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Ranked Software R&D Return Coverage (174 Scored Companies)

Explore full SEC 10-K/10-Q DCF equity research reports for every ranked software company in the R&D Return Benchmark.

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R&D Return 2×2

x = R&D % of revenue (FY) · y = new gross profit per R&D dollar (FY)

MITK: not scored (missing_gross_profit)

R&D intensityModerate 15.78%p39TTM

How this is calculated

How R&D intensity is graded

Intensity = R&D ÷ revenue from the same period. The grade uses TTM when that period end is fresh; otherwise the latest fiscal year if that end is fresh; otherwise the name is ungraded. Bands describe spend level, not quality.

Freshness is form-aware: quarterly filers 120 days; annual-only 20-F/40-F 15 months past FY end.
Very High ≥ 30% · High 20–30% · Moderate 10–20% · Low 5–10% · Very Low under 5%.
Peer percentile sits next to the band for context. It is not the grade.
Missing R&D or revenue: ungraded. Negative R&D: data flag. Over 100%: Very High, manual review.

As of 2026-10-17.

Rank↑

Ticker

Quadrant

Grade

Intensity (FY)

Intensity (TTM)

R&D Return

Revenue (FY)

R&D (FY)

Flags

Action

CRWV

CoreWeave, Inc.

Harvesters

AAA

6.86%

5.57%

$40.29

$5.13B

$352.0M

missing_capitalized_software

Research Model

DLO

DLocal Limited

Harvesters

AAA

2.81%

—

$4.22

$1.09B

$30.7M

—

Research Model

AIOT

PowerFleet, Inc.

Harvesters

AAA

4.14%

3.97%

$3.23

$443.8M

$18.4M

missing_capitalized_software

Research Model

PLTR

Palantir Technologies Inc.

Harvesters

AAA

12.46%

10.42%

$2.73

$4.48B

$557.7M

missing_capitalized_software

Research Model

GEN

Gen Digital Inc.

Harvesters

AAA

8.18%

8.23%

$2.32

$5.00B

$409.0M

missing_capitalized_software

Research Model

GRND

Grindr Inc.

Harvesters

AAA

11.12%

12.15%

$2.14

$439.9M

$48.9M

missing_capitalized_software

Research Model

ZETA

Zeta Global Holdings Corp.

Harvesters

AAA

8.98%

9.36%

$2.04

$1.30B

$117.2M

—

Research Model

NYAX

Nayax Ltd.

Harvesters

AAA

7.48%

—

$2.03

$400.4M

$30.0M

missing_capitalized_software

Research Model

MNTN

MNTN, Inc.

Harvesters

AAA

16.97%

19.11%

$1.91

$290.1M

$49.2M

missing_capitalized_software

Research Model

#10

APPS

Digital Turbine, Inc.

Harvesters

AAA

7.16%

6.82%

$1.68

$565.3M

$40.5M

—

Research Model

#11

FICO

Fair Isaac Corporation

Harvesters

AAA

9.46%

8.71%

$1.56

$1.99B

$188.3M

missing_capitalized_software

Research Model

#12

CHYM

Chime Financial, Inc.

Compounders

AAA

42.75%

18.61%

$1.48

$2.19B

$934.9M

missing_capitalized_software

Research Model

#13

SPSC

SPS COMMERCE INC

Harvesters

AAA

9.14%

8.91%

$1.48

$751.5M

$68.7M

missing_capitalized_software

Research Model

#14

GLOO

Gloo Holdings, Inc.

Compounders

AAA

25.08%

15.57%

$1.45

$94.7M

$23.7M

missing_capitalized_software

Research Model

#15

PGY

Pagaya Technologies Ltd.

Harvesters

AAA

5.96%

5.33%

$1.37

$1.26B

$75.2M

—

Research Model

#16

AVPT

AvePoint, Inc.

Harvesters

AAA

12.54%

12.28%

$1.29

$419.5M

$52.6M

missing_capitalized_software

Research Model

#17

TYL

TYLER TECHNOLOGIES INC

Harvesters

AAA

8.77%

9.40%

$1.25

$2.33B

$204.6M

—

Research Model

#18

TOST

Toast, Inc.

Harvesters

AAA

6.08%

5.95%

$1.15

$6.15B

$374.0M

—

Research Model

#19

PRGS

Progress Software Corporation

Harvesters

19.66%

19.53%

$1.14

$977.8M

$192.3M

missing_capitalized_software

Research Model

#20

PAY

Paymentus Holdings, Inc.

Harvesters

5.14%

4.62%

$1.13

$1.20B

$61.5M

missing_capitalized_software

Research Model

#21

NAVN

Navan, Inc.

Compounders

21.54%

20.96%

$1.09

$702.3M

$151.2M

missing_capitalized_software

Research Model

#22

MNDY

monday.com Ltd.

Compounders

26.04%

—

$1.08

$1.23B

$320.8M

missing_capitalized_software

Research Model

#23

UBER

Uber Technologies, Inc

Harvesters

6.54%

6.77%

$1.08

$52.02B

$3.40B

missing_capitalized_software

Research Model

#24

PTC

PTC INC.

Harvesters

16.71%

16.06%

$1.02

$2.74B

$457.7M

missing_capitalized_software

Research Model

#25

CVLT

Commvault Systems, Inc.

Harvesters

13.70%

13.30%

$0.98

$1.18B

$162.2M

missing_capitalized_software

Research Model

#26

VRSN

VeriSign, Inc.

Harvesters

6.25%

6.26%

$0.98

$1.66B

$103.6M

—

Research Model

#27

MSFT

Microsoft Corporation

Harvesters

10.72%

$0.97

$331.84B

$35.56B

missing_capitalized_software

Research Model

#28

IOT

Samsara Inc.

Compounders

21.29%

20.34%

$0.97

$1.62B

$344.6M

missing_capitalized_software

Research Model

#29

FTNT

Fortinet, Inc.

Harvesters

11.99%

11.24%

$0.94

$6.80B

$815.5M

missing_capitalized_software

Research Model

#30

LIF

Life360, Inc.

Compounders

26.23%

26.62%

$0.90

$489.5M

$128.4M

—

Research Model

#31

DUOL

Duolingo, Inc.

Compounders

29.52%

29.47%

$0.87

$1.04B

$306.3M

—

Research Model

#32

KVYO

Klaviyo, Inc.

