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 ($2.93B PV of FCF + $11.55B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $4.96B | $6.68B | $9.01B | $12.14B | $16.36B | $22.05B |
| Operating EBIT | $15.9M | $21.4M | $28.8M | $38.9M | $52.4M | $70.6M |
| Unlevered Free Cash Flow (FCF) | $306.0M (6%) | $412.4M (6%) | $555.8M (6%) | $749.1M (6%) | $1.01B (6%) | $1.36B (6%) |
| Discounted PV of FCF (@ 10.0% WACC) | $278.2M | $340.9M | $417.6M | $511.7M | $626.9M | $768.0M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $32.18 | $34.36 | $36.93 | $40.03 | $43.80 |
| 9.0% | $27.77 | $29.33 | $31.13 | $33.24 | $35.72 |
| 10.0% | $24.42 | $25.58 | $26.90 | $28.40 | $30.14 |
| 11.0% | $21.78 | $22.67 | $23.67 | $24.79 | $26.06 |
| 12.0% | $19.66 | $20.36 | $21.13 | $21.99 | $22.95 |
Synchronized directly with the 3-Year Operating Statement (24.0% Gross Margin · 34.8% Growth · 5.2% 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 | $2.73B | $3.87B | $4.96B | $4.96B | $6.68B | $9.01B |
| YoY Revenue Growth (%) | — | 41.5% | 28.3% | 34.8% | 34.8% | 34.8% |
| Cost of Revenue (COGS) | ($2.22B) | ($3.03B) | ($3.77B) | ($3.77B) | ($5.05B) | ($6.76B) |
| Gross Profit & Margin | $511.0M (18.7%) | $834.0M (21.6%) | $1.19B (24.0%) | $1.19B (24.0%) | $1.64B (24.5%) | $2.25B (25.0%) |
| Research & Development (R&D) | — | — | — | $351.0M | $454.1M | $586.5M |
| Sales & Marketing (S&M) | — | — | — | $534.9M | $692.0M | $893.8M |
| General & Administrative (G&A) | — | — | — | $288.0M | $372.6M | $481.3M |
| Operating EBIT | -$384.0M (-14.1%) | -$287.0M (-7.4%) | $16.0M (0.3%) | $16.0M (0.3%) | $118.3M (1.8%) | $289.7M (3.2%) |
| Adjusted EBITDA | — | — | — | $62.0M (1.3%) | $185.1M (2.8%) | $379.8M (4.2%) |
Toast, Inc. (TOST) earns a "Buy" rating and an institutional Quality Score of 76/100 (Grade A). On $4.96B in baseline revenue (34.8% growth, 24.0% gross margin, 6.2% FCF margin), our 5-year DCF yields an Enterprise Value of $14.48B ($26.90/share vs. $35.51 market price). On the R&D Return Benchmark, TOST ranks #16 of 167 (Harvesters · Grade AAA, 1.15× return).
Gross Margin & Unit Economics: Toast, Inc. operates at a 24.0% gross margin on $4.96B revenue (52.2 pts below the Software & Cloud Services median of 76.1%).
R&D Productivity (Harvesters · Grade AAA): Investing 6.1% of revenue in R&D ($374.0M) generates $1.15 of incremental gross profit per R&D dollar (Rank #16 of 167).
Rule of 40 & Cash Conversion: Combining 34.8% top-line growth with 6.2% FCF margin yields a 40.9% Rule of 40 score (vs. 50.5% cohort median) and $14.48B 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)
TOST: Harvester, AAA
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 | |||||||
|---|---|---|---|---|---|---|---|---|
TOSTToast, Inc.Subject | $4.96B | 34.8% | 24.0% | 6.2% | 1.0% | 40.9% | 3.9× | 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 24.0% to 29.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $99.2M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $9.41B.
Strong fundamentals, above-average cash generation, and robust competitive positioning.
Elite deferred revenue float; FCF exceeds operating income by >20%
Disciplined equity compensation well below software industry average
Sub-par gross margins; higher cost of delivery or hardware/services mix
Positive net cash cushion; self-funding operations with zero insolvency risk
The current share price demands 43.7% 5-year CAGR (56.5% net of SBC & dilution)—a +8.9% acceleration over historical run-rate (34.8%). 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× | $19.54B | $20.88B | $35.51 | 0.0% |
| -20% Multiple Compression | 3.2× | $15.63B | $16.97B | $28.86 | -20.0% |
| -35% Multiple Compression | 2.6× | $12.70B | $14.04B | $23.88 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $24.80B | $26.14B | $44.45 | +26.9% |