How do you handle different fiscal year-ends in a comps analysis?
A core Valuation interview question — asked in analyst and associate interviews across IB, PE, and the Big 4.
THE SHORT ANSWER
Calendarize: weight financial data to a common calendar period. Example: A company with a March fiscal year-end reporting FY Mar 2026 results – calendarize by weighting 9/12 of FY 2026 + 3/12 of FY 2027 to approximate CY 2026. Most data providers (Capital IQ, Bloomberg) do this automatically for consensus estimates.
WHAT INTERVIEWERS LISTEN FOR
- ✓Calendarize financial data
- ✓Weight data to common period
- ✓Use data providers' tools
- ✓Example weighting calculation
COMMON MISTAKES
- ✗Ignoring fiscal year differences
- ✗Using raw fiscal year data
- ✗Assuming all companies same year-end
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