Compounders

23.60%

23.13%

$0.86

$1.23B

$291.2M

—

Research Model

#33

VERX

Vertex, Inc.

Harvesters

11.19%

11.63%

$0.83

$748.4M

$83.7M

missing_capitalized_software

Research Model

#34

RBRK

Rubrik, Inc.

Compounders

28.39%

28.59%

$0.82

$1.32B

$373.7M

missing_capitalized_software

Research Model

#35

SAIL

SailPoint, Inc.

Compounders

20.81%

19.86%

$0.79

$1.07B

$223.0M

—

Research Model

#36

ROP

ROPER TECHNOLOGIES INC

Harvesters

10.79%

—

$0.79

$7.90B

$852.5M

—

Research Model

#37

SHOP

SHOPIFY INC.

Harvesters

13.29%

12.41%

$0.79

$11.56B

$1.54B

missing_capitalized_software

Research Model

#38

Zscaler, Inc.

Compounders

26.95%

$0.77

$3.35B

$903.4M

missing_capitalized_software

Research Model

#39

PAR

PAR TECHNOLOGY CORP

Harvesters

17.95%

17.23%

$0.77

$455.5M

$81.8M

—

Research Model

#40

NET

Cloudflare

Compounders

23.64%

22.82%

$0.77

$2.17B

$512.5M

missing_capitalized_software

Research Model

#41

WLTH

Wealthfront Corporation

Compounders

58.20%

64.22%

$0.76

$365.0M

$212.4M

—

Research Model

#42

GOOG

Alphabet

Harvesters

15.16%

15.47%

$0.74

$402.84B

$61.09B

missing_capitalized_software

Research Model

#43

ADP

Automatic Data Processing, Inc.

Harvesters

4.69%

$0.73

$21.95B

$1.03B

missing_capitalized_software

Research Model

#44

PEGA

Pegasystems Inc.

Harvesters

17.91%

18.76%

$0.73

$1.75B

$312.7M

missing_capitalized_software

Research Model

#45

DSGX

The Descartes Systems Group Inc.

Harvesters

14.45%

—

$0.73

$729.0M

$105.3M

missing_capitalized_software

Research Model

#46

XNET

Xunlei Ltd

Harvesters

17.38%

—

$0.70

$460.4M

$80.0M

missing_capitalized_software

Research Model

#47

Dynatrace, Inc.

Compounders

23.50%

23.96%

$0.70

$2.02B

$474.3M

—

Research Model

#48

GRAB

Grab Holdings Limited

Harvesters

12.70%

—

$0.69

$3.37B

$428.0M

—

Research Model

#49

ADSK

Autodesk, Inc.

Compounders

22.80%

22.09%

$0.68

$7.21B

$1.64B

missing_capitalized_software

Research Model

#50

GTLB

GitLab Inc.

Compounders

28.74%

28.82%

$0.67

$955.2M

$274.6M

missing_capitalized_software

Research Model

#51

Workiva Inc.

Compounders

24.29%

22.43%

$0.66

$884.6M

$214.8M

missing_capitalized_software

Research Model

#52

GWRE

Guidewire Software, Inc.

Compounders

23.05%

$0.66

$1.48B

$340.1M

missing_capitalized_software

Research Model

#53

PANW

Palo Alto Networks Inc

Compounders

BBB

22.23%

$0.66

$11.48B

$2.55B

missing_capitalized_software

Research Model

#54

TTAN

ServiceTitan, Inc.

Compounders

BBB

31.49%

32.78%

$0.66

$961.0M

$302.6M

—

Research Model

#55

PAYC

Paycom Software, Inc.

Harvesters

BBB

13.81%

12.09%

$0.65

$2.05B

$283.4M

—

Research Model

#56

FRSH

Freshworks Inc.

Harvesters

BBB

19.46%

19.51%

$0.64

$838.8M

$163.2M

—

Research Model

#57

CALX

CALIX, INC

Harvesters

BBB

19.04%

18.72%

$0.64

$1.00B

$190.4M

missing_capitalized_software

Research Model

#58

BRZE

Braze, Inc.

Compounders

BBB

22.64%

21.63%

$0.64

$738.2M

$167.1M

—

Research Model

#59

CLBT

Cellebrite DI Ltd.

Compounders

BBB

23.94%

—

$0.63

$475.7M

$113.9M

missing_capitalized_software

Research Model

#60

NOW

ServiceNow

Compounders

BBB

22.29%

22.14%

$0.63

$13.28B

$2.96B

missing_capitalized_software

Research Model

#61

PCTY

Paylocity Holding Corp

Harvesters

BBB

13.41%

$0.62

$1.65B

$221.4M

missing_capitalized_software

Research Model

#62

PDFS

PDF SOLUTIONS INC

Compounders

BBB

29.33%

29.16%

$0.62

$219.0M

$64.2M

missing_capitalized_software

Research Model

#63

ESTC

Elastic N.V.

Compounders

BBB

25.98%

25.26%

$0.60

$1.74B

$451.9M

—

Research Model

#64

TCX

TUCOWS INC /PA/

Harvesters

BBB

4.56%

4.65%

$0.59

$390.3M

$17.8M

missing_capitalized_software

Research Model

#65

CRWD

CrowdStrike

Compounders

BBB

28.78%

28.84%

$0.59

$4.81B

$1.38B

—

Research Model

#66

APPF

APPFOLIO INC

Harvesters

BBB

20.03%

19.27%

$0.58

$950.8M

$190.4M

—

Research Model

#67

PERF

Perfect Corp.

Compounders

BBB

22.28%

—

$0.55

$69.2M

$15.4M

—

Research Model

#68

CRM

Salesforce

Harvesters

BBB

14.43%

14.49%

$0.55

$41.52B

$5.99B

missing_capitalized_software

Research Model

#69

SMWB

SIMILARWEB LTD.

Compounders

BBB

25.69%

—

$0.53

$282.6M

$72.6M

—

Research Model

#70

NTSK

Netskope Inc

Compounders

BBB

71.80%

71.74%

$0.53

$709.0M

$509.0M

missing_capitalized_software

Research Model

#71

VEEV

Veeva Systems

Compounders

24.02%

23.77%

$0.53

$3.20B

$767.4M

missing_capitalized_software

Research Model

#72

ADBE

Adobe Inc.

Harvesters

18.07%

$0.53

$23.77B

$4.29B

missing_capitalized_software

Research Model

#73

QTWO

Q2 Holdings, Inc.

