Golden Door Asset evaluates 168 SEC-reporting software equities on R&D return, GAAP profitability, and 5-year intrinsic value so investors back long-term software compounders and avoid dilutive cash burners, supported by primary-filing equity research.
Primary SEC 10-K and 10-Q underwriting notes published to support our software investment process, linking each company's operating economics to its 0 to 100 quality score and 5-year DCF valuation.
Anthropic's S-1/A shows a $16.96B quarter and positive operating cash, but it still bills per token and per seat, sends more than half of revenue back out as compute, and has signed $895.4B of compute and lease commitments.
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.
Shopify is winning the plumbing of agent shopping, with a 400 million shopper wallet, but agent orders still earn exactly the same economics as any other referral.
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.
Our investment discipline centers on capital allocation across 168 public software companies, combining quantitative quality scoring and 3-statement cash flow valuation as core underwriting pillars, with published filing research as supporting evidence.
Screen all 168 public software equities on R&D return, GAAP net profit margin, and House Portfolio conviction, backed by supporting SEC-filing research notes.
Model quarterly SEC financial statements, operator FP&A unit economics, SBC-burdened cash flows, and 5-year WACC sensitivity matrices across every covered software company with open spreadsheet exports.
