COMSCORE, INC. (SCOR) DCF Valuation & Fundamental Primer
COMSCORE, INC. (SCOR) trades at $50.08 with a market enterprise value of $737.6M and generated $346.9M in TTM revenue and $19.7M in free cash flow (filed 2026-08-14 (period ended 2026-06-30)). Our 5-year DCF model estimates an implied intrinsic value of $17.14 per diluted share ($235.5M DCF enterprise value, Grade: B+ · 72/100 · Quality Software Operator).
SEC 10-K/10-Q DCF teardown of COMSCORE, INC. (SCOR): $346.9M TTM revenue (-0.7% growth), 70.0% GAAP gross margin, 5.7% FCF margin, 0.3% SBC/revenue, and R&D Return Grade D (Faders, $-0.08 new gross profit per $1 prior R&D).
COMSCORE, INC. (SCOR) earns a "Pass" rating and an institutional Quality Score of 75/100 (Grade B+). On $346.9M in baseline revenue (-0.7% growth, 76.0% gross margin, 5.7% FCF margin), our 5-year DCF yields an Enterprise Value of $235.5M ($17.14/share vs. $50.08 market price). On the R&D Return Benchmark, SCOR ranks #158 of 174 (Faders · Grade D, -0.08× return).
Gross Margin & Unit Economics: COMSCORE, INC. operates at a 76.0% gross margin on $346.9M revenue (+3.3 pts above the Software - Application median of 72.7%).
R&D Productivity (Faders · Grade D): Investing 8.4% of revenue in R&D ($30.2M) generates $-0.08 of incremental gross profit per R&D dollar (Rank #158 of 174).
Rule of 40 & Cash Conversion: Combining -0.7% top-line growth with 5.7% FCF margin yields a 5.0% Rule of 40 score (vs. 47.2% cohort median) and $235.5M DCF Enterprise Value.
3-Statement Financial Schedule & 5-Year Horizon
Synchronized directly with the 3-Year Operating Statement (76.0% Gross Margin · -0.7% Growth)
| Income Statement Line | Year 1 (2026) | Year 2 (2027) | Year 3 (2028) |
|---|---|---|---|
| Revenue | $346.9M | $344.7M | $342.4M |
| Cost of Revenue (COGS) | ($83.3M) | ($81.0M) | ($78.8M) |
| Gross Profit & Margin | $263.7M (76.0%) | $263.7M (76.5%) | $263.6M (77.0%) |
| Research & Development (R&D) | $29.2M | $27.8M | $26.5M |
| Sales & Marketing (S&M) | $174.8M | $166.7M | $158.7M |
| General & Administrative (G&A) | $68.0M | $64.8M | $61.7M |
| Operating EBIT | -$8.2M (-2.4%) | $4.3M (1.3%) | $16.8M (4.9%) |
| Adjusted EBITDA | $18.1M (5.2%) | $30.5M (8.8%) | $42.8M (12.5%) |
3 Key Underwriting Risks
Structural sensitivities monitored in the 3-Statement Financial Engine
Value-Creation Levers · Quantified Statement Impact
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 76.0% to 81.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $6.9M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $363.4M.
COMSCORE, INC. (SCOR) 3-Scenario DCF Valuation Range
Stress-test SCOR's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.
Simulate how deploying Gemini workflow automation and autonomous engineering expands SCOR's Gross Margin, FCF Margin, DCF share price, and 2x2 R&D Return Quadrant.
Split between 5-Year Explicit Cash Flows and Discounted Terminal Value
2D Institutional Valuation Sensitivity Heatmap
Implied share price & upside/downside spread across 25 valuation states (Current Price: $50.08).
| WACC \ Terminal | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.5% | $31.67 -37% | $33.42 -33% | $35.45 -29% | $37.85 -24% | $40.74 -19% |
| 9.3% | $28.81 -42% | $30.18 -40% | $31.75 -37% | $33.58 -33% | $35.73 -29% |
| 10.0% | $26.44 -47% | $27.55 -45% | $28.80 -42% | $30.23 -40% | $31.88 -36% |
| 10.8% | $24.46 -51% | $25.36 -49% | $26.38 -47% | $27.52 -45% | $28.82 -42% |
| 11.5% | $22.78 -55% | $23.53 -53% | $24.36 -51% | $25.29 -50% | $26.33 -47% |
Institutional Software Quality Scorecard (72/100 · Grade B+)
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
Minimal dilution friction; management compensation aligned with shareholders
Gross profit was not available in the filing snapshot, so unit-economics scoring stays neutral
Positive net cash cushion; self-funding operations with zero insolvency risk
Core Investment Strengths & Moats
- Low dilution friction: SBC is only 0.3% of revenue
- Net cash positive: $25.7M balance sheet buffer
Key Operational & Dilution Risks
Audited R&D Intensity is 8.4% of revenue with a -0.08× incremental gross profit return per R&D dollar. Under your current Stage 1 (-0.7% CAGR / 75.0% GM) assumptions, SCOR projects to 4.03× R&D Return (Grade AAA · Harvesters).