Harvesters

19.42%

19.21%

$0.52

$794.8M

$154.3M

—

Research Model

#74

FFIV

F5, Inc.

Harvesters

17.48%

17.93%

$0.52

$3.09B

$539.8M

missing_capitalized_software

Research Model

#75

QLYS

Qualys, Inc.

Harvesters

17.53%

16.73%

$0.52

$669.1M

$117.3M

missing_capitalized_software

Research Model

#76

DOCN

DigitalOcean Holdings, Inc.

Harvesters

17.93%

18.67%

$0.52

$901.4M

$161.6M

—

Research Model

#77

XYZ

Block, Inc.

Harvesters

12.02%

12.26%

$0.50

$24.19B

$2.91B

missing_capitalized_software

Research Model

#78

IBM

Harvesters

12.31%

12.67%

$0.50

$67.53B

$8.32B

missing_capitalized_software

Research Model

#79

HUBS

Hubspot

Compounders

28.93%

26.34%

$0.50

$3.13B

$905.9M

missing_capitalized_software

Research Model

#80

MDB

MongoDB

Compounders

29.07%

28.03%

$0.50

$2.46B

$716.3M

missing_capitalized_software

Research Model

#81

DDOG

Datadog

Compounders

45.18%

43.69%

$0.50

$3.43B

$1.55B

missing_capitalized_software

Research Model

#82

SentinelOne, Inc.

Compounders

32.34%

33.24%

$0.49

$1.00B

$323.9M

—

Research Model

#83

FROG

JFrog Ltd.

Compounders

36.68%

35.03%

$0.49

$531.8M

$195.1M

missing_capitalized_software

Research Model

#84

APPN

Appian Corporation

Compounders

23.69%

23.38%

$0.48

$726.9M

$172.2M

missing_capitalized_software

Research Model

#85

INTA

Intapp, Inc.

Compounders

28.96%

$0.47

$577.8M

$167.3M

missing_capitalized_software

Research Model

#86

TEAM

Atlassian

Compounders

49.74%

$0.47

$6.57B

$3.27B

missing_capitalized_software

Research Model

#87

BLZE

Backblaze, Inc.

Compounders

31.62%

28.58%

$0.46

$145.8M

$46.1M

missing_capitalized_software

Research Model

#88

VIA

Via Transportation, Inc.

Burners

21.26%

20.11%

$0.46

$434.3M

$92.4M

—

Research Model

#89

BSY

BENTLEY SYSTEMS INC

Burners

20.48%

20.28%

$0.46

$1.50B

$307.6M

missing_capitalized_software

Research Model

#90

AGYS

Agilysys, Inc.

Burners

22.78%

22.87%

$0.45

$319.3M

$72.7M

missing_capitalized_software

Research Model

#91

TENB

Tenable Holdings, Inc.

Burners

22.38%

21.46%

$0.44

$999.4M

$223.7M

—

Research Model

#92

DBD

DIEBOLD NIXDORF, Inc

Faders

2.28%

2.18%

$0.44

$3.81B

$86.7M

missing_capitalized_software

Research Model

#93

DCBO

Docebo Inc.

Burners

20.65%

20.19%

$0.44

$242.7M

$50.1M

missing_capitalized_software

Research Model

#94

FSLY

Fastly, Inc.

Burners

26.07%

24.31%

$0.44

$624.0M

$162.7M

missing_capitalized_software

Research Model

#95

BILL

BILL Holdings, Inc.

Faders

18.18%

$0.43

$1.65B

$300.6M

missing_capitalized_software

Research Model

#96

LYFT

Lyft, Inc.

Faders

7.66%

7.23%

$0.43

$5.90B

$451.4M

—

Research Model

#97

SOUN

SOUNDHOUND AI, INC.

Burners

58.16%

49.71%

$0.43

$168.9M

$98.3M

missing_capitalized_software

Research Model

#98

OKTA

Okta, Inc.

Burners

21.89%

21.18%

$0.41

$2.92B

$639.0M

missing_capitalized_software

Research Model

#99

PATH

UiPath, Inc.

Burners

23.92%

21.40%

$0.41

$1.61B

$385.2M

missing_capitalized_software

Research Model

#100

FIVN

Five9, Inc.

Faders

13.26%

12.71%

$0.41

$1.15B

$152.3M

missing_capitalized_software

Research Model

R&D Return 2×2

x = R&D % of revenue (FY) · y = new gross profit per R&D dollar (FY)

MITK: not scored (missing_gross_profit)

R&D intensityModerate 15.78%p39TTM

How this is calculated

How R&D intensity is graded

Freshness is form-aware: quarterly filers 120 days; annual-only 20-F/40-F 15 months past FY end.
Very High ≥ 30% · High 20–30% · Moderate 10–20% · Low 5–10% · Very Low under 5%.
Peer percentile sits next to the band for context. It is not the grade.
Missing R&D or revenue: ungraded. Negative R&D: data flag. Over 100%: Very High, manual review.

As of 2026-10-17.

Rank↑

Ticker

Quadrant

Grade

Intensity (FY)

Intensity (TTM)

R&D Return

Revenue (FY)

R&D (FY)

Flags

Action

CRWV

CoreWeave, Inc.

Harvesters

AAA

6.86%

5.57%

$40.29

$5.13B

$352.0M

missing_capitalized_software

Research Model

DLO

DLocal Limited

Harvesters

AAA

2.81%

—

$4.22

$1.09B

$30.7M

—

Research Model

AIOT

PowerFleet, Inc.

Harvesters

AAA

4.14%

3.97%

$3.23

$443.8M

$18.4M

missing_capitalized_software

Research Model

PLTR

Palantir Technologies Inc.

Harvesters

AAA

12.46%

10.42%

$2.73

$4.48B

$557.7M

missing_capitalized_software

Research Model

GEN

Gen Digital Inc.

Harvesters

AAA

8.18%

8.23%

$2.32

$5.00B

$409.0M

missing_capitalized_software

Research Model

GRND

Grindr Inc.

Harvesters

AAA

11.12%

12.15%

$2.14

$439.9M

$48.9M

missing_capitalized_software

Research Model

ZETA

Zeta Global Holdings Corp.

Harvesters

AAA

8.98%

9.36%

$2.04

$1.30B

$117.2M

—

Research Model

NYAX

Nayax Ltd.

