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Industry· Published Nov 13, 2026 · Data as of Nov 13, 2026
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.
Across our SEC-audited software universe, GAAP R&D alone misses capitalized internal software payroll and front-loaded infrastructure CapEx. Applying our Full CapEx Test shifts median payback from $0.46 to $0.41 per dollar invested, separating clean expensers like PLTR ($2.66, 0.98x) and KVYO ($0.80, 0.93x) from heavy CapEx balance sheets like MSFT ($0.33, 0.33x) and ORCL ($0.12, 0.32x).
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.
$TOST runs the live point-of-sale, kitchen, and payment operating system across about 189,000 restaurant locations and widened its pure payment spread to 50.29 bps, yet $54.00M of nine-month loan-guarantee provisions inside $87.00M of G&A credit losses, $78.00M of on-balance-sheet loan funding, a federal and multi-state ROSCA suit that names Toast Capital loan terms, and a market value 18.87% above Base DCF leave no margin of safety.
$TDC added $67M of public cloud ARR in a year while its on-premises and maintenance book lost $45M, and in the third quarter it began moving customers to a single Teradata Unit that also lets them downgrade at renewal. Excluding the one-time SAP settlement, owners kept $202.00M over the last twelve months, but the 2026 guide points lower, and the market value of $3,183.46M sits 32.32% above a base intrinsic value of $2,405.89M.
Managed Detection and Response bundling sustains $855.92M in TTM revenue, but 1.24% GAAP operating margin, 10.44% equity dilution, and platform competition cap risk-adjusted upside.
RampID identity resolution and Habu clean rooms lifted GAAP operating margin to 11.6% on $832.1M TTM revenue, but 0.26x R&D payback and warehouse-native rivals cap re-rating speed.
$PDFS grew revenue 22.10% over the twelve months to Sep 30, 2026, yet owner cash was -$43.88M once the DirectScan equipment build, stock pay and customer prepayments are counted, and it has been negative at every year end since 2016 on that basis. The market value of $1,561.19M at the Nov 13, 2026 close sits 27.35% above a base intrinsic value of $1,225.90M and 26.17% below a bull value of $2,114.66M.
Unlimited-user construction volume pricing builds an enviable jobsite system of record, yet $248.3M in equity grants reduces true Owner FCF margin to 6.94% at 5.11x DCF base value.
$PAR lifted organic recurring revenue 13.3% while its organic site count fell 3.1%, so price and add-on modules did all of the work. Owners kept -$41.71M of cash over the last twelve months after stock pay, net debt is $337.94M, and the market value of $930.43M already assumes an owner cash margin PAR has not reported in any recent year.
