Cosmos results understanding for a newbie

I know how to apply forces and restraints to models in cosmos.
What I dont understand are the results legend on the right. For example: Is the maximum stress value that the model shows (in the legend), is it compared to the max tensile stress of the material. So once the result stress passes the material stress that is when the model fails.
Obviously safety factor comes into it when designing , but I need to know the basic principle of understanding the results in FEA.
Thanks in advance.

When you run a linear static analysis the maximum stress will just keep getting bigger without regard to whatever you have set for tensile strength. The analysis is linear which means the results scale with loads.
Be careful about what Cosmos reports for maximum stress if there are singularities in your model. One way to find singularities is to start with a coarse model and run it with increasingly refinded mesh in the areas of maximum stress. If the stress keeps changing (increasing) with further refinement you may have a singularity or you may have a mesh that is not converging on a solution. If you can't get the stress to stop changing (within a few percent) with increasing mesh refinement you may not want to use the results.