Company / Stock (250)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 251 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 ($7.81B PV of FCF + $21.86B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $6.13B | $6.83B | $7.60B | $8.46B | $9.43B | $10.49B |
| Operating EBIT | $1.35B | $1.51B | $1.68B | $1.87B | $2.08B | $2.32B |
| Unlevered Free Cash Flow (FCF) | $1.51B (25%) | $1.68B (25%) | $1.87B (25%) | $2.08B (25%) | $2.31B (25%) | $2.58B (25%) |
| Discounted PV of FCF (@ 10.0% WACC) | $1.37B | $1.39B | $1.40B | $1.42B | $1.44B | $1.45B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $159.81 | $171.00 | $184.22 | $200.09 | $219.48 |
| 9.0% | $137.00 | $145.01 | $154.26 | $165.04 | $177.78 |
| 10.0% | $119.59 | $125.55 | $132.31 | $140.04 | $148.95 |
| 11.0% | $105.87 | $110.44 | $115.56 | $121.31 | $127.83 |
| 12.0% | $94.78 | $98.38 | $102.35 | $106.76 | $111.69 |
Synchronized directly with the 3-Year Operating Statement (90.6% Gross Margin · 11.3% Growth · 11.1% SBC/Rev)
| Income Statement Line | FY23ASEC 10-K | FY24ASEC 10-K | FY25ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $4.95B | $5.44B | $6.13B | $6.13B | $6.83B | $7.60B |
| YoY Revenue Growth (%) | — | 10.0% | 12.7% | 11.3% | 11.3% | 11.3% |
| Cost of Revenue (COGS) | ($517.0M) | ($553.0M) | ($578.0M) | ($578.2M) | ($609.6M) | ($640.8M) |
| Gross Profit & Margin | $4.43B (89.5%) | $4.89B (89.8%) | $5.55B (90.6%) | $5.55B (90.6%) | $6.22B (91.1%) | $6.96B (91.6%) |
| Research & Development (R&D) | — | — | — | $1.49B | $1.59B | $1.69B |
| Sales & Marketing (S&M) | — | — | — | $1.76B | $1.89B | $2.01B |
| General & Administrative (G&A) | — | — | — | $949.8M | $1.02B | $1.08B |
| Operating EBIT | $992.0M (20.1%) | $1.11B (20.5%) | $1.35B (22.1%) | $1.35B (22.1%) | $1.73B (25.3%) | $2.17B (28.6%) |
| Adjusted EBITDA | — | — | — | $1.55B (25.3%) | $1.95B (28.5%) | $2.41B (31.8%) |
Autodesk, Inc. (ADSK) earns a "Watch" rating and an institutional Quality Score of 70/100 (Grade B+). On $6.13B in baseline revenue (11.3% growth, 90.6% gross margin, 24.5% FCF margin), our 5-year DCF yields an Enterprise Value of $29.67B ($132.31/share vs. $288.66 market price). On the R&D Return Benchmark, ADSK ranks #47 of 167 (Compounders · Grade A, 0.68× return).
Gross Margin & Unit Economics: Autodesk, Inc. operates at a 90.6% gross margin on $6.13B revenue (+23.2 pts above the Design & Engineering Software median of 67.3%).
R&D Productivity (Compounders · Grade A): Investing 22.8% of revenue in R&D ($1.64B) generates $0.68 of incremental gross profit per R&D dollar (Rank #47 of 167).
Rule of 40 & Cash Conversion: Combining 11.3% top-line growth with 24.5% FCF margin yields a 35.9% Rule of 40 score (vs. 38.9% cohort median) and $29.67B 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)
ADSK: Compounder, A
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: 14.1% Growth · 67.3% Gross Margin · 17.6% Unlevered FCF · 13.0% GAAP FCF · 38.9% Rule of 40 · 10.4× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
ADSKAutodesk, Inc.Subject | $6.13B | 11.3% | 90.6% | 24.6% | 13.4% | 35.9% | 10.4× | Active |
Microsoft Corporation | $346.44B | 13.7% | 67.7% | 17.3% | 13.7% | 31.1% | 11.4× | |
Oracle | $71.78B | 12.2% | 65.8% | -40.0% | -46.7% | -27.8% | 5.3× | |
SAP SE | $34.18B | 7.6% | 73.0% | 12.9% | 12.9% | 20.5% | 8.3× | |
SHOPIFY INC. | $8.88B | 31.9% | 50.4% | 18.0% | 13.1% | 49.9% | 22.7× | |
INTUIT INC. | $18.83B | 14.5% | 80.8% | 32.3% | 21.9% | 46.8% | 9.4× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
| Peer Set Median (6 Peers) | $26.50B | 14.1% | 67.3% | 17.6% | 13.0% | 38.9% | 10.4× | =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 90.6% to 92.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $122.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $8.02B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Strong cash conversion; 100%+ of operating profit turns into free cash
Standard software SBC dilution; modest equity transfer to employees
High-quality software margins with healthy balanced growth and profitability
Moderate leverage or cash burn; monitor liquidity runway
The current share price demands 31.5% 5-year CAGR (39.0% net of SBC & dilution)—a +20.2% acceleration over historical run-rate (11.3%). Any growth slowdown risks valuation multiple contraction.
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 | 10.4× | $63.60B | $62.64B | $288.66 | 0.0% |
| -20% Multiple Compression | 8.3× | $50.88B | $49.92B | $230.04 | -20.0% |
| -35% Multiple Compression | 6.7× | $41.34B | $40.38B | $186.08 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $30.66B | $29.70B | $136.84 | -51.8% |