineSeries({ color: "#00D4AA", lineWidth: 2 });
+        port.setData(
+          ptResult.dates!.map((d, i) => ({
+            time: d as string & { __brand?: "Time" },
+            value: ptResult.equity_curve![i],
+          }))
+        );
+        const bench = chart.addLineSeries({ color: "#4DA6FF", lineWidth: 2 });
+        bench.setData(
+          ptResult.dates!.map((d, i) => ({
+            time: d as string & { __brand?: "Time" },
+            value: ptResult.benchmark_curve![i],
+          }))
+        );
+        chart.timeScale().fitContent();
+        onResize = () => {
+          if (el && chart) chart.applyOptions({ width: el.clientWidth });
+        };
+        window.addEventListener("resize", onResize);
+      })
+      .catch(() => {});
+
+    return () => {
+      if (onResize) window.removeEventListener("resize", onResize);
+      if (chart) chart.remove();
+    };
+  }, [ptResult]);
+
   return (
     <div>
       <h1 className="text-2xl font-bold mb-4">Stock Screener</h1>
@@ -157,11 +255,19 @@ export default function ScreenerPage() {
         >
           Backtest
         </button>
+        <button
+          type="button"
+          onClick={() => setTab("portfolio")}
+          className={`px-4 py-2 rounded-md text-sm font-medium ${tab === "portfolio" ? "bg-accent-green text-bg-primary" : "text-text-secondary"}`}
+        >
+          Portfolio
+        </button>
       </div>
 
       {tab === "screener" ? (
         <div className="bg-bg-card border border-border rounded-lg p-4">
           <div className="flex flex-wrap gap-2 mb-3">
+
             <input
               value={peMax}
               onChange={(e) => setPeMax(e.target.value)}
@@ -213,7 +319,7 @@ export default function ScreenerPage() {
             </table>
           </div>
         </div>
-      ) : (
+      ) : tab === "backtest" ? (
         <div className="bg-bg-card border border-border rounded-lg p-4 space-y-4">
           <div className="flex flex-wrap gap-2 mb-3">
             <input
@@ -262,7 +368,73 @@ export default function ScreenerPage() {
           )}
           {btResult?.error && <p className="text-accent-red text-sm">{btResult.error}</p>}
         </div>
-      )}
+      ) : tab === "portfolio" ? (
+        <div className="bg-bg-card border border-border rounded-lg p-4 space-y-4">
+          <div className="flex flex-wrap gap-2 mb-3">
+            <input
+              value={ptTickers}
+              onChange={(e) => setPtTickers(e.target.value.toUpperCase())}
+              placeholder="Tickers (comma sep)"
+              className="bg-bg-primary border border-border rounded px-3 py-2 text-sm flex-1 min-w-[200px]"
+            />
+            <input
+              value={ptWeights}
+              onChange={(e) => setPtWeights(e.target.value)}
+              placeholder="Weights (e.g. 40, 30, 30)"
+              className="bg-bg-primary border border-border rounded px-3 py-2 text-sm w-48"
+            />
+            <input
+              value={ptBenchmark}
+              onChange={(e) => setPtBenchmark(e.target.value.toUpperCase())}
+              placeholder="Benchmark"
+              className="bg-bg-primary border border-border rounded px-3 py-2 text-sm w-28"
+            />
+            <input
+              value={ptRebal}
+              onChange={(e) => setPtRebal(e.target.value)}
+              placeholder="Rebal months"
+              className="bg-bg-primary border border-border rounded px-3 py-2 text-sm w-28"
+            />
+            <input type="date" value={ptStart} onChange={(e) => setPtStart(e.target.value)} className="bg-bg-primary border border-border rounded px-3 py-2 text-sm" />
+            <input type="date" value={ptEnd} onChange={(e) => setPtEnd(e.target.value)} className="bg-bg-primary border border-border rounded px-3 py-2 text-sm" />
+            <button type="button" onClick={runPortfolioBacktest} className="bg-accent-green text-bg-primary px-4 py-2 rounded font-semibold">
+              {ptLoading ? "Running..." : "Run Portfolio"}
+            </button>
+          </div>
+          <p className="text-text-muted text-xs">
+            Multi-asset portfolio (green) vs benchmark (blue). Weights are rebalanced every N months.
+          </p>
+          {ptResult && !ptResult.error && (
+            <>
+              <div className="grid grid-cols-2 lg:grid-cols-6 gap-3">
+                <Metric label="Return" value={`${ptResult.total_return_pct}%`} />
+                <Metric label={`Bench (${ptResult.benchmark_ticker || ptBenchmark})`} value={`${ptResult.benchmark_return_pct}%`} />
+                <Metric label="Alpha" value={`${ptResult.alpha}%`} />
+                <Metric label="Sharpe" value={`${ptResult.sharpe_ratio}`} />
+                <Metric label="Sortino" value={`${ptResult.sortino_ratio}`} />
+                <Metric label="Max DD" value={`${ptResult.max_drawdown_pct}%`} />
+              </div>
+              {ptResult.contributions && (
+                <div className="bg-bg-primary border border-border rounded-md p-3">
+                  <div className="text-text-muted text-xs mb-2">Contribution by Ticker</div>
+                  <div className="flex flex-wrap gap-2">
+                    {Object.entries(ptResult.contributions).map(([t, c]) => (
+                      <div key={t} className="text-xs font-mono px-2 py-1 rounded border border-border">
+                        <span className="text-accent-green">{t}</span>{" "}
+                        <span className={c >= 0 ? "text-accent-green" : "text-accent-red"}>
+                          {c >= 0 ? "+" : ""}{c}%
+                        </span>
+                      </div>
+                    ))}
+                  </div>
+                </div>
+              )}
+              <div ref={ptChartRef} className="w-full min-h-[320px] rounded-lg border border-border overflow-hidden" />
+            </>
+          )}
+          {ptResult?.error && <p className="text-accent-red text-sm">{ptResult.error}</p>}
+        </div>
+      ) : null}
     </div>
   );
 }

