J.P. Morgan Enterprise Software: Software Universe Comp Sheet & Events Calendar

Research evidence excerpt

J.P. Morgan Enterprise Software: Software Universe Comp Sheet & Events Calendar

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 (07/08/26) ($M) ↓ EV ($M) Rev Rev Rev (FTM) (CY26E) (CY27E) Growth (GAAP) (GAAP) PF EPS PF EPS (CY26E) (CY27E) (FTM) (FTM) (FTM)

All Software 52,204 52,859 7,542 7,130 8,322 5.8x 6.1x 5.3x 13% 20% 32% 27x 26x 20x 23x 30x

Pure-Play Cloud Vendors 15,957 16,635 3,265 3,131 3,588 4.2x 4.4x 3.7x 14% 16% 30% 26x 25x 17x 20x 28x

Large Cap (>$10B Market Cap) 134,336 136,171 17,914 17,025 19,847 11.0x 11.5x 9.8x 19% 24% 43% 38x 37x 30x 33x 34x

SMid Cap (<$10B Market Cap) 3,139 3,088 1,180 1,140 1,254 2.7x 2.8x 2.5x 9% 17% 25% 20x 19x 13x 17x 27x

MSFT Microsoft 383.34 2,853,966 2,815,956 365,729 353,087 402,998 7.7x 8.0x 7.0x 15% 46% 61% 17.61 19.91 22x 19x 15x nm nm

ORCL Oracle 140.49 409,528 507,175 90,056 76,519 104,853 5.6x 6.6x 4.8x 34% 29% 63% 7.55 8.90 19x 16x 17x nm nm

PLTR Palantir 132.22 316,973 309,158 8,534 7,728 11,254 36.2x 40.0x 27.5x 63% 58% 122% 1.47 2.08 90x 64x 67x 66x 69x

PANW Palo Alto Networks 320.59 261,281 256,360 13,367 12,657 14,467 19.2x 20.3x 17.7x 26% 29% 55% 3.79 4.37 85x 73x 12x 52x 81x

CRWD Crowdstrike 191.12 194,610 190,878 6,249 5,846 7,111 30.5x 32.7x 26.8x 23% 25% 48% 1.18 1.51 nm 126x 93x 99x nm

SAP SAP SE 157.42 193,391 190,872 47,151 45,854 51,173 4.0x 4.2x 3.7x 9% 30% 39% 8.39 9.84 19x 16x 15x 16x 19x

APP AppLovin 522.18 175,421 176,176 8,791 8,214 10,744 20.0x 21.4x 16.4x 43% 80% 122% 15.99 21.43 33x 24x 30x 30x 32x

SHOP Shopify 119.22 154,169 148,605 15,521 14,819 18,377 9.6x 10.0x 8.1x 26% 18% 44% 1.89 2.37 63x 50x 53x 53x 65x