Harvesters

AAA

7.48%

—

$2.03

$400.4M

$30.0M

missing_capitalized_software

Research Model

MNTN

MNTN, Inc.

Harvesters

AAA

16.97%

19.11%

$1.91

$290.1M

$49.2M

missing_capitalized_software

Research Model

#10

APPS

Digital Turbine, Inc.

Harvesters

AAA

7.16%

6.82%

$1.68

$565.3M

$40.5M

—

Research Model

#11

FICO

Fair Isaac Corporation

Harvesters

AAA

9.46%

8.71%

$1.56

$1.99B

$188.3M

missing_capitalized_software

Research Model

#12

CHYM

Chime Financial, Inc.

Compounders

AAA

42.75%

18.61%

$1.48

$2.19B

$934.9M

missing_capitalized_software

Research Model

#13

SPSC

SPS COMMERCE INC

Harvesters

AAA

9.14%

8.91%

$1.48

$751.5M

$68.7M

missing_capitalized_software

Research Model

#14

GLOO

Gloo Holdings, Inc.

Compounders

AAA

25.08%

15.57%

$1.45

$94.7M

$23.7M

missing_capitalized_software

Research Model

#15

PGY

Pagaya Technologies Ltd.

Harvesters

AAA

5.96%

5.33%

$1.37

$1.26B

$75.2M

—

Research Model

#16

AVPT

AvePoint, Inc.

Harvesters

AAA

12.54%

12.28%

$1.29

$419.5M

$52.6M

missing_capitalized_software

Research Model

#17

TYL

TYLER TECHNOLOGIES INC

Harvesters

AAA

8.77%

9.40%

$1.25

$2.33B

$204.6M

—

Research Model

#18

TOST

Toast, Inc.

Harvesters

AAA

6.08%

5.95%

$1.15

$6.15B

$374.0M

—

Research Model

#19

PRGS

Progress Software Corporation

Harvesters

19.66%

19.53%

$1.14

$977.8M

$192.3M

missing_capitalized_software

Research Model

#20

PAY

Paymentus Holdings, Inc.

Harvesters

5.14%

4.62%

$1.13

$1.20B

$61.5M

missing_capitalized_software

Research Model

#21

NAVN

Navan, Inc.

Compounders

21.54%

20.96%

$1.09

$702.3M

$151.2M

missing_capitalized_software

Research Model

#22

MNDY

monday.com Ltd.

Compounders

26.04%

—

$1.08

$1.23B

$320.8M

missing_capitalized_software

Research Model

#23

UBER

Uber Technologies, Inc

Harvesters

6.54%

6.77%

$1.08

$52.02B

$3.40B

missing_capitalized_software

Research Model

#24

PTC

PTC INC.

Harvesters

16.71%

16.06%

$1.02

$2.74B

$457.7M

missing_capitalized_software

Research Model

#25

CVLT

Commvault Systems, Inc.

Harvesters

13.70%

13.30%

$0.98

$1.18B

$162.2M

missing_capitalized_software

Research Model

#26

VRSN

VeriSign, Inc.

Harvesters

6.25%

6.26%

$0.98

$1.66B

$103.6M

—

Research Model

#27

MSFT

Microsoft Corporation

Harvesters

10.72%

$0.97

$331.84B

$35.56B

missing_capitalized_software

Research Model

#28

IOT

Samsara Inc.

Compounders

21.29%

20.34%

$0.97

$1.62B

$344.6M

missing_capitalized_software

Research Model

#29

FTNT

Fortinet, Inc.

Harvesters

11.99%

11.24%

$0.94

$6.80B

$815.5M

missing_capitalized_software

Research Model

#30

LIF

Life360, Inc.

Compounders

26.23%

26.62%

$0.90

$489.5M

$128.4M

—

Research Model

#31

DUOL

Duolingo, Inc.

Compounders

29.52%

29.47%

$0.87

$1.04B

$306.3M

—

Research Model

#32

KVYO

Klaviyo, Inc.

Compounders

23.60%

23.13%

$0.86

$1.23B

$291.2M

—

Research Model

#33

VERX

Vertex, Inc.

Harvesters

11.19%

11.63%

$0.83

$748.4M

$83.7M

missing_capitalized_software

Research Model

#34

RBRK

Rubrik, Inc.

Compounders

28.39%

28.59%

$0.82

$1.32B

$373.7M

missing_capitalized_software

Research Model

#35

SAIL

SailPoint, Inc.

Compounders

20.81%

19.86%

$0.79

$1.07B

$223.0M

—

Research Model

#36

ROP

ROPER TECHNOLOGIES INC

Harvesters

10.79%

—

$0.79

$7.90B

$852.5M

—

Research Model

#37

SHOP

SHOPIFY INC.

Harvesters

13.29%

12.41%

$0.79

$11.56B

$1.54B

missing_capitalized_software

Research Model

#38

Zscaler, Inc.

Compounders

26.95%

$0.77

$3.35B

$903.4M

missing_capitalized_software

Research Model

#39

PAR

PAR TECHNOLOGY CORP

Harvesters

17.95%

17.23%

$0.77

$455.5M

$81.8M

—

Research Model

#40

NET

Cloudflare

Compounders

23.64%

22.82%

$0.77

$2.17B

$512.5M

missing_capitalized_software

Research Model

#41

WLTH

Wealthfront Corporation

Compounders

58.20%

64.22%

$0.76

$365.0M

$212.4M

—

Research Model

#42

GOOG

Alphabet

Harvesters

15.16%

15.47%

$0.74

$402.84B

$61.09B

missing_capitalized_software

Research Model

#43

ADP

Automatic Data Processing, Inc.

Harvesters

4.69%

$0.73

$21.95B

$1.03B

missing_capitalized_software

Research Model

#44

PEGA

Pegasystems Inc.

Harvesters

17.91%

18.76%

$0.73

$1.75B

$312.7M

missing_capitalized_software

Research Model

#45

DSGX

The Descartes Systems Group Inc.

Harvesters

14.45%

—

$0.73

$729.0M

$105.3M

missing_capitalized_software

Research Model

#46

XNET

Xunlei Ltd

Harvesters

17.38%

—

$0.70

$460.4M

$80.0M

missing_capitalized_software

Research Model

#47

Dynatrace, Inc.

Compounders

23.50%

23.96%

$0.70

$2.02B

$474.3M

—

Research Model

#48

GRAB

Grab Holdings Limited

Harvesters

12.70%

—

$0.69

$3.37B

$428.0M

—

Research Model

#49

ADSK

Autodesk, Inc.