atlas-terminal/apps/web/src/app/technical/page.tsx

@@ -31,7 +31,7 @@ interface FibLevels {
 }
 
 export default function TechnicalPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [indicators, setIndicators] = useState<Indicators | null>(null);
   const [bars, setBars] = useState<ChartBar[]>([]);
   const [fib, setFib] = useState<FibLevels | null>(null);
@@ -40,6 +40,7 @@ export default function TechnicalPage() {
   const chartRef = useRef<HTMLDivElement>(null);
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     Promise.all([
       fetch(`/api/technical/${ticker}/indicators`).then((r) => r.ok ? r.json() : null),
@@ -51,19 +52,19 @@ export default function TechnicalPage() {
       setFib(fibData);
       setLoading(false);
     }).catch(() => setLoading(false));
-  }, [ticker, period]);
+  }, [ticker, period, initialized]);
 
-  // Render chart using lightweight-charts
+  // Render chart using lightweight-charts v5
   useEffect(() => {
     if (!chartRef.current || bars.length === 0) return;
-    // v5 typings omit series helpers; runtime still exposes addCandlestickSeries etc.
     // eslint-disable-next-line @typescript-eslint/no-explicit-any
     let chart: any = null;
+    let resizeHandler: (() => void) | null = null;
     (async () => {
       try {
-        const { createChart } = await import("lightweight-charts");
+        const lc = await import("lightweight-charts");
         chartRef.current!.innerHTML = "";
-        chart = createChart(chartRef.current!, {
+        chart = lc.createChart(chartRef.current!, {
           width: chartRef.current!.clientWidth,
           height: 400,
           layout: { background: { color: "#1A1A26" }, textColor: "#9CA3AF" },
@@ -71,43 +72,79 @@ export default function TechnicalPage() {
           crosshair: { mode: 0 },
           timeScale: { borderColor: "#2A2A3A" },
         });
-        const candlestickSeries = chart.addCandlestickSeries({
-          upColor: "#00D4AA",
-          downColor: "#FF4757",
-          borderUpColor: "#00D4AA",
-          borderDownColor: "#FF4757",
-          wickUpColor: "#00D4AA",
-          wickDownColor: "#FF4757",
-        });
-        candlestickSeries.setData(bars);
 
