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 167 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 ($1.97B PV of FCF + $6.80B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $868.5M | $1.08B | $1.35B | $1.68B | $2.10B | $2.62B |
| Operating EBIT | $439.5M | $548.1M | $683.6M | $852.6M | $1.06B | $1.33B |
| Unlevered Free Cash Flow (FCF) | $265.7M (31%) | $331.4M (31%) | $413.3M (31%) | $515.4M (31%) | $642.8M (31%) | $801.7M (31%) |
| Discounted PV of FCF (@ 10.0% WACC) | $241.5M | $273.8M | $310.5M | $352.0M | $399.2M | $452.6M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $413.50 | $442.85 | $477.53 | $519.15 | $570.02 |
| 9.0% | $354.04 | $375.05 | $399.30 | $427.58 | $461.01 |
| 10.0% | $308.72 | $324.36 | $342.09 | $362.34 | $385.72 |
| 11.0% | $273.07 | $285.06 | $298.47 | $313.56 | $330.65 |
| 12.0% | $244.31 | $253.74 | $264.15 | $275.73 | $288.66 |
Synchronized directly with the 3-Year Operating Statement (80.5% Gross Margin · 24.7% Growth · 5.3% 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 | $457.8M | $549.6M | $868.5M | $868.5M | $1.08B | $1.35B |
| YoY Revenue Growth (%) | 7.6% | 20.1% | 58.0% | 24.7% | 24.7% | 24.7% |
| Cost of Revenue (COGS) | ($71.4M) | ($79.4M) | ($169.2M) | ($169.3M) | ($205.7M) | ($249.8M) |
| Gross Profit & Margin | $386.4M (84.4%) | $470.2M (85.5%) | $699.3M (80.5%) | $699.2M (80.5%) | $877.5M (81.0%) | $1.10B (81.5%) |
| Research & Development (R&D) | — | — | — | $196.9M | $235.8M | $281.8M |
| Sales & Marketing (S&M) | — | — | — | $40.8M | $52.0M | $62.1M |
| General & Administrative (G&A) | — | — | — | $22.0M | $31.2M | $37.3M |
| Operating EBIT | $150.5M (32.9%) | $221.6M (40.3%) | $439.5M (50.6%) | $439.5M (50.6%) | $558.6M (51.6%) | $720.0M (53.3%) |
| Adjusted EBITDA | — | — | — | $467.3M (53.8%) | $593.2M (54.8%) | $763.2M (56.5%) |
InterDigital, Inc. (IDCC) earns a "Buy" rating and an institutional Quality Score of 81/100 (Grade A). On $868.5M in baseline revenue (24.7% growth, 80.5% gross margin, 30.6% FCF margin), our 5-year DCF yields an Enterprise Value of $8.77B ($342.09/share vs. $335.84 market price). On the R&D Return Benchmark, IDCC ranks #29 of 167 (Compounders · Grade AA, 0.88× return).
Gross Margin & Unit Economics: InterDigital, Inc. operates at a 80.5% gross margin on $868.5M revenue (+7.2 pts above the Software - Application median of 73.4%).
R&D Productivity (Compounders · Grade AA): Investing 22.7% of revenue in R&D ($196.9M) generates $0.88 of incremental gross profit per R&D dollar (Rank #29 of 167).
Rule of 40 & Cash Conversion: Combining 24.7% top-line growth with 30.6% FCF margin yields a 55.3% Rule of 40 score (vs. 56.1% cohort median) and $8.77B 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)
IDCC: 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 · 73.4% Gross Margin · 21.9% Unlevered FCF · 14.4% GAAP FCF · 56.1% Rule of 40 · 6.6× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
IDCCInterDigital, Inc.Subject | $868.5M | 24.7% | 80.5% | 30.6% | 25.3% | 55.3% | 9.9× | 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× | |
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× | |
The Descartes Systems Group Inc. | $651.0M | 16.9% | 75.6% | 32.6% | 29.6% | 49.5% | 10.8× | |
| Peer Set Median (6 Peers) | $2.04B | 35.8% | 73.4% | 21.9% | 14.4% | 56.1% | 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 80.5% to 85.5%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $17.4M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.42B.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Positive FCF but lower conversion efficiency due to capex or timing
Disciplined equity compensation well below software industry average
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
Market implies 24.2% annual revenue growth over next 5 years (27.6% dilution-adjusted), in line with company run-rate.
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× | $8.61B | $8.65B | $335.84 | 0.0% |
| -20% Multiple Compression | 7.9× | $6.89B | $6.92B | $268.95 | -20.0% |
| -35% Multiple Compression | 6.4× | $5.60B | $5.63B | $218.79 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $4.34B | $4.38B | $170.09 | -49.6% |