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 ($202.1M PV of FCF + $857.0M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $314.0M | $443.7M | $626.9M | $885.9M | $1.25B | $1.77B |
| Operating EBIT | $3.1M | $4.4M | $6.2M | $8.8M | $12.4M | $17.5M |
| Unlevered Free Cash Flow (FCF) | $17.9M (6%) | $25.3M (6%) | $35.8M (6%) | $50.6M (6%) | $71.5M (6%) | $101.0M (6%) |
| Discounted PV of FCF (@ 10.0% WACC) | $16.3M | $20.9M | $26.9M | $34.5M | $44.4M | $57.0M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $35.98 | $38.58 | $41.65 | $45.34 | $49.85 |
| 9.0% | $30.74 | $32.60 | $34.75 | $37.25 | $40.21 |
| 10.0% | $26.75 | $28.13 | $29.70 | $31.50 | $33.57 |
| 11.0% | $23.61 | $24.68 | $25.87 | $27.20 | $28.72 |
| 12.0% | $21.09 | $21.93 | $22.85 | $23.87 | $25.02 |
Synchronized directly with the 3-Year Operating Statement (45.1% Gross Margin · 41.3% Growth · 2.3% 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 | $173.5M | $235.5M | $314.0M | $314.0M | $443.7M | $626.9M |
| YoY Revenue Growth (%) | 45.6% | 35.7% | 33.3% | 41.3% | 41.3% | 41.3% |
| Cost of Revenue (COGS) | ($113.5M) | ($147.2M) | ($172.5M) | ($172.5M) | ($241.5M) | ($338.1M) |
| Gross Profit & Margin | $60.0M (34.6%) | $88.3M (37.5%) | $141.5M (45.1%) | $141.5M (45.1%) | $202.2M (45.6%) | $288.8M (46.1%) |
| Research & Development (R&D) | — | — | — | $25.4M | $34.4M | $46.6M |
| Sales & Marketing (S&M) | — | — | — | $73.5M | $99.7M | $135.0M |
| General & Administrative (G&A) | — | — | — | $39.6M | $53.7M | $72.7M |
| Operating EBIT | -$34.0M (-19.6%) | -$12.4M (-5.3%) | $3.1M (1.0%) | $3.1M (1.0%) | $14.4M (3.3%) | $34.6M (5.5%) |
| Adjusted EBITDA | — | — | — | $28.1M (8.9%) | $49.7M (11.2%) | $84.4M (13.5%) |
Nayax Ltd. (NYAX) earns a "Buy" rating and an institutional Quality Score of 80/100 (Grade A). On $314.0M in baseline revenue (41.3% growth, 45.1% gross margin, 5.7% FCF margin), our 5-year DCF yields an Enterprise Value of $1.06B ($29.70/share vs. $53.15 market price). On the R&D Return Benchmark, NYAX ranks #7 of 167 (Harvesters · Grade AAA, 2.03× return).
Gross Margin & Unit Economics: Nayax Ltd. operates at a 45.1% gross margin on $314.0M revenue (10.3 pts below the Information Technology Services median of 55.4%).
R&D Productivity (Harvesters · Grade AAA): Investing 7.5% of revenue in R&D ($30.0M) generates $2.03 of incremental gross profit per R&D dollar (Rank #7 of 167).
Rule of 40 & Cash Conversion: Combining 41.3% top-line growth with 5.7% FCF margin yields a 47.0% Rule of 40 score (vs. 25.1% cohort median) and $1.06B 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)
NYAX: 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: 19.4% Growth · 55.4% Gross Margin · 7.3% Unlevered FCF · 5.2% GAAP FCF · 25.1% Rule of 40 · 4.0× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
NYAXNayax Ltd.Subject | $314.0M | 41.3% | 45.1% | 5.7% | 3.4% | 47.0% | 6.1× | Active |
IBM | $69.87B | 4.2% | 58.0% | 21.0% | 18.2% | 25.1% | 4.2× | |
NIQ Global Intelligence Plc | $3.97B | 19.4% | 55.4% | -5.7% | -5.8% | 13.7% | 2.4× | |
Paymentus Holdings, Inc. | $871.7M | 30.4% | 27.3% | 7.3% | 6.0% | 37.6% | 4.0× | |
C3.ai, Inc. | $232.4M | -0.3% | 29.1% | -67.0% | -178.1% | -67.3% | 8.7× | |
Flywire Corporation | $492.1M | 39.0% | 63.9% | 18.4% | 5.2% | 57.4% | 2.5× | |
| Peer Set Median (5 Peers) | $871.7M | 19.4% | 55.4% | 7.3% | 5.2% | 25.1% | 4.0× | =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 45.1% to 50.1%.
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 $653.9M.
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
The current share price demands 60.1% 5-year CAGR (58.9% net of SBC & dilution)—a +18.8% acceleration over historical run-rate (41.3%). 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 | 6.1× | $1.92B | $1.95B | $53.15 | 0.0% |
| -20% Multiple Compression | 4.9× | $1.53B | $1.56B | $42.67 | -20.0% |
| -35% Multiple Compression | 4.0× | $1.25B | $1.27B | $34.82 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.57B | $1.60B | $43.66 | -18.1% |