-        const volumeSeries = chart.addHistogramSeries({
-          priceFormat: { type: "volume" },
-          priceScaleId: "",
-        });
-        volumeSeries.priceScale().applyOptions({
-          scaleMargins: { top: 0.8, bottom: 0 },
-        });
-        volumeSeries.setData(
-          bars.map((b) => ({
-            time: b.time,
-            value: b.volume,
-            color: b.close >= b.open ? "rgba(0,212,170,0.3)" : "rgba(255,71,87,0.3)",
-          }))
-        );
+        // v5 API: use addSeries with series type constructor
+        const CandlestickSeries = (lc as Record<string, unknown>).CandlestickSeries;
+        const HistogramSeries = (lc as Record<string, unknown>).HistogramSeries;
+
+        if (CandlestickSeries && typeof chart.addSeries === "function") {
+          // v5 path
+          const candlestickSeries = chart.addSeries(CandlestickSeries, {
+            upColor: "#00D4AA",
+            downColor: "#FF4757",
+            borderUpColor: "#00D4AA",
+            borderDownColor: "#FF4757",
+            wickUpColor: "#00D4AA",
+            wickDownColor: "#FF4757",
+          });
+          candlestickSeries.setData(bars);
+
+          const volumeSeries = chart.addSeries(HistogramSeries, {
+            priceFormat: { type: "volume" },
+            priceScaleId: "volume",
+          });
+          volumeSeries.priceScale().applyOptions({
+            scaleMargins: { top: 0.8, bottom: 0 },
+          });
+          volumeSeries.setData(
+            bars.map((b: ChartBar) => ({
+              time: b.time,
+              value: b.volume,
+              color: b.close >= b.open ? "rgba(0,212,170,0.3)" : "rgba(255,71,87,0.3)",
+            }))
+          );
+        } else if (typeof chart.addCandlestickSeries === "function") {
+          // v4 fallback
+          const candlestickSeries = chart.addCandlestickSeries({
+            upColor: "#00D4AA",
+            downColor: "#FF4757",
+            borderUpColor: "#00D4AA",
+            borderDownColor: "#FF4757",
+            wickUpColor: "#00D4AA",
+            wickDownColor: "#FF4757",
+          });
+          candlestickSeries.setData(bars);
+
+          const volumeSeries = chart.addHistogramSeries({
+            priceFormat: { type: "volume" },
+            priceScaleId: "",
+          });
+          volumeSeries.priceScale().applyOptions({
+            scaleMargins: { top: 0.8, bottom: 0 },
+          });
+          volumeSeries.setData(
+            bars.map((b: ChartBar) => ({
+              time: b.time,
+              value: b.volume,
+              color: b.close >= b.open ? "rgba(0,212,170,0.3)" : "rgba(255,71,87,0.3)",
+            }))
+          );
+        }
 
         chart.timeScale().fitContent();
 
-        const handleResize = () => {
+        resizeHandler = () => {
           if (chartRef.current) chart.applyOptions({ width: chartRef.current.clientWidth });
         };
-        window.addEventListener("resize", handleResize);
-        return () => window.removeEventListener("resize", handleResize);
-      } catch {
-        // lightweight-charts not available
+        window.addEventListener("resize", resizeHandler);
+      } catch (e) {
+        console.error("lightweight-charts render error:", e);
       }
     })();
-    return () => { if (chart) chart.remove(); };
+    return () => {
+      if (resizeHandler) window.removeEventListener("resize", resizeHandler);
+      if (chart) chart.remove();
+    };
   }, [bars]);
 
   if (loading) return <div className="flex items-center justify-center h-64"><div className="text-accent-green animate-pulse font-mono">Loading...</div></div>;

atlas-terminal/apps/web/src/app/valuation/page.tsx

@@ -50,7 +50,7 @@ interface MonteCarloData {
 type ValuationTab = "dcf" | "sensitivity" | "montecarlo" | "tornado" | "reverse";
 
 export default function ValuationPage() {
-  const { ticker } = useTicker();
+  const { ticker, initialized } = useTicker();
   const [assetType, setAssetType] = useState<string>("equity");
   const [inputs, setInputs] = useState<DCFInputs | null>(null);
   const [consensus, setConsensus] = useState<Consensus | null>(null);
@@ -70,6 +70,7 @@ export default function ValuationPage() {
   const [advLoading, setAdvLoading] = useState(false);
 
   useEffect(() => {
+    if (!initialized) return;
     setLoading(true);
     setDcfResult(null);
     setSensitivity(null);
@@ -90,7 +91,7 @@ export default function ValuationPage() {
       if (d?.fcf_growth) setFcfGrowth(d.fcf_growth);
       setLoading(false);
     }).catch(() => setLoading(false));
-  }, [ticker]);
+  }, [ticker, initialized]);
 
   async function runDCF() {
     if (!inputs) return;
@@ -184,8 +185,8 @@ export default function ValuationPage() {
           </h3>
           <div className="text-text-secondary text-sm">
             {assetType === "etf"
-              ? "NAV Premium/Discount, Expense 비교, Tracking Error 중심으로 평가합니다. DCF는 주식(EQUITY) 전용입니다."
-              : "Futures Curve(Contango/Backwardation), Cost of Carry 중심으로 평가합니다. DCF는 주식(EQUITY) 전용입니다."}
+              ? "Evaluates NAV Premium/Discount, Expense comparison, and Tracking Error. DCF is available for equities only."
+              : "Evaluates Futures Curve (Contango/Backwardation) and Cost of Carry. DCF is available for equities only."}
           </div>
         </div>
       </div>

