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 ($182.8M PV of FCF + $397.9M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $218.2M | $215.4M | $212.7M | $210.1M | $207.5M | $204.9M |
| Operating EBIT | $5.9M | $5.9M | $5.8M | $5.7M | $5.6M | $5.6M |
| Unlevered Free Cash Flow (FCF) | $49.9M (23%) | $49.3M (23%) | $48.7M (23%) | $48.1M (23%) | $47.5M (23%) | $46.9M (23%) |
| Discounted PV of FCF (@ 10.0% WACC) | $45.4M | $40.8M | $36.6M | $32.8M | $29.5M | $26.5M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $29.63 | $31.89 | $34.57 | $37.77 | $41.69 |
| 9.0% | $24.99 | $26.60 | $28.47 | $30.65 | $33.23 |
| 10.0% | $21.43 | $22.63 | $24.00 | $25.56 | $27.36 |
| 11.0% | $18.62 | $19.54 | $20.58 | $21.74 | $23.06 |
| 12.0% | $16.35 | $17.07 | $17.87 | $18.77 | $19.76 |
Synchronized directly with the 3-Year Operating Statement (54.4% Gross Margin · -1.3% Growth · 8.3% SBC/Rev)
| Income Statement Line | FY23ASEC 10-K | FY24ASEC 10-K | FY25ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $189.7M | $191.2M | $213.2M | $218.2M | $215.4M | $212.7M |
| YoY Revenue Growth (%) | 1.0% | 0.8% | 11.5% | -1.3% | -1.3% | -1.3% |
| Cost of Revenue (COGS) | ($0) | — | — | ($99.5M) | ($97.2M) | ($94.9M) |
| Gross Profit & Margin | $333.3M (175.7%) | — | — | $118.7M (54.4%) | $118.3M (54.9%) | $117.9M (55.4%) |
| Research & Development (R&D) | — | — | — | $0 | $10.3M | $9.8M |
| Sales & Marketing (S&M) | — | — | — | $73.3M | $69.5M | $65.7M |
| General & Administrative (G&A) | — | — | — | $39.5M | $37.4M | $35.4M |
| Operating EBIT | -$4.4M (-2.3%) | $4.4M (2.3%) | $3.8M (1.8%) | $5.9M (2.7%) | $1.1M (0.5%) | $6.9M (3.3%) |
| Adjusted EBITDA | — | — | — | $34.9M (16.0%) | $29.7M (13.8%) | $35.2M (16.5%) |
i3 Verticals, Inc. (IIIV) earns a "Pass" rating and an institutional Quality Score of 66/100 (Grade B+). On $218.2M in baseline revenue (-1.3% growth, 54.4% gross margin, 22.9% FCF margin), our 5-year DCF yields an Enterprise Value of $580.7M ($24.00/share vs. $40.19 market price). On the R&D Return Benchmark, IIIV ranks #168 of 167 (Faders · Grade D, -1483467.60× return).
Gross Margin & Unit Economics: i3 Verticals, Inc. operates at a 54.4% gross margin on $218.2M revenue (9.9 pts below the Software - Infrastructure median of 64.3%).
R&D Productivity (Faders · Grade D): Investing 0.0% of revenue in R&D ($0) generates $-1483467.60 of incremental gross profit per R&D dollar (Rank #168 of 167).
Rule of 40 & Cash Conversion: Combining -1.3% top-line growth with 22.9% FCF margin yields a 21.6% Rule of 40 score (vs. 46.3% cohort median) and $580.7M 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)
IIIV: 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: 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 | |||||||
|---|---|---|---|---|---|---|---|---|
IIIVi3 Verticals, Inc.Subject | $218.2M | -1.3% | 54.4% | 22.9% | 14.6% | 21.6% | 4.1× | 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 54.4% to 59.4%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $4.4M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $225.9M.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Elite deferred revenue float; FCF exceeds operating income by >20%
Disciplined equity compensation well below software industry average
Sub-par gross margins; higher cost of delivery or hardware/services mix
Moderate leverage or cash burn; monitor liquidity runway
The current share price demands 9.1% 5-year CAGR (16.2% net of SBC & dilution)—a +10.3% acceleration over historical run-rate (-1.3%). 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 | 4.1× | $897.1M | $785.5M | $40.19 | 0.0% |
| -20% Multiple Compression | 3.3× | $717.7M | $606.0M | $31.01 | -20.0% |
| -35% Multiple Compression | 2.7× | $583.1M | $471.5M | $24.12 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.09B | $979.2M | $50.10 | +21.6% |