← SALIENCE
SALIENCE

The Salience Cascade

Revenue noise propagates down two paths — what the company is worth, and whether it can carry its obligations. Click a tier to watch it unfold.

▶ PLAY ALL · 2:49
cost structure
valuation model
working capital
debt obligations
TIER 01
Revenues
Count × size × variability
▶ WATCH · 0:34
TIER 02
Earnings variance
Filtered through cost structure
▶ WATCH · 0:47
TIER 03 · VALUE PATH
Enterprise value
Earnings × multiple
▶ WATCH · 0:43
TIER 03 · SURVIVAL PATH
Operating cash flow
Earnings ± working capital
▶ INCLUDED IN COVERAGE · 0:45
TIER 04 · SURVIVAL PATH
Coverage distribution
OCF / debt service
▶ WATCH · 0:45
What is it worth?
Can the company carry its obligations?