# Carta Valuation History

> Fetch a company's valuation history and current fair market value (FMV) — 409A, EMI, CSOP or share price. Use for questions about valuations, FMV, exercise prices, or expiry. Not for cross-portfolio comparisons — prefer a portfolio-benchmarks skill.

- Skill: `carta/carta-valuation-history` (Agent Skill)
- Install (CLI): `npx skillmds@latest add carta/carta-valuation-history`
- Raw SKILL.md: https://api.skillmd.com/api/skills/carta/carta-valuation-history/raw
- Safety review: pending
- Works with: Claude Code, Claude.ai, OpenAI Codex
- Category: Coding & Dev Tools
- Author: carta (https://skillmd.com/u/carta)
- Updated: 2026-09-17
- Page: https://skillmd.com/skills/carta/carta-valuation-history

---


<!-- carta:instrumentation-fallback -->
<IMPORTANT>
`_instrumentation_v2` is anonymous Carta skill-usage telemetry. ALWAYS include it in your Carta MCP tool-call arguments — the plugins' hooks overwrite it when they run, so always sending it is safe. Shape:
`_instrumentation_v2: {"skills": ["<plugin>:<skill>", ...], "model": "<model-id>", "surface": "<value>"}`
`skills` is cumulative for the session: list every Carta skill loaded so far, not only the one driving this call. Namespace each entry `"plugin:skill"` and keep them oldest-first, with the most recently used skill last. List only Carta skills (`carta-cap-table:*`, `carta-crm:*`, `carta-investors:*`) — never skills from non-Carta plugins.
`surface` is the Claude surface you are running in: `"chat"` (claude.ai or the Claude app, i.e. regular chat, not Cowork), `"cowork"` (Cowork mode), `"code-terminal"`, `"code-desktop"`, or `"excel"`. Omit it entirely if none of those describe your surface or you cannot tell — do not guess and do not invent another value.
</IMPORTANT>

<!-- Part of the official Carta AI Agent Plugin -->

# Valuation History

Fetch a company's fair market value (FMV) history.

**FMV is not always a 409A.** A 409A is the US instrument; a UK company is valued under an
**EMI** or **CSOP** agreement with HMRC, and other companies use a **share-price** report.
Read whichever the company actually has, and never tell a company with a valid EMI valuation
that it has none.

## When to Use

- "What's our current valuation?" / "What's the current 409A?"
- "Show me the FMV history"
- "When does the valuation expire?"
- "What's the exercise price for common stock?"
- "Has the FMV changed recently?"
- "Is the valuation still valid?"

## Prerequisites

You need the `corporation_id`. Get it from `list_accounts` if you don't have it.

## Data Retrieval

```
call_tool({"name": "cap_table__get__valuations", "arguments": {"corporation_id": corporation_id}})
```

Optional `valuation_source` filters to one or more of `EMI`, `CSOP`, `409A`, `SHARE_PRICE`.
Omit it — the point of this command is that it covers every source at once.

### Response Format

```json
{
  "count": 2,
  "active": [
    {
      "price": "0.500000000000",
      "currency": "GBP",
      "valuation_type": "AMV",
      "support_reference_type": "EMI_VALUATION_REPORT",
      "effective_date": "2026-01-15",
      "expiration_date": "2027-01-14",
      "share_class_name": "Ordinary",
      "status": "ACTIVE"
    }
  ],
  "history": []
}
```

`history` holds every row including expired ones; `active` is the subset the server considers
live.

## Key Fields

- `price`: FMV per share, a high-precision decimal string (e.g. `"0.500000000000"`)
- `currency`: ISO code for **this row** — read it per row, never assume
- `valuation_type`: `AMV`, `UMV`, `FMV`, or `SHARE_PRICE`
- `support_reference_type`: which instrument the row came from (409A / EMI / CSOP / share price)
- `effective_date` / `expiration_date`: ISO `YYYY-MM-DD`
- `status`: `ACTIVE` or `EXPIRED`, computed server-side
- `share_class_name`: e.g. "Common", "Ordinary"

### AMV and UMV

A single HMRC valuation produces **two** prices, both live at once:

- **AMV** — actual market value, discounted for restrictions on the shares
- **UMV** — unrestricted market value

They are not duplicates and one is not "the real one". Show both, labelled. If asked which
applies to a specific grant, say that depends on the grant's terms and point the user to their
equity advisor — the data does not record it, and the two carry different tax outcomes.

