What is the Financial Engine and how does driver-based modeling work?

The Financial Engine is an institutional 3-statement modeling cockpit that connects revenue growth, R&D capital allocation, headcount capacity, and operating leverage drivers to real-time cash flow and 5-year DCF projections.

How do autonomous code velocity and R&D capital efficiency impact software valuations?

The Financial Engine models how autonomous engineering velocity, 1-year lagged R&D return on investment, and ASC 350-40 internal-use software capitalization compound EBITDA and 5-year free cash flow.

Can I export audit-ready Excel models and executive memos?

Yes, the Financial Engine supports instant exports to 5-tab audit-ready Excel workbooks (.xlsx), 1-page PDF executive memos, CSV data tables, and scenario comparison bridges.

How do I run the 150 financial workflows and export a 3-slide presentation deck?

Prompt the Financial Copilot in plain English (for example, 'Model the deferred revenue waterfall workflow' or '/problem 12') or open the 150 Financial Workflows view to compare the before-and-after workflow, quantify annual P&L drag and recoverable EBITDA, and print or share a 3-slide executive deck.

Company / Stock (250)3-Year Statement

Financial Copilot

SHOP

Executive Financial Copilot

SHOP · SEC

SHOPIFY INC. (SHOP) · R&D Return 2×2 Quadrant - SHOP Position: 13.3% R&D Intensity ($1,536,000,000) → 0.79x 1-Yr Return (+$1,083,000,000 New GP) - Regime & Rank: Ratings v3 52.9/100 (Neutral) · Harvesters · Grade A · Rank #35/167 - Peer Cohort (Marketing Automation, CX & Messaging): Median Growth 16.8% · Gross Margin 77.3% · Rule of 40 44.7% - What This View Can Do: Plot SHOP against 250 software peers across Compounders, Harvesters, Burners, and Faders, inspect SBC discipline, or simulate Agentic AI R&D yield lift. What would you like to do next?

Executive FP&A Briefing

Rev $8.88B·GM 50.4%·R&D 13.3%·Net Profit 9.6%·Payback 0.79x·DCF Fair Value DCF $53.56(-65.6%)

Focus Tickers · Click any dot or row to inspect

R&D Return 2×2

x = R&D % of revenue (FY) · y = new gross profit per R&D dollar (FY)

SHOP: Harvester, A

Hover or tap a dot to inspect peer R&D intensity and return

R&D intensityModerate 12.41%p25TTM

How this is calculated

How R&D intensity is graded

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.

Freshness is form-aware: quarterly filers 120 days; annual-only 20-F/40-F 15 months past FY end.
Very High ≥ 30% · High 20–30% · Moderate 10–20% · Low 5–10% · Very Low under 5%.
Peer percentile sits next to the band for context. It is not the grade.
Missing R&D or revenue: ungraded. Negative R&D: data flag. Over 100%: Very High, manual review.

As of 2026-10-22.

SHOPShopify Inc.

BuyGrade AHarvesterPeriod: 2025-12-31

Multi-Year Quadrant Trajectory+0.16 return delta

FY23 Compounders -> FY24 Harvesters -> FY25 Harvesters

R&D Intensity

13.29%

TTM: 12.41%

R&D Return

$0.79

Per $1 prior R&D

Rank

#35

80th pct

Reported Financial Inputs (USD)

Rule of 40: 49.9%

Revenue (FY):$11.56B

R&D (FY):$1.54B

Gross Profit (FY):$5.55B

GP (Prior FY):$4.47B

R&D (Prior FY):$1.37B

Cap. Software:—

Compare Peer:

What-If:

Flags:missing_capitalized_software

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (250)

Tap any company row to highlight it on the 2×2 chart above, or open its interactive DCF model.

