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 215 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 ($4.28B PV of FCF + $13.30B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.94B | $3.46B | $4.06B | $4.77B | $5.61B | $6.59B |
| Operating EBIT | $129.4M | $152.0M | $178.6M | $209.9M | $246.6M | $289.8M |
| Unlevered Free Cash Flow (FCF) | $699.9M (24%) | $822.4M (24%) | $966.3M (24%) | $1.14B (24%) | $1.33B (24%) | $1.57B (24%) |
| Discounted PV of FCF (@ 10.0% WACC) | $636.3M | $679.7M | $726.0M | $775.5M | $828.4M | $884.9M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $86.49 | $92.09 | $98.72 | $106.67 | $116.39 |
| 9.0% | $75.10 | $79.11 | $83.74 | $89.14 | $95.53 |
| 10.0% | $66.41 | $69.39 | $72.78 | $76.65 | $81.11 |
| 11.0% | $59.56 | $61.85 | $64.42 | $67.30 | $70.56 |
| 12.0% | $54.04 | $55.84 | $57.83 | $60.04 | $62.51 |
Synchronized directly with the 3-Year Operating Statement (80.8% Gross Margin · 17.5% Growth · 19.2% SBC/Rev)
| Income Statement Line | FY22AHist. | FY23AHist. | FY24AHist. | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $2.13B | $2.50B | $2.94B | $2.94B | $3.46B | $4.06B |
| YoY Revenue Growth (%) | — | 17.5% | 17.5% | 17.5% | 17.5% | 17.5% |
| Cost of Revenue (COGS) | ($409.0M) | ($480.5M) | ($564.6M) | ($564.6M) | ($646.2M) | ($738.9M) |
| Gross Profit & Margin | $1.72B (80.8%) | $2.02B (80.8%) | $2.38B (80.8%) | $2.38B (80.8%) | $2.81B (81.3%) | $3.32B (81.8%) |
| Research & Development (R&D) | — | — | — | $620.5M | $699.9M | $788.2M |
| Sales & Marketing (S&M) | — | — | — | $1.06B | $1.19B | $1.34B |
| General & Administrative (G&A) | — | — | — | $569.2M | $642.0M | $723.0M |
| Operating EBIT | $8.5M (0.4%) | $60.1M (2.4%) | $129.4M (4.4%) | $129.4M (4.4%) | $274.9M (8.0%) | $467.4M (11.5%) |
| Adjusted EBITDA | — | — | — | $217.6M (7.4%) | $378.6M (11.0%) | $589.2M (14.5%) |
Digimarc Corp (DMRC) earns a "Watch" rating and an institutional Quality Score of 82/100 (Grade A). On $2.94B in baseline revenue (17.5% growth, 80.8% gross margin, 23.8% FCF margin), our 5-year DCF yields an Enterprise Value of $17.59B ($72.78/share vs. $141.08 market price). On the R&D Return Benchmark, DMRC ranks #48 of 167 (Compounders · Grade A, 0.67× return).
Gross Margin & Unit Economics: Digimarc Corp operates at a 80.8% gross margin on $2.94B revenue (+5.7 pts above the Software - Application median of 75.1%).
R&D Productivity (Compounders · Grade A): Investing 21.1% of revenue in R&D ($620.5M) generates $0.67 of incremental gross profit per R&D dollar (Rank #48 of 167).
Rule of 40 & Cash Conversion: Combining 17.5% top-line growth with 23.8% FCF margin yields a 41.3% Rule of 40 score (vs. 59.0% cohort median) and $17.59B 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)
DMRC: 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: 35.8% Growth · 75.1% Gross Margin · 21.9% Unlevered FCF · 14.4% GAAP FCF · 59.0% Rule of 40 · 6.6× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
DMRCDigimarc CorpSubject | $2.94B | 17.5% | 80.8% | 23.8% | 4.6% | 41.3% | 12.1× | Active |
Grab Holdings Limited | $2.80B | 56.3% | 42.0% | 27.7% | 17.7% | 84.0% | 6.3× | |
Full Truck Alliance Co. Ltd. | $11.24B | 44.5% | 86.6% | 25.8% | 21.3% | 70.2% | 5.9× | |
Figma, Inc. | $1.28B | 44.6% | 79.1% | 18.1% | -112.4% | 62.7% | 8.8× | |
InterDigital, Inc. | $868.5M | 24.7% | 80.5% | 30.6% | 25.3% | 55.3% | 9.9× | |
OPEN TEXT CORP | $5.30B | 10.8% | 63.5% | 13.0% | 11.0% | 23.8% | 2.6× | |
ServiceTitan, Inc. | $1.06B | 27.1% | 71.1% | 12.8% | -7.7% | 40.0% | 6.8× | |
| Peer Set Median (6 Peers) | $2.04B | 35.8% | 75.1% | 21.9% | 14.4% | 59.0% | 6.6× | =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 80.8% to 85.8%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $58.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $4.27B.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Elite deferred revenue float; FCF exceeds operating income by >20%
Elevated equity dilution; SBC consumes substantial operating cash flow
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
The current share price demands 36.9% 5-year CAGR (55.7% net of SBC & dilution)—a +19.4% acceleration over historical run-rate (17.5%). 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 | 12.1× | $35.58B | $37.17B | $141.08 | 0.0% |
| -20% Multiple Compression | 9.7× | $28.47B | $30.06B | $114.07 | -20.0% |
| -35% Multiple Compression | 7.9× | $23.13B | $24.72B | $93.82 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $14.70B | $16.29B | $61.84 | -58.7% |