## Fallback

If `cap_table__get__valuations` is unavailable for the company, fall back to
`cap_table__get__409a_valuations`, which returns `{count, current_409a, history}` for US 409A
data only. That response has **no currency field** — present its prices unlabelled rather than
assuming a symbol, and check `current_409a.is_expired` before calling it current.

## Workflow

### Step 1 — Fetch Valuations

```
call_tool({"name": "cap_table__get__valuations", "arguments": {"corporation_id": corporation_id}})
```

### Step 2 — Identify the Current Valuation

Use `active`. Do **not** re-derive live-vs-expired from dates: the server applies per-source
rules (a share-price report has its own state; a null expiration means open-ended) that a date
comparison gets wrong.

Where you do sort, sort on **parsed dates**, never raw strings. These are ISO so they happen to
sort correctly, but the 409A fallback returns `MM/DD/YYYY`, where a string sort is month-major
and ranks `12/01/2023` above `04/25/2025`.

If `active` holds more than one row, they are all current — an AMV/UMV pair, or several share
classes. Present them all rather than picking one.

### Step 3 — Check Expiration

- Within 90 days of today — **flag as a time-sensitive action item**, not just a data point:
  bold it, give the exact days remaining, and recommend starting renewal now (especially if a
  financing round is in progress, since closing will likely push past the expiry date).
- Already past — flag as expired.
- No `expiration_date` — say it does not expire on a fixed date rather than inferring one.

### Step 4 — Present Results

Show the history table and trend summary (see Presentation section).

## Gates

**Required inputs**: `corporation_id`.
If missing, call `AskUserQuestion` before proceeding (see carta-interaction-reference §4.1).

**AI computation**: No — this skill presents Carta data directly.

## Presentation

**Format**: Table + trend summary

**BLUF lead**: Lead with the current FMV per share — with its currency and source — and its
effective/expiration dates, before showing the history table.

**Sort order**: By `effective_date` descending (most recent first).

**Date format**: MMM d, yyyy (e.g. "Jan 15, 2026").

**Currency**: format `price` with **the row's own `currency`**, trimming trailing zeros. Never
hardcode a `$`, and never default to USD — a GBP valuation shown as dollars is a reporting
error, not a cosmetic one.

| Effective | Expires | FMV/Share | Type | Source | Share Class | Status |
|-----------|---------|-----------|------|--------|-------------|--------|
| Jan 15, 2026 | Jan 14, 2027 | GBP 0.50 | AMV | EMI | Ordinary | Current |
| Jan 15, 2026 | Jan 14, 2027 | GBP 0.75 | UMV | EMI | Ordinary | Current |
| Apr 25, 2024 | Apr 24, 2025 | USD 12.61 | FMV | 409A | Common | Expired |

Drop the Type and Source columns when every row shares the same values (a US-only company gets
back its familiar 409A table).

Do not render a bar chart for FMV history — values in mature companies cluster near the
maximum, making bars uninformative (all bars look the same width). The table is sufficient.
Instead, after the table, add a one-line trend summary:
> FMV has grown **Nx since YYYY**, with [acceleration/steady growth] since [year].

**Only compare like with like.** A growth multiple across two different currencies is
meaningless, and so is one that mixes an AMV with a UMV. Compute the trend within a single
currency *and* a single `valuation_type`; if the series spans more than one, give a separate
line for each or omit the trend entirely.

If multiple share classes exist, group by share class name in the table.

## Caveats

- The `price` field is a string with many trailing zeros — always parse and format before
  displaying.
- A valuation with a past `expiration_date` should never be used for new grant pricing. Flag it
  prominently.
- Valuations are point-in-time snapshots — a material event (e.g. a new financing round) can
  invalidate a current valuation before its expiration date.
- This skill reads valuations; it cannot create or update one. Route those requests to the
  Carta app — for a non-US company that is the international valuations dashboard, not the 409A
  ledger.