Compounders

22.80%

22.09%

$0.68

$7.21B

$1.64B

missing_capitalized_software

Research Model

#50

GTLB

GitLab Inc.

Compounders

28.74%

28.82%

$0.67

$955.2M

$274.6M

missing_capitalized_software

Research Model

#51

Workiva Inc.

Compounders

24.29%

22.43%

$0.66

$884.6M

$214.8M

missing_capitalized_software

Research Model

#52

GWRE

Guidewire Software, Inc.

Compounders

23.05%

$0.66

$1.48B

$340.1M

missing_capitalized_software

Research Model

#53

PANW

Palo Alto Networks Inc

Compounders

BBB

22.23%

$0.66

$11.48B

$2.55B

missing_capitalized_software

Research Model

#54

TTAN

ServiceTitan, Inc.

Compounders

BBB

31.49%

32.78%

$0.66

$961.0M

$302.6M

—

Research Model

#55

PAYC

Paycom Software, Inc.

Harvesters

BBB

13.81%

12.09%

$0.65

$2.05B

$283.4M

—

Research Model

#56

FRSH

Freshworks Inc.

Harvesters

BBB

19.46%

19.51%

$0.64

$838.8M

$163.2M

—

Research Model

#57

CALX

CALIX, INC

Harvesters

BBB

19.04%

18.72%

$0.64

$1.00B

$190.4M

missing_capitalized_software

Research Model

#58

BRZE

Braze, Inc.

Compounders

BBB

22.64%

21.63%

$0.64

$738.2M

$167.1M

—

Research Model

#59

CLBT

Cellebrite DI Ltd.

Compounders

BBB

23.94%

—

$0.63

$475.7M

$113.9M

missing_capitalized_software

Research Model

#60

NOW

ServiceNow

Compounders

BBB

22.29%

22.14%

$0.63

$13.28B

$2.96B

missing_capitalized_software

Research Model

#61

PCTY

Paylocity Holding Corp

Harvesters

BBB

13.41%

$0.62

$1.65B

$221.4M

missing_capitalized_software

Research Model

#62

PDFS

PDF SOLUTIONS INC

Compounders

BBB

29.33%

29.16%

$0.62

$219.0M

$64.2M

missing_capitalized_software

Research Model

#63

ESTC

Elastic N.V.

Compounders

BBB

25.98%

25.26%

$0.60

$1.74B

$451.9M

—

Research Model

#64

TCX

TUCOWS INC /PA/

Harvesters

BBB

4.56%

4.65%

$0.59

$390.3M

$17.8M

missing_capitalized_software

Research Model

#65

CRWD

CrowdStrike

Compounders

BBB

28.78%

28.84%

$0.59

$4.81B

$1.38B

—

Research Model

#66

APPF

APPFOLIO INC

Harvesters

BBB

20.03%

19.27%

$0.58

$950.8M

$190.4M

—

Research Model

#67

PERF

Perfect Corp.

Compounders

BBB

22.28%

—

$0.55

$69.2M

$15.4M

—

Research Model

#68

CRM

Salesforce

Harvesters

BBB

14.43%

14.49%

$0.55

$41.52B

$5.99B

missing_capitalized_software

Research Model

#69

SMWB

SIMILARWEB LTD.

Compounders

BBB

25.69%

—

$0.53

$282.6M

$72.6M

—

Research Model

#70

NTSK

Netskope Inc

Compounders

BBB

71.80%

71.74%

$0.53

$709.0M

$509.0M

missing_capitalized_software

Research Model

#71

VEEV

Veeva Systems

Compounders

24.02%

23.77%

$0.53

$3.20B

$767.4M

missing_capitalized_software

Research Model

#72

ADBE

Adobe Inc.

Harvesters

18.07%

$0.53

$23.77B

$4.29B

missing_capitalized_software

Research Model

#73

QTWO

Q2 Holdings, Inc.

Harvesters

19.42%

19.21%

$0.52

$794.8M

$154.3M

—

Research Model

#74

FFIV

F5, Inc.

Harvesters

17.48%

17.93%

$0.52

$3.09B

$539.8M

missing_capitalized_software

Research Model

#75

QLYS

Qualys, Inc.

Harvesters

17.53%

16.73%

$0.52

$669.1M

$117.3M

missing_capitalized_software

Research Model

#76

DOCN

DigitalOcean Holdings, Inc.

Harvesters

17.93%

18.67%

$0.52

$901.4M

$161.6M

—

Research Model

#77

XYZ

Block, Inc.

Harvesters

12.02%

12.26%

$0.50

$24.19B

$2.91B

missing_capitalized_software

Research Model

#78

IBM

Harvesters

12.31%

12.67%

$0.50

$67.53B

$8.32B

missing_capitalized_software

Research Model

#79

HUBS

Hubspot

Compounders

28.93%

26.34%

$0.50

$3.13B

$905.9M

missing_capitalized_software

Research Model

#80

MDB

MongoDB

Compounders

29.07%

28.03%

$0.50

$2.46B

$716.3M

missing_capitalized_software

Research Model

#81

DDOG

Datadog

Compounders

45.18%

43.69%

$0.50

$3.43B

$1.55B

missing_capitalized_software

Research Model

#82

SentinelOne, Inc.

Compounders

32.34%

33.24%

$0.49

$1.00B

$323.9M

—

Research Model

#83

FROG

JFrog Ltd.

Compounders

36.68%

35.03%

$0.49

$531.8M

$195.1M

missing_capitalized_software

Research Model

#84

APPN

Appian Corporation

Compounders

23.69%

23.38%

$0.48

$726.9M

$172.2M

missing_capitalized_software

Research Model

#85

INTA

Intapp, Inc.

Compounders

28.96%

$0.47

$577.8M

$167.3M

missing_capitalized_software

Research Model

#86

TEAM

Atlassian

Compounders

49.74%

$0.47

$6.57B

$3.27B

missing_capitalized_software

Research Model

#87

BLZE

Backblaze, Inc.

Compounders

31.62%

28.58%

$0.46

$145.8M

$46.1M

missing_capitalized_software

Research Model

#88

VIA

Via Transportation, Inc.

