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 6/26/26

Pricing Valuation

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

Company Market Cap Ticker Rating 6/26/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,264 AI UW 8.90 7.00 3.0x 2.8x -0.07x 0.39x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 3,567 CLBT OW 13.76 20.00 5.5x 4.6x 0.28x 0.23x 20.5x 16.8x 17.8x 14.6x 24.1x 19.6x 24.6x 20.8x

Check Point Software 13,798 CHKP OW 130.05 135.00 4.0x 3.8x 1.40x 0.62x 10.0x 9.3x 9.4x 8.7x 11.9x 11.0x 12.3x 11.1x

Crowdstrike Holdings Inc 180,798 CRWD OW 701.09 800.00 29.7x 24.5x 1.25x 1.14x --- --- --- --- -- -- --- ---

Elastic 5,923 ESTC OW 56.24 80.00 2.7x 2.3x 0.15x 0.14x 15.5x 11.9x 14.3x 12.9x --- --- 18.7x 15.0x

Fortinet Inc 112,423 FTNT UW 151.35 75.00 14.0x 12.7x 0.88x 1.30x 38.8x 34.9x 42.2x 39.7x 48.5x 46.4x 48.0x 44.8x

Gitlab Inc 4,986 GTLB N 29.07 32.00 3.3x 2.8x 0.18x 0.17x --- --- 20.4x 14.6x --- --- 35.9x 30.0x

IBM 257,750 IBM OW 271.63 291.00 4.2x 4.0x 0.64x 0.76x 14.8x 14.1x 19.0x 17.7x 20.9x 19.1x 21.9x 20.1x

JFrog Ltd 10,977 FROG OW 87.58 76.00 16.2x 13.6x 0.80x 0.72x --- 60.9x 67.9x 45.6x --- --- --- 70.6x

Netskope 4,121 NTSK OW 10.29 14.00 4.2x 3.4x 0.17x 0.15x --- --- --- 46.9x --- --- --- ---

Okta Inc 22,875 OKTA OW 124.28 120.00 6.5x 5.9x 0.65x 0.58x 24.5x 15.9x 23.5x 20.2x 53.3x 40.2x 32.4x 28.2x

Palo Alto Networks Inc 245,489 PANW OW 304.20 326.00 18.7x 15.8x 0.67x 0.88x 61.6x 49.2x 51.7x 38.4x --- 61.0x --- 69.6x

Qualys Inc 4,398 QLYS UW 123.27 87.00 5.1x 4.7x 0.59x 0.66x 11.4x 10.8x 12.2x 12.4x 17.3x 18.8x 16.2x 15.0x

Rapid7 Inc 589 RPD N 7.61 7.00 1.0x 1.0x -0.44x 0.89x 5.1x 5.0x 5.8x 6.0x 21.2x 31.5x 4.9x 5.0x