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 ($54.3M PV of FCF + $139.8M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $74.4M | $79.4M | $84.8M | $90.5M | $96.6M | $103.1M |
| Operating EBIT | $6.9M | $7.4M | $7.9M | $8.5M | $9.0M | $9.6M |
| Unlevered Free Cash Flow (FCF) | $11.9M (16%) | $12.7M (16%) | $13.5M (16%) | $14.5M (16%) | $15.4M (16%) | $16.5M (16%) |
| Discounted PV of FCF (@ 10.0% WACC) | $10.8M | $10.5M | $10.2M | $9.9M | $9.6M | $9.3M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $21.75 | $23.05 | $24.59 | $26.44 | $28.69 |
| 9.0% | $19.09 | $20.02 | $21.10 | $22.35 | $23.83 |
| 10.0% | $17.06 | $17.75 | $18.54 | $19.43 | $20.47 |
| 11.0% | $15.45 | $15.99 | $16.58 | $17.25 | $18.01 |
| 12.0% | $14.16 | $14.58 | $15.04 | $15.55 | $16.12 |
Synchronized directly with the 3-Year Operating Statement (52.6% Gross Margin · 6.8% Growth · 1.0% SBC/Rev)
| Income Statement Line | FY24ASEC 10-K | FY25ASEC 10-K | FY26ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $61.4M | $66.1M | $74.4M | $74.4M | $79.4M | $84.8M |
| YoY Revenue Growth (%) | 17.2% | 7.7% | 12.5% | 6.8% | 6.8% | 6.8% |
| Cost of Revenue (COGS) | ($32.1M) | ($33.5M) | ($35.2M) | ($35.2M) | ($37.2M) | ($39.3M) |
| Gross Profit & Margin | $29.3M (47.7%) | $32.6M (49.3%) | $39.1M (52.6%) | $39.1M (52.6%) | $42.2M (53.1%) | $45.5M (53.6%) |
| Research & Development (R&D) | — | — | — | $782K | $3.8M | $3.9M |
| Sales & Marketing (S&M) | — | — | — | $20.4M | $20.9M | $21.4M |
| General & Administrative (G&A) | — | — | — | $11.0M | $11.3M | $11.5M |
| Operating EBIT | $3.5M (5.7%) | $3.5M (5.3%) | $6.9M (9.3%) | $6.9M (9.3%) | $6.2M (7.8%) | $8.6M (10.2%) |
| Adjusted EBITDA | — | — | — | $8.2M (11.0%) | $7.5M (9.4%) | $10.0M (11.8%) |
NETSOL TECHNOLOGIES INC (NTWK) earns a "Watch" rating and an institutional Quality Score of 80/100 (Grade A). On $74.4M in baseline revenue (6.8% growth, 52.6% gross margin, 16.0% FCF margin), our 5-year DCF yields an Enterprise Value of $194.1M ($18.54/share vs. $22.45 market price). On the R&D Return Benchmark, NTWK ranks #1 of 167 (Harvesters · Grade AAA, 5.15× return).
Gross Margin & Unit Economics: NETSOL TECHNOLOGIES INC operates at a 52.6% gross margin on $74.4M revenue (22.5 pts below the Software - Application median of 75.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 1.1% of revenue in R&D ($782K) generates $5.15 of incremental gross profit per R&D dollar (Rank #1 of 167).
Rule of 40 & Cash Conversion: Combining 6.8% top-line growth with 16.0% FCF margin yields a 22.7% Rule of 40 score (vs. 59.0% cohort median) and $194.1M 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)
NTWK: not ranked (small_rd_base)
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 | |||||||
|---|---|---|---|---|---|---|---|---|
NTWKNETSOL TECHNOLOGIES INCSubject | $74.4M | 6.8% | 52.6% | 16.0% | 14.9% | 22.7% | 3.2× | 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 52.6% to 57.6%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $1.5M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $89.6M.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Elite deferred revenue float; FCF exceeds operating income by >20%
Minimal dilution friction; management compensation aligned with shareholders
Sub-par gross margins; higher cost of delivery or hardware/services mix
Positive net cash cushion; self-funding operations with zero insolvency risk
Market implies 12.1% annual revenue growth over next 5 years (14.8% 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 | 3.2× | $240.8M | $267.7M | $22.45 | 0.0% |
| -20% Multiple Compression | 2.6× | $192.6M | $219.5M | $18.41 | -20.0% |
| -35% Multiple Compression | 2.1× | $156.5M | $183.4M | $15.38 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $371.9M | $398.8M | $33.44 | +54.4% |