diff --git a/app/services/fundamentals_peers.py b/app/services/fundamentals_peers.py
new file mode 100644
index 0000000..c30c970
--- /dev/null
+++ b/app/services/fundamentals_peers.py
@@ -0,0 +1,85 @@
+"""Pure peer comparison for fundamentals (read-time).
+
+Peers are tracked-universe issuers sharing the **first two SIC digits**,
+deduplicated by CIK (GOOG/GOOGL are one issuer, one observation). This module is
+the pure statistics core: given a subject value and the peer group's values for a
+metric, it returns median + polarity-aware favorable percentile + peer_count, or
+None when there are fewer than the minimum valid peers (the caller then omits the
+industry object entirely rather than show a misleading comparison).
+
+Grouping (which issuers share a 2-digit SIC, CIK-dedup) is the API's job; this
+module only does the math. **Absolute net_debt is size-dependent and must not get
+a peer percentile** — leverage is compared via net_debt_to_ebitda.
+"""
+
+from __future__ import annotations
+
+import statistics
+from dataclasses import dataclass
+
+MIN_PEERS = 5
+
+# Metric -> is a higher value more favorable? (Peer-eligible metrics only;
+# absolute net_debt is intentionally absent — size-dependent.)
+HIGHER_IS_BETTER: dict[str, bool] = {
+    "revenue_growth_yoy": True,
+    "eps_growth_yoy": True,
+    "operating_margin": True,
+    "fcf_margin": True,
+    "fcf_yield": True,
+    "net_debt_to_ebitda": False,   # lower leverage is better
+    "pe": False,                   # cheaper is better
+    "share_count_change_yoy": False,  # dilution is bad
+}
+
+
+@dataclass
+class PeerStat:
+    median: float
+    favorable_percentile: int  # 0-100, polarity-aware (higher = more favorable)
+    peer_count: int            # valid issuers in the group
+
+
+def peer_stat(
+    subject: float | None,
+    group_values: list[float | None],
+    *,
+    higher_is_better: bool,
+    min_peers: int = MIN_PEERS,
+) -> PeerStat | None:
+    """Median + favorable percentile for ``subject`` within its group.
+
+    ``group_values`` is every issuer's value for the metric (including the
+    subject), CIK-deduplicated by the caller. Nulls are excluded. Returns None
+    when fewer than ``min_peers`` valid values exist, or the subject is null.
+    """
+    valid = [v for v in group_values if v is not None]
+    if subject is None or len(valid) < min_peers:
+        return None
+    median = statistics.median(valid)
+    if higher_is_better:
+        favorable = sum(1 for v in valid if v <= subject)
+    else:
+        favorable = sum(1 for v in valid if v >= subject)
+    percentile = round(favorable / len(valid) * 100)
+    return PeerStat(median=median, favorable_percentile=percentile, peer_count=len(valid))
+
+
+def peer_stat_for(
+    metric_key: str, subject: float | None, group_values: list[float | None], **kwargs
+) -> PeerStat | None:
+    """Convenience wrapper that looks up polarity by metric key. Returns None for
+    metrics not eligible for peer comparison (e.g. absolute net_debt)."""
+    if metric_key not in HIGHER_IS_BETTER:
+        return None
+    return peer_stat(
+        subject, group_values, higher_is_better=HIGHER_IS_BETTER[metric_key], **kwargs
+    )
+
+
+def two_digit_sic(sic: str | None) -> str | None:
+    """The 2-digit SIC prefix used for grouping, or None if unusable."""
+    if not sic:
+        return None
+    digits = str(sic).strip()
+    return digits[:2] if len(digits) >= 2 and digits[:2].isdigit() else None
diff --git a/app/services/fundamentals_reads.py b/app/services/fundamentals_reads.py
new file mode 100644
index 0000000..60d80bb
--- /dev/null
+++ b/app/services/fundamentals_reads.py
@@ -0,0 +1,104 @@
+"""Deterministic text 'reads' for the fundamentals panel (pure, one rule set).
+
+The tape reads and the header sentence use identical outputs — no LLM, no new
+composite score. Thresholds are tunable named constants, not scattered literals
+(plan: ±2pp growth, ±1pp margins, ±1% dilution, 60/40 peer bands, ≥3 periods).
+
+Consumers pass metric series (value + dated history, from
+``fundamentals_derivation``) and peer percentiles; these functions return short
+strings or None (render "—", no read).
