Most CFOs and founders assume their valuation is a function of performance. Revenue is growing. Margins are steady. Why isn’t the market rewarding us? But the truth is, valuation is just as much about perception as performance. And too often, that perception is based on misunderstood signals, misaligned metrics, or miscommunication with the very audience you're trying to win over. You can't fix that with a better earnings script. You need to understand the system behind how your equity is priced and how to use it to your advantage. Here are five hard truths and the frameworks that help close the gap between value delivered and value perceived.