HKUDS/Vibe-Trading · error · MissingInputError

wacc

Error message

wacc

What it means

A MissingInputError (message context 'wacc') raised when capital_structure_basis='current' but market_value_of_equity or market_value_of_debt is None. The library refuses to substitute a default for a structurally required input.

Source

Thrown at agent/src/quantlib/valuation/dcf.py:449

    if capital_structure_basis not in CAPITAL_STRUCTURE_BASES:
        raise ValuationError(
            f"wacc: capital_structure_basis must be one of "
            f"{CAPITAL_STRUCTURE_BASES}, got {capital_structure_basis!r}"
        )
    if not 0.0 <= tax_rate <= 1.0:
        raise ValuationError(f"wacc: tax_rate must be within [0, 1], got {tax_rate!r}")

    if capital_structure_basis == "current":
        missing = [
            name
            for name, value in (
                ("market_value_of_equity", market_value_of_equity),
                ("market_value_of_debt", market_value_of_debt),
            )
            if value is None
        ]
        if missing:
            raise MissingInputError(missing, "wacc")
        equity_mv = _require_nonnegative(
            market_value_of_equity, "market_value_of_equity", "wacc"
        )
        debt_mv = _require_nonnegative(
            market_value_of_debt, "market_value_of_debt", "wacc"
        )
        total_mv = equity_mv + debt_mv
        if total_mv <= 0.0:
            raise ValuationError(
                "wacc: market value of equity plus debt is zero (D + E = 0); "
                "capital-structure weights are undefined"
            )
        equity_weight = equity_mv / total_mv
        debt_weight = debt_mv / total_mv
    else:
        missing = [
            name
            for name, value in (

View on GitHub (pinned to 80ffdda44c)

Solutions

1. Supply both market_value_of_equity and market_value_of_debt, or switch to capital_structure_basis='target' with target weights
2. Treat MissingInputError as a data-completeness signal: fetch/repair the missing field for that ticker
3. Pre-check inputs for None before calling and route to a fallback path

Example fix

# before
wacc(..., capital_structure_basis='current', market_value_of_debt=None)

# after
wacc(..., capital_structure_basis='current', market_value_of_debt=total_debt_mv)

missing = [n for n, v in {'market_value_of_equity': e_mv, 'market_value_of_debt': d_mv}.items() if v is None]
if missing:
    raise ValueError(f'missing market data: {missing}')
wacc(..., market_value_of_equity=e_mv, market_value_of_debt=d_mv)

def has_current_inputs(e_mv, d_mv) -> bool:
    return e_mv is not None and d_mv is not None

try:
    wacc(...)
except MissingInputError as e:
    mark_ticker_incomplete(ticker, e.fields)
    continue

When it happens

Trigger: wacc(capital_structure_basis='current') with either market value omitted/None, e.g. when debt data is unavailable for an all-equity screen.

Common situations: Data pipelines where one side of the capital structure is missing for some tickers; forgetting to switch basis to 'target' when using target weights.

Understand the failure class

Background: "Missing required field" and "field is required" errors: why libraries reject payloads that omit mandatory fields — this error's family across 20 libraries.

Related errors

• {model}: name is required and cannot be blank, got {name!r}
• peers
• an assumption must be named
• MissingInputError(missing, model)
• {model}: {name} must be a number, got {value!r}

AI-assisted analysis of HKUDS/Vibe-Trading@80ffdda44c (2026-08-28). Data as JSON: /api/errors/72d29e910953603f. Report an issue: GitHub.