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 (-$1.06B PV of FCF + -$5.51B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $746.0M | $1.22B | $2.00B | $3.27B | $5.34B | $8.74B |
| Operating EBIT | $140.5M | $229.8M | $376.0M | $615.1M | $1.01B | $1.65B |
| Unlevered Free Cash Flow (FCF) | -$55.4M (-7%) | -$90.7M (-7%) | -$148.3M (-7%) | -$242.7M (-7%) | -$397.1M (-7%) | -$649.6M (-7%) |
| Discounted PV of FCF (@ 10.0% WACC) | -$50.4M | -$74.9M | -$111.5M | -$165.8M | -$246.5M | -$366.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | -$27.40 | -$29.52 | -$32.02 | -$35.03 | -$38.71 |
| 9.0% | -$23.14 | -$24.66 | -$26.41 | -$28.45 | -$30.87 |
| 10.0% | -$19.90 | -$21.03 | -$22.31 | -$23.78 | -$25.47 |
| 11.0% | -$17.36 | -$18.23 | -$19.20 | -$20.29 | -$21.52 |
| 12.0% | -$15.32 | -$16.00 | -$16.75 | -$17.59 | -$18.52 |
Synchronized directly with the 3-Year Operating Statement (39.5% Gross Margin · 63.6% 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 | $418.9M | $650.4M | $746.0M | $746.0M | $1.22B | $2.00B |
| YoY Revenue Growth (%) | 71.6% | 55.2% | 14.7% | 63.6% | 63.6% | 63.6% |
| Cost of Revenue (COGS) | ($216.8M) | ($373.5M) | ($451.3M) | ($451.3M) | ($732.2M) | ($1.19B) |
| Gross Profit & Margin | $202.2M (48.3%) | $276.9M (42.6%) | $294.7M (39.5%) | $294.7M (39.5%) | $488.2M (40.0%) | $808.6M (40.5%) |
| Research & Development (R&D) | — | — | — | $25.6M | $58.6M | $91.8M |
| Sales & Marketing (S&M) | — | — | — | $83.5M | $131.2M | $205.7M |
| General & Administrative (G&A) | — | — | — | $45.0M | $70.7M | $110.8M |
| Operating EBIT | $127.9M (30.5%) | $179.7M (27.6%) | $140.5M (18.8%) | $140.5M (18.8%) | $227.7M (18.7%) | $400.3M (20.1%) |
| Adjusted EBITDA | — | — | — | $164.4M (22.0%) | $266.8M (21.9%) | $464.2M (23.3%) |
DLocal Limited (DLO) earns a "Buy" rating and an institutional Quality Score of 50/100 (Grade B). On $746.0M in baseline revenue (63.6% growth, 39.5% gross margin, -7.4% FCF margin), our 5-year DCF yields an Enterprise Value of -$6.57B (-$22.31/share vs. $14.77 market price). On the R&D Return Benchmark, DLO ranks #1 of 167 (Harvesters · Grade AAA, 4.22× return).
Gross Margin & Unit Economics: DLocal Limited operates at a 39.5% gross margin on $746.0M revenue (24.8 pts below the Software - Infrastructure median of 64.3%).
R&D Productivity (Harvesters · Grade AAA): Investing 2.8% of revenue in R&D ($30.7M) generates $4.22 of incremental gross profit per R&D dollar (Rank #1 of 167).
Rule of 40 & Cash Conversion: Combining 63.6% top-line growth with -7.4% FCF margin yields a 56.2% Rule of 40 score (vs. 46.3% cohort median) and -$6.57B 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)
DLO: 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: 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 | |||||||
|---|---|---|---|---|---|---|---|---|
DLODLocal LimitedSubject | $746.0M | 63.6% | 39.5% | -7.4% | -10.6% | 56.2% | 5.5× | 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 39.5% to 44.5%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $14.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $2.07B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Negative free cash flow; business consumes cash to sustain operations
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 only requires 27.8% 5-year CAGR (31.4% dilution-adjusted), well below historical growth of 63.6%. If the company maintains baseline execution, there is asymmetric upside.
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× | $4.13B | $4.26B | $14.77 | 0.0% |
| -20% Multiple Compression | 4.4× | $3.30B | $3.44B | $11.91 | -20.0% |
| -35% Multiple Compression | 3.6× | $2.68B | $2.82B | $9.76 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $3.73B | $3.86B | $13.39 | -9.6% |