BRUN Stock DCF Valuation & Research (Boost Run)

Intrinsic Valuation Summary

Boost Run Inc. (BRUN) 3-Scenario DCF Valuation Range

WACC: 10.0% · Term Growth: 2.5% · Shares: 127.8M

bear Case DCFSensitivity

$9.44B

Implied Enterprise Value:$7.84B

base Case DCFPrimary Benchmark

$19.27B

Implied Enterprise Value:$17.67B

bull Case DCFSensitivity

$32.67B

Implied Enterprise Value:$31.06B

Interactive What-If DCF SandboxSim Rule of 40: 39.7%

Stress-test BRUN's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.

Seed Custom Drivers in /model

1-Click Regimes:

3-Stage R&D Efficiency SimulatorR&D Capital Return & Operating Leverage Thesis for BRUN

Simulate how autonomous code velocity and R&D capital efficiency expand BRUN's operating leverage, 5-year FCF margin, DCF enterprise value, and 2x2 R&D Return Quadrant.

Modeled Gross / FCF Margin

75.2% GM · 21.1% FCF

Implied DCF EV (Stage 1)

$17.67B (Eq: $19.27B)

R&D Return 2x2 Trajectory

SEC R&D Benchmark Coverage

Plot on 2x2 Benchmark Open in /model

5Y Revenue CAGR18.6%

2%Hist: 18.6%60%

Target FCF Margin21.1%

2%Base: 21.1%65%

WACC Discount Rate10.0%

5%Base: 10%18%

Terminal Growth (g)2.5%

0.5%Implies 13.7× Y5 FCF5.0%

Accounting Lens:

Simulated Enterprise Value$17.67B

Simulated Equity Value$19.27B

Effective FCF Margin21.1%

Simulated 5-Year Cash Flow Trajectory (Unlevered FCF vs. Discounted PV)Cumulative 5Y PV: $4.25B

Year 1$3.79B

FCF:$799.3M

PV:$726.6M

Year 2$4.49B

FCF:$948.0M

PV:$783.4M

Year 3$5.33B

FCF:$1.12B

PV:$844.7M

Year 4$6.32B

FCF:$1.33B

PV:$910.7M

Year 5$7.49B

FCF:$1.58B

PV:$981.9M

Enterprise Value Composition Bridge$17.67B

Split between 5-Year Explicit Cash Flows and Discounted Terminal Value

5Y Explicit PV: $4.25B (24.0%)Terminal PV: $13.42B (76.0%)

(+) Balance Sheet Cash & Equivalents+$1.61B

(−) Total Debt Obligations−$0

(=) Implied Equity Value (127.8M shs)$19.27B

2D Institutional Valuation Sensitivity Heatmap

Implied DCF sensitivity across 25 valuation states.

WACC \ Terminal	1.5%	2.0%	2.5%	3.0%	3.5%
8.5%	$21.29B +10%	$22.55B +17%	$24.01B +25%	$25.74B +34%	$27.81B +44%
9.3%	$19.25B -0%	$20.24B +5%	$21.38B +11%	$22.69B +18%	$24.24B +26%
10.0%	$17.58B -9%	$18.37B -5%	$19.27B +0%	$20.30B +5%	$21.49B +11%
10.8%	$16.18B -16%	$16.83B -13%	$17.56B -9%	$18.38B -5%	$19.31B +0%
11.5%	$14.99B -22%	$15.53B -19%	$16.13B -16%	$16.80B -13%	$17.55B -9%