atlas-terminal/server/main.py

@@ -2,11 +2,47 @@
 ATLAS Terminal — FastAPI Backend
 Unified entry point with PostgreSQL + SQLite support.
 """
+import json
+import math
 import os
 import logging
 from contextlib import asynccontextmanager
+from typing import Any
+
 from fastapi import FastAPI
 from fastapi.middleware.cors import CORSMiddleware
+from fastapi.responses import JSONResponse
+
+
+class _NanSafeEncoder(json.JSONEncoder):
+    """Replace NaN/Inf with None so JSON serialization never crashes."""
+
+    def default(self, o: Any) -> Any:
+        return super().default(o)
+
+    def encode(self, o: Any) -> str:
+        return super().encode(_sanitize(o))
+
+
+def _sanitize(obj: Any) -> Any:
+    if isinstance(obj, float):
+        if math.isnan(obj) or math.isinf(obj):
+            return None
+        return obj
+    if isinstance(obj, dict):
+        return {k: _sanitize(v) for k, v in obj.items()}
+    if isinstance(obj, (list, tuple)):
+        return [_sanitize(v) for v in obj]
+    return obj
+
+
+class NanSafeJSONResponse(JSONResponse):
+    def render(self, content: Any) -> bytes:
+        return json.dumps(
+            _sanitize(content),
+            ensure_ascii=False,
+            separators=(",", ":"),
+        ).encode("utf-8")
 
 logging.basicConfig(level=logging.INFO)
 logger = logging.getLogger(__name__)
@@ -28,6 +64,7 @@ app = FastAPI(
     description="Personal Bloomberg Terminal — Hybrid AI + Quantitative Analysis",
     version="2.0.0",
     lifespan=lifespan,
+    default_response_class=NanSafeJSONResponse,
 )
 
 # CORS — allow local frontend

atlas-terminal/server/routers/dart.py

@@ -1,4 +1,4 @@
-"""DART Korea — company search (optional ``DART_API_KEY``) + 사업보고서 sections."""
+"""DART Korea — company search (optional ``DART_API_KEY``) + annual report sections."""
 
 from typing import Any, Dict, List
 
@@ -32,7 +32,7 @@ async def dart_search(
 @router.get(
     "/sections/{ticker}",
     response_model=EdgarSectionsResponse,
-    summary="Korean 사업보고서 sections (DART Open API)",
+    summary="Korean annual report sections (DART Open API)",
 )
 async def dart_sections(
     ticker: str,
@@ -41,7 +41,7 @@ async def dart_sections(
         description="Include HTML fragment for in-app viewer",
     ),
 ):
-    """Download latest annual report (사업보고서) and map to SEC-like section keys."""
+    """Download latest annual report and map to SEC-like section keys."""
     if not dart_filing_is_configured():
         return EdgarSectionsResponse(
             source="dart",
@@ -50,7 +50,7 @@ async def dart_sections(
             status="unconfigured",
         )
     try:
-        sections, status, html_frag, _rcept = get_dart_sections(ticker)
+        sections, status, html_frag, rcept_no = get_dart_sections(ticker)
     except ValueError as exc:
         raise HTTPException(status_code=422, detail=str(exc)) from exc
     except FileNotFoundError as exc:
@@ -59,6 +59,7 @@ async def dart_sections(
         raise HTTPException(status_code=500, detail=f"DART download failed: {exc}") from exc
 
     html_payload = html_frag if include_html else ""
+    links = {"DART 원문 공시": f"https://dart.fss.or.kr/dsaf001/main.do?rcpNo={rcept_no}"} if rcept_no else None
     return EdgarSectionsResponse(
         source="dart",
         configured=True,
@@ -69,4 +70,5 @@ async def dart_sections(
         item8=sections.get("item8", ""),
         item9a=sections.get("item9a", ""),
         html=html_payload,
+        links=links,
     )

