MeritValue
MeritValue

Terms of Service

MeritValue is an educational tool. It is not investment advice, it shows no market prices, and its numbers are estimates from filings — read section 3 before anything else.

Last updated August 2, 2026

1. Acceptance

By downloading, installing or using the MeritValue app (the “App”), or by using this website (the “Site”), you agree to these Terms. If you do not agree, do not use them. The App and the Site are operated by Akos Komuves, Hungary.

2. What the service is

MeritValue reads the financial statements that US-listed companies file with the Securities and Exchange Commission and computes valuation estimates from them using an automated, version-controlled engine. For a given company it presents what the filings say about the business, measures of return on capital, a set of valuation model outputs, and — only if you enter a price yourself — an implied expected return.

It is an educational tool for learning to read companies and value them.

3. Not investment advice

This is the most important term in this document.

  • MeritValue is not investment advice, financial advice, tax advice or legal advice.
  • Nothing here is a recommendation, offer or solicitation to buy, sell or hold any security.
  • We are not a broker-dealer, investment adviser, financial adviser or fiduciary, and we are not registered or licensed as any of these in any jurisdiction.
  • Valuation outputs are automated models applied to historical filings. They are estimates produced by simplifying assumptions — not statements of what a company is worth, and not predictions of any price.
  • You are solely responsible for your own investment decisions. Investing carries risk, including total loss of capital. Past results do not predict future results.

Consult a qualified, licensed professional before making any investment decision.

4. No market data

MeritValue holds no market-data licence and displays no live or delayed price quotes. Any share price used in a calculation is one you type in. Where we refer you to a price we link to a third party we do not control and are not responsible for.

5. Source data and accuracy

  • Figures derive from public filings retrieved from SEC EDGAR. Those filings are prepared by the companies themselves and may be incomplete, restated, delayed or wrong.
  • Our engine may contain errors, and our reading of a filing's tagged data may be wrong.
  • Data may be stale. Coverage is not guaranteed complete or current for any company.
  • Where a model does not apply to a company, MeritValue reports that it declines rather than producing a number. That is intended behaviour, not a defect.
  • We warrant nothing about accuracy, completeness or fitness for any purpose. Verify anything that matters against the filing itself.

6. Acceptable use

You agree not to:

  • Use the App or its API to build, train or populate a competing valuation dataset or service
  • Systematically extract, scrape or bulk-download data beyond normal personal use
  • Circumvent, disable or interfere with rate limits, usage quotas or registration controls
  • Register keys by automated means, or use a key issued to an install other than your own
  • Reverse engineer, decompile or attempt to derive the source of the valuation engine
  • Redistribute, resell or sublicense the output as your own product
  • Use the service in any way that breaks the law or infringes anyone's rights

We may revoke a key or block access where these terms are breached.

7. Beta software

The App is in beta. It may contain defects, may change substantially without notice, and may be withdrawn at any time. Features present today may not be present tomorrow, and data stored on your device — such as your follow list — may be lost between versions.

8. Price

The App is currently free and contains no in-app purchases or subscriptions. If paid features are introduced these Terms will be updated, and the pricing and renewal terms disclosed, before any charge is made.

9. Intellectual property

  • SEC filings are public records and are not claimed by us.
  • The App, the Site, the valuation engine, its methodology and its outputs, and the associated names, logos and designs are owned by Akos Komuves and protected by applicable intellectual property law.
  • You have a personal, non-exclusive, non-transferable, revocable licence to use the App for your own non-commercial purposes.

10. Disclaimer of warranties

The App and the Site are provided “as is” and “as available”, without warranty of any kind, express or implied, including merchantability, fitness for a particular purpose, accuracy and non-infringement. We do not warrant that the service will be uninterrupted, timely, secure or error-free.

11. Limitation of liability

To the maximum extent permitted by law, we are not liable for investment losses, lost profits, lost data, or any indirect, incidental, special, consequential or punitive damages arising from your use of — or inability to use — the App or the Site, including any decision made in reliance on a figure it displayed.

Nothing here excludes or limits liability that cannot be excluded or limited under applicable law, including for death or personal injury caused by negligence, or for fraud.

12. Privacy

Your use of the App is also governed by our Privacy Policy.

13. Termination

We may suspend or end your access at any time, with or without notice, for breach of these Terms or for any other reason. You may stop using the service at any time by deleting the App.

14. Governing law

These Terms are governed by the laws of Hungary, without regard to conflict of law principles. If you are a consumer resident in the European Union, you keep the protection of the mandatory provisions of the law of your country of residence.

15. Changes

We may update these Terms. We will change the date above and, for material changes, say so in the App. Continued use after a change means you accept it.

16. Contact

Akos Komuves — komuvesakos@icloud.com

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