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 (-$87.4M PV of FCF + -$266.1M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $119.8M | $139.3M | $162.0M | $188.4M | $219.1M | $254.8M |
| Operating EBIT | -$10.7M | -$12.5M | -$14.5M | -$16.9M | -$19.6M | -$22.8M |
| Unlevered Free Cash Flow (FCF) | -$14.7M (-12%) | -$17.1M (-12%) | -$19.9M (-12%) | -$23.2M (-12%) | -$27.0M (-12%) | -$31.4M (-12%) |
| Discounted PV of FCF (@ 10.0% WACC) | -$13.4M | -$14.2M | -$15.0M | -$15.8M | -$16.7M | -$17.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | -$2.05 | -$2.19 | -$2.36 | -$2.57 | -$2.81 |
| 9.0% | -$1.76 | -$1.86 | -$1.98 | -$2.12 | -$2.28 |
| 10.0% | -$1.54 | -$1.61 | -$1.70 | -$1.80 | -$1.91 |
| 11.0% | -$1.36 | -$1.42 | -$1.48 | -$1.56 | -$1.64 |
| 12.0% | -$1.22 | -$1.26 | -$1.32 | -$1.37 | -$1.44 |
Synchronized directly with the 3-Year Operating Statement (68.5% Gross Margin · 16.3% Growth · 5.4% SBC/Rev)
| Income Statement Line | FY22ASEC 10-K | FY23ASEC 10-K | FY24ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $95.8M | $119.1M | $119.8M | $119.8M | $139.3M | $162.0M |
| YoY Revenue Growth (%) | 26.0% | 24.3% | 0.6% | 16.3% | 16.3% | 16.3% |
| Cost of Revenue (COGS) | ($33.3M) | ($33.5M) | ($37.7M) | ($37.7M) | ($43.1M) | ($49.3M) |
| Gross Profit & Margin | $62.5M (65.2%) | $85.5M (71.8%) | $82.1M (68.5%) | $82.1M (68.5%) | $96.2M (69.0%) | $112.7M (69.5%) |
| Research & Development (R&D) | — | — | — | $7.8M | $8.7M | $9.7M |
| Sales & Marketing (S&M) | — | — | — | $55.3M | $61.7M | $68.8M |
| General & Administrative (G&A) | — | — | — | $29.8M | $33.2M | $37.0M |
| Operating EBIT | -$11.3M (-11.8%) | -$3.0M (-2.5%) | -$10.7M (-9.0%) | -$10.7M (-9.0%) | -$7.5M (-5.4%) | -$2.9M (-1.8%) |
| Adjusted EBITDA | — | — | — | $13.4M (11.2%) | $20.6M (14.8%) | $29.8M (18.4%) |
ASURE SOFTWARE INC (ASUR) earns a "Pass" rating and an institutional Quality Score of 53/100 (Grade B). On $119.8M in baseline revenue (16.3% growth, 68.5% gross margin, -12.3% FCF margin), our 5-year DCF yields an Enterprise Value of -$353.5M (-$1.70/share vs. $168.02 market price). On the R&D Return Benchmark, ASUR ranks #2 of 167 (Harvesters · Grade AAA, 3.75× return).
Gross Margin & Unit Economics: ASURE SOFTWARE INC operates at a 68.5% gross margin on $119.8M revenue (10.6 pts below the Collaboration, Document & Work Management median of 79.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 5.8% of revenue in R&D ($6.8M) generates $3.75 of incremental gross profit per R&D dollar (Rank #2 of 167).
Rule of 40 & Cash Conversion: Combining 16.3% top-line growth with -12.3% FCF margin yields a 4.0% Rule of 40 score (vs. 43.0% cohort median) and -$353.5M 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)
ASUR: not ranked (small_rd_base)
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: 19.6% Growth · 79.1% Gross Margin · 27.1% Unlevered FCF · 1.0% GAAP FCF · 43.0% Rule of 40 · 5.0× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
ASURASURE SOFTWARE INCSubject | $119.8M | 16.3% | 68.5% | -12.3% | -17.7% | 4.0% | 288.9× | Active |
Zoom Communications, Inc. | $4.99B | 4.4% | 77.3% | 38.6% | 24.0% | 43.0% | 5.7× | |
DOCUSIGN, INC. | $2.98B | 19.6% | 79.1% | 30.9% | 10.4% | 50.6% | 4.2× | |
Asana, Inc. | $723.9M | 15.0% | 89.3% | 1.3% | -27.9% | 16.3% | 3.8× | |
Atlassian | $5.22B | 21.5% | 82.8% | 27.1% | 1.0% | 48.6% | 7.6× | |
Twilio | $4.46B | 26.1% | 50.0% | 14.8% | 0.9% | 40.9% | 5.0× | |
| Peer Set Median (5 Peers) | $4.46B | 19.6% | 79.1% | 27.1% | 1.0% | 43.0% | 5.0× | =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 68.5% to 73.5%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $2.4M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $170.5M.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Negative free cash flow; business consumes cash to sustain operations
Disciplined equity compensation well below software industry average
Solid gross margins with potential for operating leverage at scale
Moderate leverage or cash burn; monitor liquidity runway
The current share price demands 189.5% 5-year CAGR (203.2% net of SBC & dilution)—a +173.2% acceleration over historical run-rate (16.3%). 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 | 288.9× | $34.61B | $34.61B | $168.02 | 0.0% |
| -20% Multiple Compression | 231.1× | $27.69B | $27.69B | $134.42 | -20.0% |
| -35% Multiple Compression | 187.8× | $22.50B | $22.50B | $109.22 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $599.0M | $602.7M | $2.93 | -98.3% |