Security Software – Large Cap / Mid & Small Cap Comp Sheet

Research evidence excerpt

Security Software – Large Cap / Mid & Small Cap Comp Sheet

J.P. Morgan Security Software Comps Table – As of 5/22/26

Pricing Valuation

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

Company Market Cap Ticker Rating 5/22/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,319 AI UW 9.29 7.00 2.7x 2.6x -0.09x 0.35x --- 28.7x --- 15.6x --- --- --- 37.5x

Cellebrite DI Ltd 3,417 CLBT OW 13.18 20.00 5.2x 4.4x 0.26x 0.22x 19.5x 16.0x 16.9x 13.9x 22.9x 18.7x 23.5x 20.0x

Check Point Software 14,178 CHKP OW 133.63 135.00 4.2x 3.9x 1.45x 0.65x 10.3x 9.6x 9.7x 9.0x 12.3x 11.3x 12.6x 11.4x

Crowdstrike Holdings Inc 171,261 CRWD OW 663.46 475.00 28.2x 23.2x 1.21x 1.08x --- --- --- 72.9x --- --- --- ---

Elastic 5,821 ESTC OW 54.81 99.00 2.7x 2.3x 0.15x 0.16x 16.4x 31.3x 14.9x 13.4x --- --- 19.7x 16.3x

Fortinet Inc 99,483 FTNT UW 133.93 75.00 12.3x 11.2x 0.77x 1.14x 34.2x 30.7x 37.2x 35.0x 42.8x 40.9x 42.5x 39.6x

Gitlab Inc 4,601 GTLB N 26.73 28.00 3.0x 2.6x 0.17x 0.16x --- --- 16.5x 13.6x --- --- 33.4x 29.1x

IBM 240,869 IBM N 253.84 270.00 3.9x 3.7x 0.60x 0.72x 13.9x 13.3x 17.9x 16.7x 19.7x 18.0x 20.5x 18.7x

JFrog Ltd 9,274 FROG OW 73.99 76.00 13.5x 11.3x 0.67x 0.60x 71.7x 50.8x 56.6x 38.0x --- --- --- 59.7x

Netskope 4,636 NTSK OW 11.75 19.00 4.8x 3.9x 0.20x 0.17x --- --- --- 47.2x --- --- --- ---

Okta Inc 17,054 OKTA OW 92.24 103.00 4.7x 4.2x 0.49x 0.40x 17.8x 11.6x 16.9x 14.5x 40.4x 29.0x 24.1x 20.8x

Palo Alto Networks Inc 185,272 PANW OW 260.58 200.00 13.8x 11.7x 0.49x 0.65x 45.6x 36.4x 47.9x 30.5x --- 50.4x 71.8x 59.6x

Qualys Inc 3,652 QLYS UW 102.37 87.00 4.0x 3.8x 0.47x 0.52x 9.1x 8.6x 9.7x 9.9x 13.8x 15.0x 13.4x 12.5x

Rapid7 Inc 562 RPD N 7.27 7.00 0.9x 0.9x -0.42x 0.86x 5.0x 4.8x 5.6x 5.8x 20.5x 30.5x 4.7x 4.8x