atlas-terminal/server/routers/earnings.py

@@ -107,6 +107,79 @@ async def earnings_transcript(
     }
 
 
+@router.get("/{ticker}/delta", summary="What changed vs last quarter")
+async def earnings_delta(ticker: str) -> Dict[str, Any]:
+    """Compare the two most recent quarters: revenue/earnings delta + AI summary."""
+    try:
+        import yfinance as yf
+
+        t = yf.Ticker(ticker.upper())
+        quarterly = t.quarterly_earnings
+        if quarterly is None or (hasattr(quarterly, "empty") and quarterly.empty) or len(quarterly) < 2:
+            return {"ticker": ticker.upper(), "available": False, "message": "Not enough quarterly data"}
+
+        rows = []
+        for idx, row in quarterly.iterrows():
+            rows.append({
+                "period": str(idx),
+                "revenue": _safe_float(row.get("Revenue")),
+                "earnings": _safe_float(row.get("Earnings")),
+            })
+        if len(rows) < 2:
+            return {"ticker": ticker.upper(), "available": False, "message": "Not enough quarterly data"}
+
+        latest, prev = rows[0], rows[1]
+        rev_delta = None
+        earn_delta = None
+        if latest["revenue"] and prev["revenue"] and prev["revenue"] != 0:
+            rev_delta = round((latest["revenue"] - prev["revenue"]) / abs(prev["revenue"]) * 100, 2)
+        if latest["earnings"] and prev["earnings"] and prev["earnings"] != 0:
+            earn_delta = round((latest["earnings"] - prev["earnings"]) / abs(prev["earnings"]) * 100, 2)
+
+        # EPS surprise trend from earnings_history
+        eh = t.earnings_history
+        eps_trend: List[Dict[str, Any]] = []
+        if eh is not None and hasattr(eh, "iterrows"):
+            for idx2, row2 in eh.iterrows():
+                eps_trend.append({
+                    "date": str(idx2)[:10],
+                    "surprise_pct": round(_safe_float(row2.get("surprisePercent", 0), 0) * 100, 2),
+                })
+            eps_trend = eps_trend[-4:]
+
+        # AI summary via Gemini (best-effort)
+        ai_summary: Optional[str] = None
+        try:
+            from server.services.gemini_service import generate_text
+            prompt = (
+                f"Compare {ticker.upper()} most recent two quarters.\n"
+                f"Latest quarter ({latest['period']}): Revenue ${latest['revenue']}, Earnings ${latest['earnings']}.\n"
+                f"Previous quarter ({prev['period']}): Revenue ${prev['revenue']}, Earnings ${prev['earnings']}.\n"
+                f"Revenue changed {rev_delta}%, Earnings changed {earn_delta}%.\n"
+                "In 2-3 sentences, explain what changed and why. Be concise and specific."
+            )
+            ai_summary = await generate_text(prompt)
+        except Exception:
+            pass
+
+        return {
+            "ticker": ticker.upper(),
+            "available": True,
+            "latest_quarter": latest["period"],
+            "prev_quarter": prev["period"],
+            "latest_revenue": latest["revenue"],
+            "prev_revenue": prev["revenue"],
+            "latest_earnings": latest["earnings"],
+            "prev_earnings": prev["earnings"],
+            "revenue_delta_pct": rev_delta,
+            "earnings_delta_pct": earn_delta,
+            "eps_trend": eps_trend,
+            "ai_summary": ai_summary,
+        }
+    except Exception as exc:
+        raise HTTPException(status_code=500, detail=f"Earnings delta failed: {exc}") from exc
+
+
 @router.get("/{ticker}/quarterly", summary="Quarterly earnings data")
 async def quarterly_earnings(ticker: str) -> Dict[str, Any]:
     try:

atlas-terminal/server/routers/macro.py

@@ -53,6 +53,22 @@ async def macro_smart_money() -> Dict[str, Any]:
         }
 
 
+@router.get("/subfactors", summary="4-category macro subfactor breakdown + cycle stage")
+async def macro_subfactors() -> Dict[str, Any]:
+    from server.services.macro_cycle import get_subfactor_breakdown
+
+    try:
+        return await asyncio.to_thread(get_subfactor_breakdown)
+    except Exception as exc:
+        return {
+            "updated_at": None,
+            "composite_score": 0.0,
+            "cycle_stage": "Unknown",
+            "categories": {},
+            "error": str(exc),
+        }
+
+
 @router.get("/fred/{series_id}", summary="FRED time series (public CSV)")
 async def macro_fred(
     series_id: str,
@@ -126,7 +142,7 @@ async def macro_economic_calendar(
 
 @router.get("/ecos", summary="Korea Bank ECOS (requires ECOS_API_KEY)")
 async def macro_ecos(
-    stat_code: str = Query(..., description="ECOS 통계표 코드"),
+    stat_code: str = Query(..., description="ECOS statistics table code"),
     cycle: str = Query("M", description="D/W/M/Q/S/Y"),
     start_ym: str = Query("201501"),
     end_ym: Optional[str] = Query(None),

atlas-terminal/server/routers/market_data.py

@@ -143,11 +143,20 @@ async def sector_industry(ticker: str):
             "industry": info.get("industry", "N/A"),
             "market_cap": _safe_float(info.get("marketCap")),
             "pe_ratio": _safe_float(info.get("trailingPE")) or _safe_float(info.get("forwardPE")),
+            "forward_pe": _safe_float(info.get("forwardPE")),
             "dividend_yield": _safe_float(info.get("dividendYield")),
             "beta": _safe_float(info.get("beta")),
             "fifty_two_week_high": _safe_float(info.get("fiftyTwoWeekHigh")),
             "fifty_two_week_low": _safe_float(info.get("fiftyTwoWeekLow")),
             "current_price": _safe_float(info.get("currentPrice") or info.get("regularMarketPrice")),
+            "target_mean_price": _safe_float(info.get("targetMeanPrice")),
+            "target_high_price": _safe_float(info.get("targetHighPrice")),
+            "target_low_price": _safe_float(info.get("targetLowPrice")),
+            "recommendation": info.get("recommendationKey"),
+            "analyst_count": info.get("numberOfAnalystOpinions"),
+            "forward_eps": _safe_float(info.get("forwardEps")),
+            "trailing_eps": _safe_float(info.get("trailingEps")),
+            "peg_ratio": _safe_float(info.get("pegRatio")),
             "ceo": info.get("companyOfficers", [{}])[0].get("name") if isinstance(info.get("companyOfficers"), list) and info.get("companyOfficers") else None,
             "employees": info.get("fullTimeEmployees"),
             "founded": info.get("founded"),

