Company / Stock (167)3-Year Statement
Golden Door Asset's Financial Engine connects audited SEC 10-K/10-Q income statements, balance sheets, and cash flow statements to a deterministic 5-year unlevered DCF valuation, Reverse-DCF implied growth solver, ASC 350-40 software capitalization bridge, and 1-year lagged R&D capital efficiency benchmark across 167 public software companies (167 ranked in the R&D Return universe).
Discounting 5-year unlevered FCF at 10.0% WACC and 2.5% terminal growth (-$1.36B PV of FCF + -$5.19B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $538.3M | $712.1M | $942.0M | $1.25B | $1.65B | $2.18B |
| Operating EBIT | -$255.7M | -$338.3M | -$447.5M | -$592.1M | -$783.2M | -$1.04B |
| Unlevered Free Cash Flow (FCF) | -$151.1M (-28%) | -$199.9M (-28%) | -$264.4M (-28%) | -$349.8M (-28%) | -$462.8M (-28%) | -$612.2M (-28%) |
| Discounted PV of FCF (@ 10.0% WACC) | -$137.4M | -$165.2M | -$198.7M | -$238.9M | -$287.3M | -$345.6M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | -$162.81 | -$174.88 | -$189.15 | -$206.26 | -$227.18 |
| 9.0% | -$138.42 | -$147.06 | -$157.03 | -$168.67 | -$182.41 |
| 10.0% | -$119.84 | -$126.28 | -$133.57 | -$141.90 | -$151.51 |
| 11.0% | -$105.24 | -$110.17 | -$115.69 | -$121.89 | -$128.92 |
| 12.0% | -$93.47 | -$97.35 | -$101.63 | -$106.39 | -$111.71 |
Synchronized directly with the 3-Year Operating Statement (64.6% Gross Margin · 32.3% Growth · 9.4% SBC/Rev)
| Income Statement Line | FY23ASEC 10-K | FY24ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|
| Revenue | $406.9M | $538.3M | $538.3M | $712.1M | $942.0M |
| YoY Revenue Growth (%) | — | 32.3% | 32.3% | 32.3% | 32.3% |
| Cost of Revenue (COGS) | ($163.6M) | ($190.4M) | ($190.4M) | ($248.3M) | ($323.8M) |
| Gross Profit & Margin | $243.3M (59.8%) | $347.9M (64.6%) | $347.9M (64.6%) | $463.8M (65.1%) | $618.2M (65.6%) |
| Research & Development (R&D) | — | — | $254.2M | $322.8M | $409.3M |
| Sales & Marketing (S&M) | — | — | $227.1M | $288.5M | $365.7M |
| General & Administrative (G&A) | — | — | $122.3M | $155.3M | $196.9M |
| Operating EBIT | -$312.8M (-76.9%) | -$255.7M (-47.5%) | -$255.7M (-47.5%) | -$302.8M (-42.5%) | -$353.6M (-37.5%) |
| Adjusted EBITDA | — | — | -$204.2M (-37.9%) | -$234.6M (-33.0%) | -$263.4M (-28.0%) |
Netskope Inc (NTSK) earns a "Pass" rating and an institutional Quality Score of 41/100 (Grade C). On $538.3M in baseline revenue (32.3% growth, 64.6% gross margin, -28.1% FCF margin), our 5-year DCF yields an Enterprise Value of -$6.55B (-$133.57/share vs. $17.54 market price). On the R&D Return Benchmark, NTSK ranks #68 of 167 (Compounders · Grade BB, 0.53× return).
Gross Margin & Unit Economics: Netskope Inc operates at a 64.6% gross margin on $538.3M revenue (12.5 pts below the Cybersecurity median of 77.1%).
R&D Productivity (Compounders · Grade BB): Investing 71.8% of revenue in R&D ($509.0M) generates $0.53 of incremental gross profit per R&D dollar (Rank #68 of 167).
Rule of 40 & Cash Conversion: Combining 32.3% top-line growth with -28.1% FCF margin yields a 4.2% Rule of 40 score (vs. 52.6% cohort median) and -$6.55B DCF Enterprise Value.
Measures incremental gross profit generated per prior-year R&D dollar across 167 scored software companies
x = R&D % of revenue (FY) · y = new gross profit per R&D dollar (FY)
NTSK: Compounder, BB
Hover or tap a dot to inspect peer R&D intensity and return
Intensity = R&D ÷ revenue from the same period. The grade uses TTM when that period end is fresh; otherwise the latest fiscal year if that end is fresh; otherwise the name is ungraded. Bands describe spend level, not quality.
As of 2026-10-22.
Active Medians: 18.1% Growth · 77.1% Gross Margin · 32.6% Unlevered FCF · 23.8% GAAP FCF · 52.6% Rule of 40 · 11.5× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
NTSKNetskope IncSubject | $538.3M | 32.3% | 64.6% | -28.1% | -37.5% | 4.2% | 1.2× | Active |
Palo Alto Networks Inc | $11.48B | 20.2% | 70.4% | 35.8% | 20.4% | 56.0% | 27.1× | |
CrowdStrike | $5.40B | 34.9% | 75.3% | 29.8% | 6.8% | 64.7% | 49.8× | |
Fortinet, Inc. | $5.96B | 16.1% | 80.6% | 31.6% | 27.2% | 47.7% | 9.9× | |
Zscaler, Inc. | $2.67B | 28.6% | 76.9% | 27.2% | 2.5% | 55.8% | 13.0× | |
CHECK POINT SOFTWARE TECHNOLOGIES LTD | $2.56B | 5.6% | 87.5% | 40.1% | 34.3% | 45.7% | 7.6× | |
Gen Digital Inc. | $5.23B | 15.6% | 77.4% | 33.7% | 29.4% | 49.4% | 4.7× | |
| Peer Set Median (6 Peers) | $5.31B | 18.1% | 77.1% | 32.6% | 23.8% | 52.6% | 11.5× | =MEDIAN() |
Structural sensitivities monitored in the 3-Statement Financial Engine
Apply any lever below to write its operating assumptions directly into the 3-Statement Model
Automate cloud hosting & support workflows to lift gross margin from 64.6% to 69.6%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $262.7M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $985.2M.
Weak cash conversion, substantial dilution drag, or constrained financial flexibility.
Negative free cash flow; business consumes cash to sustain operations
Standard software SBC dilution; modest equity transfer to employees
Sub-par gross margins; higher cost of delivery or hardware/services mix
Moderate leverage or cash burn; monitor liquidity runway
The current share price only requires -8.9% 5-year CAGR (1.3% dilution-adjusted), well below historical growth of 32.3%. If the company maintains baseline execution, there is asymmetric upside.
Evaluates shareholder equity vulnerability if SaaS valuation multiples contract toward historical industry medians.
| Multiple Contraction Scenario | EV / Rev | Implied EV | Implied Equity | Implied Price | Downside % |
|---|---|---|---|---|---|
| Current Multiple | 1.2× | $668.7M | $838.4M | $17.54 | 0.0% |
| -20% Multiple Compression | 1.0× | $535.0M | $704.7M | $14.74 | -20.0% |
| -35% Multiple Compression | 0.8× | $434.7M | $604.4M | $12.64 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.69B | $2.86B | $59.85 | +302.4% |