Burners

21.26%

20.11%

$0.46

$434.3M

$92.4M

—

Research Model

#89

BSY

BENTLEY SYSTEMS INC

Burners

20.48%

20.28%

$0.46

$1.50B

$307.6M

missing_capitalized_software

Research Model

#90

AGYS

Agilysys, Inc.

Burners

22.78%

22.87%

$0.45

$319.3M

$72.7M

missing_capitalized_software

Research Model

#91

TENB

Tenable Holdings, Inc.

Burners

22.38%

21.46%

$0.44

$999.4M

$223.7M

—

Research Model

#92

DBD

DIEBOLD NIXDORF, Inc

Faders

2.28%

2.18%

$0.44

$3.81B

$86.7M

missing_capitalized_software

Research Model

#93

DCBO

Docebo Inc.

Burners

20.65%

20.19%

$0.44

$242.7M

$50.1M

missing_capitalized_software

Research Model

#94

FSLY

Fastly, Inc.

Burners

26.07%

24.31%

$0.44

$624.0M

$162.7M

missing_capitalized_software

Research Model

#95

BILL

BILL Holdings, Inc.

Faders

18.18%

$0.43

$1.65B

$300.6M

missing_capitalized_software

Research Model

#96

LYFT

Lyft, Inc.

Faders

7.66%

7.23%

$0.43

$5.90B

$451.4M

—

Research Model

#97

SOUN

SOUNDHOUND AI, INC.

Burners

58.16%

49.71%

$0.43

$168.9M

$98.3M

missing_capitalized_software

Research Model

#98

OKTA

Okta, Inc.

Burners

21.89%

21.18%

$0.41

$2.92B

$639.0M

missing_capitalized_software

Research Model

#99

PATH

UiPath, Inc.

Burners

23.92%

21.40%

$0.41

$1.61B

$385.2M

missing_capitalized_software

Research Model

#100

FIVN

Five9, Inc.

Faders

13.26%

12.71%

$0.41

$1.15B

$152.3M

missing_capitalized_software

Research Model

Ranked Software R&D Return Coverage (174 Scored Companies)

Software R&D Return Benchmark

Interactive 2×2 Quadrant Plot & Company Inspector

R&D Return 2×2

How R&D intensity is graded

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (267)

1. Exact Formulas (Fundamentals Only)

2. Empirical Medians & AAA–D Letter Grades

Strict Data Hygiene — Never Invented

Ranked Software R&D Return Coverage (174 Scored Companies)

Software R&D Return Benchmark

Interactive 2×2 Quadrant Plot & Company Inspector

R&D Return 2×2

How R&D intensity is graded

The Four Empirical R&D Quadrants

Software R&D Return Leaderboard (267)

