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 ($900.6M PV of FCF + $3.55B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $344.6M | $464.5M | $626.0M | $843.6M | $1.14B | $1.53B |
| Operating EBIT | $92.6M | $124.8M | $168.2M | $226.7M | $305.5M | $411.7M |
| Unlevered Free Cash Flow (FCF) | $94.0M (27%) | $126.7M (27%) | $170.8M (27%) | $230.1M (27%) | $310.2M (27%) | $418.0M (27%) |
| Discounted PV of FCF (@ 10.0% WACC) | $85.5M | $104.7M | $128.3M | $157.2M | $192.6M | $235.9M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $27.48 | $29.58 | $32.05 | $35.02 | $38.65 |
| 9.0% | $23.25 | $24.75 | $26.48 | $28.50 | $30.89 |
| 10.0% | $20.03 | $21.14 | $22.41 | $23.85 | $25.52 |
| 11.0% | $17.49 | $18.35 | $19.31 | $20.38 | $21.60 |
| 12.0% | $15.45 | $16.13 | $16.87 | $17.70 | $18.62 |
Synchronized directly with the 3-Year Operating Statement (74.6% Gross Margin · 34.8% Growth · 10.8% 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 | $195.0M | $259.7M | $344.6M | $344.6M | $464.5M | $626.0M |
| YoY Revenue Growth (%) | 33.7% | 33.2% | 32.7% | 34.8% | 34.8% | 34.8% |
| Cost of Revenue (COGS) | ($51.3M) | ($67.5M) | ($87.6M) | ($87.6M) | ($115.7M) | ($152.8M) |
| Gross Profit & Margin | $143.7M (73.7%) | $192.2M (74.0%) | $257.1M (74.6%) | $257.1M (74.6%) | $348.8M (75.1%) | $473.2M (75.6%) |
| Research & Development (R&D) | — | — | — | $36.4M | $47.1M | $60.8M |
| Sales & Marketing (S&M) | — | — | — | $83.2M | $107.7M | $139.1M |
| General & Administrative (G&A) | — | — | — | $44.8M | $58.0M | $74.9M |
| Operating EBIT | $13.0M (6.7%) | $55.4M (21.4%) | $92.6M (26.9%) | $92.6M (26.9%) | $136.0M (29.3%) | $198.3M (31.7%) |
| Adjusted EBITDA | — | — | — | $103.6M (30.1%) | $150.8M (32.5%) | $218.4M (34.9%) |
Grindr Inc. (GRND) earns a "Watch" rating and an institutional Quality Score of 70/100 (Grade B+). On $344.6M in baseline revenue (34.8% growth, 74.6% gross margin, 27.3% FCF margin), our 5-year DCF yields an Enterprise Value of $4.45B ($22.41/share vs. $13.27 market price). On the R&D Return Benchmark, GRND ranks #5 of 167 (Harvesters · Grade AAA, 2.14× return).
Gross Margin & Unit Economics: Grindr Inc. operates at a 74.6% gross margin on $344.6M revenue (0.5 pts below the Software - Application median of 75.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 11.1% of revenue in R&D ($48.9M) generates $2.14 of incremental gross profit per R&D dollar (Rank #5 of 167).
Rule of 40 & Cash Conversion: Combining 34.8% top-line growth with 27.3% FCF margin yields a 62.0% Rule of 40 score (vs. 59.0% cohort median) and $4.45B 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)
GRND: 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: 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 | |||||||
|---|---|---|---|---|---|---|---|---|
GRNDGrindr Inc.Subject | $344.6M | 34.8% | 74.6% | 27.3% | 16.5% | 62.0% | 7.9× | 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 74.6% to 79.6%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $6.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $654.1M.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Strong cash conversion; 100%+ of operating profit turns into free cash
Standard software SBC dilution; modest equity transfer to employees
High-quality software margins with healthy balanced growth and profitability
Moderate leverage or cash burn; monitor liquidity runway
The current share price only requires 21.3% 5-year CAGR (28.9% dilution-adjusted), well below historical growth of 34.8%. 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 | 7.9× | $2.73B | $2.49B | $13.27 | 0.0% |
| -20% Multiple Compression | 6.3× | $2.18B | $1.95B | $10.37 | -20.0% |
| -35% Multiple Compression | 5.1× | $1.77B | $1.54B | $8.19 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.72B | $1.49B | $7.92 | -36.9% |