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 6/18/26

Pricing Valuation

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

Company Market Cap Ticker Rating 6/18/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,462 AI UW 10.30 7.00 3.9x 3.7x -0.10x 0.51x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 3,326 CLBT OW 12.83 20.00 5.1x 4.2x 0.25x 0.21x 18.9x 15.5x 16.4x 13.5x 22.2x 18.1x 22.9x 19.4x

Check Point Software 12,979 CHKP OW 122.33 135.00 3.8x 3.5x 1.30x 0.58x 9.3x 8.7x 8.7x 8.1x 11.1x 10.2x 11.5x 10.4x

Crowdstrike Holdings Inc 176,612 CRWD OW 684.86 800.00 29.0x 23.9x 1.22x 1.11x --- --- --- 75.0x -- -- --- ---

Elastic 6,210 ESTC OW 58.97 80.00 2.8x 2.4x 0.16x 0.15x 16.3x 12.6x 15.1x 13.6x --- --- 19.7x 15.7x

Fortinet Inc 107,505 FTNT UW 144.73 75.00 13.3x 12.1x 0.84x 1.24x 37.0x 33.3x 40.3x 37.9x 46.3x 44.3x 45.9x 42.8x

Gitlab Inc 4,555 GTLB N 26.56 32.00 2.9x 2.5x 0.16x 0.15x --- --- 18.0x 12.9x --- --- 32.8x 27.4x

IBM 236,371 IBM N 249.10 270.00 3.9x 3.7x 0.59x 0.71x 13.7x 13.1x 17.6x 16.4x 19.4x 17.7x 20.1x 18.4x

JFrog Ltd 10,368 FROG OW 82.72 76.00 15.2x 12.8x 0.76x 0.67x --- 57.3x 63.9x 42.9x --- --- --- 66.7x

Netskope 3,624 NTSK OW 9.05 14.00 3.7x 3.0x 0.15x 0.13x --- 73.5x --- 40.7x --- --- --- ---

Okta Inc 21,684 OKTA OW 117.81 120.00 6.1x 5.5x 0.61x 0.54x 23.1x 15.0x 22.1x 19.0x 50.2x 37.9x 30.8x 26.7x

Palo Alto Networks Inc 232,238 PANW OW 287.78 326.00 17.7x 15.0x 0.63x 0.84x 58.2x 46.5x 48.8x 36.2x --- 57.6x --- 65.9x

Qualys Inc 3,971 QLYS UW 111.30 87.00 4.5x 4.2x 0.52x 0.58x 10.1x 9.5x 10.8x 11.0x 15.3x 16.6x 14.6x 13.5x

Rapid7 Inc 520 RPD N 6.73 7.00 0.9x 0.9x -0.40x 0.82x 4.7x 4.6x 5.3x 5.5x 19.4x 28.9x 4.4x 4.4x