atlas-terminal/server/routers/screener.py

@@ -35,3 +35,28 @@ async def backtest(body: dict):
         )
     except Exception as e:
         return {"error": str(e)}
+
+
+@router.post("/portfolio-backtest")
+async def portfolio_backtest(body: dict):
+    """Run multi-asset portfolio backtest with rebalancing."""
+    try:
+        from server.services.backtester import run_portfolio_backtest
+
+        tickers = body.get("tickers", [])
+        weights = body.get("weights", [])
+        if not tickers:
+            return {"error": "At least one ticker is required"}
+        if not weights:
+            weights = [1.0 / len(tickers)] * len(tickers)
+
+        return await run_portfolio_backtest(
+            tickers=tickers,
+            weights=[float(w) for w in weights],
+            start_date=body.get("start_date", "2021-01-01"),
+            end_date=body.get("end_date", "2026-01-01"),
+            rebalance_months=int(body.get("rebalance_months", 3)),
+            benchmark_ticker=str(body.get("benchmark_ticker") or "SPY"),
+        )
+    except Exception as e:
+        return {"error": str(e)}

atlas-terminal/server/services/backtester.py

@@ -110,6 +110,157 @@ def _run_backtest_impl(
     }
 
 
+def _run_portfolio_backtest_impl(
+    tickers: list[str],
+    weights: list[float],
+    start_date: str,
+    end_date: str,
+    rebalance_months: int = 3,
+    benchmark_ticker: str = "SPY",
+) -> Dict[str, Any]:
+    """Multi-asset portfolio backtest with periodic rebalancing."""
+    import numpy as np
+    import pandas as pd
+    import yfinance as yf
+
+    if len(tickers) != len(weights) or not tickers:
+        return {"error": "Tickers and weights must be non-empty and same length"}
+
+    # Normalize weights
+    total_w = sum(weights)
+    if total_w <= 0:
+        return {"error": "Weights must sum to a positive number"}
+    norm_weights = [w / total_w for w in weights]
+
+    # Fetch price data
+    price_frames = {}
+    for t in tickers:
+        hist = yf.Ticker(t.upper()).history(start=start_date, end=end_date, auto_adjust=True)
+        if hist is not None and not hist.empty and "Close" in hist:
+            price_frames[t.upper()] = hist["Close"]
+    if not price_frames:
+        return {"error": "No price data for any ticker"}
+
+    prices = pd.DataFrame(price_frames).dropna()
+    if len(prices) < 5:
+        return {"error": "Insufficient overlapping price data"}
+
+    # Benchmark
+    bm_sym = (benchmark_ticker or "SPY").upper()
+    bm_hist = yf.Ticker(bm_sym).history(start=start_date, end=end_date, auto_adjust=True)
+    if bm_hist is None or bm_hist.empty:
+        return {"error": f"No benchmark data for {bm_sym}"}
+
+    common = prices.index.intersection(bm_hist.index)
+    if len(common) < 5:
+        return {"error": "Insufficient overlap with benchmark"}
+    prices = prices.loc[common]
+    bm_close = bm_hist.loc[common, "Close"]
+
+    returns = prices.pct_change().fillna(0)
+    bm_returns = bm_close.pct_change().fillna(0)
+
+    # Map tickers to weights (use only tickers that have data)
+    avail_tickers = list(prices.columns)
+    ticker_weight = {}
+    for t, w in zip(tickers, norm_weights):
+        tu = t.upper()
+        if tu in avail_tickers:
+            ticker_weight[tu] = w
+    # Re-normalize
+    tw_sum = sum(ticker_weight.values())