+"""
+
+from __future__ import annotations
+
+from statistics import mean
+from typing import Any
+
+MIN_PERIODS = 3
+GROWTH_ACCEL_PP = 2.0
+MARGIN_MOVE_PP = 1.0
+SHARE_DILUTION_PCT = 1.0
+PEER_FAVORABLE = 60
+PEER_ADVERSE = 40
+
+
+def _history_values(history: list[Any]) -> list[float]:
+    return [p.value for p in history if p.value is not None]
+
+
+def growth_read(history: list[Any]) -> str | None:
+    """Change in a YoY-growth series: latest − prior. Needs >= 3 periods."""
+    vals = _history_values(history)
+    if len(vals) < MIN_PERIODS:
+        return None
+    delta = vals[-1] - vals[-2]
+    if delta >= GROWTH_ACCEL_PP:
+        return "accelerating"
+    if delta <= -GROWTH_ACCEL_PP:
+        return "decelerating"
+    return "steady"
+
+
+def margin_read(history: list[Any]) -> str | None:
+    """Latest margin vs the mean of prior periods (pp). Needs >= 3 periods."""
+    vals = _history_values(history)
+    if len(vals) < MIN_PERIODS:
+        return None
+    delta = vals[-1] - mean(vals[:-1])
+    if delta >= MARGIN_MOVE_PP:
+        return "improving"
+    if delta <= -MARGIN_MOVE_PP:
+        return "deteriorating"
+    return "stable"
+
+
+def share_count_read(value: float | None) -> str | None:
+    """Share-count YoY %: >+1% dilution, <-1% buying back, else flat."""
+    if value is None:
+        return None
+    if value > SHARE_DILUTION_PCT:
+        return f"{value:.1f}% dilution"
+    if value < -SHARE_DILUTION_PCT:
+        return "buying back"
+    return "flat"
+
+
+def peer_read(metric_key: str, favorable_percentile: int | None) -> str | None:
+    """Peer-relative read for a metric, polarity already baked into the
+    percentile (higher = more favorable)."""
+    if favorable_percentile is None:
+        return None
+    if favorable_percentile >= PEER_FAVORABLE:
+        return _FAVORABLE.get(metric_key, "above peers")
+    if favorable_percentile <= PEER_ADVERSE:
+        return _ADVERSE.get(metric_key, "below peers")
+    return "in line"
+
+
+_FAVORABLE = {
+    "pe": "attractively valued",
+    "fcf_yield": "above peers",
+    "net_debt_to_ebitda": "conservative leverage",
+}
+_ADVERSE = {
+    "pe": "priced above peers",
+    "fcf_yield": "below peers",
+    "net_debt_to_ebitda": "elevated leverage",
+}
+
+
+def header_sentence(
+    growth: str | None, margin: str | None, valuation: str | None
+) -> str:
+    """Join the growth / margin / peer-valuation reads with ' · ', omitting
+    segments with no read. Segment sources are fixed by the caller (growth =
+    revenue-growth read, margin = operating-margin read, valuation = P/E peer
+    read falling back to FCF yield)."""
+    parts = []
+    if growth:
+        parts.append(f"growth {growth}")
+    if margin:
+        parts.append(f"margins {margin}")
+    if valuation:
+        parts.append(f"valuation {valuation}")
+    return " · ".join(parts)
diff --git a/tests/unit/test_fundamentals_peers.py b/tests/unit/test_fundamentals_peers.py
new file mode 100644
index 0000000..6702d02
--- /dev/null
+++ b/tests/unit/test_fundamentals_peers.py
@@ -0,0 +1,50 @@
+"""Tests for pure peer statistics."""
