Golden Door Asset

Golden DoorHouse Research· 3 research updates

Golden Door Asset is a public software investment firm underwriting 100+ public software companies with R&D capital efficiency rankings, supporting equity research, and interactive 3-statement valuation models.

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Published Nov 10, 2026 · Data as of Oct 22, 2026Golden DoorResearch

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The Software CapEx Test: Which Engineering Budgets Actually Buy Gross Profit

Across our SEC-audited software universe, GAAP R&D alone misses capitalized internal software payroll and front-loaded infrastructure CapEx. Applying our Full CapEx Test shifts median payback from $0.46 to $0.41 per dollar invested, separating clean expensers like PLTR ($2.66, 0.98x) and KVYO ($0.80, 0.93x) from heavy CapEx balance sheets like MSFT ($0.33, 0.33x) and ORCL ($0.12, 0.32x).

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Published Oct 25, 2026 · Data as of Oct 26, 2026Golden DoorResearch

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Software Is Harvesting: Margins Widen, Stock Pay Shrinks, and Only 18 of 102 Names Clear 40 on Owner Cash

Across 103 software companies with more than $1B of revenue, margins widened at 72 of 98 and stock pay fell as a share of revenue at 76 of 102. Count stock pay as a cost and the median owner cash margin is 12.62%, and only 18 names clear the rule of 40.

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Published Oct 25, 2026 · Data as of Oct 24, 2026Golden DoorProduct

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Open Any Software Stock in the Financial Engine and Rebuild the Valuation Yourself

The new Financial Engine puts filed SEC statements, a 5-year DCF, a reverse-DCF growth solver and the R&D Return benchmark for 250 public software companies on one screen. Here is how to use it, and what Full Access adds.

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