Software Landscape Benchmarking

Research evidence excerpt

Software Landscape Benchmarking

Security Software & Analytics Comps Table – As of 7/17/26

Pricing Valuation

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

Company Market Cap Ticker Rating 7/17/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,252 AI UW 8.82 7.00 2.9x 2.7x -0.07x 0.38x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 4,003 CLBT OW 15.44 20.00 6.3x 5.2x 0.31x 0.26x 23.2x 19.1x 20.3x 16.6x 27.4x 22.4x 27.6x 23.4x

Check Point Software 14,546 CHKP OW 137.10 135.00 4.3x 4.1x 1.49x 0.67x 10.6x 9.9x 10.0x 9.3x 12.7x 11.7x 12.9x 11.7x

Crowdstrike Holdings Inc 209,482 CRWD OW 203.08 200.00 34.6x 28.5x 1.45x 1.32x --- --- --- --- --- --- --- ---

Elastic 6,486 ESTC OW 61.59 80.00 3.0x 2.5x 0.17x 0.16x 17.2x 13.2x 15.9x 14.3x --- --- 20.5x 16.4x

Fortinet Inc 120,044 FTNT UW 161.61 75.00 14.9x 13.6x 0.94x 1.39x 41.5x 37.3x 45.2x 42.4x 51.9x 49.6x 51.3x 47.8x

Gitlab Inc 5,612 GTLB N 32.72 32.00 3.8x 3.3x 0.21x 0.20x --- --- 23.9x 17.1x --- --- 40.4x 33.7x

IBM 201,803 IBM OW 212.67 250.00 3.5x 3.3x 0.80x 0.69x 12.2x 11.8x 15.9x 14.9x 17.6x 16.1x 17.4x 16.3x

JFrog Ltd 11,097 FROG OW 88.54 76.00 16.4x 13.8x 0.81x 0.73x --- 61.6x 68.7x 46.2x --- --- --- 71.4x

Netskope 5,443 NTSK OW 13.59 14.00 5.7x 4.7x 0.23x 0.20x --- --- --- 63.6x --- --- --- ---

Okta Inc 27,490 OKTA OW 149.35 120.00 7.9x 7.2x 0.79x 0.71x 30.0x 19.5x 28.7x 24.7x 65.2x 49.2x 39.0x 33.9x

Palo Alto Networks Inc 289,455 PANW OW 358.68 326.00 22.1x 18.8x 0.87x 1.05x 72.9x 58.3x 61.2x 45.4x --- 72.1x --- ---

Qualys Inc 5,688 QLYS N 159.43 139.00 6.8x 6.4x 0.80x 0.89x 15.4x 14.6x 17.6x 18.0x 25.7x 28.3x 20.9x 19.4x

Rapid7 Inc 943 RPD N 12.20 7.00 1.4x 1.4x -0.63x 1.28x 7.4x 7.2x 8.3x 8.6x 30.5x 45.3x 7.9x 8.0x