Procore Technologies Inc: Assessing AI Risk And The 2QF26 Setup

研报英文原文证据摘录

Procore Technologies Inc: Assessing AI Risk And The 2QF26 Setup

Global Research

27 July 2026ab

Procore Technologies Inc Equities

United StatesAssessing AI Risk And The 2QF26 Setup

Software

12-month rating Buy

Summary Post 8 Customer Checks

The debate on PCOR shares have increasingly become centered on whether PCOR 12m price target US$68.00

should be viewed primarily as a workflow platform—consistent with its roots in project

management—and therefore face a longer-term risk profile more akin to horizontal

Price (24 Jul 2026) US$42.83

workflow vendors, or whether it is better understood as a more deeply embedded and

resilient central repository and automation platform for construction. After speaking RIC: PCOR.N BBG: PCOR US

with 8 customers, our checks were more supportive of PCOR’s AI defensibility than we

Trading data and key metrics

expected and largely pushed back on the bear case that the company is merely a

52-wk range US$79.60-38.30

workflow tool at high risk of disintermediation. At the same time, our checks and

broader construction indicators continue to point to a stable demand environment, Market cap. US$6.39b

supported by strength in data centers, infrastructure, power, healthcare, and industrial Shares o/s 149m (COM)

projects. As a result, we continue to see a path to ~15–16% Y/Y revs growth in 2QF26— Free float 88%

broadly consistent with recent quarters—and believe PCOR is capable of sustaining Avg. daily volume ('000) 640

similar growth levels beyond in the future. Against that backdrop, and with potential for Avg. daily value (m) US$29.7

continued margin expansion driving 20–30%+ FCF growth over the next couple years, Common s/h equity (12/26E) US$1.41b

we continue to like the setup at ~17x CY27 EV/FCF. P/BV (12/26E) 4.6x

Net debt to EBITDA (12/26E) NM