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 ($194.9M PV of FCF + $716.4M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $593.4M | $766.7M | $990.7M | $1.28B | $1.65B | $2.14B |
| Operating EBIT | -$122.2M | -$157.9M | -$204.0M | -$263.6M | -$340.6M | -$440.0M |
| Unlevered Free Cash Flow (FCF) | $23.4M (4%) | $30.3M (4%) | $39.1M (4%) | $50.6M (4%) | $65.3M (4%) | $84.4M (4%) |
| Discounted PV of FCF (@ 10.0% WACC) | $21.3M | $25.0M | $29.4M | $34.5M | $40.6M | $47.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $10.76 | $11.54 | $12.46 | $13.57 | $14.92 |
| 9.0% | $9.19 | $9.75 | $10.39 | $11.14 | $12.03 |
| 10.0% | $7.99 | $8.40 | $8.87 | $9.41 | $10.03 |
| 11.0% | $7.05 | $7.36 | $7.72 | $8.12 | $8.57 |
| 12.0% | $6.29 | $6.54 | $6.81 | $7.12 | $7.46 |
Synchronized directly with the 3-Year Operating Statement (69.1% Gross Margin · 29.2% Growth · 19.4% 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 | $355.4M | $471.8M | $593.4M | $593.4M | $766.7M | $990.7M |
| YoY Revenue Growth (%) | — | 32.7% | 25.8% | 29.2% | 29.2% | 29.2% |
| Cost of Revenue (COGS) | ($115.8M) | ($147.5M) | ($183.2M) | ($183.2M) | ($232.9M) | ($295.9M) |
| Gross Profit & Margin | $239.6M (67.4%) | $324.3M (68.7%) | $410.2M (69.1%) | $410.2M (69.1%) | $533.9M (69.6%) | $694.8M (70.1%) |
| Research & Development (R&D) | — | — | — | $134.0M | $166.2M | $205.8M |
| Sales & Marketing (S&M) | — | — | — | $259.0M | $321.2M | $397.8M |
| General & Administrative (G&A) | — | — | — | $139.4M | $173.0M | $214.2M |
| Operating EBIT | -$148.1M (-41.7%) | -$144.7M (-30.7%) | -$122.2M (-20.6%) | -$122.2M (-20.6%) | -$126.5M (-16.5%) | -$122.9M (-12.4%) |
| Adjusted EBITDA | — | — | — | -$103.2M (-17.4%) | -$102.0M (-13.3%) | -$91.2M (-9.2%) |
Braze, Inc. (BRZE) earns a "Pass" rating and an institutional Quality Score of 55/100 (Grade B). On $593.4M in baseline revenue (29.2% growth, 69.1% gross margin, 4.0% FCF margin), our 5-year DCF yields an Enterprise Value of $911.3M ($8.87/share vs. $31.86 market price). On the R&D Return Benchmark, BRZE ranks #56 of 167 (Compounders · Grade BBB, 0.64× return).
Gross Margin & Unit Economics: Braze, Inc. operates at a 69.1% gross margin on $593.4M revenue (8.2 pts below the Marketing Automation, CX & Messaging median of 77.3%).
R&D Productivity (Compounders · Grade BBB): Investing 22.6% of revenue in R&D ($167.1M) generates $0.64 of incremental gross profit per R&D dollar (Rank #56 of 167).
Rule of 40 & Cash Conversion: Combining 29.2% top-line growth with 4.0% FCF margin yields a 33.2% Rule of 40 score (vs. 44.7% cohort median) and $911.3M 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)
BRZE: Compounder, BBB
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: 16.8% Growth · 77.3% Gross Margin · 32.4% Unlevered FCF · 14.5% GAAP FCF · 44.7% Rule of 40 · 5.0× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
BRZEBraze, Inc.Subject | $593.4M | 29.2% | 69.1% | 4.0% | -15.4% | 33.2% | 5.5× | Active |
Salesforce | $43.94B | 11.9% | 77.3% | 34.5% | 26.1% | 46.4% | 5.0× | |
Twilio | $4.46B | 26.1% | 50.0% | 14.8% | 0.9% | 40.9% | 5.0× | |
DOCUSIGN, INC. | $2.98B | 19.6% | 79.1% | 30.9% | 10.4% | 50.6% | 4.2× | |
Zoom Communications, Inc. | $4.99B | 4.4% | 77.3% | 38.6% | 24.0% | 43.0% | 5.7× | |
LiveRamp Holdings, Inc. | $745.6M | 13.9% | 71.0% | 20.7% | 6.3% | 34.6% | 2.1× | |
SEMR | $4.34B | 23.2% | 82.8% | 33.8% | 18.6% | 57.0% | 12.8× | |
| Peer Set Median (6 Peers) | $4.40B | 16.8% | 77.3% | 32.4% | 14.5% | 44.7% | 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 69.1% to 74.1%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $11.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.04B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Elevated equity dilution; SBC consumes substantial operating cash flow
Solid gross margins with potential for operating leverage at scale
Manageable debt load covered by recurring positive free cash flow
Market implies 27.6% annual revenue growth over next 5 years (61.4% dilution-adjusted), in line with company run-rate.
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 | 5.5× | $3.26B | $3.26B | $31.86 | 0.0% |
| -20% Multiple Compression | 4.4× | $2.61B | $2.60B | $25.48 | -20.0% |
| -35% Multiple Compression | 3.6× | $2.12B | $2.11B | $20.69 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.97B | $2.96B | $28.99 | -9.0% |