BCI LabAssetsLexicon Energy State
Core Variable  ·  BCI Lexicon

Energy State

ES

Energy State (ES) measures whether a structural system is growing through internal nourishment or being sustained through external capital extraction.

Canonical source: BSIP v4.0 §3.4 · White Paper v4.0

Mathematical Nature

Dimensionless multiplier. A nourishing reading is >1.0; an extractive reading is <1.0. Strictly bounded above zero — the composite formula is multiplicative, so ES cannot be zero or negative under any calculation path.

Primary Proxy (DRG-A/B)

ES = [Target ROIC ÷ Peer Median ROIC] × [Acquisition-Structure Term]

ROIC is a level, not a period-over-period ratio of changes — this is the structural fix relative to the formula's prior version, which compared year-over-year marketing spend to profit growth and broke down whenever profit growth crossed zero.

Notation Discipline

The master formula's denominator always uses ES−1. “ES” is never written bare in a denominator position, in any BCI document. This is a protocol-wide rule with no exceptions.

Reassessment Trigger

A major reputational crisis with observable demand impact, or a structural supply-chain disruption, immediately forces a re-basing of an asset's ES reading. Pending that reassessment, ES defaults to below 1.0 — the pre-event reading is not carried forward.

Definitional Authority — This term is defined canonically in BSIP v4.0 and the White Paper v4.0. This page restates that definition on its own address for reference; it is not an independent source and does not diverge from it.
Rating Limitation — Nothing on this page constitutes a credit rating, valuation opinion, or investment instruction of any kind.