Connect a target's financials. Get AI-powered EBITDA adjustments, 25 covenant tests, red flag detection, and a composite Deal Grade — all with lender-ready export packages.
We don't replace your QoE provider. We give your deal team a covenant answer in an hour instead of a week.
Trusted by PE firms, growth equity funds, and lenders across the lower middle market
Every PE firm faces the same bottlenecks. We built Covenant Dashboard to eliminate them.
The Problem
Weeks spent on preliminary diligence
Our Solution
Get a Deal Grade with full headroom analysis in under one hour
The Problem
Excel models break and can't be audited
Our Solution
Deterministic DSL engine — every calculation traceable, every input versioned
The Problem
No standard way to compare across deals
Our Solution
Every graded deal feeds an anonymized comp database — your data compounds
The Problem
QoE adjustments are manual and inconsistent
Our Solution
AI classifies one-time charges, owner comp, and non-cash items automatically
See the difference in real output quality and auditability.
A complete framework from EBITDA quality analysis through covenant compliance, deal comparison, and risk detection.
AI-assisted identification of one-time charges, owner comp normalization, related-party transactions, and non-cash items. Compute adjusted EBITDA with full bridge documentation.
Industry-standard covenants across leverage, coverage, liquidity, net worth, and operating categories. Deterministic DSL math — no black-box AI in calculations.
| Covenant | Actual | Threshold | Headroom | Score |
|---|---|---|---|---|
| Total Leverage RatioLeverage | 2.8x | ≤4.0x | +30% | 95 |
| Interest CoverageCoverage | 5.2x | ≥2.0x | +160% | 98 |
| Fixed Charge CoverageCoverage | 1.8x | ≥1.25x | +44% | 91 |
| Current RatioLiquidity | 2.1x | ≥1.5x | +40% | 93 |
| DSO (Days Sales Outstanding)Liquidity | 52 days | ≤65 days | +20% | 82 |
| Debt Service CoverageCoverage | 1.1x | ≥1.2x | -8% | 45 |
| Minimum EBITDAOperating | $2.4M | ≥$2.0M | +20% | 85 |
| CapEx IntensityOperating | 4.2% | ≤8% | +47% | 90 |
Every graded deal contributes anonymized metrics to a proprietary comp database. See exactly how a target ranks against similar deals.
Automated pattern detection: margin volatility, working capital manipulation, cash flow divergence, inventory buildup, expense suppression, and related-party transactions.
Gross margin swung 12pp between Q2 and Q3 2024
DPO increased 22 days while DSO remained flat — suggests payment stretching
Management fee to affiliated entity ($48K/yr) — within market range
Four steps. Under one hour. Fully auditable.
Link QuickBooks Online via OAuth, upload XLSX/CSV files, or connect a Google Sheet. The platform ingests 24 months of P&L, Balance Sheet, and Cash Flow automatically.
Claude AI maps raw accounts to 60+ canonical line items. The EBITDA engine flags one-time charges, owner comp, and non-cash items for your review.
Execute 25 covenants across 5 categories with configurable thresholds. Red flag detection scans for margin volatility, WC manipulation, and cash flow divergence.
Receive a weighted Deal Grade (A-F), compare against your deal comp database, and generate lender-ready compliance certificates and covenant schedules.
Every calculation uses our deterministic DSL expression engine. Pure math — no LLM in the loop. Configurable thresholds via custom playbooks.
Total Leverage, Senior Leverage, Net Leverage, Debt/Equity, Debt/Assets, Secured Leverage, Revolver Util
Interest Coverage, Fixed Charge, Debt Service, Cash Interest, EBITDA Margin, FCF/Debt Service
Current Ratio, Quick Ratio, Cash Floor, DSO, DPO, DIO
Tangible Net Worth, Equity/Assets, Minimum Net Worth
Minimum Revenue, Minimum EBITDA, CapEx Intensity
| Covenant | Actual | Threshold | Headroom | Score |
|---|---|---|---|---|
| Total Leverage RatioLeverage | 2.8x | ≤4.0x | +30% | 95 |
| Interest CoverageCoverage | 5.2x | ≥2.0x | +160% | 98 |
| Fixed Charge CoverageCoverage | 1.8x | ≥1.25x | +44% | 91 |
| Current RatioLiquidity | 2.1x | ≥1.5x | +40% | 93 |
| DSO (Days Sales Outstanding)Liquidity | 52 days | ≤65 days | +20% | 82 |
| Debt Service CoverageCoverage | 1.1x | ≥1.2x | -8% | 45 |
| Minimum EBITDAOperating | $2.4M | ≥$2.0M | +20% | 85 |
| CapEx IntensityOperating | 4.2% | ≤8% | +47% | 90 |
Each covenant receives a 0-100 score based on headroom from threshold. Category scores are weighted and combined into a composite Deal Grade:
Every export carries the “Verified by Covenant Dashboard” stamp. One-click generation of the documents your lenders actually need.
Bank-presentation-grade compliance certificate with borrower info, compliance summary, and category performance.
Detailed covenant-by-covenant breakdown with actual vs. threshold, pass/fail status, and headroom.
Reported-to-adjusted EBITDA walkthrough with each accepted adjustment categorized and documented.
All detected red flags with severity ratings, evidence data, and actionable descriptions.
From firms who use Covenant Dashboard in their diligence workflow.
We used to spend 2-3 weeks on preliminary covenant analysis. Covenant Dashboard gives us the same answer in under an hour with a full audit trail. It's changed how we screen deals.
The EBITDA bridge documentation alone is worth the subscription. Our IC presentations went from 'trust me on the adjustments' to fully documented, categorized add-backs.
The red flag detector caught a working capital manipulation pattern we missed in our manual review. That one flag saved us from a bad deal.
Four institutional frameworks plus your own proprietary deal comp database. NAICS sector percentiles across 8 industry verticals.
Map covenant performance to S&P credit rating equivalents across 10 metrics.
Moody's rating-tier thresholds for leverage, coverage, and liquidity.
Standard covenant thresholds used in leveraged buyout financing.
Your firm's anonymized deal history plus cross-platform percentile rankings.
Advanced capabilities designed around how PE professionals actually work.
AI-drafted Investment Committee memos with executive summary, key risks, and pricing recommendations.
QuickBooks Online via OAuth, drag-and-drop XLSX/CSV, Google Sheets URL — 24 months of financials.
Covenant score trends across runs with 12-month projections, sensitivity analysis, and near-breach alerts.
Cross-portfolio grade distribution, pipeline funnels, category risk radar, and grade history.
Firm-level data isolation with role-based access. Associates, VPs, Partners, and Admins.
Automated Monday morning portfolio summary email with top/bottom performers and action items.
Built for institutional requirements from day one.
Multi-tenant isolation. Every query scoped to firm ID. No cross-tenant data leakage.
Four permission tiers — Associate, VP, Partner, Admin — with granular controls.
Every action logged with user attribution, timestamps, and detailed payloads.
All covenant calculations use pure DSL expressions. No LLM in the calculation loop.
14-day free trial on all plans. No credit card required.
For firms screening potential acquisitions.
For active deal teams running full diligence workflows.
For large firms with portfolio-wide requirements.
EBITDA quality analysis. 25 covenant tests. Red flag detection. Lender-ready exports. Deal Grade in under an hour.