+    if tw_sum <= 0:
+        return {"error": "No valid tickers with data"}
+    for k in ticker_weight:
+        ticker_weight[k] /= tw_sum
+
+    # Rebalancing: compute portfolio returns
+    current_weights = {t: ticker_weight[t] for t in ticker_weight}
+    portfolio_returns = []
+    last_rebal = None
+
+    for i, dt in enumerate(prices.index):
+        if i == 0:
+            portfolio_returns.append(0.0)
+            last_rebal = dt
+            continue
+
+        # Daily portfolio return = sum of weight * return
+        daily_ret = sum(current_weights.get(t, 0) * returns.loc[dt, t] for t in avail_tickers if t in current_weights)
+        portfolio_returns.append(daily_ret)
+
+        # Drift weights
+        for t in current_weights:
+            current_weights[t] *= (1 + returns.loc[dt, t])
+        w_sum = sum(current_weights.values())
+        if w_sum > 0:
+            for t in current_weights:
+                current_weights[t] /= w_sum
+
+        # Rebalance check
+        if last_rebal is not None and _months_between(last_rebal, dt) >= rebalance_months:
+            current_weights = {t: ticker_weight[t] for t in ticker_weight}
+            last_rebal = dt
+
+    port_ret = pd.Series(portfolio_returns, index=prices.index)
+    cumulative = (1 + port_ret).cumprod()
+    benchmark_cum = (1 + bm_returns).cumprod()
+
+    # Metrics
+    total_ret = round((float(cumulative.iloc[-1]) - 1) * 100, 2)
+    bm_ret = round((float(benchmark_cum.iloc[-1]) - 1) * 100, 2)
+    mdd = round(float(((cumulative / cumulative.cummax()) - 1).min()) * 100, 2)
+    sharpe = round(float(port_ret.mean() / (port_ret.std() + 1e-10) * (252**0.5)), 2)
+
+    # Sortino
+    downside = port_ret[port_ret < 0]
+    sortino = round(float(port_ret.mean() / (downside.std() + 1e-10) * (252**0.5)), 2) if len(downside) > 0 else 0.0
+
+    # Contribution per ticker
+    contributions = {}
+    for t in ticker_weight:
+        t_ret = returns[t]
+        contrib = float((t_ret * ticker_weight[t]).sum()) * 100
+        contributions[t] = round(contrib, 2)
+
+    return {
+        "tickers": list(ticker_weight.keys()),
+        "weights": {t: round(w, 4) for t, w in ticker_weight.items()},
+        "benchmark_ticker": bm_sym,
+        "total_return_pct": total_ret,
+        "benchmark_return_pct": bm_ret,
+        "alpha": round(total_ret - bm_ret, 2),
+        "max_drawdown_pct": mdd,
+        "sharpe_ratio": sharpe,
+        "sortino_ratio": sortino,
+        "rebalance_months": rebalance_months,
+        "contributions": contributions,
+        "equity_curve": [round(float(x), 4) for x in cumulative.tolist()],
+        "benchmark_curve": [round(float(x), 4) for x in benchmark_cum.tolist()],
+        "dates": prices.index.strftime("%Y-%m-%d").tolist(),
+    }
+
+
+async def run_portfolio_backtest(
+    tickers: list[str],
+    weights: list[float],
+    start_date: str,
+    end_date: str,
+    rebalance_months: int = 3,
+    benchmark_ticker: str = "SPY",
+) -> dict:
+    """Run a multi-asset portfolio backtest with periodic rebalancing."""
+    return await asyncio.to_thread(
+        _run_portfolio_backtest_impl,
+        tickers,
+        weights,
+        start_date,
+        end_date,
+        rebalance_months,
+        benchmark_ticker,
+    )
+
+
 async def run_backtest(
     ticker: str,
     strategy: str,

