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 ($790.5M PV of FCF + $2.54B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $401.2M | $480.6M | $575.6M | $689.5M | $825.9M | $989.2M |
| Operating EBIT | $56.9M | $68.1M | $81.6M | $97.8M | $117.1M | $140.3M |
| Unlevered Free Cash Flow (FCF) | $121.6M (30%) | $145.6M (30%) | $174.4M (30%) | $208.9M (30%) | $250.2M (30%) | $299.7M (30%) |
| Discounted PV of FCF (@ 10.0% WACC) | $110.5M | $120.3M | $131.0M | $142.7M | $155.4M | $169.2M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $17.20 | $18.35 | $19.72 | $21.36 | $23.36 |
| 9.0% | $14.85 | $15.68 | $16.63 | $17.75 | $19.06 |
| 10.0% | $13.06 | $13.68 | $14.38 | $15.17 | $16.09 |
| 11.0% | $11.66 | $12.13 | $12.66 | $13.25 | $13.92 |
| 12.0% | $10.52 | $10.89 | $11.30 | $11.76 | $12.27 |
Synchronized directly with the 3-Year Operating Statement (84.4% Gross Margin · 19.8% Growth · 7.6% 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 | $270.7M | $325.1M | $401.2M | $401.2M | $480.6M | $575.6M |
| YoY Revenue Growth (%) | 9.9% | 20.1% | 23.4% | 19.8% | 19.8% | 19.8% |
| Cost of Revenue (COGS) | ($50.7M) | ($53.2M) | ($62.6M) | ($62.6M) | ($72.6M) | ($84.0M) |
| Gross Profit & Margin | $219.9M (81.3%) | $271.9M (83.6%) | $338.6M (84.4%) | $338.6M (84.4%) | $408.0M (84.9%) | $491.6M (85.4%) |
| Research & Development (R&D) | — | — | — | $98.4M | $113.2M | $129.9M |
| Sales & Marketing (S&M) | — | — | — | $119.1M | $137.0M | $157.3M |
| General & Administrative (G&A) | — | — | — | $64.2M | $73.8M | $84.7M |
| Operating EBIT | $1.0M (0.4%) | $33.2M (10.2%) | $56.9M (14.2%) | $56.9M (14.2%) | $84.1M (17.5%) | $119.7M (20.8%) |
| Adjusted EBITDA | — | — | — | $69.7M (17.4%) | $99.4M (20.7%) | $138.2M (24.0%) |
Cellebrite DI Ltd. (CLBT) earns a "Buy" rating and an institutional Quality Score of 93/100 (Grade A+). On $401.2M in baseline revenue (19.8% growth, 84.4% gross margin, 30.3% FCF margin), our 5-year DCF yields an Enterprise Value of $3.33B ($14.38/share vs. $18.06 market price). On the R&D Return Benchmark, CLBT ranks #57 of 167 (Compounders · Grade BBB, 0.63× return).
Gross Margin & Unit Economics: Cellebrite DI Ltd. operates at a 84.4% gross margin on $401.2M revenue (+20.1 pts above the Software - Infrastructure median of 64.3%).
R&D Productivity (Compounders · Grade BBB): Investing 23.9% of revenue in R&D ($113.9M) generates $0.63 of incremental gross profit per R&D dollar (Rank #57 of 167).
Rule of 40 & Cash Conversion: Combining 19.8% top-line growth with 30.3% FCF margin yields a 50.1% Rule of 40 score (vs. 46.3% cohort median) and $3.33B 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)
CLBT: 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: 7.9% Growth · 64.3% Gross Margin · 18.0% Unlevered FCF · 16.8% GAAP FCF · 46.3% Rule of 40 · 5.8× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
CLBTCellebrite DI Ltd.Subject | $401.2M | 19.8% | 84.4% | 30.3% | 22.7% | 50.1% | 10.6× | Active |
Block, Inc. | $25.04B | 8.2% | 46.4% | 15.5% | 10.7% | 23.7% | 1.6× | |
VeriSign, Inc. | $1.73B | 5.7% | 88.6% | 59.1% | 54.7% | 64.8% | 15.8× | |
CORPAY, INC. | $3.97B | 7.7% | 78.1% | 44.4% | 41.5% | 52.1% | 7.2× | |
Joint Stock Co Kaspi.kz | $2.52T | 40.5% | 62.3% | 19.3% | 19.3% | 59.8% | 4.4× | |
SailPoint, Inc. | $1.17B | 23.8% | 66.2% | 16.7% | -3.7% | 40.5% | 9.1× | |
AMDOCS LTD | $4.53B | -3.7% | 36.6% | 14.2% | 14.2% | 10.5% | 2.1× | |
| Peer Set Median (6 Peers) | $4.25B | 7.9% | 64.3% | 18.0% | 16.8% | 46.3% | 5.8× | =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 84.4% to 89.4%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $8.0M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $604.8M.
Exceptional unit economics, disciplined equity dilution, and fortress balance sheet.
Elite deferred revenue float; FCF exceeds operating income by >20%
Disciplined equity compensation well below software industry average
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Positive net cash cushion; self-funding operations with zero insolvency risk
Market implies 26.2% annual revenue growth over next 5 years (31.2% 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 | 10.6× | $4.23B | $4.42B | $18.06 | 0.0% |
| -20% Multiple Compression | 8.4× | $3.39B | $3.57B | $14.60 | -20.0% |
| -35% Multiple Compression | 6.9× | $2.75B | $2.93B | $12.00 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.01B | $2.19B | $8.94 | -52.6% |