Scroll table horizontally for full R&D metricsSwipe →

Rank↑	Ticker	Verdict	Quadrant	Grade	Intensity (FY)	Intensity (TTM)	R&D Return	Revenue (FY)	R&D (FY)	Flags	Action
#1	DLO DLocal Limited	Buy	Harvesters	AAA	2.81%	—	$4.22	$1.09B	$30.7M	—	Research Model
#2	AIOT PowerFleet, Inc.	Pass	Harvesters	AAA	4.14%	3.97%	$3.23	$443.8M	$18.4M	missing_capitalized_software	Research Model
#3	PLTR Palantir Technologies	Watch	Harvesters	AAA	12.46%	10.42%	$2.73	$4.48B	$557.7M	missing_capitalized_software	Research Model
#4	GEN Gen Digital Inc.	Buy	Harvesters	AAA	8.18%	8.23%	$2.32	$5.00B	$409.0M	missing_capitalized_software	Research Model
#5	GRND Grindr Inc.	Watch	Harvesters	AAA	11.12%	12.15%	$2.14	$439.9M	$48.9M	missing_capitalized_software	Research Model
#6	ZETA Zeta Global Holdings Corp.	Watch	Harvesters	AAA	8.98%	9.36%	$2.04	$1.30B	$117.2M	—	Research Model
#7	NYAX Nayax Ltd.	Buy	Harvesters	AAA	7.48%	—	$2.03	$400.4M	$30.0M	missing_capitalized_software	Research Model
#8	MNTN MNTN, Inc.	Buy	Harvesters	AAA	16.97%	19.11%	$1.91	$290.1M	$49.2M	missing_capitalized_software	Research Model
#9	APPS Digital Turbine, Inc.	Pass	Harvesters	AAA	7.16%	6.82%	$1.68	$565.3M	$40.5M	—	Research Model
#10	FICO Fair Isaac Corporation	Watch	Harvesters	AAA	9.46%	8.71%	$1.56	$1.99B	$188.3M	missing_capitalized_software	Research Model
#11	CHYM Chime Financial, Inc.	Watch	Compounders	AAA	42.75%	18.61%	$1.48	$2.19B	$934.9M	missing_capitalized_software	Research Model
#12	SPSC SPS Commerce, Inc.	Buy	Harvesters	AAA	9.14%	8.91%	$1.48	$751.5M	$68.7M	missing_capitalized_software	Research Model
#13	PGY Pagaya Technologies Ltd.	Watch	Harvesters	AAA	5.96%	5.33%	$1.37	$1.26B	$75.2M	—	Research Model
#14	AVPT AvePoint, Inc.	Buy	Harvesters	AAA	12.54%	12.28%	$1.29	$419.5M	$52.6M	missing_capitalized_software	Research Model
#15	TYL Tyler Technologies	Watch	Harvesters	AAA	8.77%	9.40%	$1.25	$2.33B	$204.6M	—	Research Model
#16	TOST Toast, Inc.	Buy	Harvesters	AAA	6.08%	5.95%	$1.15	$6.15B	$374.0M	—	Research Model
#17	PRGS Progress Software Corporation	Watch	Harvesters	AAA	19.66%	19.53%	$1.14	$977.8M	$192.3M	missing_capitalized_software	Research Model
#18	PAY Paymentus Holdings, Inc.	Buy	Harvesters	AA	5.14%	4.62%	$1.13	$1.20B	$61.5M	missing_capitalized_software	Research Model
#19	NAVN Navan, Inc.	Watch	Compounders	AA	21.54%	20.96%	$1.09	$702.3M	$151.2M	missing_capitalized_software	Research Model
#20	MNDY monday.com Ltd.	Watch	Compounders	AA	26.04%	—	$1.08	$1.23B	$320.8M	missing_capitalized_software	Research Model
#21	UBER Uber Technologies, Inc.	Watch	Harvesters	AA	6.54%	6.77%	$1.08	$52.02B	$3.40B	missing_capitalized_software	Research Model
#22	PTC PTC Inc.	Watch	Harvesters	AA	16.71%	16.06%	$1.02	$2.74B	$457.7M	missing_capitalized_software	Research Model
#23	CVLT CommVault Systems, Inc.	Watch	Harvesters	AA	13.70%	13.30%	$0.98	$1.18B	$162.2M	missing_capitalized_software	Research Model
#24	VRSN VeriSign, Inc.	Buy	Harvesters	AA	6.25%	6.26%	$0.98	$1.66B	$103.6M	—	Research Model
#25	MSFT Microsoft Corporation	Buy	Harvesters	AA	10.72%	10.72%	$0.97	$331.84B	$35.56B	missing_capitalized_software	Research Model

Showing 1–25 of 250 companies

Page 1 of 10

Institutional Scoring Methodology

1. Exact Formulas (Fundamentals Only)

Every score is derived strictly from annual and trailing-twelve-month reported financial statements. Stock prices and valuation multiples are never used.