5-Year Financial Forecast

Boost Run Inc. (BRUN) 5-Year Fundamental Forecast

Customize in Live Engine

Statement Line Item	TTM Reported Base	TTM	Y1	Y2	Y3	Y4	Y5
Revenue	$3.19B	$3.19B	$3.79B	$4.49B	$5.33B	$6.32B	$7.49B
Gross Profit	$2.40B	$2.40B	$2.85B	$3.38B	$4.01B	$4.75B	$5.64B
Operating Income (EBIT)	$335.4M	$335.4M	$397.7M	$471.7M	$559.5M	$663.5M	$787.0M
Stock-Based Compensation (SBC)	$364.1M	$364.1M	$431.8M	$512.2M	$607.4M	$720.4M	$854.4M
Unlevered Free Cash Flow (FCF)	$673.9M	$673.9M	$799.3M	$948.0M	$1.12B	$1.33B	$1.58B
SBC-Adjusted True Cash Flow	$309.8M	$309.8M	$367.4M	$435.8M	$516.8M	$613.0M	$727.0M

Fundamental Quality Breakdown

Software Quality Scorecard (86/100 · Grade A)

High-Quality Compounder

Strong fundamentals, above-average cash generation, and robust competitive positioning.

Cash Conversion25 / 25

Actual: 201% of EBITTarget: Target: ≥100%

Elite deferred revenue float; FCF exceeds operating income by >20%

Dilution Friction16 / 25

Actual: 11.4% of RevTarget: Target: ≤8%

Standard software SBC dilution; modest equity transfer to employees

Unit Economics20 / 25

Actual: 75% GM / R40: 40%Target: Target: ≥75% GM / ≥40% R40

High-quality software margins with healthy balanced growth and profitability

Balance Sheet25 / 25

Actual: +$1.61B Net CashTarget: Target: Net Cash > 0

Zero-debt fortress balance sheet with abundant net cash liquidity

Core Investment Strengths & Moats

High-grade cash conversion: FCF is 201% of EBIT driven by upfront annual collections
Healthy unit economics: 75.2% gross margin
Fortress capital structure: Zero debt and $1.61B in pure net cash

Key Operational & Dilution Risks

Expectations Investing

Reverse-DCF Solver: What Growth is Priced Into BRUN?

Aggressive Growth Expectations Priced In

The current share price demands 36.2% 5-year CAGR (48.6% net of SBC & dilution)—a +17.6% acceleration over historical run-rate (18.6%). Any growth slowdown risks valuation multiple contraction.

Implied 5-Year Revenue CAGR

36.2%

Required to justify $33.54B EV

Historical Run-Rate CAGR

18.6%

Reported multi-year top-line trajectory

Growth Hurdle Spread

+17.6%

Implied hurdle minus historical growth

Implied FCF Margin @ Hist. Growth

40.1%

Steady-state FCF margin needed at current CAGR

Dilution-Adjusted Hurdle Lens

Headline Reverse-DCF ignores Stock-Based Compensation (11.4% of revenue) and annual share dilution (1.8%/yr). Accounting for both requires 48.6% 5-year revenue CAGR to justify $33.54B EV on a true economic cash flow basis.

True Economic Hurdle48.6%

SBC & Dilution Hurdle Tax+12.3% / yr

Section 5 · Relative Valuation Multiples & Regression

Software - Application Peer Comparables & Rule of 40 Regression

Click any peer node or ticker to open its dedicated equity research report

Rule of 40 vs. EV / Revenue Multiple Regression

OLS Fit: EV/Rev = 7.7 + 0.05 × (Rule of 40) · R² = 12%

Stocks below the gold regression line trade at a discount relative to their Rule of 40 compounding efficiency.

BRUN Actual vs. Reg. Multiple10.5× vs 9.7× fair

Peer Multiple Spread+8.2% Premium

BRUNBoost Run Inc.·Rule of 40: 39.7%·Actual EV/Rev: 10.5×·Regression Fair Multiple: 9.7×

