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 ($2.79B PV of FCF + $8.42B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $1.76B | $2.04B | $2.35B | $2.72B | $3.15B | $3.64B |
| Operating EBIT | $100.2M | $115.9M | $134.0M | $155.0M | $179.2M | $207.3M |
| Unlevered Free Cash Flow (FCF) | $479.6M (27%) | $554.7M (27%) | $641.5M (27%) | $741.9M (27%) | $858.0M (27%) | $992.2M (27%) |
| Discounted PV of FCF (@ 10.0% WACC) | $436.0M | $458.4M | $481.9M | $506.7M | $532.7M | $560.1M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $230.42 | $247.21 | $267.06 | $290.87 | $319.97 |
| 9.0% | $196.27 | $208.29 | $222.17 | $238.35 | $257.47 |
| 10.0% | $170.22 | $179.17 | $189.31 | $200.90 | $214.27 |
| 11.0% | $149.70 | $156.56 | $164.23 | $172.86 | $182.64 |
| 12.0% | $133.13 | $138.52 | $144.48 | $151.10 | $158.50 |
Synchronized directly with the 3-Year Operating Statement (67.9% Gross Margin · 15.7% Growth · 13.7% 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 | $1.39B | $1.56B | $1.76B | $1.76B | $2.04B | $2.35B |
| YoY Revenue Growth (%) | 9.3% | 12.5% | 12.7% | 15.7% | 15.7% | 15.7% |
| Cost of Revenue (COGS) | ($526.2M) | ($512.5M) | ($564.6M) | ($564.6M) | ($642.8M) | ($731.7M) |
| Gross Profit & Margin | $861.4M (62.1%) | $1.05B (67.2%) | $1.20B (67.9%) | $1.20B (67.9%) | $1.39B (68.4%) | $1.62B (68.9%) |
| Research & Development (R&D) | — | — | — | $495.3M | $549.9M | $609.4M |
| Sales & Marketing (S&M) | — | — | — | $390.4M | $433.4M | $480.4M |
| General & Administrative (G&A) | — | — | — | $210.2M | $233.4M | $258.7M |
| Operating EBIT | -$285.4M (-20.6%) | -$24.4M (-1.6%) | $100.1M (5.7%) | $100.1M (5.7%) | $176.7M (8.7%) | $274.7M (11.7%) |
| Adjusted EBITDA | — | — | — | $131.3M (7.5%) | $212.7M (10.4%) | $316.4M (13.4%) |
Wix.com Ltd. (WIX) earns a "Watch" rating and an institutional Quality Score of 68/100 (Grade B+). On $1.76B in baseline revenue (15.7% growth, 67.9% gross margin, 27.2% FCF margin), our 5-year DCF yields an Enterprise Value of $11.21B ($189.31/share vs. $103.89 market price). On the R&D Return Benchmark, WIX ranks #112 of 167 (Burners · Grade CCC, 0.32× return).
Gross Margin & Unit Economics: Wix.com Ltd. operates at a 67.9% gross margin on $1.76B revenue (+3.7 pts above the Software - Infrastructure median of 64.3%).
R&D Productivity (Burners · Grade CCC): Investing 32.4% of revenue in R&D ($645.5M) generates $0.32 of incremental gross profit per R&D dollar (Rank #112 of 167).
Rule of 40 & Cash Conversion: Combining 15.7% top-line growth with 27.2% FCF margin yields a 42.9% Rule of 40 score (vs. 46.3% cohort median) and $11.21B 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)
WIX: Burner, CCC
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 | |||||||
|---|---|---|---|---|---|---|---|---|
WIXWix.com Ltd.Subject | $1.76B | 15.7% | 67.9% | 27.2% | 13.6% | 42.9% | 3.7× | 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 67.9% to 72.9%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $165.3M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $2.48B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Elite deferred revenue float; FCF exceeds operating income by >20%
Standard software SBC dilution; modest equity transfer to employees
Solid gross margins with potential for operating leverage at scale
Moderate leverage or cash burn; monitor liquidity runway
The current share price only requires 2.1% 5-year CAGR (10.9% dilution-adjusted), well below historical growth of 15.7%. If the company maintains baseline execution, there is asymmetric upside.
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 | 3.7× | $6.46B | $5.79B | $103.89 | 0.0% |
| -20% Multiple Compression | 2.9× | $5.17B | $4.49B | $80.70 | -20.0% |
| -35% Multiple Compression | 2.4× | $4.20B | $3.53B | $63.31 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $8.80B | $8.13B | $146.02 | +36.3% |