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 ($34.9M PV of FCF + $66.8M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $600.3M | $559.8M | $522.0M | $486.8M | $453.9M | $423.3M |
| Operating EBIT | $61.8M | $57.6M | $53.7M | $50.1M | $46.7M | $43.6M |
| Unlevered Free Cash Flow (FCF) | $11.2M (2%) | $10.4M (2%) | $9.7M (2%) | $9.1M (2%) | $8.4M (2%) | $7.9M (2%) |
| Discounted PV of FCF (@ 10.0% WACC) | $10.2M | $8.6M | $7.3M | $6.2M | $5.2M | $4.4M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | -$1.57 | -$1.51 | -$1.44 | -$1.35 | -$1.24 |
| 9.0% | -$1.70 | -$1.65 | -$1.60 | -$1.54 | -$1.47 |
| 10.0% | -$1.80 | -$1.76 | -$1.73 | -$1.68 | -$1.63 |
| 11.0% | -$1.87 | -$1.85 | -$1.82 | -$1.79 | -$1.75 |
| 12.0% | -$1.93 | -$1.91 | -$1.89 | -$1.87 | -$1.84 |
Synchronized directly with the 3-Year Operating Statement (57.3% Gross Margin · -6.8% Growth · 2.1% SBC/Rev)
| Income Statement Line | FY24ASEC 10-K | FY25ASEC 10-K | FY26ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $544.5M | $490.5M | $565.3M | $600.3M | $559.8M | $522.0M |
| YoY Revenue Growth (%) | -18.2% | -9.9% | 15.2% | -6.8% | -6.8% | -6.8% |
| Cost of Revenue (COGS) | ($262.2M) | ($235.3M) | ($243.6M) | ($256.6M) | ($236.5M) | ($217.9M) |
| Gross Profit & Margin | $282.3M (51.8%) | $255.2M (52.0%) | $321.6M (56.9%) | $343.7M (57.3%) | $323.3M (57.8%) | $304.1M (58.3%) |
| Research & Development (R&D) | — | — | — | $40.9M | $36.6M | $32.7M |
| Sales & Marketing (S&M) | — | — | — | $156.7M | $140.3M | $125.3M |
| General & Administrative (G&A) | — | — | — | $84.4M | $75.5M | $67.5M |
| Operating EBIT | -$374.4M (-68.8%) | -$54.1M (-11.0%) | $34.0M (6.0%) | $61.8M (10.3%) | $70.9M (12.7%) | $78.5M (15.1%) |
| Adjusted EBITDA | — | — | — | $126.7M (21.1%) | $131.4M (23.5%) | $135.0M (25.9%) |
Digital Turbine, Inc. (APPS) earns a "Pass" rating and an institutional Quality Score of 58/100 (Grade B). On $600.3M in baseline revenue (-6.8% growth, 57.3% gross margin, 1.9% FCF margin), our 5-year DCF yields an Enterprise Value of $101.8M (-$1.73/share vs. $17.91 market price). On the R&D Return Benchmark, APPS ranks #9 of 167 (Harvesters · Grade AAA, 1.68× return).
Gross Margin & Unit Economics: Digital Turbine, Inc. operates at a 57.3% gross margin on $600.3M revenue (17.9 pts below the Software - Application median of 75.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 7.2% of revenue in R&D ($40.5M) generates $1.68 of incremental gross profit per R&D dollar (Rank #9 of 167).
Rule of 40 & Cash Conversion: Combining -6.8% top-line growth with 1.9% FCF margin yields a -4.9% Rule of 40 score (vs. 59.0% cohort median) and $101.8M 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)
APPS: Harvester, AAA
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: 35.8% Growth · 75.1% Gross Margin · 21.9% Unlevered FCF · 14.4% GAAP FCF · 59.0% Rule of 40 · 6.6× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
APPSDigital Turbine, Inc.Subject | $600.3M | -6.8% | 57.3% | 1.9% | -0.2% | -4.9% | 4.1× | Active |
Grab Holdings Limited | $2.80B | 56.3% | 42.0% | 27.7% | 17.7% | 84.0% | 6.3× | |
Full Truck Alliance Co. Ltd. | $11.24B | 44.5% | 86.6% | 25.8% | 21.3% | 70.2% | 5.9× | |
Figma, Inc. | $1.28B | 44.6% | 79.1% | 18.1% | -112.4% | 62.7% | 8.8× | |
InterDigital, Inc. | $868.5M | 24.7% | 80.5% | 30.6% | 25.3% | 55.3% | 9.9× | |
OPEN TEXT CORP | $5.30B | 10.8% | 63.5% | 13.0% | 11.0% | 23.8% | 2.6× | |
ServiceTitan, Inc. | $1.06B | 27.1% | 71.1% | 12.8% | -7.7% | 40.0% | 6.8× | |
| Peer Set Median (6 Peers) | $2.04B | 35.8% | 75.1% | 21.9% | 14.4% | 59.0% | 6.6× | =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 57.3% to 62.3%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $12.0M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $556.1M.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Minimal dilution friction; management compensation aligned with shareholders
Sub-par gross margins; higher cost of delivery or hardware/services mix
Moderate leverage or cash burn; monitor liquidity runway
The current share price demands 19.8% 5-year CAGR (26.4% net of SBC & dilution)—a +26.5% acceleration over historical run-rate (-6.8%). 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 | 4.1× | $2.47B | $2.16B | $17.91 | 0.0% |
| -20% Multiple Compression | 3.3× | $1.98B | $1.67B | $13.81 | -20.0% |
| -35% Multiple Compression | 2.7× | $1.61B | $1.30B | $10.74 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $3.00B | $2.69B | $22.31 | +21.5% |