| from fastapi.testclient import TestClient |
|
|
| import TerraFin.interface.market_insights.data_routes as market_insights_routes |
| import TerraFin.interface.stock.data_routes as stock_routes |
| from TerraFin.analytics.analysis.risk.models import BetaEstimate |
| from TerraFin.data.cache.registry import reset_cache_manager |
| from TerraFin.interface.server import create_app |
| from TerraFin.interface.watchlist_service import reset_watchlist_service |
|
|
|
|
| def _client() -> TestClient: |
| reset_watchlist_service() |
| reset_cache_manager() |
| return TestClient(create_app()) |
|
|
|
|
| def _ready_payload(symbol: str, entity_type: str) -> dict: |
| return { |
| "status": "ready", |
| "entityType": entity_type, |
| "symbol": symbol, |
| "asOf": "2026-04-05", |
| "currentPrice": 100.0, |
| "currentIntrinsicValue": 112.0, |
| "upsidePct": 12.0, |
| "scenarios": { |
| "base": { |
| "key": "base", |
| "label": "Base", |
| "status": "ready", |
| "growthShiftPct": 0.0, |
| "discountRateShiftBps": 0, |
| "terminalGrowthShiftBps": 0, |
| "intrinsicValue": 112.0, |
| "upsidePct": 12.0, |
| "terminalValue": 80.0, |
| "terminalGrowthPct": 3.0, |
| "terminalDiscountRatePct": 9.0, |
| "projectedCashFlows": [], |
| } |
| }, |
| "assumptions": {"baseGrowthPct": 6.0}, |
| "sensitivity": { |
| "discountRateShiftBps": [-100, 0, 100], |
| "terminalGrowthShiftBps": [-100, 0, 100], |
| "cells": [], |
| }, |
| "rateCurve": { |
| "source": "test", |
| "asOf": "2026-04-05", |
| "fitRmse": 0.01, |
| "fallbackUsed": False, |
| "points": [], |
| "fittedPoints": [], |
| }, |
| "dataQuality": {"mode": "live", "sources": ["test"]}, |
| "warnings": [], |
| "methods": None, |
| } |
|
|
|
|
| def test_market_insights_sp500_dcf_endpoint_contract(monkeypatch) -> None: |
| monkeypatch.setattr( |
| market_insights_routes, |
| "build_sp500_dcf_payload", |
| lambda *args, **kwargs: { |
| **_ready_payload("S&P 500", "index"), |
| "methods": [ |
| { |
| "key": "shareholder_yield", |
| "label": "Shareholder Yield", |
| "description": "Case A", |
| "weight": 0.5, |
| "currentIntrinsicValue": 105.0, |
| "upsidePct": 5.0, |
| }, |
| { |
| "key": "earnings_power", |
| "label": "Earnings Power", |
| "description": "Case B", |
| "weight": 0.5, |
| "currentIntrinsicValue": 119.0, |
| "upsidePct": 19.0, |
| }, |
| ], |
| }, |
| ) |
| client = _client() |
|
|
| response = client.get("/market-insights/api/dcf/sp500") |
| assert response.status_code == 200 |
| body = response.json() |
| assert body["entityType"] == "index" |
| assert body["symbol"] == "S&P 500" |
| assert body["currentIntrinsicValue"] == 112.0 |
| assert len(body["methods"]) == 2 |
|
|
|
|
| def test_market_insights_sp500_dcf_post_accepts_overrides(monkeypatch) -> None: |
| captured = {} |
|
|
| def _build(*args, **kwargs): |
| captured["overrides"] = kwargs.get("overrides") |
| return _ready_payload("S&P 500", "index") |
|
|
| monkeypatch.setattr(market_insights_routes, "build_sp500_dcf_payload", _build) |
| client = _client() |
|
|
| response = client.post( |
| "/market-insights/api/dcf/sp500", |
| json={ |
| "baseYearEps": 240.0, |
