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 ($11.08B PV of FCF + $33.65B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $5.96B | $6.92B | $8.03B | $9.32B | $10.82B | $12.57B |
| Operating EBIT | $1.80B | $2.09B | $2.43B | $2.82B | $3.28B | $3.81B |
| Unlevered Free Cash Flow (FCF) | $1.88B (32%) | $2.18B (32%) | $2.53B (32%) | $2.94B (32%) | $3.42B (32%) | $3.97B (32%) |
| Discounted PV of FCF (@ 10.0% WACC) | $1.71B | $1.80B | $1.90B | $2.01B | $2.12B | $2.24B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $72.99 | $77.88 | $83.66 | $90.60 | $99.08 |
| 9.0% | $63.04 | $66.55 | $70.59 | $75.30 | $80.87 |
| 10.0% | $55.46 | $58.06 | $61.02 | $64.39 | $68.29 |
| 11.0% | $49.48 | $51.48 | $53.71 | $56.23 | $59.08 |
| 12.0% | $44.65 | $46.23 | $47.96 | $49.89 | $52.05 |
Synchronized directly with the 3-Year Operating Statement (80.6% Gross Margin · 16.1% Growth · 4.3% 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 | $4.42B | $5.30B | $5.96B | $5.96B | $6.92B | $8.03B |
| YoY Revenue Growth (%) | — | 20.1% | 12.3% | 16.1% | 16.1% | 16.1% |
| Cost of Revenue (COGS) | ($1.08B) | ($1.24B) | ($1.16B) | ($1.16B) | ($1.31B) | ($1.48B) |
| Gross Profit & Margin | $3.33B (75.4%) | $4.07B (76.7%) | $4.80B (80.6%) | $4.80B (80.6%) | $5.61B (81.1%) | $6.55B (81.6%) |
| Research & Development (R&D) | — | — | — | $716.8M | $799.0M | $889.0M |
| Sales & Marketing (S&M) | — | — | — | $1.48B | $1.65B | $1.84B |
| General & Administrative (G&A) | — | — | — | $797.2M | $888.6M | $988.8M |
| Operating EBIT | $969.6M (21.9%) | $1.24B (23.4%) | $1.80B (30.3%) | $1.80B (30.3%) | $2.27B (32.8%) | $2.83B (35.3%) |
| Adjusted EBITDA | — | — | — | $1.93B (32.3%) | $2.41B (34.9%) | $3.00B (37.4%) |
Fortinet, Inc. (FTNT) earns a "Buy" rating and an institutional Quality Score of 94/100 (Grade A+). On $5.96B in baseline revenue (16.1% growth, 80.6% gross margin, 31.6% FCF margin), our 5-year DCF yields an Enterprise Value of $44.73B ($61.02/share vs. $79.85 market price). On the R&D Return Benchmark, FTNT ranks #27 of 167 (Harvesters · Grade AA, 0.94× return).
Gross Margin & Unit Economics: Fortinet, Inc. operates at a 80.6% gross margin on $5.96B revenue (+4.5 pts above the Cybersecurity & Identity median of 76.1%).
R&D Productivity (Harvesters · Grade AA): Investing 12.0% of revenue in R&D ($815.5M) generates $0.94 of incremental gross profit per R&D dollar (Rank #27 of 167).
Rule of 40 & Cash Conversion: Combining 16.1% top-line growth with 31.6% FCF margin yields a 47.7% Rule of 40 score (vs. 53.8% cohort median) and $44.73B 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)
FTNT: Harvester, AA
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: 24.4% Growth · 76.1% Gross Margin · 31.8% Unlevered FCF · 13.6% GAAP FCF · 53.8% Rule of 40 · 10.3× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
FTNTFortinet, Inc.Subject | $5.96B | 16.1% | 80.6% | 31.6% | 27.2% | 47.7% | 9.9× | Active |
CrowdStrike | $5.40B | 34.9% | 75.3% | 29.8% | 6.8% | 64.7% | 49.8× | |
Palo Alto Networks Inc | $11.48B | 20.2% | 70.4% | 35.8% | 20.4% | 56.0% | 27.1× | |
Zscaler, Inc. | $2.67B | 28.6% | 76.9% | 27.2% | 2.5% | 55.8% | 13.0× | |
Qualys, Inc. | $607.6M | 13.8% | 81.7% | 38.1% | 25.4% | 51.9% | 7.7× | |
SentinelOne, Inc. | $821.5M | 39.5% | 74.3% | 0.8% | -31.8% | 40.3% | 5.8× | |
Gen Digital Inc. | $5.23B | 15.6% | 77.4% | 33.7% | 29.4% | 49.4% | 4.7× | |
| Peer Set Median (6 Peers) | $3.95B | 24.4% | 76.1% | 31.8% | 13.6% | 53.8% | 10.3× | =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 80.6% to 85.6%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $119.1M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $8.45B.
Exceptional unit economics, disciplined equity dilution, and fortress balance sheet.
Strong cash conversion; 100%+ of operating profit turns into free cash
Minimal dilution friction; management compensation aligned with shareholders
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 23.4% 5-year CAGR (25.3% net of SBC & dilution)—a +7.3% acceleration over historical run-rate (16.1%). 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 | 9.9× | $59.12B | $61.00B | $79.85 | 0.0% |
| -20% Multiple Compression | 7.9× | $47.30B | $49.18B | $64.38 | -20.0% |
| -35% Multiple Compression | 6.5× | $38.43B | $40.31B | $52.77 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $29.78B | $31.66B | $41.44 | -49.6% |