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 7/10/26

Pricing Valuation

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

Company Market Cap Ticker Rating 7/10/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,271 AI UW 8.95 7.00 3.0x 2.8x -0.07x 0.39x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 4,132 CLBT OW 15.94 20.00 6.5x 5.4x 0.32x 0.27x 24.0x 19.8x 21.0x 17.2x 28.4x 23.2x 28.5x 24.2x

Check Point Software 13,973 CHKP OW 131.70 135.00 4.1x 3.9x 1.42x 0.63x 10.1x 9.5x 9.6x 8.9x 12.1x 11.1x 12.4x 11.2x

Crowdstrike Holdings Inc 48,270 CRWD OW 187.18 200.00 7.5x 6.2x 0.31x 0.29x 25.9x 20.9x 24.8x 19.3x --- 46.2x --- ---

Elastic 6,344 ESTC OW 60.24 80.00 2.9x 2.5x 0.16x 0.15x 16.8x 12.9x 15.5x 13.9x --- --- 20.1x 16.0x

Fortinet Inc 116,998 FTNT UW 157.51 75.00 14.5x 13.2x 0.91x 1.35x 40.4x 36.3x 44.0x 41.3x 50.6x 48.3x 50.0x 46.6x

Gitlab Inc 5,561 GTLB N 32.42 32.00 3.8x 3.2x 0.21x 0.20x --- --- 23.6x 16.9x --- --- 40.0x 33.4x

IBM 272,866 IBM OW 287.56 291.00 4.4x 4.2x 0.67x 0.80x 15.5x 14.8x 19.9x 18.6x 22.0x 20.1x 23.2x 21.2x

JFrog Ltd 11,373 FROG OW 90.74 76.00 16.8x 14.1x 0.83x 0.74x --- 63.3x 70.5x 47.4x --- --- --- 73.2x

Netskope 4,934 NTSK OW 12.32 14.00 5.2x 4.2x 0.20x 0.18x --- --- --- 57.2x --- --- --- ---

Okta Inc 25,516 OKTA OW 138.63 120.00 7.3x 6.6x 0.73x 0.65x 27.6x 17.9x 26.5x 22.7x 60.1x 45.4x 36.2x 31.4x

Palo Alto Networks Inc 263,009 PANW OW 325.91 326.00 20.1x 17.0x 0.79x 0.95x 66.1x 52.8x 55.5x 41.2x --- 65.4x --- 74.6x

Qualys Inc 5,448 QLYS N 152.69 139.00 6.5x 6.1x 0.76x 0.85x 14.7x 13.9x 16.7x 17.1x 24.4x 26.9x 20.0x 18.6x

Rapid7 Inc 864 RPD N 11.17 7.00 1.3x 1.3x -0.58x 1.19x 6.9x 6.7x 7.8x 8.0x 28.4x 42.2x 7.3x 7.3x