Independent equity research reports across 100+ public software companies, built for investing in great software to earn high returns. Ratings and research summaries stay free for everyone. Full Access unlocks the full research reports, the archive and the CSV export.
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Agora, Inc. (API) operates in Infrastructure & Cloud within our 130-company software coverage universe. API's Golden Door Quality Rating, 4-pillar universe percentile ranks, and archived equity research are unlocked with Full Access, while newly published research updates stay open free for 7 days.
Conversational voice-agent enthusiasm masks a 16.0% multi-year revenue drop since FY2021, five straight GAAP operating losses (-6.7% FY2025 margin), and $80.3M in annual R&D spend against $0.57 DCF fair value.
Managed Detection and Response bundling sustains $855.92M in TTM revenue, but 1.24% GAAP operating margin, 10.44% equity dilution, and platform competition cap risk-adjusted upside.
Across our SEC-covered 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 $0.48 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).
Enterprise SAP and Oracle indirect tax migrations drive 15.16% TTM revenue growth to $787.44M, but $77.67M in capital expenditures and $57.00M in SBC compress true owner cash margin to 4.94%.
$TOST runs the live point-of-sale, kitchen, and payment operating system across about 189,000 restaurant locations and widened its pure payment spread to 50.29 bps, yet $54.00M of nine-month loan-guarantee provisions inside $87.00M of G&A credit losses, $78.00M of on-balance-sheet loan funding, a federal and multi-state ROSCA suit that names Toast Capital loan terms, and a market value 18.87% above Base DCF leave no margin of safety.
ZoomInfo trades at 0.50x our $20.53 SBC-burdened DCF base case, balancing 83.5% gross margins and rapid share retirements against $1.12B net debt and down-market churn.
Application security and Guardicore microsegmentation gains cannot offset structural content delivery erosion, $491.1M in annual server capital intensity, and $509.6M in stock compensation at 1.36x DCF fair value.
At its Investor Day on Oct 28, Oracle capped new money at $20B through fiscal 2030 and said new contracts will not need incremental capital from Oracle. Both promises leave out leases.
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Rows 5 to 130: Unlock Full Access Unlocks all 130 software quality ratings and the full equity research archive. | ||||||||
| Infrastructure & Cloud · 2025-12 | Locked | Locked | Locked | Locked | Locked | 2025-12 | ||
| Cybersecurity · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||
