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 216 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 ($1.66B PV of FCF + $4.99B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $1.04B | $1.20B | $1.39B | $1.60B | $1.85B | $2.14B |
| Operating EBIT | $261.6M | $302.1M | $348.8M | $402.8M | $465.1M | $537.1M |
| Unlevered Free Cash Flow (FCF) | $286.3M (27%) | $330.6M (27%) | $381.8M (27%) | $440.8M (27%) | $509.0M (27%) | $587.8M (27%) |
| Discounted PV of FCF (@ 10.0% WACC) | $260.3M | $273.2M | $286.8M | $301.1M | $316.1M | $331.8M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $136.45 | $145.64 | $156.50 | $169.54 | $185.47 |
| 9.0% | $117.76 | $124.34 | $131.93 | $140.79 | $151.26 |
| 10.0% | $103.49 | $108.39 | $113.94 | $120.29 | $127.61 |
| 11.0% | $92.26 | $96.01 | $100.21 | $104.94 | $110.29 |
| 12.0% | $83.18 | $86.14 | $89.40 | $93.02 | $97.08 |
Synchronized directly with the 3-Year Operating Statement (54.2% Gross Margin · 15.5% Growth · 8.9% 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 | $767.1M | $928.7M | $1.04B | $1.04B | $1.20B | $1.39B |
| YoY Revenue Growth (%) | 15.6% | 21.1% | 12.2% | 15.5% | 15.5% | 15.5% |
| Cost of Revenue (COGS) | ($364.9M) | ($436.4M) | ($477.3M) | ($477.3M) | ($545.1M) | ($622.5M) |
| Gross Profit & Margin | $402.2M (52.4%) | $492.4M (53.0%) | $565.1M (54.2%) | $565.1M (54.2%) | $658.5M (54.7%) | $767.3M (55.2%) |
| Research & Development (R&D) | — | — | — | $137.7M | $152.6M | $168.9M |
| Sales & Marketing (S&M) | — | — | — | $107.8M | $119.4M | $132.2M |
| General & Administrative (G&A) | — | — | — | $58.0M | $64.3M | $71.2M |
| Operating EBIT | $152.7M (19.9%) | $209.9M (22.6%) | $261.6M (25.1%) | $261.6M (25.1%) | $322.1M (26.8%) | $395.1M (28.4%) |
| Adjusted EBITDA | — | — | — | $295.0M (28.3%) | $360.6M (30.0%) | $439.5M (31.6%) |
MANHATTAN ASSOCIATES INC (MANH) earns a "Buy" rating and an institutional Quality Score of 73/100 (Grade B+). On $1.04B in baseline revenue (15.5% growth, 54.2% gross margin, 27.5% FCF margin), our 5-year DCF yields an Enterprise Value of $6.65B ($113.94/share vs. $166.60 market price). On the R&D Return Benchmark, MANH ranks #119 of 167 (Faders · Grade CC, 0.27× return).
Gross Margin & Unit Economics: MANHATTAN ASSOCIATES INC operates at a 54.2% gross margin on $1.04B revenue (13.1 pts below the Supply Chain Management Software median of 67.3%).
R&D Productivity (Faders · Grade CC): Investing 13.4% of revenue in R&D ($145.1M) generates $0.27 of incremental gross profit per R&D dollar (Rank #119 of 167).
Rule of 40 & Cash Conversion: Combining 15.5% top-line growth with 27.5% FCF margin yields a 42.9% Rule of 40 score (vs. 38.9% cohort median) and $6.65B 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)
MANH: Fader, CC
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: 14.1% Growth · 67.3% Gross Margin · 17.6% Unlevered FCF · 13.0% GAAP FCF · 38.9% Rule of 40 · 10.4× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
MANHMANHATTAN ASSOCIATES INCSubject | $1.04B | 15.5% | 54.2% | 27.5% | 18.5% | 42.9% | 9.4× | Active |
Microsoft Corporation | $346.44B | 13.7% | 67.7% | 17.3% | 13.7% | 31.1% | 11.4× | |
Oracle | $71.78B | 12.2% | 65.8% | -40.0% | -46.7% | -27.8% | 5.3× | |
SAP SE | $34.18B | 7.6% | 73.0% | 12.9% | 12.9% | 20.5% | 8.3× | |
SHOPIFY INC. | $8.88B | 31.9% | 50.4% | 18.0% | 13.1% | 49.9% | 22.7× | |
INTUIT INC. | $18.83B | 14.5% | 80.8% | 32.3% | 21.9% | 46.8% | 9.4× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
| Peer Set Median (6 Peers) | $26.50B | 14.1% | 67.3% | 17.6% | 13.0% | 38.9% | 10.4× | =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 54.2% to 59.2%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $20.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.46B.
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
Disciplined equity compensation well below software industry average
Sub-par gross margins; higher cost of delivery or hardware/services mix
Positive net cash cushion; self-funding operations with zero insolvency risk
The current share price demands 25.8% 5-year CAGR (32.2% net of SBC & dilution)—a +10.3% acceleration over historical run-rate (15.5%). 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 | 9.4× | $9.82B | $10.04B | $166.60 | 0.0% |
| -20% Multiple Compression | 7.5× | $7.86B | $8.08B | $134.00 | -20.0% |
| -35% Multiple Compression | 6.1× | $6.38B | $6.60B | $109.56 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $5.21B | $5.43B | $90.11 | -46.9% |