R&D / Revenue

$$\frac{\text{R\&D expense}}{\text{Revenue}}$$

R&D intensity. Direction is sector-dependent — tech/biotech read high R&D as a moat-building investment, mature industrials read it as a cost.

Direction: Context-dependent Category: profitability

Inputs (XBRL fallback chains):

• rd_expense: ResearchAndDevelopmentExpense
• revenue: Revenues -> RevenueFromContractWithCustomerExcludingAssessedTax -> RevenueFromContractWithCustomerIncludingAssessedTax -> SalesRevenueNet -> SalesRevenueGoodsNet

Returns None when: Returns None when R&D or Revenue is missing. Many sectors don't tag R&D at all.

Source code

Implementation: rd_margin in src/eqtytrk/metrics/ratios.py (or valuation.py for multiples).