Model Review
The new frontier for model review
Tracelight reviews every formula on every sheet. It pairs an expert's judgment with a machine's persistence, scaling to any model size.
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A
B
C
D
E
1
Line Item
Current
Base Case
Link App Value
Period
2
Scenario
Bear
Base
Selected Scenario
Monthly
3
Revenue growth
0.8%
Driver Input
Driver Input
Monthly
4
Unit volume
70
Driver Input
Driver Input
Monthly
5
Gross margin
10.0%
Driver Input
Driver Input
Monthly
6
7
EBITDA margin
32.0%
KPI Output
KPI Output
2026E
8
Revenue
$1,540,000
KPI Output
KPI Output
2026E
9
Gross profit
$2,150,000
KPI Output
KPI Output
2026E
10
11
Jan-27
$648.00
8.53 / 19.80
$648.00
Monthly
12
Feb-27
$648.00
8.53 / 19.80
$648.00
Monthly
13
Mar-27
$648.00
8.53 / 19.80
$648.00
Monthly
14
Apr-27
$648.00
8.53 / 19.80
$648.00
Monthly
15
May-27
$648.00
8.53 / 19.80
$648.00
Monthly
16
Jun-27
$648.00
8.53 / 19.80
$648.00
Monthly
17
Jul-27
$648.00
8.53 / 19.80
$648.00
Monthly
18
Aug-27
$648.00
8.53 / 19.80
$648.00
Monthly
Tracelight
High
Double-counts cost synergiesSynergies sit in the EBITDA build and on a separate add-back line. Both look right alone; together they inflate EBITDA twice. Delete the standalone line.
High
Model breaks when growth hits WACCTerminal formula divides by (WACC - g). Flex growth up toward WACC and it explodes; the base case hides it. Cap g or guard the denominator.
High
Margin inverts under a downside caseToggle revenue down 20% and EBITDA margin flips negative while fixed costs stay flat. The cost base never flexes - costs need a variable split.
High
Working capital sign flipped in cash flowAn increase in receivables is booked as a source of cash, not a use. Operating cash flow reads high every year and the figure looks plausible enough to pass review. Flip the sign.
HighTerminal value double-counts exit multiple and growth
MediumDebt schedule doesn't tie to balance sheet
MediumOpening balance doesn't match prior close
HighTax sign flipped in cash flow bridge
HighSUM range drops first line item
LowRevenue build rounds before growth calc
HighHardcoded override buried in formula row
MediumInconsistent units, one input in 000s
Leading
Twice as good as the next alternative
In our benchmark testing, Tracelight caught twice as many errors as the next best tool.
05.Checking deferred tax that doesn't reverse
06.Probing terminal value for double-counted growth
07.Probing exit multiples that contradict the entry
08.Catching margins that climb above 100%
09.Flexing inputs for non-monotonic and boundary breaks
10.Stress-testing outputs past zero and sign flips
11.Reperforming key numbers by an independent route
Systematic
Follows a defined methodology
Written by expert model reviewers to industry best practice, combining multiple layers of checks into one comprehensive review.
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Metric
FY2024A
FY2025E
FY2026E
FY2027E
FY2028E
1
Revenue
125.0
137.5
151.3
166.4
181.4
2
Revenue Growth
10.0%
10.0%
10.0%
9.0%
3
Gross Profit
81.3
90.8
101.4
112.3
123.4
4
Gross Margin
65.0%
66.0%
67.0%
108.0%
68.0%
5
EBITDA
31.3
35.8
40.8
46.6
52.6
6
EBITDA Margin
25.0%
26.0%
27.0%
28.0%
29.0%
7
D&A
5.0
5.5
6.1
6.7
7.3
8
EBIT
26.3
30.3
34.7
39.9
45.3
9
Capex
6.3
6.9
7.6
8.3
9.1
10
Capex % of Revenue
5.0%
5.0%
5.0%
5.0%
5.0%
11
Revenue
125.0
137.5
151.3
166.4
181.4
12
Revenue Growth
10.0%
10.0%
10.0%
9.0%
13
Gross Profit
81.3
90.8
101.4
112.3
123.4
14
Gross Margin
65.0%
66.0%
67.0%
108.0%
68.0%
15
EBITDA
31.3
35.8
40.8
46.6
52.6
16
EBITDA Margin
25.0%
26.0%
27.0%
28.0%
29.0%
17
D&A
5.0
5.5
6.1
6.7
7.3
18
EBIT
26.3
30.3
34.7
39.9
45.3
19
Capex
6.3
6.9
7.6
8.3
9.1
20
Capex % of Revenue
5.0%
5.0%
5.0%
5.0%
5.0%
Scenario analysis
BaseCompletedUpsideCompletedDownsideCompleted
StressFailed
Gross margin exceeds 100%FY2027E • 108.0% • Output crossed a hard bound. Check the COGS driver.
Dynamic
Tests the model under different inputs
Tracelight explores your model across hundreds of scenarios, tracking how it behaves under each - and surfaces the cases where the logic breaks.
One workflow, across every deliverable
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Metric
FY2024A
FY2025E
1
Revenue
125.0
137.5
2
Revenue Growth
10.0%
10.0%
3
Gross Profit
81.3
90.8
4
Gross Margin
65.0%
66.0%
5
EBITDA
31.3
35.8
6
EBITDA Margin
25.0%
26.0%
7
D&A
5.0
5.5
8
EBIT
26.3
30.3
9
Capex
6.3
6.9
10
Capex % of Revenue
5.0%
5.0%
11
Revenue
125.0
137.5
12
Revenue Growth
10.0%
10.0%
13
Gross Profit
81.3
90.8
14
Gross Margin
65.0%
66.0%
Key Metrics
$138.2MEnding ARR
$97.1MTotal Revenue
84.4%Gross Margin
ARR scales 22x from FY22 to FY26E, revenue 25x as the cohort base matures
$6.3M$138M
tracelight.ai
Scenario
Bear
Base
Bull
Drivers
Revenue Growth (m/m)12%
→ IS · BS (AR, Equity) · CF
DSO (days)45
→ BS (AR) · CF (ΔWC)
Capex % of Revenue5%
→ IS (D&A) · BS (PP&E) · CF
Pick a scenario or drag any slider - the workbook recalculates in your browser
EBITDA Margin30.0%
Free Cash Flow$1,316,430
Ending Cash$1,816,430
Monthly Cash Balance$2200k$1800k$1600k$1200k$800k$400k
Dec-25Mar-26Jun-26Sep-26Dec-26
Tracelight
Chat
Audit
Trace
Review this model for formula issues. inconsistent logic, and broken links
Got it. I’ll scan the workbook, trace cross-sheet logic, check key formulas and assumptions, and flag anything that needs review.
Wrote 4 todos
Searchingformulas across workbook
Checkinghardcoded inputs and links
Looking at'IS'!B12:H64
Tracing precedents'IS'!F20:F30
Reviewing
1/5
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The project is a spreadsheet sensitivity model built
for animating driver-to-output flow-through, where a
driver block feeds the income statement, working
capital, and cash - recalculating live in the browser
from a small set of assumptions.
•
Drivers
—DSO 45 days•
Full through to
Balance sheetreads “— the model stays internally consistent”
•
Key Metrics
Free Cash FlowEnding Cash