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 167 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 ($326.3M PV of FCF + $821.8M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $289.2M | $305.6M | $322.9M | $341.2M | $360.5M | $381.0M |
| Operating EBIT | -$14.6M | -$15.4M | -$16.3M | -$17.2M | -$18.2M | -$19.2M |
| Unlevered Free Cash Flow (FCF) | $73.5M (25%) | $77.7M (25%) | $82.1M (25%) | $86.7M (25%) | $91.6M (25%) | $96.8M (25%) |
| Discounted PV of FCF (@ 10.0% WACC) | $66.8M | $64.2M | $61.7M | $59.2M | $56.9M | $54.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $32.40 | $34.37 | $36.71 | $39.52 | $42.95 |
| 9.0% | $28.35 | $29.76 | $31.40 | $33.31 | $35.56 |
| 10.0% | $25.25 | $26.31 | $27.50 | $28.87 | $30.45 |
| 11.0% | $22.81 | $23.62 | $24.53 | $25.55 | $26.70 |
| 12.0% | $20.84 | $21.48 | $22.18 | $22.96 | $23.83 |
Synchronized directly with the 3-Year Operating Statement (64.4% Gross Margin · 5.7% Growth · 12.3% 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 | $267.0M | $291.3M | $282.9M | $289.2M | $305.6M | $322.9M |
| YoY Revenue Growth (%) | 4.2% | 9.1% | -2.9% | 5.7% | 5.7% | 5.7% |
| Cost of Revenue (COGS) | ($99.2M) | ($101.0M) | ($103.1M) | ($102.9M) | ($107.2M) | ($111.6M) |
| Gross Profit & Margin | $167.8M (62.8%) | $190.2M (65.3%) | $179.8M (63.6%) | $186.3M (64.4%) | $198.4M (64.9%) | $211.3M (65.4%) |
| Research & Development (R&D) | — | — | — | $33.1M | $33.5M | $34.0M |
| Sales & Marketing (S&M) | — | — | — | $109.1M | $110.7M | $112.1M |
| General & Administrative (G&A) | — | — | — | $58.7M | $59.6M | $60.3M |
| Operating EBIT | $2.0M (0.8%) | $3.9M (1.4%) | -$17.3M (-6.1%) | -$14.6M (-5.0%) | -$5.4M (-1.8%) | $4.9M (1.5%) |
| Adjusted EBITDA | — | — | — | -$3.2M (-1.1%) | $6.6M (2.2%) | $17.6M (5.5%) |
PubMatic, Inc. (PUBM) earns a "Watch" rating and an institutional Quality Score of 59/100 (Grade B). On $289.2M in baseline revenue (5.7% growth, 64.4% gross margin, 25.4% FCF margin), our 5-year DCF yields an Enterprise Value of $1.15B ($27.50/share vs. $13.80 market price). On the R&D Return Benchmark, PUBM ranks #160 of 167 (Faders · Grade D, -0.31× return).
Gross Margin & Unit Economics: PubMatic, Inc. operates at a 64.4% gross margin on $289.2M revenue (12.9 pts below the Marketing Automation, CX & Messaging median of 77.3%).
R&D Productivity (Faders · Grade D): Investing 11.9% of revenue in R&D ($33.8M) generates $-0.31 of incremental gross profit per R&D dollar (Rank #160 of 167).
Rule of 40 & Cash Conversion: Combining 5.7% top-line growth with 25.4% FCF margin yields a 31.1% Rule of 40 score (vs. 44.7% cohort median) and $1.15B 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)
PUBM: Fader, D
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: 16.8% Growth · 77.3% Gross Margin · 32.4% Unlevered FCF · 14.5% GAAP FCF · 44.7% Rule of 40 · 5.0× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
PUBMPubMatic, Inc.Subject | $289.2M | 5.7% | 64.4% | 25.4% | 13.1% | 31.1% | 1.8× | Active |
Salesforce | $43.94B | 11.9% | 77.3% | 34.5% | 26.1% | 46.4% | 5.0× | |
Twilio | $4.46B | 26.1% | 50.0% | 14.8% | 0.9% | 40.9% | 5.0× | |
DOCUSIGN, INC. | $2.98B | 19.6% | 79.1% | 30.9% | 10.4% | 50.6% | 4.2× | |
Zoom Communications, Inc. | $4.99B | 4.4% | 77.3% | 38.6% | 24.0% | 43.0% | 5.7× | |
LiveRamp Holdings, Inc. | $745.6M | 13.9% | 71.0% | 20.7% | 6.3% | 34.6% | 2.1× | |
SEMR | $4.34B | 23.2% | 82.8% | 33.8% | 18.6% | 57.0% | 12.8× | |
| Peer Set Median (6 Peers) | $4.40B | 16.8% | 77.3% | 32.4% | 14.5% | 44.7% | 5.0× | =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 64.4% to 69.4%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $5.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $341.5M.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Standard software SBC dilution; modest equity transfer to employees
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 only requires -12.4% 5-year CAGR (-6.4% dilution-adjusted), well below historical growth of 5.7%. If the company maintains baseline execution, there is asymmetric upside.
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 | 1.8× | $516.3M | $636.3M | $13.80 | 0.0% |
| -20% Multiple Compression | 1.4× | $413.0M | $533.0M | $11.56 | -20.0% |
| -35% Multiple Compression | 1.2× | $335.6M | $455.6M | $9.88 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.45B | $1.57B | $33.96 | +180.0% |