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 (07/29/26) ($M) ↓ EV ($M) Rev Rev Rev (FTM) (CY26E) (CY27E) Growth (GAAP) (GAAP) PF EPS PF EPS (CY26E) (CY27E) (FTM) (FTM) (FTM)

All Software 52,444 53,048 7,560 7,129 8,322 5.8x 6.0x 5.3x 13% 20% 32% 26x 26x 20x 23x 31x

Pure-Play Cloud Vendors 16,737 17,400 3,261 3,124 3,581 4.4x 4.6x 3.9x 14% 15% 28% 25x 24x 18x 20x 33x

Large Cap (>$10B Market Cap) 129,439 131,180 17,332 16,435 19,149 10.4x 10.9x 9.4x 19% 25% 43% 33x 35x 28x 31x 34x

SMid Cap (<$10B Market Cap) 3,167 3,043 1,135 1,092 1,203 2.8x 2.9x 2.6x 9% 16% 25% 22x 21x 14x 17x 29x

MSFT Microsoft 390.54 2,907,570 2,869,560 365,729 353,087 402,998 7.8x 8.1x 7.1x 15% 46% 61% 17.61 19.91 22x 20x 15x nm nm

ORCL Oracle 117.74 343,212 440,859 90,056 76,519 104,853 4.9x 5.8x 4.2x 34% 29% 63% 7.55 8.90 16x 13x 15x nm nm

PLTR Palantir 123.00 294,869 286,843 8,539 7,727 11,258 33.6x 37.1x 25.5x 63% 58% 122% 1.48 2.08 83x 59x 62x 61x 64x

PANW Palo Alto Networks 314.15 256,032 250,392 13,378 12,659 14,498 18.7x 19.8x 17.3x 26% 29% 56% 3.79 4.40 83x 71x 12x 51x 79x

SAP SAP SE 185.99 228,491 225,234 48,468 45,780 51,118 4.6x 4.9x 4.4x 9% 30% 39% 8.22 9.64 23x 19x 17x 18x 20x

CRWD Crowdstrike 179.38 182,655 178,848 6,247 5,843 7,110 28.6x 30.6x 25.2x 23% 25% 48% 1.19 1.52 nm 118x 80x 93x nm

SHOP Shopify 129.17 167,035 161,292 15,536 14,826 18,356 10.4x 10.9x 8.8x 26% 18% 44% 1.94 2.41 67x 54x 57x 57x 70x

CRM Salesforce 188.38 164,079 187,018 47,101 45,759 50,034 4.0x 4.1x 3.7x 10% 35% 45% 14.24 15.63 13x 12x 12x 12x 16x