+
+from __future__ import annotations
+
+from app.services import fundamentals_peers as pr
+
+
+def test_peer_stat_higher_is_better_percentile_and_median():
+    s = pr.peer_stat(3, [1, 2, 3, 4, 5], higher_is_better=True)
+    assert s.median == 3
+    assert s.favorable_percentile == 60  # beats/ties 3 of 5
+    assert s.peer_count == 5
+
+
+def test_peer_stat_lower_is_better_flips_direction():
+    s = pr.peer_stat(3, [1, 2, 3, 4, 5], higher_is_better=False)
+    assert s.favorable_percentile == 60  # 3 of 5 are >= 3
+
+
+def test_peer_stat_top_and_bottom():
+    assert pr.peer_stat(5, [1, 2, 3, 4, 5], higher_is_better=True).favorable_percentile == 100
+    assert pr.peer_stat(1, [1, 2, 3, 4, 5], higher_is_better=True).favorable_percentile == 20
+
+
+def test_peer_stat_requires_min_valid_peers():
+    assert pr.peer_stat(3, [1, 2, 3, None], higher_is_better=True) is None  # 3 valid < 5
+    assert pr.peer_stat(None, [1, 2, 3, 4, 5], higher_is_better=True) is None  # null subject
+
+
+def test_peer_stat_excludes_nulls_from_group():
+    s = pr.peer_stat(3, [1, 2, 3, 4, 5, None, None], higher_is_better=True)
+    assert s.peer_count == 5  # nulls dropped
+
+
+def test_net_debt_is_not_peer_eligible():
+    assert pr.peer_stat_for("net_debt", 100, [10, 20, 30, 40, 50]) is None  # size-dependent
+    assert pr.peer_stat_for("net_debt_to_ebitda", 1.0, [1, 2, 3, 4, 5]) is not None
+
+
+def test_peer_stat_for_uses_polarity():
+    # pe is lower-is-better: a low pe beats most peers
+    s = pr.peer_stat_for("pe", 10, [10, 20, 30, 40, 50])
+    assert s.favorable_percentile == 100
+
+
+def test_two_digit_sic():
+    assert pr.two_digit_sic("7372") == "73"
+    assert pr.two_digit_sic("3571") == "35"
+    assert pr.two_digit_sic(None) is None
+    assert pr.two_digit_sic("x") is None
diff --git a/tests/unit/test_fundamentals_reads.py b/tests/unit/test_fundamentals_reads.py
new file mode 100644
index 0000000..23da0e5
--- /dev/null
+++ b/tests/unit/test_fundamentals_reads.py
@@ -0,0 +1,53 @@
+"""Tests for deterministic text reads, incl. threshold boundaries."""
+
+from __future__ import annotations
+
+from types import SimpleNamespace
+
+from app.services import fundamentals_reads as rd
+
+
+def _hist(*values):
+    return [SimpleNamespace(value=v, period_end=None) for v in values]
+
+
+def test_growth_read_boundaries():
+    assert rd.growth_read(_hist(5, 6, 8)) == "accelerating"      # +2.0 exactly (>=)
+    assert rd.growth_read(_hist(5, 6, 7.9)) == "steady"          # +1.9 < 2.0
+    assert rd.growth_read(_hist(10, 9, 7)) == "decelerating"     # -2.0 exactly
+    assert rd.growth_read(_hist(5, 6)) is None                   # < 3 periods
+
+
+def test_margin_read_vs_mean_of_prior():
+    # prior mean = (19+20)/2 = 19.5; latest 21 -> +1.5 -> improving
+    assert rd.margin_read(_hist(19, 20, 21)) == "improving"
+    # latest exactly +1.0 over prior mean -> improving
+    assert rd.margin_read(_hist(20, 20, 21)) == "improving"
+    # within band
+    assert rd.margin_read(_hist(20, 20, 20.5)) == "stable"
+    assert rd.margin_read(_hist(21, 20)) is None  # < 3 periods
+
+
+def test_share_count_read():
+    assert rd.share_count_read(1.8) == "1.8% dilution"
+    assert rd.share_count_read(-2.0) == "buying back"
+    assert rd.share_count_read(1.0) == "flat"   # boundary: not > 1.0
+    assert rd.share_count_read(None) is None
+
+
+def test_peer_read_bands_and_polarity_phrasing():
+    assert rd.peer_read("operating_margin", 60) == "above peers"   # boundary favorable
+    assert rd.peer_read("operating_margin", 40) == "below peers"   # boundary adverse
+    assert rd.peer_read("operating_margin", 50) == "in line"
+    assert rd.peer_read("pe", 65) == "attractively valued"
+    assert rd.peer_read("pe", 30) == "priced above peers"
+    assert rd.peer_read("net_debt_to_ebitda", 20) == "elevated leverage"
+    assert rd.peer_read("pe", None) is None
+
+
+def test_header_sentence_omits_missing_segments():
+    assert rd.header_sentence("accelerating", "stable", "priced above peers") == (
+        "growth accelerating · margins stable · valuation priced above peers"
+    )
+    assert rd.header_sentence(None, "improving", None) == "margins improving"
+    assert rd.header_sentence(None, None, None) == ""