| "terminalGrowthPct": 3.8, |
| "terminalEquityRiskPremiumPct": 4.4, |
| "terminalRoePct": 19.5, |
| "yearlyAssumptions": [ |
| { |
| "yearOffset": 1, |
| "growthPct": 12.0, |
| "payoutRatioPct": 30.0, |
| "buybackRatioPct": 45.0, |
| "equityRiskPremiumPct": 5.5, |
| } |
| ], |
| }, |
| ) |
| assert response.status_code == 200 |
| assert captured["overrides"].base_year_eps == 240.0 |
| assert captured["overrides"].terminal_growth_pct == 3.8 |
| assert len(captured["overrides"].yearly_assumptions) == 1 |
|
|
|
|
| def test_stock_dcf_endpoint_contract(monkeypatch) -> None: |
| monkeypatch.setattr( |
| stock_routes, |
| "build_stock_dcf_payload", |
| lambda ticker, *args, **kwargs: _ready_payload(ticker.upper(), "stock"), |
| ) |
| client = _client() |
|
|
| response = client.get("/stock/api/dcf?ticker=aapl") |
| assert response.status_code == 200 |
| body = response.json() |
| assert body["entityType"] == "stock" |
| assert body["symbol"] == "AAPL" |
| assert "base" in body["scenarios"] |
|
|
|
|
| def test_stock_dcf_endpoint_allows_insufficient_data(monkeypatch) -> None: |
| monkeypatch.setattr( |
| stock_routes, |
| "build_stock_dcf_payload", |
| lambda ticker, *args, **kwargs: { |
| **_ready_payload(ticker.upper(), "stock"), |
| "status": "insufficient_data", |
| "currentIntrinsicValue": None, |
| "upsidePct": None, |
| "scenarios": {}, |
| "warnings": ["Free cash flow per share is not positive."], |
| }, |
| ) |
| client = _client() |
|
|
| response = client.get("/stock/api/dcf?ticker=loss") |
| assert response.status_code == 200 |
| body = response.json() |
| assert body["status"] == "insufficient_data" |
| assert body["warnings"] == ["Free cash flow per share is not positive."] |
|
|
|
|
| def test_stock_beta_estimate_endpoint_contract(monkeypatch) -> None: |
| monkeypatch.setattr( |
| stock_routes, |
| "estimate_beta_5y_monthly", |
| lambda ticker: BetaEstimate( |
| symbol=ticker.upper(), |
| benchmark_symbol="^SPX", |
| benchmark_label="S&P 500", |
| method_id="beta_5y_monthly", |
| lookback_years=5, |
| frequency="monthly", |
| beta=1.11, |
| observations=60, |
| r_squared=0.42, |
| status="ready", |
| warnings=[], |
| ), |
| ) |
| monkeypatch.setattr( |
| stock_routes, |
| "estimate_beta_5y_monthly_adjusted", |
| lambda ticker: BetaEstimate( |
| symbol=ticker.upper(), |
| benchmark_symbol="^SPX", |
| benchmark_label="S&P 500", |
| method_id="beta_5y_monthly_adjusted", |
| lookback_years=5, |
| frequency="monthly", |
| beta=1.07, |
| observations=60, |
| r_squared=0.42, |
| status="ready", |
| warnings=[], |
| ), |
| ) |
| client = _client() |
|
|
| response = client.get("/stock/api/beta-estimate?ticker=googl") |
| assert response.status_code == 200 |
| body = response.json() |
| assert body["symbol"] == "GOOGL" |
| assert body["benchmarkSymbol"] == "^SPX" |
| assert body["methodId"] == "beta_5y_monthly" |
| assert body["adjustedMethodId"] == "beta_5y_monthly_adjusted" |
| assert body["beta"] == 1.11 |
| assert body["adjustedBeta"] == 1.07 |
| assert body["observations"] == 60 |
| assert body["rSquared"] == 0.42 |
|
|
|
|
| def test_stock_dcf_post_accepts_overrides(monkeypatch) -> None: |
