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 ($9.62B PV of FCF + $31.76B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $5.22B | $6.34B | $7.70B | $9.35B | $11.35B | $13.79B |
| Operating EBIT | -$130.4M | -$158.4M | -$192.4M | -$233.7M | -$283.9M | -$344.8M |
| Unlevered Free Cash Flow (FCF) | $1.42B (27%) | $1.72B (27%) | $2.09B (27%) | $2.54B (27%) | $3.08B (27%) | $3.74B (27%) |
| Discounted PV of FCF (@ 10.0% WACC) | $1.29B | $1.42B | $1.57B | $1.73B | $1.91B | $2.11B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $194.68 | $208.12 | $224.00 | $243.07 | $266.36 |
| 9.0% | $167.41 | $177.03 | $188.14 | $201.09 | $216.40 |
| 10.0% | $146.62 | $153.78 | $161.90 | $171.18 | $181.88 |
| 11.0% | $130.25 | $135.75 | $141.89 | $148.80 | $156.63 |
| 12.0% | $117.05 | $121.37 | $126.14 | $131.44 | $137.37 |
Synchronized directly with the 3-Year Operating Statement (82.8% Gross Margin · 21.5% Growth · 26.1% 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 | $3.53B | $4.36B | $5.22B | $5.22B | $6.34B | $7.70B |
| YoY Revenue Growth (%) | — | 23.3% | 19.7% | 21.5% | 21.5% | 21.5% |
| Cost of Revenue (COGS) | ($633.8M) | ($803.5M) | ($894.9M) | ($894.9M) | ($1.06B) | ($1.24B) |
| Gross Profit & Margin | $2.90B (82.1%) | $3.56B (81.6%) | $4.32B (82.8%) | $4.32B (82.8%) | $5.28B (83.3%) | $6.45B (83.8%) |
| Research & Development (R&D) | — | — | — | $2.67B | $3.11B | $3.62B |
| Sales & Marketing (S&M) | — | — | — | $1.16B | $1.35B | $1.57B |
| General & Administrative (G&A) | — | — | — | $623.5M | $727.1M | $846.4M |
| Operating EBIT | -$345.2M (-9.8%) | -$117.1M (-2.7%) | -$130.4M (-2.5%) | -$130.4M (-2.5%) | $89.5M (1.4%) | $409.9M (5.3%) |
| Adjusted EBITDA | — | — | — | -$38.0M (-0.7%) | $201.7M (3.2%) | $546.2M (7.1%) |
Atlassian (TEAM) earns a "Watch" rating and an institutional Quality Score of 64/100 (Grade B+). On $5.22B in baseline revenue (21.5% growth, 82.8% gross margin, 27.1% FCF margin), our 5-year DCF yields an Enterprise Value of $41.39B ($161.90/share vs. $154.55 market price). On the R&D Return Benchmark, TEAM ranks #84 of 167 (Compounders · Grade BB, 0.47× return).
Gross Margin & Unit Economics: Atlassian operates at a 82.8% gross margin on $5.22B revenue (+8.8 pts above the Core Enterprise SaaS & ERP median of 74.0%).
R&D Productivity (Compounders · Grade BB): Investing 49.7% of revenue in R&D ($3.27B) generates $0.47 of incremental gross profit per R&D dollar (Rank #84 of 167).
Rule of 40 & Cash Conversion: Combining 21.5% top-line growth with 27.1% FCF margin yields a 48.6% Rule of 40 score (vs. 45.8% cohort median) and $41.39B 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)
TEAM: Compounder, 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: 13.4% Growth · 74.0% Gross Margin · 29.4% Unlevered FCF · 14.3% GAAP FCF · 45.8% Rule of 40 · 6.5× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
TEAMAtlassianSubject | $5.22B | 21.5% | 82.8% | 27.1% | 1.0% | 48.6% | 7.6× | 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× | |
SAP SE | $34.18B | 7.6% | 73.0% | 12.9% | 12.9% | 20.5% | 8.3× | |
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× | |
| Peer Set Median (6 Peers) | $22.40B | 13.4% | 74.0% | 29.4% | 14.3% | 45.8% | 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 82.8% to 87.8%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $1.39B in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $8.08B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Positive FCF but lower conversion efficiency due to capex or timing
Severe dilution; heavy SBC shields GAAP losses while diluting common equity
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 20.2% annual revenue growth over next 5 years (40.1% 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 | 7.6× | $39.46B | $40.56B | $154.55 | 0.0% |
| -20% Multiple Compression | 6.1× | $31.57B | $32.66B | $124.48 | -20.0% |
| -35% Multiple Compression | 4.9× | $25.65B | $26.75B | $101.92 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $26.08B | $27.17B | $103.55 | -33.9% |