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 ($1.38B PV of FCF + $4.42B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $900.0M | $1.08B | $1.29B | $1.54B | $1.84B | $2.20B |
| Operating EBIT | -$6.8M | -$8.2M | -$9.8M | -$11.7M | -$14.0M | -$16.7M |
| Unlevered Free Cash Flow (FCF) | $213.2M (24%) | $255.0M (24%) | $304.9M (24%) | $364.6M (24%) | $436.0M (24%) | $521.3M (24%) |
| Discounted PV of FCF (@ 10.0% WACC) | $193.8M | $210.7M | $229.1M | $249.0M | $270.7M | $294.3M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $57.42 | $61.50 | $66.33 | $72.12 | $79.20 |
| 9.0% | $49.13 | $52.05 | $55.43 | $59.36 | $64.01 |
| 10.0% | $42.81 | $44.99 | $47.45 | $50.27 | $53.52 |
| 11.0% | $37.83 | $39.50 | $41.37 | $43.47 | $45.84 |
| 12.0% | $33.82 | $35.13 | $36.58 | $38.19 | $39.99 |
Synchronized directly with the 3-Year Operating Statement (77.8% Gross Margin · 19.6% Growth · 18.2% 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 | $683.2M | $798.7M | $900.0M | $900.0M | $1.08B | $1.29B |
| YoY Revenue Growth (%) | 26.3% | 16.9% | 12.7% | 19.6% | 19.6% | 19.6% |
| Cost of Revenue (COGS) | ($154.8M) | ($183.6M) | ($199.7M) | ($199.6M) | ($233.3M) | ($272.6M) |
| Gross Profit & Margin | $528.4M (77.3%) | $615.1M (77.0%) | $700.4M (77.8%) | $700.4M (77.8%) | $842.9M (78.3%) | $1.01B (78.8%) |
| Research & Development (R&D) | — | — | — | $181.6M | $208.5M | $238.9M |
| Sales & Marketing (S&M) | — | — | — | $341.7M | $392.2M | $449.5M |
| General & Administrative (G&A) | — | — | — | $184.0M | $211.2M | $242.0M |
| Operating EBIT | -$67.8M (-9.9%) | -$52.2M (-6.5%) | -$6.9M (-0.8%) | -$6.9M (-0.8%) | $31.0M (2.9%) | $84.0M (6.5%) |
| Adjusted EBITDA | — | — | — | $21.9M (2.4%) | $65.5M (6.1%) | $125.2M (9.7%) |
Tenable Holdings, Inc. (TENB) earns a "Watch" rating and an institutional Quality Score of 65/100 (Grade B+). On $900.0M in baseline revenue (19.6% growth, 77.8% gross margin, 23.7% FCF margin), our 5-year DCF yields an Enterprise Value of $5.80B ($47.45/share vs. $23.05 market price). On the R&D Return Benchmark, TENB ranks #89 of 167 (Burners · Grade B, 0.44× return).
Gross Margin & Unit Economics: Tenable Holdings, Inc. operates at a 77.8% gross margin on $900.0M revenue (+1.7 pts above the Software & Cloud Services median of 76.1%).
R&D Productivity (Burners · Grade B): Investing 22.4% of revenue in R&D ($223.7M) generates $0.44 of incremental gross profit per R&D dollar (Rank #89 of 167).
Rule of 40 & Cash Conversion: Combining 19.6% top-line growth with 23.7% FCF margin yields a 43.3% Rule of 40 score (vs. 50.5% cohort median) and $5.80B 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)
TENB: Burner, B
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: 23.5% Growth · 76.1% Gross Margin · 28.9% Unlevered FCF · 10.4% GAAP FCF · 50.5% Rule of 40 · 6.3× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
TENBTenable Holdings, Inc.Subject | $900.0M | 19.6% | 77.8% | 23.7% | 5.5% | 43.3% | 3.2× | 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× | |
Salesforce | $43.94B | 11.9% | 77.3% | 34.5% | 26.1% | 46.4% | 5.0× | |
Datadog | $3.97B | 35.1% | 79.5% | 29.8% | 9.1% | 64.9% | 24.8× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
Hubspot | $3.45B | 24.6% | 83.3% | 23.1% | 8.2% | 47.7% | 3.2× | |
| Peer Set Median (6 Peers) | $7.79B | 23.5% | 76.1% | 28.9% | 10.4% | 50.5% | 6.3× | =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 77.8% to 82.8%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $19.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.35B.
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
Elevated equity dilution; SBC consumes substantial operating cash flow
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Manageable debt load covered by recurring positive free cash flow
The current share price only requires 2.1% 5-year CAGR (16.5% dilution-adjusted), well below historical growth of 19.6%. If the company maintains baseline execution, there is asymmetric upside.
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 | 3.2× | $2.87B | $2.77B | $23.05 | 0.0% |
| -20% Multiple Compression | 2.5× | $2.29B | $2.20B | $18.28 | -20.0% |
| -35% Multiple Compression | 2.1× | $1.86B | $1.77B | $14.71 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $4.50B | $4.41B | $36.62 | +57.0% |