The deliverable
What an institutional 409A report actually contains
Seven sections take you from engagement scope to a concluded fair market value per share — methodology, enterprise value, cap-table allocation, and marketability discounts, each fully documented. Here's the anatomy of the deliverable, section by section.
7 sections + appendicesOPM · CVM · CSE allocationFMV per Rev. Ruling 59-60
The structure below reflects a representative 409A engagement. Company details and figures shown are illustrative — not a real valuation. Request a walkthrough for a complete sample report.
Section by section
The seven sections, and why each one is there
Engagement Overview
What's inside
Objective and purpose, scope of services, the standard of value — Fair Market Value per IRS Revenue Ruling 59-60 — the premise of value, and a summary of findings.
Why it matters
Frames exactly what was valued, for whom, and under which authority. The first thing any reviewer checks.
Company Overview
What's inside
Business history, products and services, management and governance, the full capitalization table on an as-converted basis, and a financial overview.
Why it matters
Grounds the valuation in the company's real structure and numbers — the inputs every method draws on.
Industry Overview
What's inside
The market and competitive environment and the macro conditions that bear on the company's performance and value.
Why it matters
Shows external conditions were weighed, not just the company in isolation.
Valuation Methodology Theory
What's inside
The approaches considered — Cost; Market (Guideline Transactions, Post-Money, Backsolve); and Income (DCF/WACC) — plus allocation theory (CVM, OPM, CSE), with a table of which were applied and which were not.
Why it matters
Documents method selection and rejection — the defensibility behind 'why these methods.'
Enterprise Value Determination
What's inside
The applied methods worked through in full — selected peer multiples, the post-money and backsolve indications — and the weighting into a single concluded equity value.
Why it matters
The quantitative core: how the concluded value was actually reached, step by step.
Allocation Analysis
What's inside
The equity value allocated across the cap table: OPM breakpoints with volatility, risk-free rate and time-to-liquidity inputs, plus CVM and CSE — with a per-class summary.
Why it matters
Turns one company value into a defensible per-share value for each security class.
Valuation Conclusion
What's inside
The discount for lack of control (DLOC), the DLOM conclusion, and the concluded fair market value per share of common stock (illustratively, $41.06).
Why it matters
The headline number — and the marketability and control adjustments that make it a common-stock FMV.
Supporting appendices
The evidence behind the opinion
Every conclusion is backed by an appendix a reviewer can turn to — the authority, the adjustments, and the analyst's certification.
General Economic Review
The macroeconomic backdrop as of the valuation date.
Adjustments to Value
DLOC and DLOM detail — models, inputs, and conclusions.
Revenue Ruling 59-60
The IRS authority defining fair market value.
Representation of the Valuation Analyst
The analyst's certification and independence statement.
Limiting Factors & Assumptions
The conditions the opinion depends on.
How it's produced
Generated from the engagement, not re-keyed
Every number in this report is rendered directly from the platform's engine, so the exhibits always match the conclusion. The analyst shapes the narrative; the math stays derived.
One engine, every section
Five methods, three allocation engines, and four DLOM models feed the same report.
Methods & standardsEdit the story, not the math
Reorder sections and rewrite the narrative — engine-derived figures stay locked.
Reporting & auditDefensible by construction
Built on the AICPA Practice Aid, with a methodology-audit document alongside.
The methodologyFrequently asked questions
What is included in a 409A valuation report?
An institutional 409A report runs from an engagement overview (objective, scope, and the Fair Market Value standard under IRS Revenue Ruling 59-60) through company and industry overviews, valuation methodology, enterprise value determination, allocation analysis across the cap table (OPM, CVM, CSE), and a conclusion that applies discounts for lack of control and lack of marketability to reach the fair market value per share. Supporting appendices cover the economic review, adjustments to value, Revenue Ruling 59-60, the analyst's representation, and limiting conditions.
How long is a typical 409A report?
A detailed 409A report is typically 30–40 pages across seven core sections plus appendices and exhibits. Zimbs Valetex generates it directly from the engagement data, so the exhibits and narrative always match the concluded value — no re-keying numbers into a Word template.
Can we see a full sample report?
Yes. The structure on this page is drawn from a representative 409A engagement (an illustrative sample company; figures shown are illustrative). Request a walkthrough and we'll share a complete sample report and its auto-generated methodology-audit document end to end.
See a full report, end to end
Book a walkthrough and we'll share a complete sample 409A report and its auto-generated methodology-audit document.