R&D Intensity (FY) = R&D (FY) / Revenue (FY)

R&D Intensity (TTM) = R&D (TTM) / Revenue (TTM)

R&D Return (FY) = (Gross Profit FY − Gross Profit Prior FY) / R&D Prior FY

2. Empirical Medians & AAA–D Letter Grades

Quadrant cut-offs are never hard-coded constants—they are computed dynamically from the medians of the ranked universe (20.12% intensity, $0.47 return). Letter grades map 10-point percentile bands of R&D return among ranked names:

AAA≥90%AA≥80%A≥70%BBB≥60%BB≥50%B≥40%CCC≥30%CC≥20%C≥10%D≥0%

Strict Data Hygiene — Never Invented

The rated universe has no ungraded names. Prior-year R&D under $10M stays in the table with R&D marked below R&D floor and a fundamentals Buy/Watch/Pass grade. Stale filings (quarterly > 120 days; annual-only 20-F/40-F > 15 months past FY end) stay, graded on the latest filing, with a data-as-of / stale label. Gross profit with no cost-of-revenue line is marked not reported, not excluded. Names leave only when they cannot produce a clean statement or fail the $50M revenue floor. Medians, ranks, and AAA–D bands use only the ranked set. No input is invented.

Open Financial Engine

Company / Stock (251)3-Year Statement

Financial Copilot

SHOP

Executive Financial Copilot

SHOP · SEC

Executive FP&A Briefing

Rev $8.88B·GM 50.4%·R&D 13.3%·Net Profit 9.6%·Payback 0.79x·DCF Fair Value DCF $53.56(-65.6%)

Focus Tickers · Click any dot or row to inspect

R&D Return 2×2

x = R&D % of revenue (FY) · y = new gross profit per R&D dollar (FY)

SHOP: Harvester, A

Hover or tap a dot to inspect peer R&D intensity and return

R&D intensityModerate 12.41%p25TTM

How this is calculated

How R&D intensity is graded

Freshness is form-aware: quarterly filers 120 days; annual-only 20-F/40-F 15 months past FY end.
Very High ≥ 30% · High 20–30% · Moderate 10–20% · Low 5–10% · Very Low under 5%.
Peer percentile sits next to the band for context. It is not the grade.
Missing R&D or revenue: ungraded. Negative R&D: data flag. Over 100%: Very High, manual review.

As of 2026-10-22.

SHOPShopify Inc.

BuyGrade AHarvesterPeriod: 2025-12-31

Multi-Year Quadrant Trajectory+0.16 return delta

FY23 Compounders -> FY24 Harvesters -> FY25 Harvesters

R&D Intensity

13.29%

TTM: 12.41%

R&D Return

$0.79

Per $1 prior R&D

Rank

#35

80th pct

Reported Financial Inputs (USD)

Rule of 40: 49.9%

Revenue (FY):$11.56B

R&D (FY):$1.54B

Gross Profit (FY):$5.55B

GP (Prior FY):$4.47B

R&D (Prior FY):$1.37B

Cap. Software:—

Compare Peer:

What-If:

Flags:missing_capitalized_software

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (250)

Tap any company row to highlight it on the 2×2 chart above, or open its interactive DCF model.