| captured = {} |
|
|
| def _build(ticker, *args, **kwargs): |
| captured["ticker"] = ticker |
| captured["overrides"] = kwargs.get("overrides") |
| return _ready_payload(ticker.upper(), "stock") |
|
|
| monkeypatch.setattr(stock_routes, "build_stock_dcf_payload", _build) |
| client = _client() |
|
|
| response = client.post( |
| "/stock/api/dcf?ticker=nvda", |
| json={ |
| "baseCashFlowPerShare": 4.2, |
| "baseGrowthPct": 18.0, |
| "terminalGrowthPct": 3.4, |
| "beta": 1.3, |
| "equityRiskPremiumPct": 4.9, |
| "fcfBaseSource": "ttm", |
| }, |
| ) |
| assert response.status_code == 200 |
| assert captured["ticker"] == "nvda" |
| assert captured["overrides"].base_cash_flow_per_share == 4.2 |
| assert captured["overrides"].beta == 1.3 |
| assert captured["overrides"].fcf_base_source == "ttm" |
|
|
|
|
| def test_fcf_history_endpoint_contract(monkeypatch) -> None: |
| monkeypatch.setattr( |
| stock_routes, |
| "build_fcf_history_payload", |
| lambda ticker, **kwargs: { |
| "ticker": ticker.upper(), |
| "sharesOutstanding": 100.0, |
| "ttmFcfPerShare": 0.85, |
| "ttmSource": "quarterly_ttm", |
| "candidates": { |
| "threeYearAvg": 0.43, |
| "latestAnnual": -0.50, |
| "ttm": 0.85, |
| }, |
| "autoSelectedSource": "3yr_avg", |
| "sharesNote": "Per-year FCF/share is computed using current sharesOutstanding.", |
| "history": [ |
| {"year": "2022", "fcf": 80.0, "fcfPerShare": 0.80}, |
| {"year": "2023", "fcf": 100.0, "fcfPerShare": 1.00}, |
| {"year": "2024", "fcf": -50.0, "fcfPerShare": -0.50}, |
| ], |
| }, |
| ) |
| client = _client() |
| response = client.get("/stock/api/fcf-history?ticker=moh&years=5") |
| assert response.status_code == 200 |
| body = response.json() |
| assert body["ticker"] == "MOH" |
| assert body["ttmFcfPerShare"] == 0.85 |
| assert body["candidates"]["threeYearAvg"] == 0.43 |
| assert body["candidates"]["latestAnnual"] == -0.50 |
| assert body["candidates"]["ttm"] == 0.85 |
| assert body["autoSelectedSource"] == "3yr_avg" |
| assert len(body["history"]) == 3 |
| assert body["history"][2]["year"] == "2024" |
| assert body["history"][2]["fcfPerShare"] == -0.50 |
|
|
|
|
| def test_stock_dcf_post_accepts_turnaround_and_horizon(monkeypatch) -> None: |
| captured = {} |
|
|
| def _build(ticker, *args, **kwargs): |
| captured["ticker"] = ticker |
| captured["overrides"] = kwargs.get("overrides") |
| captured["projection_years"] = kwargs.get("projection_years") |
| return _ready_payload(ticker.upper(), "stock") |
|
|
| monkeypatch.setattr(stock_routes, "build_stock_dcf_payload", _build) |
| client = _client() |
|
|
| response = client.post( |
| "/stock/api/dcf?ticker=moh", |
| json={ |
| "projectionYears": 10, |
| "breakevenYear": 3, |
| "breakevenCashFlowPerShare": 2.5, |
| "postBreakevenGrowthPct": 12.0, |
| }, |
| ) |
| assert response.status_code == 200 |
| assert captured["ticker"] == "moh" |
| assert captured["projection_years"] == 10 |
| assert captured["overrides"].breakeven_year == 3 |
| assert captured["overrides"].breakeven_cash_flow_per_share == 2.5 |
| assert captured["overrides"].post_breakeven_growth_pct == 12.0 |
|
|
