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 ($363.1M PV of FCF + $754.2M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $781.9M | $756.0M | $731.0M | $706.8M | $683.4M | $660.8M |
| Operating EBIT | $136.6M | $132.1M | $127.7M | $123.5M | $119.4M | $115.4M |
| Unlevered Free Cash Flow (FCF) | $105.2M (13%) | $101.7M (13%) | $98.3M (13%) | $95.1M (13%) | $91.9M (13%) | $88.9M (13%) |
| Discounted PV of FCF (@ 10.0% WACC) | $95.6M | $84.0M | $73.9M | $64.9M | $57.1M | $50.2M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $3.30 | $3.53 | $3.79 | $4.11 | $4.49 |
| 9.0% | $2.84 | $3.00 | $3.19 | $3.40 | $3.66 |
| 10.0% | $2.49 | $2.61 | $2.75 | $2.90 | $3.08 |
| 11.0% | $2.21 | $2.30 | $2.41 | $2.52 | $2.65 |
| 12.0% | $1.99 | $2.06 | $2.14 | $2.23 | $2.33 |
Synchronized directly with the 3-Year Operating Statement (61.9% Gross Margin · -3.3% Growth · 3.2% 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 | $833.6M | $797.2M | $781.9M | $781.9M | $756.0M | $731.0M |
| YoY Revenue Growth (%) | -16.1% | -4.4% | -1.9% | -3.3% | -3.3% | -3.3% |
| Cost of Revenue (COGS) | ($370.2M) | ($333.3M) | ($297.9M) | ($297.9M) | ($284.3M) | ($271.2M) |
| Gross Profit & Margin | $463.4M (55.6%) | $463.9M (58.2%) | $484.0M (61.9%) | $484.0M (61.9%) | $471.8M (62.4%) | $459.8M (62.9%) |
| Research & Development (R&D) | — | — | — | $0 | $36.3M | $33.6M |
| Sales & Marketing (S&M) | — | — | — | $225.8M | $209.6M | $194.2M |
| General & Administrative (G&A) | — | — | — | $121.6M | $112.9M | $104.6M |
| Operating EBIT | $145.0M (17.4%) | $110.0M (13.8%) | $136.6M (17.5%) | $136.6M (17.5%) | $113.0M (14.9%) | $127.4M (17.4%) |
| Adjusted EBITDA | — | — | — | $202.5M (25.9%) | $176.7M (23.4%) | $189.0M (25.9%) |
Donnelley Financial Solutions, Inc. (DFIN) earns a "Watch" rating and an institutional Quality Score of 68/100 (Grade B+). On $781.9M in baseline revenue (-3.3% growth, 61.9% gross margin, 13.5% FCF margin), our 5-year DCF yields an Enterprise Value of $1.12B ($2.75/share vs. $34.53 market price). On the R&D Return Benchmark, DFIN ranks #168 of 167 (Faders · Grade D, -16020270.91× return).
Gross Margin & Unit Economics: Donnelley Financial Solutions, Inc. operates at a 61.9% gross margin on $781.9M revenue (5.4 pts below the Financial Compliance & Reporting Software median of 67.3%).
R&D Productivity (Faders · Grade D): Investing 0.0% of revenue in R&D ($0) generates $-16020270.91 of incremental gross profit per R&D dollar (Rank #168 of 167).
Rule of 40 & Cash Conversion: Combining -3.3% top-line growth with 13.5% FCF margin yields a 10.1% Rule of 40 score (vs. 38.9% cohort median) and $1.12B 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)
DFIN: not scored (missing_rnd)
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 | |||||||
|---|---|---|---|---|---|---|---|---|
DFINDonnelley Financial Solutions, Inc.Subject | $781.9M | -3.3% | 61.9% | 13.4% | 10.2% | 10.1% | 16.7× | 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 61.9% to 66.9%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $15.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $777.1M.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Solid cash generation with minor working capital absorption
Minimal dilution friction; management compensation aligned with shareholders
Sub-par gross margins; higher cost of delivery or hardware/services mix
Manageable debt load covered by recurring positive free cash flow
The current share price demands 65.1% 5-year CAGR (70.2% net of SBC & dilution)—a +68.4% acceleration over historical run-rate (-3.3%). 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 | 16.7× | $13.05B | $12.96B | $34.53 | 0.0% |
| -20% Multiple Compression | 13.3× | $10.44B | $10.35B | $27.58 | -20.0% |
| -35% Multiple Compression | 10.8× | $8.48B | $8.39B | $22.36 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $3.91B | $3.82B | $10.19 | -70.0% |