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 ($20.71B PV of FCF + $54.13B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $34.18B | $36.77B | $39.57B | $42.58B | $45.81B | $49.29B |
| Operating EBIT | $4.67B | $5.02B | $5.40B | $5.81B | $6.25B | $6.73B |
| Unlevered Free Cash Flow (FCF) | $4.42B (13%) | $4.76B (13%) | $5.12B (13%) | $5.51B (13%) | $5.93B (13%) | $6.38B (13%) |
| Discounted PV of FCF (@ 10.0% WACC) | $4.02B | $3.93B | $3.85B | $3.76B | $3.68B | $3.60B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $76.37 | $81.53 | $87.62 | $94.94 | $103.88 |
| 9.0% | $65.83 | $69.53 | $73.79 | $78.76 | $84.64 |
| 10.0% | $57.79 | $60.53 | $63.65 | $67.21 | $71.32 |
| 11.0% | $51.44 | $53.55 | $55.90 | $58.56 | $61.56 |
| 12.0% | $46.31 | $47.96 | $49.79 | $51.83 | $54.10 |
Synchronized directly with the 3-Year Operating Statement (73.0% Gross Margin · 7.6% Growth · 0.0% 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 | $29.52B | $31.21B | $34.18B | $34.18B | $36.77B | $39.57B |
| YoY Revenue Growth (%) | — | 5.7% | 9.5% | 7.6% | 7.6% | 7.6% |
| Cost of Revenue (COGS) | ($8.04B) | ($8.67B) | ($9.24B) | ($9.24B) | ($9.76B) | ($10.31B) |
| Gross Profit & Margin | $21.48B (72.8%) | $22.53B (72.2%) | $24.93B (73.0%) | $24.93B (73.0%) | $27.01B (73.5%) | $29.26B (74.0%) |
| Research & Development (R&D) | — | — | — | $6.51B | $6.73B | $6.94B |
| Sales & Marketing (S&M) | — | — | — | $8.94B | $9.23B | $9.52B |
| General & Administrative (G&A) | — | — | — | $4.81B | $4.97B | $5.13B |
| Operating EBIT | $5.91B (20.0%) | $5.80B (18.6%) | $4.67B (13.7%) | $4.67B (13.7%) | $6.08B (16.5%) | $7.67B (19.4%) |
| Adjusted EBITDA | — | — | — | $5.95B (17.4%) | $7.45B (20.3%) | $9.16B (23.1%) |
SAP SE (SAP) earns a "Watch" rating and an institutional Quality Score of 70/100 (Grade B+). On $34.18B in baseline revenue (7.6% growth, 73.0% gross margin, 12.9% FCF margin), our 5-year DCF yields an Enterprise Value of $74.83B ($63.65/share vs. $242.91 market price). On the R&D Return Benchmark, SAP ranks #118 of 167 (Faders · Grade CC, 0.29× return).
Gross Margin & Unit Economics: SAP SE operates at a 73.0% gross margin on $34.18B revenue (4.9 pts below the Core Enterprise SaaS & ERP median of 77.9%).
R&D Productivity (Faders · Grade CC): Investing 18.0% of revenue in R&D ($6.63B) generates $0.29 of incremental gross profit per R&D dollar (Rank #118 of 167).
Rule of 40 & Cash Conversion: Combining 7.6% top-line growth with 12.9% FCF margin yields a 20.5% Rule of 40 score (vs. 47.7% cohort median) and $74.83B 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)
SAP: not ranked (non_usd)
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: 15.6% Growth · 77.9% Gross Margin · 29.4% Unlevered FCF · 13.8% GAAP FCF · 47.7% Rule of 40 · 6.5× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
SAPSAP SESubject | $34.18B | 7.6% | 73.0% | 12.9% | 12.9% | 20.5% | 8.3× | Active |
ServiceNow | $15.43B | 22.5% | 73.1% | 30.8% | 15.7% | 53.3% | 7.6× | |
Workday, Inc. | $10.15B | 16.8% | 75.0% | 28.0% | 11.8% | 44.8% | 5.0× | |
Oracle | $71.78B | 12.2% | 65.8% | -40.0% | -46.7% | -27.8% | 5.3× | |
INTUIT INC. | $18.83B | 14.5% | 80.8% | 32.3% | 21.9% | 46.8% | 9.4× | |
Adobe Inc. | $25.97B | 10.8% | 89.3% | 40.8% | 32.8% | 51.6% | 3.8× | |
Atlassian | $5.22B | 21.5% | 82.8% | 27.1% | 1.0% | 48.6% | 7.6× | |
| Peer Set Median (6 Peers) | $17.13B | 15.6% | 77.9% | 29.4% | 13.8% | 47.7% | 6.5× | =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 73.0% to 78.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $683.5M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $41.81B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Solid cash generation with minor working capital absorption
Minimal dilution friction; management compensation aligned with shareholders
Solid gross margins with potential for operating leverage at scale
Moderate leverage or cash burn; monitor liquidity runway
The current share price demands 43.8% 5-year CAGR (44.1% net of SBC & dilution)—a +36.2% acceleration over historical run-rate (7.6%). 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 | 8.3× | $283.71B | $283.05B | $242.91 | 0.0% |
| -20% Multiple Compression | 6.6× | $226.97B | $226.30B | $194.21 | -20.0% |
| -35% Multiple Compression | 5.4× | $184.41B | $183.75B | $157.69 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $170.88B | $170.21B | $146.08 | -39.8% |