> For the complete documentation index, see [llms.txt](https://help.modelreef.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.modelreef.io/syntax/scenario-syntax/viewing-scenario-differences.md).

# Viewing Scenario Differences

This article explains how to **view scenario differences** in Model Reef.

You will learn:

* How to compare separate scenario models.
* Which outputs are most useful for understanding differences.
* How to connect differences back to variables and drivers.

Because scenarios are separate models, you compare them by comparing their outputs side by side.

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### Comparing scenarios through dashboards and reports

To compare scenarios:

* Open the **Base** scenario model and view its dashboards and key reports.
* Open the **Upside** or **Downside** scenario model in another tab or window.
* Align the period selection and branch filters across models.
* Compare P\&L, Balance Sheet, Cashflow, Cash Waterfall and valuation outputs.

Structurally identical dashboards and reports make differences easy to see.
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### Maintaining consistent structure across scenarios

Scenario comparison works best when each scenario model shares:

* The same branch hierarchy.
* The same variable naming and categories.
* The same dashboard and report layouts.

When cloning a base model to create new scenarios, keep this structure intact so that line-by-line comparisons make sense.
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### Key comparison views

Useful scenario comparison views include:

* Revenue, Gross Profit and EBITDA paths over time.
* Cash position, funding headroom and covenant metrics.
* Net debt and leverage.
* Free cashflow, valuation metrics and returns.
* Branch or division level profitability.

For each view, check both level differences (how big) and timing differences (when).
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### Linking differences back to assumptions

To understand why scenarios differ:

* Identify the largest differences in key metrics or charts.
* Use drilldown to see which variables and categories drive those lines.
* Inspect the corresponding variables or drivers in each scenario model.
* Review notes and tags on variables and drivers that were intentionally overridden.

Often a small set of assumption changes explains most of the difference between scenarios.
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### Communicating scenario differences

When communicating to stakeholders:

* Name scenarios clearly (Base, Downside, Upside, Stress).
* Summarise the main assumption changes, not every small adjustment.
* Focus on differences in cash, risk and value rather than every line item.
* Support headline comparisons with drilldown where necessary.

Model Reef provides the structural consistency so that differences you discuss are driven by assumptions rather than presentation.
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***

## Related articles

* [Scenario Selector](/syntax/understanding-the-interface/scenario-selector.md)
* [Scenario Syntax](/syntax/scenario-syntax.md)
* [Differences vs Ticker Fundamentals Import](/help/importing-from-google-finance-and-yahoo-apis/differences-vs-ticker-fundamentals-import.md)
* [Valuation](/how-tos/valuation.md)