We underwrite 100+ public software companies on R&D return, GAAP profitability, and intrinsic value to own long-term compounders and avoid dilutive cash burners.
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Anthropic's new sheets still send serious work back to Excel, but owner cash after capex and stock pay fell 46.64% in two years and the market value assumes about 57% yearly growth. Avoid, conviction 3 of 5.
Across the 130 public software companies in the Golden Door ranked universe, median 1-year lagged R&D payback is $0.48 per dollar spent, and 118 of 130 fail to clear $1.00. Separating Compounders (31) and Harvesters (34) from Burners (34) and Faders (31) shows where engineering budgets buy durable gross profit, and the finding holds on the latest quarters.
Enterprise SAP and Oracle indirect tax migrations drive 15.16% TTM revenue growth to $787.44M, but $77.67M in capital expenditures and $57.00M in SBC compress true owner cash margin to 4.94%.
Post-reset Vector ad-network gains lifted TTM revenue +13.6% to $2.03B, yet $616.0M in GAAP operating losses, $341.9M in SBC, and 55.2% multi-year share expansion cap DCF fair value at $9.13.
Our process combines quantitative quality rankings, fundamental equity research, and owner-earnings valuation discipline.
Compare software quality ratings weighted 30% to revenue growth, 30% to GAAP operating margin, 20% to gross margin, and 20% to 1-year R&D payback across covered public software companies.
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Run interactive 3-statement and 5-year discounted cash flow scenarios burdened for stock-based compensation and equity dilution on any covered software company.
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