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 ($1.28B PV of FCF + $3.75B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $607.6M | $691.1M | $786.1M | $894.2M | $1.02B | $1.16B |
| Operating EBIT | $187.2M | $212.9M | $242.2M | $275.5M | $313.4M | $356.5M |
| Unlevered Free Cash Flow (FCF) | $231.8M (38%) | $263.7M (38%) | $299.9M (38%) | $341.2M (38%) | $388.1M (38%) | $441.4M (38%) |
| Discounted PV of FCF (@ 10.0% WACC) | $210.7M | $217.9M | $225.3M | $233.0M | $241.0M | $249.2M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $171.21 | $182.66 | $196.19 | $212.43 | $232.27 |
| 9.0% | $147.90 | $156.09 | $165.55 | $176.59 | $189.63 |
| 10.0% | $130.11 | $136.21 | $143.13 | $151.03 | $160.15 |
| 11.0% | $116.09 | $120.77 | $126.01 | $131.89 | $138.56 |
| 12.0% | $104.78 | $108.45 | $112.52 | $117.03 | $122.08 |
Synchronized directly with the 3-Year Operating Statement (81.7% Gross Margin · 13.8% Growth · 12.7% 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 | $489.7M | $554.5M | $607.6M | $607.6M | $691.1M | $786.1M |
| YoY Revenue Growth (%) | 19.1% | 13.2% | 9.6% | 13.8% | 13.8% | 13.8% |
| Cost of Revenue (COGS) | ($102.8M) | ($107.5M) | ($111.5M) | ($111.5M) | ($123.4M) | ($136.4M) |
| Gross Profit & Margin | $386.9M (79.0%) | $447.0M (80.6%) | $496.1M (81.7%) | $496.1M (81.7%) | $567.7M (82.2%) | $649.7M (82.7%) |
| Research & Development (R&D) | — | — | — | $111.9M | $122.1M | $133.1M |
| Sales & Marketing (S&M) | — | — | — | $128.1M | $139.9M | $152.5M |
| General & Administrative (G&A) | — | — | — | $69.0M | $75.3M | $82.1M |
| Operating EBIT | $130.5M (26.7%) | $163.1M (29.4%) | $187.2M (30.8%) | $187.2M (30.8%) | $230.4M (33.3%) | $282.0M (35.9%) |
| Adjusted EBITDA | — | — | — | $205.7M (33.9%) | $251.5M (36.4%) | $306.0M (38.9%) |
Qualys, Inc. (QLYS) earns a "Buy" rating and an institutional Quality Score of 88/100 (Grade A+). On $607.6M in baseline revenue (13.8% growth, 81.7% gross margin, 38.1% FCF margin), our 5-year DCF yields an Enterprise Value of $5.03B ($143.13/share vs. $132.90 market price). On the R&D Return Benchmark, QLYS ranks #73 of 167 (Harvesters · Grade BB, 0.52× return).
Gross Margin & Unit Economics: Qualys, Inc. operates at a 81.7% gross margin on $607.6M revenue (+5.6 pts above the Cybersecurity & Identity median of 76.1%).
R&D Productivity (Harvesters · Grade BB): Investing 17.5% of revenue in R&D ($117.3M) generates $0.52 of incremental gross profit per R&D dollar (Rank #73 of 167).
Rule of 40 & Cash Conversion: Combining 13.8% top-line growth with 38.1% FCF margin yields a 51.9% Rule of 40 score (vs. 52.6% cohort median) and $5.03B 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)
QLYS: Harvester, BB
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 · 52.6% Rule of 40 · 11.5× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
QLYSQualys, Inc.Subject | $607.6M | 13.8% | 81.7% | 38.1% | 25.4% | 51.9% | 7.7× | 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× | |
SentinelOne, Inc. | $821.5M | 39.5% | 74.3% | 0.8% | -31.8% | 40.3% | 5.8× | |
Gen Digital Inc. | $5.23B | 15.6% | 77.4% | 33.7% | 29.4% | 49.4% | 4.7× | |
| Peer Set Median (6 Peers) | $5.31B | 24.4% | 76.1% | 30.7% | 13.6% | 52.6% | 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 81.7% to 86.7%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $12.2M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $828.2M.
Exceptional unit economics, disciplined equity dilution, and fortress balance sheet.
Elite deferred revenue float; FCF exceeds operating income by >20%
Standard software SBC dilution; modest equity transfer to employees
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 11.8% annual revenue growth over next 5 years (18.5% 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 | 7.7× | $4.66B | $4.83B | $132.90 | 0.0% |
| -20% Multiple Compression | 6.1× | $3.73B | $3.90B | $107.26 | -20.0% |
| -35% Multiple Compression | 5.0× | $3.03B | $3.20B | $88.03 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $3.04B | $3.21B | $88.32 | -34.8% |