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 250 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 ($1.86B PV of FCF + $5.44B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.63B | $2.99B | $3.41B | $3.89B | $4.43B | $5.04B |
| Operating EBIT | $686.2M | $781.8M | $890.7M | $1.01B | $1.16B | $1.32B |
| Unlevered Free Cash Flow (FCF) | $334.0M (13%) | $380.6M (13%) | $433.6M (13%) | $494.0M (13%) | $562.8M (13%) | $641.2M (13%) |
| Discounted PV of FCF (@ 10.0% WACC) | $303.7M | $314.5M | $325.8M | $337.4M | $349.5M | $361.9M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $133.22 | $150.84 | $171.67 | $196.66 | $227.20 |
| 9.0% | $97.35 | $109.97 | $124.52 | $141.51 | $161.58 |
| 10.0% | $69.97 | $79.37 | $90.01 | $102.17 | $116.21 |
| 11.0% | $48.41 | $55.61 | $63.67 | $72.72 | $82.99 |
| 12.0% | $30.99 | $36.65 | $42.91 | $49.86 | $57.63 |
Synchronized directly with the 3-Year Operating Statement (60.5% Gross Margin · 13.9% Growth · 4.3% 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 | $2.35B | $2.55B | $2.63B | $2.63B | $2.99B | $3.41B |
| YoY Revenue Growth (%) | 27.0% | 8.4% | 3.1% | 13.9% | 13.9% | 13.9% |
| Cost of Revenue (COGS) | ($930.5M) | ($973.3M) | ($1.04B) | ($1.04B) | ($1.17B) | ($1.31B) |
| Gross Profit & Margin | $1.42B (60.4%) | $1.57B (61.8%) | $1.59B (60.5%) | $1.59B (60.5%) | $1.83B (61.0%) | $2.10B (61.5%) |
| Research & Development (R&D) | — | — | — | $0 | $143.7M | $156.9M |
| Sales & Marketing (S&M) | — | — | — | $587.8M | $642.9M | $701.9M |
| General & Administrative (G&A) | — | — | — | $316.5M | $346.2M | $378.0M |
| Operating EBIT | $469.8M (20.0%) | $647.1M (25.4%) | $686.3M (26.1%) | $686.3M (26.1%) | $694.4M (23.2%) | $861.9M (25.3%) |
| Adjusted EBITDA | — | — | — | $1.01B (38.3%) | $1.06B (35.4%) | $1.28B (37.5%) |
WEX Inc. (WEX) earns a "Watch" rating and an institutional Quality Score of 58/100 (Grade B). On $2.63B in baseline revenue (13.9% growth, 60.5% gross margin, 12.7% FCF margin), our 5-year DCF yields an Enterprise Value of $7.30B ($90.01/share vs. $148.98 market price). On the R&D Return Benchmark, WEX ranks #1 of 167 (Harvesters · Grade AAA, 221568718.95× return).
Gross Margin & Unit Economics: WEX Inc. operates at a 60.5% gross margin on $2.63B revenue (3.8 pts below the Software - Infrastructure median of 64.3%).
R&D Productivity (Harvesters · Grade AAA): Investing 0.0% of revenue in R&D ($0) generates $221568718.95 of incremental gross profit per R&D dollar (Rank #1 of 167).
Rule of 40 & Cash Conversion: Combining 13.9% top-line growth with 12.7% FCF margin yields a 26.6% Rule of 40 score (vs. 46.3% cohort median) and $7.30B 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)
WEX: not scored (missing_rnd)
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 | |||||||
|---|---|---|---|---|---|---|---|---|
WEXWEX Inc.Subject | $2.63B | 13.9% | 60.5% | 12.7% | 8.4% | 26.6% | 3.5× | 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 60.5% to 65.5%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $52.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $3.59B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Minimal dilution friction; management compensation aligned with shareholders
Sub-par gross margins; higher cost of delivery or hardware/services mix
Moderate leverage or cash burn; monitor liquidity runway
Market implies 20.2% annual revenue growth over next 5 years (25.5% 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 | 3.5× | $9.32B | $5.11B | $148.98 | 0.0% |
| -20% Multiple Compression | 2.8× | $7.46B | $3.24B | $94.61 | -20.0% |
| -35% Multiple Compression | 2.3× | $6.06B | $1.85B | $53.83 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $13.14B | $8.93B | $260.38 | +41.0% |