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 ($263.4M PV of FCF + $628.6M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $429.8M | $442.7M | $456.0M | $469.8M | $483.9M | $498.5M |
| Operating EBIT | $20.5M | $21.2M | $21.8M | $22.5M | $23.1M | $23.8M |
| Unlevered Free Cash Flow (FCF) | $63.9M (15%) | $65.8M (15%) | $67.8M (15%) | $69.8M (15%) | $71.9M (15%) | $74.1M (15%) |
| Discounted PV of FCF (@ 10.0% WACC) | $58.1M | $54.4M | $50.9M | $47.7M | $44.6M | $41.8M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $12.04 | $12.78 | $13.65 | $14.69 | $15.97 |
| 9.0% | $10.53 | $11.06 | $11.67 | $12.38 | $13.21 |
| 10.0% | $9.38 | $9.77 | $10.22 | $10.72 | $11.31 |
| 11.0% | $8.47 | $8.77 | $9.11 | $9.48 | $9.91 |
| 12.0% | $7.73 | $7.97 | $8.23 | $8.52 | $8.85 |
Synchronized directly with the 3-Year Operating Statement (60.1% Gross Margin · 3.0% Growth · 2.5% 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 | $431.5M | $428.8M | $421.5M | $429.8M | $442.7M | $456.0M |
| YoY Revenue Growth (%) | 5.3% | -0.6% | -1.7% | 3.0% | 3.0% | 3.0% |
| Cost of Revenue (COGS) | ($162.5M) | ($167.7M) | ($166.9M) | ($171.6M) | ($174.6M) | ($177.5M) |
| Gross Profit & Margin | $269.0M (62.3%) | $261.0M (60.9%) | $254.6M (60.4%) | $258.2M (60.1%) | $268.1M (60.6%) | $278.5M (61.1%) |
| Research & Development (R&D) | — | — | — | $0 | $21.2M | $21.0M |
| Sales & Marketing (S&M) | — | — | — | $154.5M | $152.7M | $150.8M |
| General & Administrative (G&A) | — | — | — | $83.2M | $82.2M | $81.2M |
| Operating EBIT | $43.8M (10.1%) | -$32.1M (-7.5%) | $59.9M (14.2%) | $20.5M (4.8%) | $11.9M (2.7%) | $25.5M (5.6%) |
| Adjusted EBITDA | — | — | — | $24.6M (5.7%) | $16.3M (3.7%) | $30.1M (6.6%) |
Rimini Street, Inc. (RMNI) earns a "Watch" rating and an institutional Quality Score of 80/100 (Grade A). On $429.8M in baseline revenue (3.0% growth, 60.1% gross margin, 14.9% FCF margin), our 5-year DCF yields an Enterprise Value of $891.9M ($10.22/share vs. $16.31 market price). On the R&D Return Benchmark, RMNI ranks #1 of 167 (Harvesters · Grade AAA, 7770629.13× return).
Gross Margin & Unit Economics: Rimini Street, Inc. operates at a 60.1% gross margin on $429.8M revenue (15.0 pts below the Software - Application median of 75.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 0.0% of revenue in R&D ($0) generates $7770629.13 of incremental gross profit per R&D dollar (Rank #1 of 167).
Rule of 40 & Cash Conversion: Combining 3.0% top-line growth with 14.9% FCF margin yields a 17.9% Rule of 40 score (vs. 59.0% cohort median) and $891.9M 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)
RMNI: not scored (missing_rnd)
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: 35.8% Growth · 75.1% Gross Margin · 21.9% Unlevered FCF · 14.4% GAAP FCF · 59.0% Rule of 40 · 6.6× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
RMNIRimini Street, Inc.Subject | $429.8M | 3.0% | 60.1% | 14.9% | 12.3% | 17.9% | 3.4× | Active |
Grab Holdings Limited | $2.80B | 56.3% | 42.0% | 27.7% | 17.7% | 84.0% | 6.3× | |
Full Truck Alliance Co. Ltd. | $11.24B | 44.5% | 86.6% | 25.8% | 21.3% | 70.2% | 5.9× | |
Figma, Inc. | $1.28B | 44.6% | 79.1% | 18.1% | -112.4% | 62.7% | 8.8× | |
InterDigital, Inc. | $868.5M | 24.7% | 80.5% | 30.6% | 25.3% | 55.3% | 9.9× | |
OPEN TEXT CORP | $5.30B | 10.8% | 63.5% | 13.0% | 11.0% | 23.8% | 2.6× | |
ServiceTitan, Inc. | $1.06B | 27.1% | 71.1% | 12.8% | -7.7% | 40.0% | 6.8× | |
| Peer Set Median (6 Peers) | $2.04B | 35.8% | 75.1% | 21.9% | 14.4% | 59.0% | 6.6× | =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 60.1% to 65.1%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $8.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $483.0M.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Elite deferred revenue float; FCF exceeds operating income by >20%
Minimal dilution friction; management compensation aligned with shareholders
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 demands 15.2% 5-year CAGR (18.5% net of SBC & dilution)—a +12.2% acceleration over historical run-rate (3.0%). Any growth slowdown risks valuation multiple contraction.
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 | 3.4× | $1.47B | $1.55B | $16.31 | 0.0% |
| -20% Multiple Compression | 2.7× | $1.18B | $1.25B | $13.21 | -20.0% |
| -35% Multiple Compression | 2.2× | $955.4M | $1.03B | $10.89 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.15B | $2.23B | $23.47 | +46.2% |