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 ($2.21B PV of FCF + $7.56B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $1.43B | $1.77B | $2.19B | $2.72B | $3.36B | $4.17B |
| Operating EBIT | -$162.6M | -$201.3M | -$249.3M | -$308.8M | -$382.5M | -$473.7M |
| Unlevered Free Cash Flow (FCF) | $305.7M (21%) | $378.6M (21%) | $468.8M (21%) | $580.7M (21%) | $719.2M (21%) | $890.7M (21%) |
| Discounted PV of FCF (@ 10.0% WACC) | $277.9M | $312.9M | $352.3M | $396.6M | $446.5M | $502.8M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $23.60 | $25.16 | $27.02 | $29.25 | $31.97 |
| 9.0% | $20.41 | $21.54 | $22.83 | $24.35 | $26.14 |
| 10.0% | $17.99 | $18.82 | $19.77 | $20.86 | $22.11 |
| 11.0% | $16.08 | $16.72 | $17.44 | $18.25 | $19.16 |
| 12.0% | $14.54 | $15.05 | $15.60 | $16.22 | $16.91 |
Synchronized directly with the 3-Year Operating Statement (82.7% Gross Margin · 23.9% Growth · 25.1% 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 | $1.06B | $1.31B | $1.43B | $1.43B | $1.77B | $2.19B |
| YoY Revenue Growth (%) | 18.6% | 23.6% | 9.3% | 23.9% | 23.9% | 23.9% |
| Cost of Revenue (COGS) | ($180.1M) | ($195.9M) | ($246.9M) | ($246.9M) | ($296.9M) | ($356.8M) |
| Gross Profit & Margin | $878.5M (83.0%) | $1.11B (85.0%) | $1.18B (82.7%) | $1.18B (82.7%) | $1.47B (83.2%) | $1.84B (83.7%) |
| Research & Development (R&D) | — | — | — | $380.7M | $452.6M | $537.2M |
| Sales & Marketing (S&M) | — | — | — | $627.0M | $745.5M | $884.8M |
| General & Administrative (G&A) | — | — | — | $337.6M | $401.4M | $476.4M |
| Operating EBIT | -$348.3M (-32.9%) | -$164.7M (-12.6%) | -$162.6M (-11.4%) | -$162.6M (-11.4%) | -$125.8M (-7.1%) | -$62.3M (-2.8%) |
| Adjusted EBITDA | — | — | — | -$116.8M (-8.2%) | -$69.2M (-3.9%) | $7.8M (0.4%) |
UiPath, Inc. (PATH) earns a "Watch" rating and an institutional Quality Score of 64/100 (Grade B+). On $1.43B in baseline revenue (23.9% growth, 82.7% gross margin, 21.4% FCF margin), our 5-year DCF yields an Enterprise Value of $9.77B ($19.77/share vs. $16.03 market price). On the R&D Return Benchmark, PATH ranks #96 of 167 (Burners · Grade B, 0.41× return).
Gross Margin & Unit Economics: UiPath, Inc. operates at a 82.7% gross margin on $1.43B revenue (+6.6 pts above the Software & Cloud Services median of 76.1%).
R&D Productivity (Burners · Grade B): Investing 23.9% of revenue in R&D ($385.2M) generates $0.41 of incremental gross profit per R&D dollar (Rank #96 of 167).
Rule of 40 & Cash Conversion: Combining 23.9% top-line growth with 21.4% FCF margin yields a 45.2% Rule of 40 score (vs. 50.5% cohort median) and $9.77B 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)
PATH: 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: 23.5% Growth · 76.1% Gross Margin · 28.9% Unlevered FCF · 10.4% GAAP FCF · 50.5% Rule of 40 · 6.3× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
PATHUiPath, Inc.Subject | $1.43B | 23.9% | 82.7% | 21.4% | -3.7% | 45.2% | 5.4× | Active |
ServiceNow | $15.43B | 22.5% | 73.1% | 30.8% | 15.7% | 53.3% | 7.6× | |
Workday, Inc. | $10.15B | 16.8% | 75.0% | 28.0% | 11.8% | 44.8% | 5.0× | |
Salesforce | $43.94B | 11.9% | 77.3% | 34.5% | 26.1% | 46.4% | 5.0× | |
Datadog | $3.97B | 35.1% | 79.5% | 29.8% | 9.1% | 64.9% | 24.8× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
Hubspot | $3.45B | 24.6% | 83.3% | 23.1% | 8.2% | 47.7% | 3.2× | |
| Peer Set Median (6 Peers) | $7.79B | 23.5% | 76.1% | 28.9% | 10.4% | 50.5% | 6.3× | =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 82.7% to 87.7%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $28.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $2.30B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Positive FCF but lower conversion efficiency due to capex or timing
Severe dilution; heavy SBC shields GAAP losses while diluting common equity
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Positive net cash cushion; self-funding operations with zero insolvency risk
Market implies 17.8% annual revenue growth over next 5 years (47.4% 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 | 5.4× | $7.77B | $8.57B | $16.03 | 0.0% |
| -20% Multiple Compression | 4.3× | $6.22B | $7.02B | $13.12 | -20.0% |
| -35% Multiple Compression | 3.5× | $5.05B | $5.85B | $10.94 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $7.15B | $7.95B | $14.87 | -8.0% |