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 ($753.5M PV of FCF + $2.75B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $1.01B | $1.29B | $1.66B | $2.14B | $2.75B | $3.53B |
| Operating EBIT | -$59.6M | -$76.7M | -$98.6M | -$126.8M | -$163.0M | -$209.5M |
| Unlevered Free Cash Flow (FCF) | $92.1M (9%) | $118.4M (9%) | $152.3M (9%) | $195.8M (9%) | $251.7M (9%) | $323.7M (9%) |
| Discounted PV of FCF (@ 10.0% WACC) | $83.8M | $97.9M | $114.4M | $133.7M | $156.3M | $182.7M |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $17.90 | $19.14 | $20.61 | $22.36 | $24.51 |
| 9.0% | $15.40 | $16.29 | $17.31 | $18.50 | $19.91 |
| 10.0% | $13.49 | $14.15 | $14.90 | $15.75 | $16.74 |
| 11.0% | $11.99 | $12.50 | $13.06 | $13.70 | $14.42 |
| 12.0% | $10.78 | $11.18 | $11.62 | $12.10 | $12.65 |
Synchronized directly with the 3-Year Operating Statement (54.7% Gross Margin · 28.6% Growth · 19.4% 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 | $591.0M | $728.7M | $1.01B | $1.01B | $1.29B | $1.66B |
| YoY Revenue Growth (%) | 28.9% | 23.3% | 38.0% | 28.6% | 28.6% | 28.6% |
| Cost of Revenue (COGS) | ($267.3M) | ($325.6M) | ($455.7M) | ($455.6M) | ($579.3M) | ($736.5M) |
| Gross Profit & Margin | $323.6M (54.8%) | $403.1M (55.3%) | $550.1M (54.7%) | $550.1M (54.7%) | $713.8M (55.2%) | $926.0M (55.7%) |
| Research & Development (R&D) | — | — | — | $90.7M | $111.9M | $137.9M |
| Sales & Marketing (S&M) | — | — | — | $337.5M | $416.5M | $513.2M |
| General & Administrative (G&A) | — | — | — | $181.7M | $224.3M | $276.3M |
| Operating EBIT | -$258.7M (-43.8%) | -$164.6M (-22.6%) | -$59.7M (-5.9%) | -$59.7M (-5.9%) | -$38.9M (-3.0%) | -$1.4M (-0.1%) |
| Adjusted EBITDA | — | — | — | -$17.9M (-1.8%) | $14.8M (1.1%) | $67.7M (4.1%) |
Zeta Global Holdings Corp. (ZETA) earns a "Watch" rating and an institutional Quality Score of 53/100 (Grade B). On $1.01B in baseline revenue (28.6% growth, 54.7% gross margin, 9.2% FCF margin), our 5-year DCF yields an Enterprise Value of $3.50B ($14.90/share vs. $21.67 market price). On the R&D Return Benchmark, ZETA ranks #6 of 167 (Harvesters · Grade AAA, 2.04× return).
Gross Margin & Unit Economics: Zeta Global Holdings Corp. operates at a 54.7% gross margin on $1.01B revenue (9.6 pts below the Software - Infrastructure median of 64.3%).
R&D Productivity (Harvesters · Grade AAA): Investing 9.0% of revenue in R&D ($117.2M) generates $2.04 of incremental gross profit per R&D dollar (Rank #6 of 167).
Rule of 40 & Cash Conversion: Combining 28.6% top-line growth with 9.2% FCF margin yields a 37.7% Rule of 40 score (vs. 46.3% cohort median) and $3.50B 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)
ZETA: 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: 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 | |||||||
|---|---|---|---|---|---|---|---|---|
ZETAZeta Global Holdings Corp.Subject | $1.01B | 28.6% | 54.7% | 9.2% | -10.2% | 37.7% | 5.1× | 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 54.7% to 59.7%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $20.1M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $1.74B.
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Elevated equity dilution; SBC consumes substantial operating cash flow
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 39.8% 5-year CAGR (56.7% net of SBC & dilution)—a +11.2% acceleration over historical run-rate (28.6%). 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 | 5.1× | $5.17B | $5.34B | $21.67 | 0.0% |
| -20% Multiple Compression | 4.1× | $4.13B | $4.30B | $17.47 | -20.0% |
| -35% Multiple Compression | 3.3× | $3.36B | $3.53B | $14.33 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $5.03B | $5.20B | $21.10 | -2.7% |