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 ($4.40B PV of FCF + $12.23B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.74B | $3.04B | $3.37B | $3.74B | $4.15B | $4.61B |
| Operating EBIT | $982.3M | $1.09B | $1.21B | $1.34B | $1.49B | $1.65B |
| Unlevered Free Cash Flow (FCF) | $856.6M (31%) | $950.4M (31%) | $1.05B (31%) | $1.17B (31%) | $1.30B (31%) | $1.44B (31%) |
| Discounted PV of FCF (@ 10.0% WACC) | $778.7M | $785.5M | $792.3M | $799.3M | $806.2M | $813.3M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $156.45 | $167.76 | $181.13 | $197.17 | $216.79 |
| 9.0% | $133.38 | $141.48 | $150.83 | $161.73 | $174.62 |
| 10.0% | $115.77 | $121.80 | $128.64 | $136.45 | $145.46 |
| 11.0% | $101.89 | $106.52 | $111.69 | $117.50 | $124.09 |
| 12.0% | $90.68 | $94.31 | $98.33 | $102.79 | $107.78 |
Synchronized directly with the 3-Year Operating Statement (83.8% Gross Margin · 11.0% Growth · 7.9% 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 | $2.10B | $2.30B | $2.74B | $2.74B | $3.04B | $3.37B |
| YoY Revenue Growth (%) | 8.5% | 9.6% | 19.2% | 11.0% | 11.0% | 11.0% |
| Cost of Revenue (COGS) | ($441.0M) | ($444.8M) | ($445.0M) | ($444.9M) | ($478.4M) | ($514.0M) |
| Gross Profit & Margin | $1.66B (79.0%) | $1.85B (80.7%) | $2.29B (83.8%) | $2.29B (83.8%) | $2.56B (84.3%) | $2.86B (84.8%) |
| Research & Development (R&D) | — | — | — | $457.7M | $487.5M | $518.4M |
| Sales & Marketing (S&M) | — | — | — | $555.3M | $591.5M | $629.0M |
| General & Administrative (G&A) | — | — | — | $299.0M | $318.5M | $338.7M |
| Operating EBIT | $458.5M (21.9%) | $588.1M (25.6%) | $982.4M (35.9%) | $982.4M (35.9%) | $1.16B (38.3%) | $1.37B (40.7%) |
| Adjusted EBITDA | — | — | — | $1.12B (40.8%) | $1.31B (43.2%) | $1.54B (45.6%) |
PTC INC. (PTC) earns a "Watch" rating and an institutional Quality Score of 76/100 (Grade A). On $2.74B in baseline revenue (11.0% growth, 83.8% gross margin, 31.3% FCF margin), our 5-year DCF yields an Enterprise Value of $16.62B ($128.64/share vs. $169.41 market price). On the R&D Return Benchmark, PTC ranks #22 of 167 (Harvesters · Grade AA, 1.02× return).
Gross Margin & Unit Economics: PTC INC. operates at a 83.8% gross margin on $2.74B revenue (+16.4 pts above the Product Lifecycle Management (PLM) & IoT Software median of 67.3%).
R&D Productivity (Harvesters · Grade AA): Investing 16.7% of revenue in R&D ($457.7M) generates $1.02 of incremental gross profit per R&D dollar (Rank #22 of 167).
Rule of 40 & Cash Conversion: Combining 11.0% top-line growth with 31.3% FCF margin yields a 42.2% Rule of 40 score (vs. 38.9% cohort median) and $16.62B 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)
PTC: Harvester, AA
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: 14.1% Growth · 67.3% Gross Margin · 17.6% Unlevered FCF · 13.0% GAAP FCF · 38.9% Rule of 40 · 10.4× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
PTCPTC INC.Subject | $2.74B | 11.0% | 83.8% | 31.3% | 23.4% | 42.2% | 7.8× | Active |
Microsoft Corporation | $346.44B | 13.7% | 67.7% | 17.3% | 13.7% | 31.1% | 11.4× | |
Oracle | $71.78B | 12.2% | 65.8% | -40.0% | -46.7% | -27.8% | 5.3× | |
SAP SE | $34.18B | 7.6% | 73.0% | 12.9% | 12.9% | 20.5% | 8.3× | |
SHOPIFY INC. | $8.88B | 31.9% | 50.4% | 18.0% | 13.1% | 49.9% | 22.7× | |
INTUIT INC. | $18.83B | 14.5% | 80.8% | 32.3% | 21.9% | 46.8% | 9.4× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
| Peer Set Median (6 Peers) | $26.50B | 14.1% | 67.3% | 17.6% | 13.0% | 38.9% | 10.4× | =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 83.8% to 88.8%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $54.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $3.56B.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Solid cash generation with minor working capital absorption
Disciplined equity compensation well below software industry average
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Moderate leverage or cash burn; monitor liquidity runway
Market implies 17.5% annual revenue growth over next 5 years (22.2% 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 | 7.9× | $21.52B | $20.33B | $169.41 | 0.0% |
| -20% Multiple Compression | 6.3× | $17.21B | $16.03B | $133.55 | -20.0% |
| -35% Multiple Compression | 5.1× | $13.99B | $12.80B | $106.66 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $13.70B | $12.51B | $104.25 | -36.3% |