Procore Technologies Inc: Strong Execution & A Compelling Acquisition

研报英文原文证据摘录

Procore Technologies Inc: Strong Execution & A Compelling Acquisition

Global Research

30 July 2026ab

Procore Technologies Inc Equities

United StatesStrong Execution & A Compelling Acquisition

Software

12-month rating Buy

2QF26 Earnings Summary

PCOR delivered a solid quarter across the board, highlighted by a larger revs beat and 12m price target US$75.00

healthy bookings performance reflected in cRPO, reinforcing confidence in the durability Prior : US$68.00

of mid-teens growth. Also, the 25% FY27 operating margin target implies 600bps of Y/

Price (30 Jul 2026) US$53.79

Y margin expansion and underscores the significant margin and FCF upside still

embedded in the model. We view the $845M acquisition of DroneDeploy, PCOR’s RIC: PCOR.N BBG: PCOR US

largest to-date, as a strategically compelling move that aligns closely with themes from

Trading data and key metrics

our recent AI deep-dive (see HERE), where customers were particularly enthusiastic

52-wk range US$79.60-38.30

about the reality capture AI opportunity to manage construction sites and track

progress. Combined with the DataGrid acquisition and the rollout of Digital Coworker Market cap. US$8.03b

packages, we believe PCOR is making thoughtful investments to strengthen its position Shares o/s 149m (COM)

as an AI-enabled construction platform, an opportunity that we think could be Free float 88%

underappreciated if PCOR executes. While our FY27 13% Y/Y revs growth estimate Avg. daily volume ('000) 648

remains largely unchanged, the quarter increases our conviction in the durability of Avg. daily value (m) US$29.9

growth and we’re raising our FY27 FCF to $445M from $360M given the new margin Common s/h equity (12/26E) US$1.43b

outlook.