Reverse-DCF Solver: What Growth is Priced Into SCOR?
The current share price demands 28.1% 5-year CAGR (26.6% net of SBC & dilution)—a +28.8% acceleration over historical run-rate (-0.7%). Any growth slowdown risks valuation multiple contraction.
Headline Reverse-DCF ignores Stock-Based Compensation (0.3% of revenue) and annual share dilution (0.0%/yr). Accounting for both requires 26.6% 5-year revenue CAGR to justify $50.08/sh on a true per-share economic cash flow basis.
COMSCORE, INC. (SCOR) 5-Year Fundamental Forecast
| Statement Line Item | TTM Audited Base | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|---|
| Revenue | $346.9M | $346.9M | $344.6M | $342.4M | $340.1M | $337.9M | $335.6M |
| Gross Profit | — | $242.9M | $241.3M | $239.7M | $238.1M | $236.5M | $234.9M |
| Operating Income (EBIT) | -$8.2M | -$8.3M | -$8.2M | -$8.1M | -$8.1M | -$8.0M | -$8.0M |
| Stock-Based Compensation (SBC) | $907.0K | $902.0K | $896.1K | $890.2K | $884.3K | $878.5K | $872.7K |
| Unlevered Free Cash Flow (FCF) | $19.7M | $19.7M | $19.6M | $19.5M | $19.4M | $19.2M | $19.1M |
| SBC-Adjusted True Cash Flow | $18.8M | $18.8M | $18.7M | $18.6M | $18.5M | $18.3M | $18.2M |
Software - Application Peer Comparables & Rule of 40 Regression
Rule of 40 vs. EV / Revenue Multiple Regression
OLS Fit: EV/Rev = 6.8 + 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.
| Company | Ticker | Market Cap | TTM Revenue | Gross Margin | FCF Margin | Rule of 40 | SBC % Rev | EV / Rev |
|---|---|---|---|---|---|---|---|---|
| COMSCORE, INC. | SCOR | $763.3M | $346.9M | — | 5.7% | 5.0% | 0.3% | 2.1× |
| 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× | |||
EV / Revenue Multiple Compression Stress Test
| Multiple Scenario | EV / Revenue | Implied Enterprise Value | Implied Equity Value | Implied Share Price | Delta vs Current |
|---|---|---|---|---|---|
| Current Multiple | 2.1× | $737.6M | $763.3M | $50.08 | 0.0% |
| -20% Multiple Compression | 1.7× | $590.1M | $615.8M | $40.40 | -20.0% |
| -35% Multiple Compression | 1.4× | $479.4M | $505.1M | $33.14 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $1.73B | $1.76B | $115.50 | +135.2% |
Frequently Asked Questions: COMSCORE, INC. (SCOR) Valuation
What is COMSCORE, INC. (SCOR)'s intrinsic DCF valuation and implied share price?
Based on audited SEC 10-K/10-Q filings and a 5-year 3-statement discounted cash flow (DCF) model, COMSCORE, INC. (SCOR) has a Base Case implied value of $17.14 per share (with a Bear Case of $11.89 and a Bull Case of $22.30), compared to its current price of $50.08. The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.
What is COMSCORE, INC. (SCOR)'s Rule of 40 score and Free Cash Flow margin?
COMSCORE, INC. achieves a Rule of 40 score of 5.0%, combining a -0.7% revenue growth run-rate with a 5.7% TTM free cash flow margin on $346.9M 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 priced into SCOR stock according to Reverse-DCF analysis?
At $50.08 per share (Enterprise Value of $737.6M), our Reverse-DCF solver indicates the market is pricing in a 5-year implied revenue CAGR of 28.1%, compared to COMSCORE, INC.'s historical CAGR of -0.7%. Overall market expectations are rated as "Aggressive Growth Expectations Priced In".
What is COMSCORE, INC. (SCOR)'s R&D Return Score and innovation productivity?
On the Golden Door Software R&D Return Benchmark, COMSCORE, INC. (SCOR) is ranked #158 out of 174 scored software peers, earning a Grade D in the "Faders" quadrant. COMSCORE, INC. invests 8.4% of FY revenue into R&D ($30.2M) and generated $-0.08 of incremental gross profit per prior-year R&D dollar.
How does COMSCORE, INC. compare to Software - Application peers?
COMSCORE, INC. (SCOR) earns an institutional Software Quality Score of 72/100 (Grade B+ — Quality Software Operator). 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 COMSCORE, INC. (SCOR)'s valuation?
COMSCORE, INC. recorded $907000 in TTM stock-based compensation (0.3% of revenue). When treating SBC as a cash-equivalent compensation expense, COMSCORE, INC.'s SBC-adjusted free cash flow yield is 2.5%, scoring 25/25 on our Shareholder Dilution Friction pillar.