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 7/24/26

Pricing Valuation

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

Company Market Cap Ticker Rating 7/24/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,157 AI UW 8.15 7.00 2.5x 2.3x --- 0.32x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 3,685 CLBT OW 14.22 20.00 5.7x 4.8x 0.29x 0.24x 21.1x 17.4x 18.5x 15.1x 25.0x 20.4x 25.4x 21.5x

Check Point Software 13,853 CHKP OW 130.57 135.00 4.1x 3.8x 1.41x 0.63x 10.0x 9.4x 9.5x 8.8x 12.0x 11.0x 12.3x 11.1x

Crowdstrike Holdings Inc 189,037 CRWD OW 183.26 200.00 31.1x 25.6x 1.31x 1.19x --- --- --- --- --- --- --- ---

Elastic 6,180 ESTC OW 58.68 80.00 2.8x 2.4x 0.16x 0.15x 16.3x 12.5x 15.0x 13.5x --- --- 19.6x 15.6x

Fortinet Inc 113,180 FTNT UW 152.37 75.00 14.1x 12.8x 0.88x 1.31x 39.0x 35.1x 42.5x 39.9x 48.9x 46.7x 48.4x 45.1x

Gitlab Inc 5,365 GTLB N 31.28 32.00 3.6x 3.1x 0.20x 0.19x --- --- 22.5x 16.1x --- --- 38.6x 32.2x

IBM 203,245 IBM OW 214.19 250.00 3.5x 3.3x 0.69x 0.63x 12.1x 11.6x 15.5x 14.6x 17.3x 15.8x 17.3x 16.0x

JFrog Ltd 10,047 FROG OW 80.16 76.00 14.7x 12.4x 0.73x 0.65x --- 55.4x 61.7x 41.5x --- --- --- 64.6x

Netskope 4,618 NTSK OW 11.53 14.00 4.8x 3.9x 0.19x 0.17x --- --- --- 53.2x --- --- --- ---

Okta Inc 25,492 OKTA OW 138.50 120.00 7.3x 6.6x 0.73x 0.65x 27.6x 17.9x 26.5x 22.7x 60.0x 45.3x 36.2x 31.4x

Palo Alto Networks Inc 261,299 PANW OW 323.79 326.00 19.8x 16.7x 0.75x 0.90x 63.4x 50.6x 55.1x 40.9x --- 65.0x --- 72.0x

Qualys Inc 4,905 QLYS N 137.48 139.00 5.8x 5.4x 0.67x 0.75x 13.0x 12.3x 14.8x 15.1x 21.6x 23.8x 18.0x 16.7x

Rapid7 Inc 734 RPD N 9.49 7.00 1.1x 1.1x --- 1.05x 6.1x 5.9x 6.8x 7.0x 25.0x 37.2x 6.2x 6.2x