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 ($5.95B PV of FCF + $21.68B PV of Terminal Value)
| DCF Cash Flow Line | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|
| Projected Revenue | $2.67B | $3.44B | $4.42B | $5.68B | $7.31B | $9.39B |
| Operating EBIT | -$128.6M | -$165.3M | -$212.6M | -$273.3M | -$351.4M | -$451.9M |
| Unlevered Free Cash Flow (FCF) | $726.8M (27%) | $934.5M (27%) | $1.20B (27%) | $1.55B (27%) | $1.99B (27%) | $2.55B (27%) |
| Discounted PV of FCF (@ 10.0% WACC) | $660.7M | $772.4M | $902.8M | $1.06B | $1.23B | $1.44B |
| WACC \ Term g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.0% | $218.46 | $233.90 | $252.14 | $274.04 | $300.80 |
| 9.0% | $187.22 | $198.27 | $211.03 | $225.91 | $243.49 |
| 10.0% | $163.42 | $171.64 | $180.97 | $191.63 | $203.92 |
| 11.0% | $144.70 | $151.01 | $158.06 | $166.00 | $174.99 |
| 12.0% | $129.61 | $134.57 | $140.05 | $146.14 | $152.94 |
Synchronized directly with the 3-Year Operating Statement (76.9% Gross Margin · 28.6% Growth · 24.7% 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 | $1.62B | $2.17B | $2.67B | $2.67B | $3.44B | $4.42B |
| YoY Revenue Growth (%) | — | 34.1% | 23.3% | 28.6% | 28.6% | 28.6% |
| Cost of Revenue (COGS) | ($362.5M) | ($479.7M) | ($618.2M) | ($618.3M) | ($777.8M) | ($978.0M) |
| Gross Profit & Margin | $1.25B (77.6%) | $1.69B (77.9%) | $2.05B (76.9%) | $2.05B (76.9%) | $2.66B (77.4%) | $3.44B (77.9%) |
| Research & Development (R&D) | — | — | — | $672.5M | $830.1M | $1.02B |
| Sales & Marketing (S&M) | — | — | — | $982.0M | $1.21B | $1.49B |
| General & Administrative (G&A) | — | — | — | $528.8M | $652.7M | $804.3M |
| Operating EBIT | -$215.4M (-13.3%) | -$123.9M (-5.7%) | -$128.5M (-4.8%) | -$128.5M (-4.8%) | -$35.7M (-1.0%) | $120.6M (2.7%) |
| Adjusted EBITDA | — | — | — | -$7.3M (-0.3%) | $120.1M (3.5%) | $320.9M (7.3%) |
Zscaler, Inc. (ZS) earns a "Watch" rating and an institutional Quality Score of 64/100 (Grade B+). On $2.67B in baseline revenue (28.6% growth, 76.9% gross margin, 27.2% FCF margin), our 5-year DCF yields an Enterprise Value of $27.62B ($180.97/share vs. $227.08 market price). On the R&D Return Benchmark, ZS ranks #36 of 167 (Compounders · Grade A, 0.77× return).
Gross Margin & Unit Economics: Zscaler, Inc. operates at a 76.9% gross margin on $2.67B revenue (+0.5 pts above the Cybersecurity & Identity median of 76.3%).
R&D Productivity (Compounders · Grade A): Investing 26.9% of revenue in R&D ($903.4M) generates $0.77 of incremental gross profit per R&D dollar (Rank #36 of 167).
Rule of 40 & Cash Conversion: Combining 28.6% top-line growth with 27.2% FCF margin yields a 55.8% Rule of 40 score (vs. 50.6% cohort median) and $27.62B 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)
ZS: Compounder, A
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: 18.1% Growth · 76.3% Gross Margin · 32.6% Unlevered FCF · 22.9% GAAP FCF · 50.6% Rule of 40 · 8.8× EV/Rev
| Company | Actions | |||||||
|---|---|---|---|---|---|---|---|---|
ZSZscaler, Inc.Subject | $2.67B | 28.6% | 76.9% | 27.2% | 2.5% | 55.8% | 13.0× | Active |
CrowdStrike | $5.40B | 34.9% | 75.3% | 29.8% | 6.8% | 64.7% | 49.8× | |
Palo Alto Networks Inc | $11.48B | 20.2% | 70.4% | 35.8% | 20.4% | 56.0% | 27.1× | |
Fortinet, Inc. | $5.96B | 16.1% | 80.6% | 31.6% | 27.2% | 47.7% | 9.9× | |
Qualys, Inc. | $607.6M | 13.8% | 81.7% | 38.1% | 25.4% | 51.9% | 7.7× | |
SentinelOne, Inc. | $821.5M | 39.5% | 74.3% | 0.8% | -31.8% | 40.3% | 5.8× | |
Gen Digital Inc. | $5.23B | 15.6% | 77.4% | 33.7% | 29.4% | 49.4% | 4.7× | |
| Peer Set Median (6 Peers) | $5.31B | 18.1% | 76.3% | 32.6% | 22.9% | 50.6% | 8.8× | =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 76.9% to 81.9%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $105.6M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $4.63B.
Solid software model with clear operating leverage, partially offset by standard SBC or moderate burn.
Positive FCF but lower conversion efficiency due to capex or timing
Severe dilution; heavy SBC shields GAAP losses while diluting common equity
Elite Tier-1 SaaS compounder with high gross margin and superior Rule of 40
Positive net cash cushion; self-funding operations with zero insolvency risk
Market implies 35.1% annual revenue growth over next 5 years (58.9% 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 | 13.0× | $34.81B | $35.40B | $227.08 | 0.0% |
| -20% Multiple Compression | 10.4× | $27.85B | $28.44B | $182.42 | -20.0% |
| -35% Multiple Compression | 8.5× | $22.63B | $23.22B | $148.93 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $13.37B | $13.96B | $89.52 | -61.6% |