1. Exact Formulas (Fundamentals Only)

2. Empirical Medians & AAA–D Letter Grades

Strict Data Hygiene — Never Invented

Rank↑	Ticker	Quadrant	Grade	Intensity (FY)	Intensity (TTM)	R&D Return	Revenue (FY)	R&D (FY)	Flags	Action
#1	CRWV CoreWeave, Inc.	Harvesters	AAA	6.86%	5.57%	$40.29	$5.13B	$352.0M	missing_capitalized_software	Research Model
#2	DLO DLocal Limited	Harvesters	AAA	2.81%	—	$4.22	$1.09B	$30.7M	—	Research Model
#3	AIOT PowerFleet, Inc.	Harvesters	AAA	4.14%	3.97%	$3.23	$443.8M	$18.4M	missing_capitalized_software	Research Model
#4	PLTR Palantir Technologies Inc.	Harvesters	AAA	12.46%	10.42%	$2.73	$4.48B	$557.7M	missing_capitalized_software	Research Model
#5	GEN Gen Digital Inc.	Harvesters	AAA	8.18%	8.23%	$2.32	$5.00B	$409.0M	missing_capitalized_software	Research Model
#6	GRND Grindr Inc.	Harvesters	AAA	11.12%	12.15%	$2.14	$439.9M	$48.9M	missing_capitalized_software	Research Model
#7	ZETA Zeta Global Holdings Corp.	Harvesters	AAA	8.98%	9.36%	$2.04	$1.30B	$117.2M	—	Research Model
#8	NYAX Nayax Ltd.	Harvesters	AAA	7.48%	—	$2.03	$400.4M	$30.0M	missing_capitalized_software	Research Model
#9	MNTN MNTN, Inc.	Harvesters	AAA	16.97%	19.11%	$1.91	$290.1M	$49.2M	missing_capitalized_software	Research Model
#10	APPS Digital Turbine, Inc.	Harvesters	AAA	7.16%	6.82%	$1.68	$565.3M	$40.5M	—	Research Model
#11	FICO Fair Isaac Corporation	Harvesters	AAA	9.46%	8.71%	$1.56	$1.99B	$188.3M	missing_capitalized_software	Research Model
#12	CHYM Chime Financial, Inc.	Compounders	AAA	42.75%	18.61%	$1.48	$2.19B	$934.9M	missing_capitalized_software	Research Model
#13	SPSC SPS COMMERCE INC	Harvesters	AAA	9.14%	8.91%	$1.48	$751.5M	$68.7M	missing_capitalized_software	Research Model
#14	GLOO Gloo Holdings, Inc.	Compounders	AAA	25.08%	15.57%	$1.45	$94.7M	$23.7M	missing_capitalized_software	Research Model
#15	PGY Pagaya Technologies Ltd.	Harvesters	AAA	5.96%	5.33%	$1.37	$1.26B	$75.2M	—	Research Model
#16	AVPT AvePoint, Inc.	Harvesters	AAA	12.54%	12.28%	$1.29	$419.5M	$52.6M	missing_capitalized_software	Research Model
#17	TYL TYLER TECHNOLOGIES INC	Harvesters	AAA	8.77%	9.40%	$1.25	$2.33B	$204.6M	—	Research Model
#18	TOST Toast, Inc.	Harvesters	AAA	6.08%	5.95%	$1.15	$6.15B	$374.0M	—	Research Model
#19	PRGS Progress Software Corporation	Harvesters	AA	19.66%	19.53%	$1.14	$977.8M	$192.3M	missing_capitalized_software	Research Model
#20	PAY Paymentus Holdings, Inc.	Harvesters	AA	5.14%	4.62%	$1.13	$1.20B	$61.5M	missing_capitalized_software	Research Model
#21	NAVN Navan, Inc.	Compounders	AA	21.54%	20.96%	$1.09	$702.3M	$151.2M	missing_capitalized_software	Research Model
#22	MNDY monday.com Ltd.	Compounders	AA	26.04%	—	$1.08	$1.23B	$320.8M	missing_capitalized_software	Research Model
#23	UBER Uber Technologies, Inc	Harvesters	AA	6.54%	6.77%	$1.08	$52.02B	$3.40B	missing_capitalized_software	Research Model
#24	PTC PTC INC.	Harvesters	AA	16.71%	16.06%	$1.02	$2.74B	$457.7M	missing_capitalized_software	Research Model
#25	CVLT Commvault Systems, Inc.	Harvesters	AA	13.70%	13.30%	$0.98	$1.18B	$162.2M	missing_capitalized_software	Research Model
#26	VRSN VeriSign, Inc.	Harvesters	AA	6.25%	6.26%	$0.98	$1.66B	$103.6M	—	Research Model
#27	MSFT Microsoft Corporation	Harvesters	AA	10.72%	10.72%	$0.97	$331.84B	$35.56B	missing_capitalized_software	Research Model
#28	IOT Samsara Inc.	Compounders	AA	21.29%	20.34%	$0.97	$1.62B	$344.6M	missing_capitalized_software	Research Model
#29	FTNT Fortinet, Inc.	Harvesters	AA	11.99%	11.24%	$0.94	$6.80B	$815.5M	missing_capitalized_software	Research Model
#30	LIF Life360, Inc.	Compounders	AA	26.23%	26.62%	$0.90	$489.5M	$128.4M	—	Research Model
#31	DUOL Duolingo, Inc.	Compounders	AA	29.52%	29.47%	$0.87	$1.04B	$306.3M	—	Research Model
#32	KVYO Klaviyo, Inc.	Compounders	AA	23.60%	23.13%	$0.86	$1.23B	$291.2M	—	Research Model
#33	VERX Vertex, Inc.	Harvesters	AA	11.19%	11.63%	$0.83	$748.4M	$83.7M	missing_capitalized_software	Research Model
#34	RBRK Rubrik, Inc.	Compounders	AA	28.39%	28.59%	$0.82	$1.32B	$373.7M	missing_capitalized_software	Research Model
#35	SAIL SailPoint, Inc.	Compounders	AA	20.81%	19.86%	$0.79	$1.07B	$223.0M	—	Research Model
#36	ROP ROPER TECHNOLOGIES INC	Harvesters	A	10.79%	—	$0.79	$7.90B	$852.5M	—	Research Model
#37	SHOP SHOPIFY INC.	Harvesters	A	13.29%	12.41%	$0.79	$11.56B	$1.54B	missing_capitalized_software	Research Model
#38	ZS Zscaler, Inc.	Compounders	A	26.95%	26.95%	$0.77	$3.35B	$903.4M	missing_capitalized_software	Research Model
#39	PAR PAR TECHNOLOGY CORP	Harvesters	A	17.95%	17.23%	$0.77	$455.5M	$81.8M	—	Research Model
#40	NET Cloudflare	Compounders	A	23.64%	22.82%	$0.77	$2.17B	$512.5M	missing_capitalized_software	Research Model
#41	WLTH Wealthfront Corporation	Compounders	A	58.20%	64.22%	$0.76	$365.0M	$212.4M	—	Research Model
#42	GOOG Alphabet	Harvesters	A	15.16%	15.47%	$0.74	$402.84B	$61.09B	missing_capitalized_software	Research Model
#43	ADP Automatic Data Processing, Inc.	Harvesters	A	4.69%	4.69%	$0.73	$21.95B	$1.03B	missing_capitalized_software	Research Model
#44	PEGA Pegasystems Inc.	Harvesters	A	17.91%	18.76%	$0.73	$1.75B	$312.7M	missing_capitalized_software	Research Model
#45	DSGX The Descartes Systems Group Inc.	Harvesters	A	14.45%	—	$0.73	$729.0M	$105.3M	missing_capitalized_software	Research Model
#46	XNET Xunlei Ltd	Harvesters	A	17.38%	—	$0.70	$460.4M	$80.0M	missing_capitalized_software	Research Model
#47	DT Dynatrace, Inc.	Compounders	A	23.50%	23.96%	$0.70	$2.02B	$474.3M	—	Research Model
#48	GRAB Grab Holdings Limited	Harvesters	A	12.70%	—	$0.69	$3.37B	$428.0M	—	Research Model
#49	ADSK Autodesk, Inc.	Compounders	A	22.80%	22.09%	$0.68	$7.21B	$1.64B	missing_capitalized_software	Research Model
