# Excel Modeling Benchmark (EMB) leaderboard

Agents build full Excel financial models of the kind used in investment banking and private equity, from a scenario plus source files. Categories: LBO, DCF, M&A, operating models, comps, dataroom summaries and misc.

## Excel Modeling Benchmark (EMB): accuracy % (v1.1) (higher is better, 10 models)

| Rank | Model | Provider | Score | Metric | Setting | Reported by | Source | URL | Date |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | Claude Fable 5.1 | Anthropic | 76.7 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 2 | Gemini 4 Carbon | Google | 76.5 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 3 | Claude Sonnet 5.5 | Anthropic | 75.9 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 4 | Claude Opus 5.5 | Anthropic | 75.8 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 5 | Wonder Full | Not stated | 75 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 6 | Gemini 4 Argon | Google | 74.8 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 7 | GPT-6.1 Terra | OpenAI | 73.3 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 8 | Gemini 3.8 Flash | Google | 72.9 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 9 | GPT-6 Astra | OpenAI | 72.7 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |
| 10 | Wonder | Not stated | 72.5 | accuracy % (v1.1) | v1.1 test set | Official board | Vals.ai leaderboard | https://www.vals.ai/benchmarks/emb-v1-1 | 29 Oct 2026 (checked 1 Nov 2026) |

Scores are never combined across benchmarks. Each row names its metric, source and date.

## About this benchmark

- Maker: Vals AI (United States)
- Year: Not stated
- Use case: Financial spreadsheets and accounting
- Size: 103 tasks (1 public, 51 private validation, 51 test)
- Public split: 1 task
- Grading: Template mode checks exact cell matches against a gold model. Scratch mode uses a partial-credit rubric scored by an LLM judge (GPT-6 Luna). Workbooks are recalculated in Excel. Headline is the mean over 7 equally weighted categories.
- Licence: proprietary
- Submission: Not stated
- Products allowed: Not stated
- Latest version: v1.1
- What it does not cover: No research or retrieval from live filings, and no judgement on investment decisions.
- Last checked: 1 Nov 2026
- Links: site https://www.vals.ai/benchmarks/emb-v1-1, leaderboard https://www.vals.ai/benchmarks/emb-v1-1
- Directory page: https://benchmarks.finance/benchmarks/vals-emb/
- Leaderboard: https://benchmarks.finance/leaderboards/vals-emb/

Source: https://benchmarks.finance/leaderboards/vals-emb/

Created and maintained by Moneda.