atlas-terminal/server/services/macro_cycle.py

@@ -393,6 +393,142 @@ def get_macro_cycle_snapshot() -> Dict[str, Any]:
     }
 
 
+_SUBFACTOR_CATEGORIES: Dict[str, List[MacroSeries]] = {
+    "Growth": [
+        MacroSeries("gdp_growth", "Real GDP Growth", "A191RL1Q225SBEA", "quarterly", "%", True),
+        MacroSeries("ism_pmi", "ISM Manufacturing PMI", "MANEMP", "monthly", "idx", True, is_index=False),
+        MacroSeries("industrial_prod", "Industrial Production", "INDPRO", "monthly", "%", True, is_index=True),
+        MacroSeries("retail_sales", "Retail Sales", "RSXFS", "monthly", "%", True, is_index=True),
+    ],
+    "Prices": [
+        MacroSeries("cpi_yoy", "CPI YoY", "CPIAUCSL", "monthly", "%", False, is_index=True),
+        MacroSeries("core_cpi", "Core CPI", "CPILFESL", "monthly", "%", False, is_index=True),
+        MacroSeries("ppi", "PPI", "PPIACO", "monthly", "%", False, is_index=True),
+        MacroSeries("pce", "PCE Price Index", "PCEPI", "monthly", "%", False, is_index=True),
+    ],
+    "Labor": [
+        MacroSeries("unemployment", "Unemployment Rate", "UNRATE", "monthly", "%", False),
+        MacroSeries("nonfarm", "Nonfarm Payrolls", "PAYEMS", "monthly", "K", True, is_index=False),
+        MacroSeries("initial_claims", "Initial Claims", "ICSA", "weekly", "K", False),
+        MacroSeries("participation", "Participation Rate", "CIVPART", "monthly", "%", True),
+    ],
+    "Financial": [
+        MacroSeries("yield_spread", "10Y-2Y Spread", "T10Y2Y", "daily", "bp", True),
+        MacroSeries("vix", "VIX", "VIXCLS", "daily", "idx", False),
+        MacroSeries("credit_spread", "BAA-AAA Spread", "BAAFFM", "monthly", "bp", False),
+        MacroSeries("fed_funds", "Fed Funds Rate", "FEDFUNDS", "monthly", "%", False),
+    ],
+}
+
+
+def _subfactor_3m_change(series) -> Optional[float]:
+    """Compute 3-month change from a pandas Series."""
+    if series is None or len(series) < 4:
+        return None
+    try:
+        recent = float(series.iloc[-1])
+        past = float(series.iloc[-4]) if len(series) >= 4 else float(series.iloc[0])
+        if past == 0:
+            return None
+        return round((recent - past) / abs(past) * 100, 2)
+    except Exception:
+        return None
+
+
+def _subfactor_signal(zscore: Optional[float], change_3m: Optional[float], higher_is_better: bool) -> str:
+    """Return improving / neutral / deteriorating."""
+    if change_3m is None and zscore is None:
+        return "neutral"
+    if change_3m is not None:
+        effective = change_3m if higher_is_better else -change_3m
+        if effective > 1.5:
+            return "improving"
+        if effective < -1.5:
+            return "deteriorating"
+    if zscore is not None:
+        effective_z = zscore if higher_is_better else -zscore
+        if effective_z > 0.5:
+            return "improving"
+        if effective_z < -0.5:
+            return "deteriorating"
+    return "neutral"
+
+
+_cached_subfactors = cached("macro_subfactors", ttl_seconds=3600)
+
+
+@_cached_subfactors
+def get_subfactor_breakdown() -> Dict[str, Any]:
+    """Return 4-category × 4-indicator subfactor breakdown with cycle stage."""
+    categories: Dict[str, Any] = {}
+    all_scores: List[float] = []
+
+    for cat_name, indicators in _SUBFACTOR_CATEGORIES.items():
+        items: List[Dict[str, Any]] = []
+        cat_scores: List[float] = []
+
+        for s in indicators:
+            try:
+                raw = _fetch_fred_series(s.fred_code)
+                if raw is None or raw.empty:
+                    items.append({"key": s.key, "label": s.label, "value": None, "change_3m": None, "zscore": None, "signal": "neutral"})
+                    continue
+                values = raw.iloc[:, 0]
+                if s.is_index:
+                    values = _series_to_pct_change(values)
+                    values = values.dropna() if values is not None else values
+                if values is None or values.empty:
+                    items.append({"key": s.key, "label": s.label, "value": None, "change_3m": None, "zscore": None, "signal": "neutral"})
+                    continue
+
+                latest = _safe_float(values.iloc[-1])
+                z = _zscore([float(v) for v in values.tail(60).tolist() if _safe_float(v) is not None])
+                change = _subfactor_3m_change(values)
+                signal = _subfactor_signal(z, change, s.higher_is_better)
+
+                if z is not None:
+                    effective = z if s.higher_is_better else -z
+                    cat_scores.append(effective)
+                    all_scores.append(effective)
+
+                items.append({
+                    "key": s.key,
+                    "label": s.label,
+                    "value": round(latest, 2) if latest is not None else None,
+                    "unit": s.unit,
+                    "change_3m": change,
+                    "zscore": round(z, 2) if z is not None else None,
+                    "signal": signal,
+                })
+            except Exception:
+                items.append({"key": s.key, "label": s.label, "value": None, "change_3m": None, "zscore": None, "signal": "neutral"})
+
+        cat_score = round(float(np.mean(cat_scores)), 2) if cat_scores else 0.0
+        categories[cat_name] = {"score": cat_score, "indicators": items}
+
+    # Determine cycle stage from composite score
+    composite = round(float(np.mean(all_scores)), 2) if all_scores else 0.0
+    growth_score = categories.get("Growth", {}).get("score", 0)
+    price_score = categories.get("Prices", {}).get("score", 0)
+
+    # 4-stage cycle: growth momentum + price momentum
+    if growth_score > 0 and price_score <= 0:
+        stage = "Early Expansion"
+    elif growth_score > 0 and price_score > 0:
+        stage = "Late Expansion"
+    elif growth_score <= 0 and price_score > 0:
+        stage = "Early Contraction"
+    else:
+        stage = "Late Contraction"
+
+    return {
+        "updated_at": datetime.utcnow().isoformat() + "Z",
+        "composite_score": composite,
+        "cycle_stage": stage,
+        "categories": categories,
+    }
+
+
 def get_country_series(country: str, indicator: str, period: str = "5y") -> Dict[str, Any]:
     """Return a time series for a single country/indicator pair."""
     mappings = COUNTRY_SERIES.get(country)