#50	GTLB GitLab Inc.	Compounders	A	28.74%	28.82%	$0.67	$955.2M	$274.6M	missing_capitalized_software	Research Model
#51	WK Workiva Inc.	Compounders	A	24.29%	22.43%	$0.66	$884.6M	$214.8M	missing_capitalized_software	Research Model
#52	GWRE Guidewire Software, Inc.	Compounders	A	23.05%	23.05%	$0.66	$1.48B	$340.1M	missing_capitalized_software	Research Model
#53	PANW Palo Alto Networks Inc	Compounders	BBB	22.23%	22.23%	$0.66	$11.48B	$2.55B	missing_capitalized_software	Research Model
#54	TTAN ServiceTitan, Inc.	Compounders	BBB	31.49%	32.78%	$0.66	$961.0M	$302.6M	—	Research Model
#55	PAYC Paycom Software, Inc.	Harvesters	BBB	13.81%	12.09%	$0.65	$2.05B	$283.4M	—	Research Model
#56	FRSH Freshworks Inc.	Harvesters	BBB	19.46%	19.51%	$0.64	$838.8M	$163.2M	—	Research Model
#57	CALX CALIX, INC	Harvesters	BBB	19.04%	18.72%	$0.64	$1.00B	$190.4M	missing_capitalized_software	Research Model
#58	BRZE Braze, Inc.	Compounders	BBB	22.64%	21.63%	$0.64	$738.2M	$167.1M	—	Research Model
#59	CLBT Cellebrite DI Ltd.	Compounders	BBB	23.94%	—	$0.63	$475.7M	$113.9M	missing_capitalized_software	Research Model
#60	NOW ServiceNow	Compounders	BBB	22.29%	22.14%	$0.63	$13.28B	$2.96B	missing_capitalized_software	Research Model
#61	PCTY Paylocity Holding Corp	Harvesters	BBB	13.41%	13.41%	$0.62	$1.65B	$221.4M	missing_capitalized_software	Research Model
#62	PDFS PDF SOLUTIONS INC	Compounders	BBB	29.33%	29.16%	$0.62	$219.0M	$64.2M	missing_capitalized_software	Research Model
#63	ESTC Elastic N.V.	Compounders	BBB	25.98%	25.26%	$0.60	$1.74B	$451.9M	—	Research Model
#64	TCX TUCOWS INC /PA/	Harvesters	BBB	4.56%	4.65%	$0.59	$390.3M	$17.8M	missing_capitalized_software	Research Model
#65	CRWD CrowdStrike	Compounders	BBB	28.78%	28.84%	$0.59	$4.81B	$1.38B	—	Research Model
#66	APPF APPFOLIO INC	Harvesters	BBB	20.03%	19.27%	$0.58	$950.8M	$190.4M	—	Research Model
#67	PERF Perfect Corp.	Compounders	BBB	22.28%	—	$0.55	$69.2M	$15.4M	—	Research Model
#68	CRM Salesforce	Harvesters	BBB	14.43%	14.49%	$0.55	$41.52B	$5.99B	missing_capitalized_software	Research Model
#69	SMWB SIMILARWEB LTD.	Compounders	BBB	25.69%	—	$0.53	$282.6M	$72.6M	—	Research Model
#70	NTSK Netskope Inc	Compounders	BBB	71.80%	71.74%	$0.53	$709.0M	$509.0M	missing_capitalized_software	Research Model
#71	VEEV Veeva Systems	Compounders	BB	24.02%	23.77%	$0.53	$3.20B	$767.4M	missing_capitalized_software	Research Model
#72	ADBE Adobe Inc.	Harvesters	BB	18.07%	18.07%	$0.53	$23.77B	$4.29B	missing_capitalized_software	Research Model
#73	QTWO Q2 Holdings, Inc.	Harvesters	BB	19.42%	19.21%	$0.52	$794.8M	$154.3M	—	Research Model
#74	FFIV F5, Inc.	Harvesters	BB	17.48%	17.93%	$0.52	$3.09B	$539.8M	missing_capitalized_software	Research Model
#75	QLYS Qualys, Inc.	Harvesters	BB	17.53%	16.73%	$0.52	$669.1M	$117.3M	missing_capitalized_software	Research Model
#76	DOCN DigitalOcean Holdings, Inc.	Harvesters	BB	17.93%	18.67%	$0.52	$901.4M	$161.6M	—	Research Model
#77	XYZ Block, Inc.	Harvesters	BB	12.02%	12.26%	$0.50	$24.19B	$2.91B	missing_capitalized_software	Research Model
#78	IBM IBM	Harvesters	BB	12.31%	12.67%	$0.50	$67.53B	$8.32B	missing_capitalized_software	Research Model
#79	HUBS Hubspot	Compounders	BB	28.93%	26.34%	$0.50	$3.13B	$905.9M	missing_capitalized_software	Research Model
#80	MDB MongoDB	Compounders	BB	29.07%	28.03%	$0.50	$2.46B	$716.3M	missing_capitalized_software	Research Model
#81	DDOG Datadog	Compounders	BB	45.18%	43.69%	$0.50	$3.43B	$1.55B	missing_capitalized_software	Research Model
#82	S SentinelOne, Inc.	Compounders	BB	32.34%	33.24%	$0.49	$1.00B	$323.9M	—	Research Model
#83	FROG JFrog Ltd.	Compounders	BB	36.68%	35.03%	$0.49	$531.8M	$195.1M	missing_capitalized_software	Research Model
#84	APPN Appian Corporation	Compounders	BB	23.69%	23.38%	$0.48	$726.9M	$172.2M	missing_capitalized_software	Research Model
#85	INTA Intapp, Inc.	Compounders	BB	28.96%	28.96%	$0.47	$577.8M	$167.3M	missing_capitalized_software	Research Model
#86	TEAM Atlassian	Compounders	BB	49.74%	49.74%	$0.47	$6.57B	$3.27B	missing_capitalized_software	Research Model
#87	BLZE Backblaze, Inc.	Compounders	BB	31.62%	28.58%	$0.46	$145.8M	$46.1M	missing_capitalized_software	Research Model
#88	VIA Via Transportation, Inc.	Burners	B	21.26%	20.11%	$0.46	$434.3M	$92.4M	—	Research Model
#89	BSY BENTLEY SYSTEMS INC	Burners	B	20.48%	20.28%	$0.46	$1.50B	$307.6M	missing_capitalized_software	Research Model
#90	AGYS Agilysys, Inc.	Burners	B	22.78%	22.87%	$0.45	$319.3M	$72.7M	missing_capitalized_software	Research Model
#91	TENB Tenable Holdings, Inc.	Burners	B	22.38%	21.46%	$0.44	$999.4M	$223.7M	—	Research Model
#92	DBD DIEBOLD NIXDORF, Inc	Faders	B	2.28%	2.18%	$0.44	$3.81B	$86.7M	missing_capitalized_software	Research Model
#93	DCBO Docebo Inc.	Burners	B	20.65%	20.19%	$0.44	$242.7M	$50.1M	missing_capitalized_software	Research Model
#94	FSLY Fastly, Inc.	Burners	B	26.07%	24.31%	$0.44	$624.0M	$162.7M	missing_capitalized_software	Research Model
#95	BILL BILL Holdings, Inc.	Faders	B	18.18%	18.18%	$0.43	$1.65B	$300.6M	missing_capitalized_software	Research Model
#96	LYFT Lyft, Inc.	Faders	B	7.66%	7.23%	$0.43	$5.90B	$451.4M	—	Research Model
#97	SOUN SOUNDHOUND AI, INC.	Burners	B	58.16%	49.71%	$0.43	$168.9M	$98.3M	missing_capitalized_software	Research Model
#98	OKTA Okta, Inc.	Burners	B	21.89%	21.18%	$0.41	$2.92B	$639.0M	missing_capitalized_software	Research Model
#99	PATH UiPath, Inc.	Burners	B	23.92%	21.40%	$0.41	$1.61B	$385.2M	missing_capitalized_software	Research Model
#100	FIVN Five9, Inc.	Faders	B	13.26%	12.71%	$0.41	$1.15B	$152.3M	missing_capitalized_software	Research Model