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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.
Research summaries stay free. Full Access unlocks the full research reports and the archive.
BlackLine, Inc. (BL) operates in FinTech & Vertical SaaS within our 130-company software coverage universe. BL'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.
Studio360 platform pricing and SAP channel reach lift TTM revenue to $732.45M, yet $100.58M in stock-based compensation reduces true owner cash margin to 10.38% at 2.33x DCF fair value.
Consumer Banking Suite adoption and Title365 divestitures lift gross margin to 74.3%, yet -14.8% top-line contraction, -16.7% Owner FCF burn, and Haveli preferred overhang leave $3.17 unsustainable.
Tenable owns the exposure record and owner cash is finally positive, but growth is slowing toward 7%, the share count shrank 11.5% on convertible debt, and stockholders' equity turned negative.
Salesforce ($CRM) runs the customer record for a large share of the world's sales and service teams, and over the past two years it has rebuilt that franchise around agents.
QNX went from 28.4% of BlackBerry revenue in fiscal 2024 to 48.8% in fiscal 2026. It earns the most segment EBITDA of the three businesses, and it carries a royalty backlog of about $950M. The open question is no longer what a buyer would pay.
QNX was $80.3M of $163.3M Q2 revenue with an 86.80% adjusted gross margin. A one-off patent licensing deal lifted total growth to 26.00%.
Blackbaud turned 48.4% of third-quarter revenue into operating cash and spent $129.9M on buybacks over nine months. Payment fees grew 7.48% while subscriptions grew 2.34%, and a renewal cohort about 40% larger than last year's has pulled gross retention to about 90%.
Salesforce's trailing revenue grew 11.23% to $43.94B and converted $11.49B into owner cash after stock pay and capex. Enterprise value of $236.97B asks for about 5.40% annual owner-cash growth.
Unlimited-user construction volume pricing builds an enviable jobsite system of record, yet $248.3M in equity grants reduces true Owner FCF margin to 6.94% at 5.11x DCF base value.
Dynatrace combines 21.4% TTM revenue growth and 81.1% gross margin with positive 12.7% GAAP operating margin and $578.7M of GAAP FCF, trading at $42.63 versus our $62.81 5-year DCF base value.
Gemini 4 Argon went on sale after the quarter closed, so none of its revenue is in the filings. Owner cash is still negative $10.7B over twelve months, and Alphabet priced six billion euros of new bonds on Nov 2.
Twilio's third quarter fixed two of the things we were tracking: gross margin rose to 48.77% from 48.42%, and stock pay fell under 10% of revenue. The problem moved to the top line.
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Rows 5 to 130: Unlock Full Access Unlocks all 130 software quality ratings and the full equity research archive. | ||||||||
| Cybersecurity · 2026-08 | Locked | Locked | Locked | Locked | Locked | 2026-08 | ||
| FinTech & Vertical SaaS · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||
| FinTech & Vertical SaaS · 2026-09 | Locked | Locked | Locked | Locked | Locked | 2026-09 | ||
| FinTech & Vertical SaaS · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||
| Cybersecurity · 2026-06 | Locked | Locked | Locked | Locked | Locked | 2026-06 | ||
