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 ($1.41B PV of FCF + $4.80B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $1.17B | $1.44B | $1.79B | $2.21B | $2.73B | $3.38B |
| Operating EBIT | -$220.5M | -$272.9M | -$337.8M | -$418.0M | -$517.3M | -$640.3M |
| Unlevered Free Cash Flow (FCF) | $194.9M (17%) | $241.2M (17%) | $298.5M (17%) | $369.4M (17%) | $457.2M (17%) | $565.8M (17%) |
| Discounted PV of FCF (@ 10.0% WACC) | $177.2M | $199.3M | $224.3M | $252.3M | $283.9M | $319.4M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $13.76 | $14.70 | $15.81 | $17.14 | $18.76 |
| 9.0% | $11.86 | $12.53 | $13.30 | $14.21 | $15.28 |
| 10.0% | $10.41 | $10.91 | $11.47 | $12.12 | $12.87 |
| 11.0% | $9.27 | $9.65 | $10.08 | $10.56 | $11.11 |
| 12.0% | $8.35 | $8.65 | $8.98 | $9.35 | $9.76 |
Synchronized directly with the 3-Year Operating Statement (66.2% Gross Margin · 23.8% Growth · 20.4% SBC/Rev)
| Income Statement Line | FY24ASEC 10-K | FY25ASEC 10-K | FY26ASEC 10-K | Year 1 (2026)Forecast | Year 2 (2027)Forecast | Year 3 (2028)Forecast |
|---|---|---|---|---|---|---|
| Revenue | $699.6M | $861.6M | $1.07B | $1.17B | $1.44B | $1.79B |
| YoY Revenue Growth (%) | — | 23.2% | 24.4% | 23.8% | 23.8% | 23.8% |
| Cost of Revenue (COGS) | ($276.6M) | ($305.7M) | ($380.6M) | ($393.7M) | ($480.1M) | ($585.2M) |
| Gross Profit & Margin | $422.9M (60.5%) | $555.9M (64.5%) | $690.8M (64.5%) | $771.8M (66.2%) | $962.4M (66.7%) | $1.20B (67.2%) |
| Research & Development (R&D) | — | — | — | $231.5M | $275.0M | $326.1M |
| Sales & Marketing (S&M) | — | — | — | $494.6M | $587.6M | $696.9M |
| General & Administrative (G&A) | — | — | — | $266.3M | $316.4M | $375.3M |
| Operating EBIT | -$332.7M (-47.6%) | -$188.7M (-21.9%) | -$307.5M (-28.7%) | -$220.5M (-18.9%) | -$216.6M (-15.0%) | -$198.3M (-11.1%) |
| Adjusted EBITDA | — | — | — | -$7.5M (-0.7%) | $47.0M (3.3%) | $127.9M (7.2%) |
SailPoint, Inc. (SAIL) earns a "Watch" rating and an institutional Quality Score of 63/100 (Grade B). On $1.17B in baseline revenue (23.8% growth, 66.2% gross margin, 16.7% FCF margin), our 5-year DCF yields an Enterprise Value of $6.21B ($11.47/share vs. $19.26 market price). On the R&D Return Benchmark, SAIL ranks #33 of 167 (Compounders · Grade AA, 0.79× return).
Gross Margin & Unit Economics: SailPoint, Inc. operates at a 66.2% gross margin on $1.17B revenue (+11.9 pts above the Software - Infrastructure median of 54.4%).
R&D Productivity (Compounders · Grade AA): Investing 20.8% of revenue in R&D ($223.0M) generates $0.79 of incremental gross profit per R&D dollar (Rank #33 of 167).
Rule of 40 & Cash Conversion: Combining 23.8% top-line growth with 16.7% FCF margin yields a 40.5% Rule of 40 score (vs. 55.9% cohort median) and $6.21B 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)
SAIL: Compounder, 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: 7.9% Growth · 54.4% Gross Margin · 17.4% Unlevered FCF · 16.8% GAAP FCF · 55.9% Rule of 40 · 3.3× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
SAILSailPoint, Inc.Subject | $1.17B | 23.8% | 66.2% | 16.7% | -3.7% | 40.5% | 9.1× | Active |
Block, Inc. | $25.04B | 8.2% | 46.4% | 15.5% | 10.7% | 23.7% | 1.6× | |
VeriSign, Inc. | $1.73B | 5.7% | 88.6% | 59.1% | 54.7% | 64.8% | 15.8× | |
CORPAY, INC. | $3.97B | 7.7% | 78.1% | 44.4% | 41.5% | 52.1% | 7.2× | |
Joint Stock Co Kaspi.kz | $2.52T | 40.5% | 62.3% | 19.3% | 19.3% | 59.8% | 4.4× | |
AMDOCS LTD | $4.53B | -3.7% | 36.6% | 14.2% | 14.2% | 10.5% | 2.1× | |
Bullish | $250.26B | 80.0% | 0.0% | -0.0% | -0.0% | 80.0% | 2.3× | |
| Peer Set Median (6 Peers) | $14.79B | 7.9% | 54.4% | 17.4% | 16.8% | 55.9% | 3.3× | =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 66.2% to 71.2%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $23.3M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.87B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Elevated equity dilution; SBC consumes substantial operating cash flow
Solid gross margins with potential for operating leverage at scale
Zero-debt fortress balance sheet with abundant net cash liquidity
The current share price demands 38.9% 5-year CAGR (69.4% net of SBC & dilution)—a +15.2% acceleration over historical run-rate (23.8%). 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 | 9.1× | $10.63B | $10.94B | $19.26 | 0.0% |
| -20% Multiple Compression | 7.3× | $8.51B | $8.82B | $15.52 | -20.0% |
| -35% Multiple Compression | 5.9× | $6.91B | $7.22B | $12.71 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $5.83B | $6.14B | $10.80 | -45.2% |