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 ($2.82B PV of FCF + $7.36B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.14B | $2.30B | $2.47B | $2.66B | $2.85B | $3.07B |
| Operating EBIT | $299.5M | $321.9M | $346.1M | $372.0M | $399.8M | $429.8M |
| Unlevered Free Cash Flow (FCF) | $604.1M (28%) | $649.4M (28%) | $698.0M (28%) | $750.3M (28%) | $806.5M (28%) | $866.9M (28%) |
| Discounted PV of FCF (@ 10.0% WACC) | $549.2M | $536.7M | $524.4M | $512.5M | $500.8M | $489.4M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $287.77 | $306.76 | $329.20 | $356.12 | $389.03 |
| 9.0% | $248.99 | $262.58 | $278.27 | $296.56 | $318.19 |
| 10.0% | $219.36 | $229.48 | $240.95 | $254.05 | $269.18 |
| 11.0% | $196.00 | $203.76 | $212.43 | $222.19 | $233.25 |
| 12.0% | $177.11 | $183.21 | $189.95 | $197.43 | $205.80 |
Synchronized directly with the 3-Year Operating Statement (41.0% Gross Margin · 7.5% Growth · 5.7% 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 | $1.85B | $1.95B | $2.14B | $2.14B | $2.30B | $2.47B |
| YoY Revenue Growth (%) | — | 5.5% | 9.5% | 7.5% | 7.5% | 7.5% |
| Cost of Revenue (COGS) | ($1.13B) | ($1.17B) | ($1.26B) | ($1.26B) | ($1.34B) | ($1.43B) |
| Gross Profit & Margin | $722.5M (39.0%) | $786.5M (40.3%) | $876.1M (41.0%) | $876.1M (41.0%) | $953.2M (41.5%) | $1.04B (42.0%) |
| Research & Development (R&D) | — | — | — | $117.9M | $121.7M | $125.4M |
| Sales & Marketing (S&M) | — | — | — | $298.1M | $307.6M | $316.9M |
| General & Administrative (G&A) | — | — | — | $160.5M | $165.6M | $170.6M |
| Operating EBIT | $216.2M (11.7%) | $218.5M (11.2%) | $299.5M (14.0%) | $299.5M (14.0%) | $358.2M (15.6%) | $424.1M (17.2%) |
| Adjusted EBITDA | — | — | — | $451.9M (21.1%) | $522.0M (22.7%) | $600.1M (24.3%) |
TYLER TECHNOLOGIES INC (TYL) earns a "Watch" rating and an institutional Quality Score of 76/100 (Grade A). On $2.14B in baseline revenue (7.5% growth, 41.0% gross margin, 28.3% FCF margin), our 5-year DCF yields an Enterprise Value of $10.18B ($240.95/share vs. $435.84 market price). On the R&D Return Benchmark, TYL ranks #15 of 167 (Harvesters · Grade AAA, 1.25× return).
Gross Margin & Unit Economics: TYLER TECHNOLOGIES INC operates at a 41.0% gross margin on $2.14B revenue (26.4 pts below the Public Sector Software median of 67.3%).
R&D Productivity (Harvesters · Grade AAA): Investing 8.8% of revenue in R&D ($204.6M) generates $1.25 of incremental gross profit per R&D dollar (Rank #15 of 167).
Rule of 40 & Cash Conversion: Combining 7.5% top-line growth with 28.3% FCF margin yields a 35.8% Rule of 40 score (vs. 38.9% cohort median) and $10.18B 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)
TYL: 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: 14.1% Growth · 67.3% Gross Margin · 17.6% Unlevered FCF · 13.0% GAAP FCF · 38.9% Rule of 40 · 10.4× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
TYLTYLER TECHNOLOGIES INCSubject | $2.14B | 7.5% | 41.0% | 28.3% | 22.5% | 35.8% | 8.7× | Active |
Microsoft Corporation | $346.44B | 13.7% | 67.7% | 17.3% | 13.7% | 31.1% | 11.4× | |
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× | |
SHOPIFY INC. | $8.88B | 31.9% | 50.4% | 18.0% | 13.1% | 49.9% | 22.7× | |
INTUIT INC. | $18.83B | 14.5% | 80.8% | 32.3% | 21.9% | 46.8% | 9.4× | |
Snowflake Inc. | $5.43B | 40.0% | 67.0% | 22.0% | -8.2% | 62.0% | 20.9× | |
| Peer Set Median (6 Peers) | $26.50B | 14.1% | 67.3% | 17.6% | 13.0% | 38.9% | 10.4× | =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 41.0% to 46.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $69.5M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $2.61B.
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 22.8% 5-year CAGR (27.5% net of SBC & dilution)—a +15.3% acceleration over historical run-rate (7.5%). 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 | 8.7× | $18.56B | $18.75B | $435.84 | 0.0% |
| -20% Multiple Compression | 6.9× | $14.85B | $15.04B | $349.56 | -20.0% |
| -35% Multiple Compression | 5.6× | $12.07B | $12.26B | $284.85 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $10.69B | $10.88B | $252.85 | -42.4% |