J.P. Morgan Enterprise Software Software Universe Comp Sheet

研报英文原文证据摘录

J.P. Morgan Enterprise Software Software Universe Comp Sheet

J.P. Morgan Software Coverage

Growth +

FTM EV/FCF adj.

Price Mkt Cap FTM CY26E CY27E EV/Rev EV/Rev EV/Rev FTM Rev FTM Op CY26E CY27E P/E P/E EV/OCF EV/FCF JPM

Ticker Company EV ($M) Op Mgn SBC

(07/22/26) ($M) ↓ Rev Rev Rev (FTM) (CY26E) (CY27E) Growth Margin PF EPS PF EPS (CY26E) (CY27E) (FTM) (FTM) Rating

(GAAP) (FTM)

(GAAP)

AAPL Apple 325.89 4,799,056 4,737,172 498,314 492,140 518,714 9.5x 9.6x 9.1x 10% 33% 43% 9.12 9.98 36x 33x 27x 33x 35x OW

MSFT Microsoft 390.34 2,906,081 2,868,071 365,729 353,087 402,998 7.8x 8.1x 7.1x 15% 46% 61% 17.61 19.91 22x 20x 15x nm nm OW

ORCL Oracle 125.84 366,824 464,471 90,056 76,519 104,853 5.2x 6.1x 4.4x 34% 29% 63% 7.55 8.90 17x 14x 16x nm nm OW

CRM Salesforce 163.00 141,973 164,912 47,098 45,760 50,026 3.5x 3.6x 3.3x 10% 35% 45% 14.23 15.60 11x 10x 11x 11x 14x NR

NET CloudFlare 268.98 100,976 100,080 2,973 2,810 3,516 33.7x 35.6x 28.5x 28% -10% 17% 1.19 1.46 nm nm 115x nm nm N

SNOW Snowflake 267.80 100,437 98,331 6,453 6,092 7,494 15.2x 16.1x 13.1x 28% -16% 12% 1.88 2.43 142x 110x 66x 64x nm OW

NOW ServiceNow 95.46 99,278 95,587 16,795 16,184 18,805 5.7x 5.9x 5.1x 20% 13% 34% 4.17 4.97 23x 19x 13x 16x nm OW

DDOG Datadog 245.77 89,640 85,866 4,479 4,320 5,034 19.2x 19.9x 17.1x 22% 1% 23% 2.41 2.72 102x 90x 60x 72x nm OW

ADBE Adobe 218.36 87,868 88,887 27,466 26,555 28,481 3.2x 3.3x 3.1x 9% 36% 45% 24.40 26.19 9x 8x 9x 8x 10x OW

INTU Intuit 284.47 78,628 78,010 23,302 22,386 24,899 3.3x 3.5x 3.1x 11% 29% 40% 25.53 27.09 11x 11x 11x 10x 13x OW

CRWV CoreWeave 82.64 49,980 90,628 14,527 12,500 18,189 6.2x 7.2x 5.0x 133% 5% 139% (2.64) (2.21) nm nm 12x nm nm N

WDAY Workday 132.42 33,676 32,311 10,994 10,676 11,898 2.9x 3.0x 2.7x 12% 13% 25% 11.01 13.22 12x 10x 9x 10x 18x OW