# The Multivac — Evaluation Report

**Evaluation ID:** EVAL-20260402-204219
**Date:** Apr 02, 2026
**Category:** analysis
**Question ID:** ANALYSIS-023

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## Question

A company wants to acquire a startup for $50M. The startup claims $5M ARR growing 100% YoY, 85% gross margins, net retention 130%. During due diligence, you discover: (1) 40% of revenue is from a single customer, (2) the 'ARR' includes one-time implementation fees, (3) three of five engineers have unvested equity and might leave. What's the real valuation? What deal terms would protect the acquirer?

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## Winner

**GPT-5.4** (openrouter)
- Winner Score: 9.06
- Matrix Average: 7.84
- Total Judgments: 85

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## Rankings

| Rank | Model | Provider | Avg Score | Judgments |
|------|-------|----------|-----------|----------|
| 1 | GPT-5.4 | openrouter | 9.06 | 9 |
| 2 | Grok 4.20 | openrouter | 8.99 | 9 |
| 3 | Claude Opus 4.6 | openrouter | 8.92 | 9 |
| 4 | MiMo-V2-Flash | Xiaomi | 8.75 | 9 |
| 5 | Claude Sonnet 4.6 | openrouter | 8.75 | 9 |
| 6 | Gemini 3 Flash Preview | Google | 8.26 | 9 |
| 7 | DeepSeek V4 | openrouter | 7.91 | 9 |
| 8 | MiniMax M2.5 | openrouter | 7.64 | 9 |
| 9 | Gemini 3.1 Pro | openrouter | 6.56 | 9 |
| 10 | GPT-OSS-120B | OpenAI | 3.58 | 4 |

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## 10×10 Judgment Matrix

Rows = Judge, Columns = Respondent. Self-judgments excluded (—).

| Judge ↓ / Resp → | GPT-OSS-120B | Gemini 3.1 Pro | Claude Opus | GPT-5.4 | DeepSeek V4 | MiMo-V2-Flash | Grok 4.20 | Claude Sonnet | Gemini 3 | MiniMax M2.5 |
|---|---|---|---|---|---|---|---|---|---|---|
| GPT-OSS-120B | — | 4.7 | 8.8 | 8.6 | 8.0 | 8.6 | 8.6 | 8.6 | 7.5 | 7.5 |
| Gemini 3.1 Pro | · | — | 8.6 | 9.8 | 7.4 | 9.8 | 9.3 | 8.6 | 9.3 | 6.5 |
| Claude Opus | 0.5 | 6.3 | — | 8.8 | 7.4 | 8.9 | 8.9 | 8.8 | 8.1 | 7.5 |
| GPT-5.4 | 0.5 | 3.9 | 8.4 | — | 7.8 | 8.6 | 8.6 | 7.8 | 8.1 | 6.7 |
| DeepSeek V4 | 7.5 | 8.4 | 9.6 | 9.2 | — | 8.8 | 9.0 | 9.0 | 8.8 | 9.0 |
| MiMo-V2-Flash | · | 8.2 | 9.0 | 9.3 | 8.6 | — | 9.0 | 9.8 | 9.0 | 8.6 |
| Grok 4.20 | 5.8 | 6.2 | 8.4 | 8.6 | 6.6 | 7.8 | — | 8.0 | 6.8 | 6.8 |
| Claude Sonnet | · | 6.5 | 9.0 | 9.2 | 7.5 | 8.6 | 9.2 | — | 8.2 | 7.5 |
| Gemini 3 | · | 8.6 | 10.0 | 9.8 | 9.8 | 9.8 | 9.8 | 10.0 | — | 8.8 |
| MiniMax M2.5 | · | 6.3 | 8.6 | 8.3 | 8.2 | 8.0 | 8.6 | 8.3 | 8.6 | — |

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## Methodology

- **10×10 Blind Peer Matrix:** All models answer the same question, then all models judge all responses.
- **5 Criteria:** Correctness, completeness, clarity, depth, usefulness (each scored 1–10).
- **Self-judgments excluded:** Models do not judge their own responses.
- **Weighted Score:** Composite of all 5 criteria.

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## Citation

The Multivac (2026). Blind Peer Evaluation: ANALYSIS-023. app.themultivac.com

## License

Open data. Free to use, share, and build upon. Please cite The Multivac when using this data.

Download raw JSON: https://app.themultivac.com/api/evaluations/EVAL-20260402-204219/results
Full dataset: https://app.themultivac.com/dashboard/export