Monthly Software Valuation Recap; June 2026

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Monthly Software Valuation Recap; June 2026

RBC Capital Markets, LLC

Matthew Hedberg (Head of

Global TIMT Research)

(612) 313-1293,

matthew.hedberg@rbccm.com

Rishi Jaluria (Analyst)

(415) 633-8798,

rishi.jaluria@rbccm.com

July 1, 2026 Matthew Swanson (Analyst)

(612) 313-1237,

matthew.swanson@rbccm.com Monthly Software Valuation Recap; June 2026 Dan Bergstrom (Analyst)

(612) 313-1254,RESEARCH Our view: Within this report we outline valuations and returns in software over the last month and note dan.bergstrom@rbccm.com

RBC covered companies appear in bold throughout the report. Simran Biswal (AVP)

(646) 618-6894,

All you need to know. Software stocks were mixed in June following a strong May, though overall simran.biswal@rbccm.com Michael Richards (AVP)

the group has been acting better since bottoming on April 10. That said, the bifurcation of software (332) 204-5767,

continues between cyber/infra/data leaders which have seen expanding multiples and the rest of michael.richards@rbccm.com

software as AI headline risk and ongoing RIFs persist for SaaS apps. As we near second quarter earnings, Max Persico, CFA (Senior

Associate)

we believe software fundamentals remain relatively solid, though perceived AI leaders have generally (646) 618-6895,EQUITY performed better. Our focus remains on ideas that can accelerate growth, benefit from AI trends/be max.persico@rbccm.com

relatively insulated from AI narrative risks, and have idiosyncratic drivers. We'd note software valuations

remain depressed, but have rebounded off of 52-week lows in April as the RBC All-SaaS Index now trades

at 4.8x NTM EV/S vs. 5.3x in May and a 52-week low of 4.0x on April 10. From here we look forward to

our July Software Bus Tour next week when we look to dig into AI monetization/adoption, moats in an