+8.2% Above Trendline (Premium)Open BRUN Report

Company	Ticker	Market Cap	TTM Revenue	Gross Margin	FCF Margin	Rule of 40	SBC % Rev	EV / Rev
Boost Run Inc.	BRUN	$35.14B	$3.19B	75.2%	21.1%	39.7%	11.4%	10.5×
Grab Holdings Limited	GRAB	$20.18B	$2.80B	42.0%	27.7%	84.0%	10.0%	6.3×
Figma, Inc.	FIG	$18.07B	$749.0M	88.3%	-9.2%	39.1%	126.5%	23.5×
Full Truck Alliance Co. Ltd.	YMM	$71.73B	$11.24B	86.6%	25.8%	70.2%	4.4%	5.9×
ServiceTitan, Inc.	TTAN	$9.97B	$771.9M	64.9%	2.0%	30.5%	21.2%	12.5×
InterDigital, Inc.	IDCC	$8.65B	$868.5M	80.5%	30.6%	55.3%	5.3%	9.9×
OPEN TEXT CORP	OTEX	$8.11B	$5.30B	63.5%	13.0%	23.8%	2.0%	2.6×
Peer Cohort Median Benchmark (N=6)				72.7%	19.4%	47.2%	7.6%	8.1×

Downside Protection & Multiple Sensitivity

EV / Revenue Multiple Compression Stress Test

Multiple Scenario	EV / Revenue	Implied Enterprise Value	Implied Equity Value	Delta vs Base
Current Multiple	10.5×	$33.54B	$35.14B	0.0%
-20% Multiple Compression	8.4×	$26.83B	$28.44B	-20.0%
-35% Multiple Compression	6.8×	$21.80B	$23.41B	-35.0%
Software Baseline Floor (5.0× EV/Rev)	5.0×	$15.97B	$17.58B	-52.4%

Investor Diligence FAQ

Frequently Asked Questions: Boost Run Inc. (BRUN) Valuation

What is Boost Run Inc. (BRUN)'s intrinsic 5-year DCF valuation?

Based on modeled estimates (SEC filing data not yet available) and a 5-year 3-statement discounted cash flow (DCF) model, Boost Run Inc. (BRUN) has a Base Case 5-year DCF Enterprise Value of $17.67B and an implied Equity Value of $19.27B (ranging from $9.44B in the Bear Case to $32.67B in the Bull Case). The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.

What is Boost Run Inc. (BRUN)'s Rule of 40 score and Free Cash Flow margin?

Boost Run Inc. achieves a Rule of 40 score of 39.7%, combining a 18.6% revenue growth run-rate with a 21.1% TTM free cash flow margin on $3.19B in trailing twelve-month revenue. In the Software - Application peer cohort, the median Rule of 40 benchmark is 47.2%.

What revenue growth rate is required under BRUN's Reverse-DCF analysis?

At a 5-year DCF Enterprise Value of $33.54B, our Reverse-DCF solver indicates a 5-year implied revenue CAGR hurdle of 36.2%, compared to Boost Run Inc.'s historical CAGR of 18.6%. Overall expectations are rated as "Aggressive Growth Expectations Priced In".

What is Boost Run Inc. (BRUN)'s R&D Return Score and innovation productivity?

Boost Run Inc. (BRUN) R&D productivity is evaluated alongside 174 ranked software companies on the Golden Door R&D Return Benchmark.

How does Boost Run Inc. compare to Software - Application peers?

Boost Run Inc. (BRUN) earns an institutional Software Quality Score of 86/100 (Grade A — High-Quality Compounder). Across its Software - Application peer group (GRAB, FIG, YMM, TTAN, IDCC), the cohort trades at a median EV/TTM Revenue multiple of 8.1× and a median gross margin of 72.7%.

How does Stock-Based Compensation (SBC) impact Boost Run Inc. (BRUN)'s valuation?

Boost Run Inc. recorded $364.1M in TTM stock-based compensation (11.4% of revenue). When treating SBC as a cash-equivalent compensation expense, Boost Run Inc.'s SBC-adjusted free cash flow yield is 0.9%, scoring 16/25 on our Shareholder Dilution Friction pillar.

Sector Coverage Universe

View All Coverage

GRABGrab Holdings Limited

DCF Valuation, Rule of 40 & SEC Filing Teardown

FIGFigma, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown

YMMFull Truck Alliance Co. Ltd.

DCF Valuation, Rule of 40 & SEC Filing Teardown

TTANServiceTitan, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown

IDCCInterDigital, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown