We introduce a new framework term coding for extremal problems in discrete mathematics and information flow, where one chooses interpretations of function symbols so as to maximise the number of satisfying assignments of a finite system of term equations. We then focus on dispersion, the special case in which the system defines a term map and the objective is the size of its image. Writing , we show that the maximum dispersion is for an integer exponent equal to the guessing number of an associated directed graph, and we give a polynomial-time algorithm to compute . In contrast, deciding whether \emph{perfect dispersion} ever occurs (i.e.\ whether for some finite ) is undecidable once , even though the corresponding asymptotic rate-threshold questions are polynomial-time decidable.

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