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 215 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 ($98.4M PV of FCF + $176.7M PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $193.7M | $175.9M | $159.7M | $145.0M | $131.7M | $119.6M |
| Operating EBIT | -$19.2M | -$17.4M | -$15.8M | -$14.4M | -$13.1M | -$11.9M |
| Unlevered Free Cash Flow (FCF) | $33.7M (17%) | $30.6M (17%) | $27.8M (17%) | $25.3M (17%) | $22.9M (17%) | $20.8M (17%) |
| Discounted PV of FCF (@ 10.0% WACC) | $30.7M | $25.3M | $20.9M | $17.3M | $14.2M | $11.8M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $4.84 | $5.09 | $5.39 | $5.75 | $6.19 |
| 9.0% | $4.32 | $4.50 | $4.71 | $4.95 | $5.24 |
| 10.0% | $3.91 | $4.05 | $4.20 | $4.38 | $4.58 |
| 11.0% | $3.60 | $3.70 | $3.81 | $3.94 | $4.09 |
| 12.0% | $3.34 | $3.42 | $3.51 | $3.61 | $3.72 |
Synchronized directly with the 3-Year Operating Statement (36.6% Gross Margin · -9.2% Growth · 11.1% 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 | $145.4M | $108.3M | $164.8M | $193.7M | $175.9M | $159.7M |
| YoY Revenue Growth (%) | -33.0% | -25.5% | 52.2% | -9.2% | -9.2% | -9.2% |
| Cost of Revenue (COGS) | ($92.4M) | ($73.8M) | ($103.8M) | ($122.7M) | ($110.6M) | ($99.6M) |
| Gross Profit & Margin | $52.9M (36.4%) | $34.4M (31.8%) | $61.0M (37.0%) | $71.0M (36.6%) | $65.3M (37.1%) | $60.1M (37.6%) |
| Research & Development (R&D) | — | — | — | $6.7M | $8.4M | $7.3M |
| Sales & Marketing (S&M) | — | — | — | $54.3M | $47.3M | $41.2M |
| General & Administrative (G&A) | — | — | — | $29.2M | $25.5M | $22.2M |
| Operating EBIT | -$40.3M (-27.7%) | -$55.9M (-51.6%) | -$39.9M (-24.2%) | -$19.2M (-9.9%) | -$15.9M (-9.1%) | -$10.6M (-6.6%) |
| Adjusted EBITDA | — | — | — | -$5.8M (-3.0%) | -$3.8M (-2.1%) | $457K (0.3%) |
Telos Corporation (TLS) earns a "Pass" rating and an institutional Quality Score of 59/100 (Grade B). On $193.7M in baseline revenue (-9.2% growth, 36.6% gross margin, 17.4% FCF margin), our 5-year DCF yields an Enterprise Value of $275.2M ($4.20/share vs. $5.50 market price). On the R&D Return Benchmark, TLS ranks #3 of 167 (Harvesters · Grade AAA, 3.15× return).
Gross Margin & Unit Economics: Telos Corporation operates at a 36.6% gross margin on $193.7M revenue (27.6 pts below the Software - Infrastructure median of 64.3%).
R&D Productivity (Harvesters · Grade AAA): Investing 4.3% of revenue in R&D ($7.1M) generates $3.15 of incremental gross profit per R&D dollar (Rank #3 of 167).
Rule of 40 & Cash Conversion: Combining -9.2% top-line growth with 17.4% FCF margin yields a 8.2% Rule of 40 score (vs. 46.3% cohort median) and $275.2M 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)
TLS: not ranked (small_rd_base)
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: 7.9% Growth · 64.3% Gross Margin · 18.0% Unlevered FCF · 16.8% GAAP FCF · 46.3% Rule of 40 · 5.8× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
TLSTelos CorporationSubject | $193.7M | -9.2% | 36.6% | 17.4% | 6.3% | 8.2% | 1.9× | Active |
Block, Inc. | $25.04B | 8.2% | 46.4% | 15.5% | 10.7% | 23.7% | 1.6× | |
VeriSign, Inc. | $1.73B | 5.7% | 88.6% | 59.1% | 54.7% | 64.8% | 15.8× | |
CORPAY, INC. | $3.97B | 7.7% | 78.1% | 44.4% | 41.5% | 52.1% | 7.2× | |
Joint Stock Co Kaspi.kz | $2.52T | 40.5% | 62.3% | 19.3% | 19.3% | 59.8% | 4.4× | |
SailPoint, Inc. | $1.17B | 23.8% | 66.2% | 16.7% | -3.7% | 40.5% | 9.1× | |
AMDOCS LTD | $4.53B | -3.7% | 36.6% | 14.2% | 14.2% | 10.5% | 2.1× | |
| Peer Set Median (6 Peers) | $4.25B | 7.9% | 64.3% | 18.0% | 16.8% | 46.3% | 5.8× | =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 36.6% to 41.6%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $3.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $170.4M.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Standard software SBC dilution; modest equity transfer to employees
Sub-par gross margins; higher cost of delivery or hardware/services mix
Positive net cash cushion; self-funding operations with zero insolvency risk
Market implies -2.2% annual revenue growth over next 5 years (9.8% 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 | 1.9× | $375.9M | $426.5M | $5.50 | 0.0% |
| -20% Multiple Compression | 1.6× | $300.7M | $351.3M | $4.53 | -20.0% |
| -35% Multiple Compression | 1.3× | $244.3M | $295.0M | $3.80 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $968.5M | $1.02B | $13.14 | +157.7% |