Scroll table horizontally for full R&D metricsSwipe →

Rank↑	Ticker	Verdict	Quadrant	Grade	Intensity (FY)	Intensity (TTM)	R&D Return	Revenue (FY)	R&D (FY)	Flags	Action
#1	DLO DLocal Limited	Buy	Harvesters	AAA	2.81%	—	$4.22	$1.09B	$30.7M	—	Research Model
#2	AIOT PowerFleet, Inc.	Pass	Harvesters	AAA	4.14%	3.97%	$3.23	$443.8M	$18.4M	missing_capitalized_software	Research Model
#3	PLTR Palantir Technologies	Watch	Harvesters	AAA	12.46%	10.42%	$2.73	$4.48B	$557.7M	missing_capitalized_software	Research Model
#4	GEN Gen Digital Inc.	Buy	Harvesters	AAA	8.18%	8.23%	$2.32	$5.00B	$409.0M	missing_capitalized_software	Research Model
#5	GRND Grindr Inc.	Watch	Harvesters	AAA	11.12%	12.15%	$2.14	$439.9M	$48.9M	missing_capitalized_software	Research Model
#6	ZETA Zeta Global Holdings Corp.	Watch	Harvesters	AAA	8.98%	9.36%	$2.04	$1.30B	$117.2M	—	Research Model
#7	NYAX Nayax Ltd.	Buy	Harvesters	AAA	7.48%	—	$2.03	$400.4M	$30.0M	missing_capitalized_software	Research Model
#8	MNTN MNTN, Inc.	Buy	Harvesters	AAA	16.97%	19.11%	$1.91	$290.1M	$49.2M	missing_capitalized_software	Research Model
#9	APPS Digital Turbine, Inc.	Pass	Harvesters	AAA	7.16%	6.82%	$1.68	$565.3M	$40.5M	—	Research Model
#10	FICO Fair Isaac Corporation	Watch	Harvesters	AAA	9.46%	8.71%	$1.56	$1.99B	$188.3M	missing_capitalized_software	Research Model
#11	CHYM Chime Financial, Inc.	Watch	Compounders	AAA	42.75%	18.61%	$1.48	$2.19B	$934.9M	missing_capitalized_software	Research Model
#12	SPSC SPS Commerce, Inc.	Buy	Harvesters	AAA	9.14%	8.91%	$1.48	$751.5M	$68.7M	missing_capitalized_software	Research Model
#13	PGY Pagaya Technologies Ltd.	Watch	Harvesters	AAA	5.96%	5.33%	$1.37	$1.26B	$75.2M	—	Research Model
#14	AVPT AvePoint, Inc.	Buy	Harvesters	AAA	12.54%	12.28%	$1.29	$419.5M	$52.6M	missing_capitalized_software	Research Model
#15	TYL Tyler Technologies	Watch	Harvesters	AAA	8.77%	9.40%	$1.25	$2.33B	$204.6M	—	Research Model
#16	TOST Toast, Inc.	Buy	Harvesters	AAA	6.08%	5.95%	$1.15	$6.15B	$374.0M	—	Research Model
#17	PRGS Progress Software Corporation	Watch	Harvesters	AAA	19.66%	19.53%	$1.14	$977.8M	$192.3M	missing_capitalized_software	Research Model
#18	PAY Paymentus Holdings, Inc.	Buy	Harvesters	AA	5.14%	4.62%	$1.13	$1.20B	$61.5M	missing_capitalized_software	Research Model
#19	NAVN Navan, Inc.	Watch	Compounders	AA	21.54%	20.96%	$1.09	$702.3M	$151.2M	missing_capitalized_software	Research Model
#20	MNDY monday.com Ltd.	Watch	Compounders	AA	26.04%	—	$1.08	$1.23B	$320.8M	missing_capitalized_software	Research Model
#21	UBER Uber Technologies, Inc.	Watch	Harvesters	AA	6.54%	6.77%	$1.08	$52.02B	$3.40B	missing_capitalized_software	Research Model
#22	PTC PTC Inc.	Watch	Harvesters	AA	16.71%	16.06%	$1.02	$2.74B	$457.7M	missing_capitalized_software	Research Model
#23	CVLT CommVault Systems, Inc.	Watch	Harvesters	AA	13.70%	13.30%	$0.98	$1.18B	$162.2M	missing_capitalized_software	Research Model
#24	VRSN VeriSign, Inc.	Buy	Harvesters	AA	6.25%	6.26%	$0.98	$1.66B	$103.6M	—	Research Model
#25	MSFT Microsoft Corporation	Buy	Harvesters	AA	10.72%	10.72%	$0.97	$331.84B	$35.56B	missing_capitalized_software	Research Model

Showing 1–25 of 250 companies

Page 1 of 10

Institutional Scoring Methodology

1. Exact Formulas (Fundamentals Only)

Every score is derived strictly from annual and trailing-twelve-month reported financial statements. Stock prices and valuation multiples are never used.

R&D Intensity (FY) = R&D (FY) / Revenue (FY)

R&D Intensity (TTM) = R&D (TTM) / Revenue (TTM)

R&D Return (FY) = (Gross Profit FY − Gross Profit Prior FY) / R&D Prior FY

2. Empirical Medians & AAA–D Letter Grades

AAA≥90%AA≥80%A≥70%BBB≥60%BB≥50%B≥40%CCC≥30%CC≥20%C≥10%D≥0%

Strict Data Hygiene — Never Invented

Open Financial Engine

SHOP R&D Return 2×2 | Golden Door Asset

SHOPIFY INC. (SHOP) 3-Statement Financial Model, Rule of 40 & 5-Year DCF Summary

Core Software Valuation Formulas Used by the Financial Engine

Financial Copilot

How R&D intensity is graded

R&D Return 2×2

How R&D intensity is graded

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (250)

1. Exact Formulas (Fundamentals Only)

2. Empirical Medians & AAA–D Letter Grades

Strict Data Hygiene — Never Invented

SHOPIFY INC. (SHOP) 3-Statement Financial Model, Rule of 40 & 5-Year DCF Summary

Core Software Valuation Formulas Used by the Financial Engine

Financial Copilot

How R&D intensity is graded

R&D Return 2×2

How R&D intensity is graded

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (250)

1. Exact Formulas (Fundamentals Only)

2. Empirical Medians & AAA–D Letter Grades

Strict Data Hygiene — Never Invented