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 ($487.8M PV of FCF + $1.78B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $313.3M | $402.9M | $518.2M | $666.4M | $857.0M | $1.10B |
| Operating EBIT | $44.7M | $57.5M | $74.0M | $95.2M | $122.4M | $157.4M |
| Unlevered Free Cash Flow (FCF) | $59.6M (19%) | $76.6M (19%) | $98.6M (19%) | $126.7M (19%) | $163.0M (19%) | $209.6M (19%) |
| Discounted PV of FCF (@ 10.0% WACC) | $54.2M | $63.3M | $74.0M | $86.6M | $101.2M | $118.3M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $37.94 | $40.45 | $43.42 | $46.98 | $51.33 |
| 9.0% | $32.85 | $34.65 | $36.73 | $39.15 | $42.01 |
| 10.0% | $28.98 | $30.32 | $31.84 | $33.57 | $35.57 |
| 11.0% | $25.94 | $26.96 | $28.11 | $29.40 | $30.87 |
| 12.0% | $23.48 | $24.29 | $25.18 | $26.17 | $27.28 |
Synchronized directly with the 3-Year Operating Statement (80.8% Gross Margin · 28.6% Growth · 7.2% SBC/Rev)
| Income Statement Line | FY24ASEC 10-K | FY25ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|
| Revenue | $225.6M | $290.1M | $313.3M | $402.9M | $518.2M |
| YoY Revenue Growth (%) | — | 28.6% | 28.6% | 28.6% | 28.6% |
| Cost of Revenue (COGS) | ($64.1M) | ($66.2M) | ($60.3M) | ($75.6M) | ($94.6M) |
| Gross Profit & Margin | $161.5M (71.6%) | $223.9M (77.2%) | $253.0M (80.8%) | $327.4M (81.3%) | $423.6M (81.8%) |
| Research & Development (R&D) | — | — | $59.9M | $73.9M | $91.1M |
| Sales & Marketing (S&M) | — | — | $96.5M | $119.1M | $146.8M |
| General & Administrative (G&A) | — | — | $51.9M | $64.1M | $79.0M |
| Operating EBIT | -$1.6M (-0.7%) | $24.0M (8.3%) | $44.7M (14.3%) | $70.3M (17.4%) | $106.7M (20.6%) |
| Adjusted EBITDA | — | — | $58.1M (18.5%) | $87.4M (21.7%) | $128.7M (24.9%) |
MNTN, Inc. (MNTN) earns a "Buy" rating and an institutional Quality Score of 96/100 (Grade A+). On $313.3M in baseline revenue (28.6% growth, 80.8% gross margin, 19.0% FCF margin), our 5-year DCF yields an Enterprise Value of $2.27B ($31.84/share vs. $14.34 market price). On the R&D Return Benchmark, MNTN ranks #8 of 167 (Harvesters · Grade AAA, 1.91× return).
Gross Margin & Unit Economics: MNTN, Inc. operates at a 80.8% gross margin on $313.3M revenue (+5.6 pts above the Software - Application median of 75.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 17.0% of revenue in R&D ($49.2M) generates $1.91 of incremental gross profit per R&D dollar (Rank #8 of 167).
Rule of 40 & Cash Conversion: Combining 28.6% top-line growth with 19.0% FCF margin yields a 47.6% Rule of 40 score (vs. 59.0% cohort median) and $2.27B 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)
MNTN: 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 | |||||||
|---|---|---|---|---|---|---|---|---|
MNTNMNTN, Inc.Subject | $313.3M | 28.6% | 80.8% | 19.0% | 11.8% | 47.6% | 2.8× | 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 80.8% to 85.8%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $6.3M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $542.6M.
Exceptional unit economics, disciplined equity dilution, and fortress balance sheet.
Elite deferred revenue float; FCF exceeds operating income by >20%
Disciplined equity compensation well below software industry average
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Zero-debt fortress balance sheet with abundant net cash liquidity
The current share price only requires 4.6% 5-year CAGR (9.7% dilution-adjusted), well below historical growth of 28.6%. 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 | 2.8× | $890.5M | $1.13B | $14.34 | 0.0% |
| -20% Multiple Compression | 2.3× | $712.4M | $949.7M | $12.08 | -20.0% |
| -35% Multiple Compression | 1.8× | $578.8M | $816.1M | $10.38 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.57B | $1.80B | $22.94 | +75.9% |