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 ($4.59B PV of FCF + $14.49B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.61B | $3.09B | $3.67B | $4.35B | $5.15B | $6.10B |
| Operating EBIT | -$74.1M | -$87.9M | -$104.1M | -$123.4M | -$146.3M | -$173.3M |
| Unlevered Free Cash Flow (FCF) | $730.0M (28%) | $865.2M (28%) | $1.03B (28%) | $1.22B (28%) | $1.44B (28%) | $1.71B (28%) |
| Discounted PV of FCF (@ 10.0% WACC) | $663.7M | $715.1M | $770.4M | $830.1M | $894.4M | $963.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $128.32 | $137.51 | $148.36 | $161.40 | $177.32 |
| 9.0% | $109.65 | $116.23 | $123.82 | $132.68 | $143.15 |
| 10.0% | $95.42 | $100.32 | $105.86 | $112.21 | $119.53 |
| 11.0% | $84.21 | $87.97 | $92.17 | $96.89 | $102.24 |
| 12.0% | $75.17 | $78.12 | $81.38 | $85.00 | $89.05 |
Synchronized directly with the 3-Year Operating Statement (76.3% Gross Margin · 18.5% Growth · 21.6% 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 | $1.86B | $2.26B | $2.61B | $2.61B | $3.09B | $3.67B |
| YoY Revenue Growth (%) | — | 21.8% | 15.3% | 18.5% | 18.5% | 18.5% |
| Cost of Revenue (COGS) | ($546.0M) | ($581.0M) | ($618.0M) | ($618.0M) | ($717.0M) | ($831.5M) |
| Gross Profit & Margin | $1.31B (70.6%) | $1.68B (74.3%) | $1.99B (76.3%) | $1.99B (76.3%) | $2.38B (76.8%) | $2.83B (77.3%) |
| Research & Development (R&D) | — | — | — | $642.0M | $730.5M | $829.7M |
| Sales & Marketing (S&M) | — | — | — | $925.6M | $1.05B | $1.20B |
| General & Administrative (G&A) | — | — | — | $498.4M | $567.1M | $644.1M |
| Operating EBIT | -$812.0M (-43.7%) | -$516.0M (-22.8%) | -$74.0M (-2.8%) | -$74.0M (-2.8%) | $25.7M (0.8%) | $164.9M (4.5%) |
| Adjusted EBITDA | — | — | — | $9.5M (0.4%) | $124.7M (4.0%) | $282.2M (7.7%) |
Okta, Inc. (OKTA) earns a "Watch" rating and an institutional Quality Score of 60/100 (Grade B). On $2.61B in baseline revenue (18.5% growth, 76.3% gross margin, 28.0% FCF margin), our 5-year DCF yields an Enterprise Value of $19.08B ($105.86/share vs. $87.71 market price). On the R&D Return Benchmark, OKTA ranks #95 of 167 (Burners · Grade B, 0.41× return).
Gross Margin & Unit Economics: Okta, Inc. operates at a 76.3% gross margin on $2.61B revenue (+0.3 pts above the Cybersecurity & Identity median of 76.1%).
R&D Productivity (Burners · Grade B): Investing 21.9% of revenue in R&D ($639.0M) generates $0.41 of incremental gross profit per R&D dollar (Rank #95 of 167).
Rule of 40 & Cash Conversion: Combining 18.5% top-line growth with 28.0% FCF margin yields a 46.5% Rule of 40 score (vs. 53.8% cohort median) and $19.08B 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)
OKTA: Burner, B
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: 24.4% Growth · 76.1% Gross Margin · 30.7% Unlevered FCF · 13.6% GAAP FCF · 53.8% Rule of 40 · 11.5× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
OKTAOkta, Inc.Subject | $2.61B | 18.5% | 76.3% | 28.0% | 6.3% | 46.5% | 6.1× | Active |
CrowdStrike | $5.40B | 34.9% | 75.3% | 29.8% | 6.8% | 64.7% | 49.8× | |
Palo Alto Networks Inc | $11.48B | 20.2% | 70.4% | 35.8% | 20.4% | 56.0% | 27.1× | |
Fortinet, Inc. | $5.96B | 16.1% | 80.6% | 31.6% | 27.2% | 47.7% | 9.9× | |
Zscaler, Inc. | $2.67B | 28.6% | 76.9% | 27.2% | 2.5% | 55.8% | 13.0× | |
Qualys, Inc. | $607.6M | 13.8% | 81.7% | 38.1% | 25.4% | 51.9% | 7.7× | |
SentinelOne, Inc. | $821.5M | 39.5% | 74.3% | 0.8% | -31.8% | 40.3% | 5.8× | |
| Peer Set Median (6 Peers) | $4.03B | 24.4% | 76.1% | 30.7% | 13.6% | 53.8% | 11.5× | =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 76.3% to 81.3%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $52.2M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $3.85B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Elevated equity dilution; SBC consumes substantial operating cash flow
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Moderate leverage or cash burn; monitor liquidity runway
Market implies 13.8% annual revenue growth over next 5 years (33.7% 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 | 6.1× | $15.90B | $15.36B | $87.71 | 0.0% |
| -20% Multiple Compression | 4.9× | $12.72B | $12.18B | $69.55 | -20.0% |
| -35% Multiple Compression | 4.0× | $10.33B | $9.79B | $55.93 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $13.05B | $12.51B | $71.43 | -17.9% |