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 ($6.46B PV of FCF + $19.91B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.75B | $3.21B | $3.76B | $4.40B | $5.15B | $6.02B |
| Operating EBIT | $691.3M | $808.9M | $946.5M | $1.11B | $1.30B | $1.52B |
| Unlevered Free Cash Flow (FCF) | $1.07B (39%) | $1.25B (39%) | $1.46B (39%) | $1.71B (39%) | $2.00B (39%) | $2.35B (39%) |
| Discounted PV of FCF (@ 10.0% WACC) | $972.3M | $1.03B | $1.10B | $1.17B | $1.24B | $1.32B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $199.65 | $213.10 | $228.99 | $248.06 | $271.37 |
| 9.0% | $172.32 | $181.94 | $193.05 | $206.02 | $221.33 |
| 10.0% | $151.46 | $158.63 | $166.75 | $176.04 | $186.75 |
| 11.0% | $135.04 | $140.54 | $146.69 | $153.60 | $161.43 |
| 12.0% | $121.79 | $126.11 | $130.88 | $136.19 | $142.11 |
Synchronized directly with the 3-Year Operating Statement (74.5% Gross Margin · 17.0% Growth · 0.0% 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 | $2.16B | $2.36B | $2.75B | $2.75B | $3.21B | $3.76B |
| YoY Revenue Growth (%) | 16.4% | 9.7% | 16.2% | 17.0% | 17.0% | 17.0% |
| Cost of Revenue (COGS) | ($609.4M) | ($677.3M) | ($699.6M) | ($699.6M) | ($802.5M) | ($920.2M) |
| Gross Profit & Margin | $1.55B (71.7%) | $1.69B (71.3%) | $2.05B (74.5%) | $2.05B (74.5%) | $2.41B (75.0%) | $2.84B (75.5%) |
| Research & Development (R&D) | — | — | — | $693.1M | $778.5M | $873.0M |
| Sales & Marketing (S&M) | — | — | — | $430.7M | $483.8M | $542.5M |
| General & Administrative (G&A) | — | — | — | $231.9M | $260.5M | $292.1M |
| Operating EBIT | $459.1M (21.3%) | $429.3M (18.2%) | $691.4M (25.2%) | $691.4M (25.2%) | $888.6M (27.6%) | $1.13B (30.1%) |
| Adjusted EBITDA | — | — | — | $730.8M (26.6%) | $934.6M (29.1%) | $1.19B (31.6%) |
Veeva Systems (VEEV) earns a "Buy" rating and an institutional Quality Score of 92/100 (Grade A+). On $2.75B in baseline revenue (17.0% growth, 74.5% gross margin, 38.9% FCF margin), our 5-year DCF yields an Enterprise Value of $26.37B ($166.75/share vs. $224.97 market price). On the R&D Return Benchmark, VEEV ranks #69 of 167 (Compounders · Grade BB, 0.53× return).
Gross Margin & Unit Economics: Veeva Systems operates at a 74.5% gross margin on $2.75B revenue (+3.8 pts above the Enterprise Software median of 70.8%).
R&D Productivity (Compounders · Grade BB): Investing 24.0% of revenue in R&D ($767.4M) generates $0.53 of incremental gross profit per R&D dollar (Rank #69 of 167).
Rule of 40 & Cash Conversion: Combining 17.0% top-line growth with 38.9% FCF margin yields a 56.0% Rule of 40 score (vs. 37.3% cohort median) and $26.37B 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)
VEEV: Compounder, BB
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: 11.9% Growth · 70.8% Gross Margin · 16.4% Unlevered FCF · 13.0% GAAP FCF · 37.3% Rule of 40 · 7.9× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
VEEVVeeva SystemsSubject | $2.75B | 17.0% | 74.5% | 38.9% | 38.9% | 56.0% | 13.1× | Active |
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× | |
ASURE SOFTWARE INC | $119.8M | 16.3% | 68.5% | -12.3% | -17.7% | 4.0% | 288.9× | |
Twilio | $4.46B | 26.1% | 50.0% | 14.8% | 0.9% | 40.9% | 5.0× | |
F5, Inc. | $3.31B | 4.4% | 81.9% | 29.3% | 21.7% | 33.7% | 5.8× | |
CHECK POINT SOFTWARE TECHNOLOGIES LTD | $2.56B | 5.6% | 87.5% | 40.1% | 34.3% | 45.7% | 7.6× | |
| Peer Set Median (6 Peers) | $3.88B | 11.9% | 70.8% | 16.4% | 13.0% | 37.3% | 7.9× | =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 74.5% to 79.5%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $54.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $3.96B.
Exceptional unit economics, disciplined equity dilution, and fortress balance sheet.
Elite deferred revenue float; FCF exceeds operating income by >20%
Minimal dilution friction; management compensation aligned with shareholders
High-quality software margins with healthy balanced growth and profitability
Positive net cash cushion; self-funding operations with zero insolvency risk
The current share price demands 25.2% 5-year CAGR (25.2% net of SBC & dilution)—a +8.2% acceleration over historical run-rate (17.0%). 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 | 13.1× | $35.94B | $36.98B | $224.97 | 0.0% |
| -20% Multiple Compression | 10.5× | $28.75B | $29.79B | $181.24 | -20.0% |
| -35% Multiple Compression | 8.5× | $23.36B | $24.40B | $148.45 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $13.73B | $14.78B | $89.89 | -61.8% |