FRSH Analyst Day 2026 - I'm sEXy & I Know IT

研报英文原文证据摘录

FRSH Analyst Day 2026 - I'm sEXy & I Know IT

Enterprise Software

Enterprise Software - Market Overweight

FRESHWORKS, INC. (FRSH) May 14, 2026

FRSH Analyst Day 2026 - I'm sEXy & I Know IT Rating:

Outperform

The Wolfe Byte Price: $8.42

Freshworks hosted an A-Day focused on articulating its EX-first strategy, Price Target:

raising FY28 revenue to $1.3B+ and FCF margin to 32%-34% while positioning $11

Freshservice as a broader AI-powered service operations platform. We reiterate % Upside:

30.6%our OP rating and $11 PT.

View FRSH Model

View Comp Table

Key Thoughts. FRSH used today's A-Day to reframe the investor narrative, with Company Information

management positioning the company as no longer CX/SMB-centric but an EX- 52-Week Range $7 - $16

first, increasingly upmarket platform on a path to Rule of 50 by FY28. Managment Market Cap. (MM) $2,125

delivered updated long-term targets which are a significant step up from the Enterprise Value (MM) $1,644

Shares Out. (MM) 252.4

FY28 targets they first gave in September, with FY28 revenue raised to $1.3B+ Avg. Value Traded (MM) $94.00

from $1.2B+, ending ARR to $1.4B+, op margin to 24%-26% (from 21% MP prior), SI% of Float 0.0%

FCF margin to 32%-34% (from 29% MP prior), and FCF to $425M+. Management EV/ Revenue 1.9x EV/ FCF 6.9x

attributed the step-up primarily to greater confidence in the EX opportunity, driven

by a stronger pipeline, upmarket momentum, broader product coverage across IT, 18

and higher expected NDR (108%, up from 106% in the prior LT framework) from 16

the enterprise mix shift. Freshservice is the driver, with management expecting ~ 14

12$1B of ARR by 2028 and EX rising to 70% of total ARR. Freshservice is evolving

beyond ITSM into a broader AI-powered service operations platform, with ITAM, 10