Software Landscape Benchmarking

Research evidence excerpt

Software Landscape Benchmarking

Security Software & Analytics Comps Table – As of 5/15/26

Pricing Valuation

Price JPM EV/Sales EV/Sales/G EV/EBITDA EV/FCF EV/(FCF-SBC) P/E

Company Market Cap Ticker Rating 5/15/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,228 AI UW 8.65 7.00 2.4x 2.2x -0.08x 0.30x --- 24.9x --- 13.5x --- --- --- 34.9x

Cellebrite DI Ltd 3,365 CLBT OW 12.98 20.00 5.2x 4.3x 0.26x 0.21x 19.2x 15.7x 16.6x 13.7x 22.5x 18.4x 23.2x 19.7x

Check Point Software 13,160 CHKP OW 124.03 135.00 3.8x 3.6x 1.32x 0.59x 9.4x 8.8x 8.9x 8.2x 11.2x 10.4x 11.7x 10.6x

Crowdstrike Holdings Inc 153,352 CRWD OW 594.08 475.00 25.1x 20.7x 1.08x 0.97x --- 70.1x --- 65.1x --- --- --- ---

Elastic 5,374 ESTC OW 50.60 99.00 2.4x 2.1x 0.14x 0.15x 14.9x 28.6x 13.6x 12.2x --- --- 18.2x 15.1x

Fortinet Inc 91,201 FTNT UW 122.78 75.00 11.2x 10.2x 0.71x 1.05x 31.2x 28.1x 34.0x 32.0x 39.1x 37.4x 39.0x 36.3x

Gitlab Inc 4,072 GTLB N 23.66 28.00 2.5x 2.2x 0.15x 0.13x --- --- 13.9x 11.5x --- --- 29.6x 25.7x

IBM 208,094 IBM N 219.30 270.00 3.5x 3.3x 0.53x 0.63x 12.3x 11.7x 15.8x 14.7x 17.4x 15.9x 17.7x 16.2x

JFrog Ltd 8,292 FROG OW 66.16 76.00 11.9x 10.0x 0.59x 0.53x 63.5x 44.9x 50.1x 33.7x --- --- 68.2x 53.4x

Netskope 4,427 NTSK OW 11.22 19.00 4.6x 3.7x 0.19x 0.16x --- --- --- 44.8x --- --- --- ---

Okta Inc 15,303 OKTA OW 82.77 103.00 4.1x 3.7x 0.43x 0.35x 15.7x 10.2x 14.9x 12.8x 35.7x 25.6x 21.7x 18.6x

Palo Alto Networks Inc 172,652 PANW OW 242.83 200.00 12.8x 10.9x 0.46x 0.61x 42.4x 33.8x 44.5x 28.4x --- 46.8x 66.9x 55.6x

Qualys Inc 3,212 QLYS UW 90.02 87.00 3.4x 3.2x 0.40x 0.45x 7.7x 7.3x 8.2x 8.4x 11.7x 12.7x 11.8x 11.0x

Rapid7 Inc 503 RPD N 6.50 7.00 0.9x 0.9x -0.39x 0.80x 4.6x 4.5x 5.2x 5.3x 18.9x 27.2x 4.2x 4.2x