J.P. Morgan Enterprise Software Software Universe Comp Sheet

Research evidence excerpt

J.P. Morgan Enterprise Software Software Universe Comp Sheet

Broad Enterprise Software (1/3) - Sorted by Market Cap

Growth +

FTM FTM Op EV/FCF ex-

Price Mkt Cap FTM CY26E CY27E EV/Rev EV/Rev EV/Rev FTM Rev Op Mgn Margin CY26E CY27E P/E P/E EV/OCF EV/FCF SBC

Ticker Company (06/05/26) ($M) ↓ EV ($M) Rev Rev Rev (FTM) (CY26E) (CY27E) Growth (GAAP) (GAAP) EPS EPS (CY26E) (CY27E) (FTM) (FTM) (FTM)

All Software 55,094 55,242 7,316 7,065 8,286 5.7x 5.8x 5.2x 10% 20% 31% 27x 25x 19x 20x 31x

Pure-Play Cloud Vendors 15,271 15,180 2,997 2,916 3,389 4.2x 4.3x 3.8x 10% 17% 29% 25x 23x 18x 18x 35x

Large Cap (>$10B Market Cap) 146,290 146,818 17,993 17,332 20,136 11.0x 11.4x 9.8x 17% 26% 42% 39x 34x 29x 28x 33x

SMid Cap (<$10B Market Cap) 2,981 2,913 1,135 1,121 1,241 2.6x 2.6x 2.4x 7% 17% 25% 19x 19x 12x 16x 29x

MSFT Microsoft 416.67 3,102,108 3,064,098 365,729 353,087 402,998 8.4x 8.7x 7.6x 15% 46% 61% 17.61 19.91 24x 21x 16x nm nm

ORCL Oracle 213.68 622,236 717,709 82,159 76,256 104,635 8.7x 9.4x 6.9x 28% 30% 59% 7.34 8.91 29x 24x 25x nm nm

PLTR Palantir 135.53 223,489 215,430 8,500 7,727 11,225 25.3x 27.9x 19.2x 63% 58% 120% 1.46 2.06 93x 66x 74x 46x 48x

SAP SAP SE 171.77 211,020 199,701 41,244 40,136 44,777 4.8x 5.0x 4.5x 10% 30% 40% 7.35 8.64 23x 20x 18x 20x 22x

PANW Palo Alto Networks 272.05 193,428 185,989 12,712 12,657 14,467 14.6x 14.7x 12.9x 28% 31% 59% 3.77 4.36 72x 62x 10x 39x 61x

APP AppLovin 557.20 188,740 189,383 8,822 8,216 10,745 21.5x 23.1x 17.6x 43% 79% 122% 15.98 21.37 35x 26x 31x 32x 33x

CRM Salesforce 185.66 161,710 184,649 47,096 45,757 50,014 3.9x 4.0x 3.7x 10% 34% 44% 14.21 15.58 13x 12x 11x 12x 16x

CRWD Crowdstrike 671.02 173,212 168,726 5,907 5,838 7,110 28.6x 28.9x 23.7x 23% 27% 49% 4.83 6.10 139x 110x 74x 87x nm