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 167 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 ($113.9M PV of FCF + $209.1M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $711.6M | $652.0M | $597.5M | $547.4M | $501.6M | $459.6M |
| Operating EBIT | $33.1M | $30.3M | $27.8M | $25.5M | $23.3M | $21.4M |
| Unlevered Free Cash Flow (FCF) | $38.1M (5%) | $34.9M (5%) | $32.0M (5%) | $29.3M (5%) | $26.9M (5%) | $24.6M (5%) |
| Discounted PV of FCF (@ 10.0% WACC) | $34.7M | $28.9M | $24.1M | $20.0M | $16.7M | $13.9M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $3.31 | $3.83 | $4.45 | $5.20 | $6.10 |
| 9.0% | $2.23 | $2.60 | $3.04 | $3.54 | $4.14 |
| 10.0% | $1.40 | $1.68 | $1.99 | $2.35 | $2.77 |
| 11.0% | $0.74 | $0.96 | $1.19 | $1.46 | $1.77 |
| 12.0% | $0.21 | $0.38 | $0.56 | $0.77 | $1.00 |
Synchronized directly with the 3-Year Operating Statement (66.1% Gross Margin · -8.4% Growth · 2.7% 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 | $917.0M | $824.2M | $785.0M | $711.6M | $652.0M | $597.5M |
| YoY Revenue Growth (%) | -23.7% | -10.1% | -4.8% | -8.4% | -8.4% | -8.4% |
| Cost of Revenue (COGS) | ($338.7M) | ($286.9M) | ($252.3M) | ($240.9M) | ($217.5M) | ($196.3M) |
| Gross Profit & Margin | $578.2M (63.1%) | $537.2M (65.2%) | $532.7M (67.9%) | $470.6M (66.1%) | $434.5M (66.6%) | $401.1M (67.1%) |
| Research & Development (R&D) | — | — | — | $85.4M | $75.1M | $66.0M |
| Sales & Marketing (S&M) | — | — | — | $228.9M | $201.3M | $176.8M |
| General & Administrative (G&A) | — | — | — | $123.2M | $108.4M | $95.2M |
| Operating EBIT | -$200.0M (-21.8%) | -$33.3M (-4.0%) | $56.7M (7.2%) | $33.1M (4.7%) | $49.6M (7.6%) | $63.2M (10.6%) |
| Adjusted EBITDA | — | — | — | $70.9M (10.0%) | $84.3M (12.9%) | $94.9M (15.9%) |
Thryv Holdings, Inc. (THRY) earns a "Pass" rating and an institutional Quality Score of 74/100 (Grade B+). On $711.6M in baseline revenue (-8.4% growth, 66.1% gross margin, 5.4% FCF margin), our 5-year DCF yields an Enterprise Value of $323.0M ($1.99/share vs. $57.75 market price). On the R&D Return Benchmark, THRY ranks #158 of 167 (Faders · Grade D, -0.29× return).
Gross Margin & Unit Economics: Thryv Holdings, Inc. operates at a 66.1% gross margin on $711.6M revenue (9.0 pts below the Software - Application median of 75.1%).
R&D Productivity (Faders · Grade D): Investing 5.0% of revenue in R&D ($39.1M) generates $-0.29 of incremental gross profit per R&D dollar (Rank #158 of 167).
Rule of 40 & Cash Conversion: Combining -8.4% top-line growth with 5.4% FCF margin yields a -3.0% Rule of 40 score (vs. 59.0% cohort median) and $323.0M 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)
THRY: Fader, D
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: 35.8% Growth · 75.1% Gross Margin · 21.9% Unlevered FCF · 14.4% GAAP FCF · 59.0% Rule of 40 · 6.6× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
THRYThryv Holdings, Inc.Subject | $711.6M | -8.4% | 66.1% | 5.4% | 2.7% | -3.0% | 3.9× | Active |
Grab Holdings Limited | $2.80B | 56.3% | 42.0% | 27.7% | 17.7% | 84.0% | 6.3× | |
Full Truck Alliance Co. Ltd. | $11.24B | 44.5% | 86.6% | 25.8% | 21.3% | 70.2% | 5.9× | |
Figma, Inc. | $1.28B | 44.6% | 79.1% | 18.1% | -112.4% | 62.7% | 8.8× | |
InterDigital, Inc. | $868.5M | 24.7% | 80.5% | 30.6% | 25.3% | 55.3% | 9.9× | |
OPEN TEXT CORP | $5.30B | 10.8% | 63.5% | 13.0% | 11.0% | 23.8% | 2.6× | |
ServiceTitan, Inc. | $1.06B | 27.1% | 71.1% | 12.8% | -7.7% | 40.0% | 6.8× | |
| Peer Set Median (6 Peers) | $2.04B | 35.8% | 75.1% | 21.9% | 14.4% | 59.0% | 6.6× | =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 66.1% to 71.1%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $14.2M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $637.2M.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Strong cash conversion; 100%+ of operating profit turns into free cash
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 47.9% 5-year CAGR (51.0% net of SBC & dilution)—a +56.3% acceleration over historical run-rate (-8.4%). 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 | 3.9× | $2.80B | $2.56B | $57.75 | 0.0% |
| -20% Multiple Compression | 3.1× | $2.24B | $2.00B | $45.14 | -20.0% |
| -35% Multiple Compression | 2.6× | $1.82B | $1.58B | $35.69 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $3.56B | $3.32B | $74.92 | +27.2% |