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 7/31/26

Pricing Valuation

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

Company Market Cap Ticker Rating 7/31/2026 PT CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27 CY26 CY27

C3.ai Inc 1,303 AI UW 9.18 7.00 3.2x 3.0x --- 0.41x --- --- --- --- --- --- --- ---

Cellebrite DI Ltd 3,824 CLBT OW 14.75 20.00 6.0x 5.0x 0.30x 0.25x 22.0x 18.2x 19.2x 15.8x 26.0x 21.2x 26.3x 22.3x

Check Point Software 13,158 CHKP N 127.13 135.00 3.9x 3.7x 1.33x 0.60x 9.6x 9.0x 9.0x 8.4x 11.3x 10.5x 12.0x 10.9x

Crowdstrike Holdings Inc 196,877 CRWD OW 190.86 200.00 32.4x 26.7x 1.36x 1.24x --- --- --- --- --- --- --- ---

Elastic 6,928 ESTC OW 65.79 80.00 3.2x 2.7x 0.18x 0.17x 18.5x 14.2x 17.1x 15.4x --- --- 21.9x 17.5x

Fortinet Inc 119,827 FTNT UW 161.95 118.00 14.8x 13.1x 0.94x 0.99x 37.9x 33.6x 41.1x 35.9x 46.3x 40.3x 47.2x 42.8x

Gitlab Inc 5,919 GTLB N 34.51 32.00 4.1x 3.5x 0.23x 0.22x --- --- 25.7x 18.4x --- --- 42.6x 35.6x

IBM 212,221 IBM OW 223.65 250.00 3.6x 3.4x 0.71x 0.65x 12.6x 12.0x 16.1x 15.1x 17.9x 16.4x 18.0x 16.7x

JFrog Ltd 10,001 FROG OW 79.79 100.00 14.7x 12.3x 0.73x 0.65x --- 55.1x 74.1x 47.0x --- --- --- 64.3x

Netskope 5,042 NTSK OW 12.59 14.00 5.3x 4.3x 0.21x 0.19x --- --- --- 58.5x --- --- --- ---

Okta Inc 26,124 OKTA OW 141.93 120.00 7.5x 6.8x 0.75x 0.67x 28.3x 18.4x 27.2x 23.3x 61.7x 46.6x 37.1x 32.2x

Palo Alto Networks Inc 267,787 PANW OW 331.83 326.00 20.3x 17.1x 0.77x 0.92x 65.0x 51.9x 56.5x 41.9x --- 66.6x --- 73.7x

Qualys Inc 5,165 QLYS N 144.75 150.00 6.1x 5.7x 0.72x 0.80x 13.8x 13.0x 15.7x 16.1x 23.0x 25.3x 19.0x 17.6x

Rapid7 Inc 746 RPD N 9.65 7.00 1.2x 1.1x --- 1.07x 6.1x 6.0x 6.9x 7.1x 25.3x 37.7x 6.3x 6.3x