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 adj.

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 (07/15/26) ($M) ↓ EV ($M) Rev Rev Rev (FTM) (CY26E) (CY27E) Growth (GAAP) (GAAP) PF EPS PF EPS (CY26E) (CY27E) (FTM) (FTM) (FTM)

All Software 53,101 53,687 7,542 7,129 8,321 5.9x 6.1x 5.4x 13% 20% 32% 27x 26x 20x 23x 30x

Pure-Play Cloud Vendors 15,949 16,536 3,209 3,075 3,532 4.2x 4.4x 3.8x 14% 15% 28% 27x 26x 17x 20x 30x

Large Cap (>$10B Market Cap) 133,873 135,558 17,611 16,735 19,503 10.9x 11.4x 9.8x 19% 24% 43% 38x 36x 29x 32x 34x

SMid Cap (<$10B Market Cap) 3,149 3,056 1,147 1,109 1,219 2.7x 2.8x 2.6x 9% 17% 25% 21x 20x 13x 17x 27x

MSFT Microsoft 395.63 2,945,465 2,907,455 365,729 353,087 402,998 7.9x 8.2x 7.2x 15% 46% 61% 17.61 19.91 22x 20x 15x nm nm

ORCL Oracle 132.49 386,208 483,855 90,056 76,519 104,853 5.4x 6.3x 4.6x 34% 29% 63% 7.55 8.90 18x 15x 16x nm nm

PLTR Palantir 133.76 320,665 312,638 8,534 7,728 11,254 36.6x 40.5x 27.8x 63% 58% 122% 1.47 2.08 91x 64x 67x 66x 70x

PANW Palo Alto Networks 354.02 288,526 282,886 13,367 12,657 14,467 21.2x 22.4x 19.6x 26% 29% 55% 3.79 4.37 93x 81x 13x 57x 89x

CRWD Crowdstrike 206.77 210,545 206,739 6,249 5,846 7,111 33.1x 35.4x 29.1x 23% 25% 48% 1.24 1.64 nm 126x 101x 107x nm

SAP SAP SE 155.91 191,536 189,017 47,210 45,734 51,055 4.0x 4.1x 3.7x 9% 30% 39% 8.40 9.86 19x 16x 15x 16x 19x

SHOP Shopify 123.55 159,768 154,025 15,536 14,821 18,380 9.9x 10.4x 8.4x 26% 18% 44% 1.89 2.39 65x 52x 55x 55x 67x

APP AppLovin 452.73 152,090 152,845 8,791 8,210 10,736 17.4x 18.6x 14.2x 43% 80% 122% 15.98 21.47 28x 21x 26x 26x 27x