MSFTMicrosoft Corporation
Core58.7· Neutral
Enterprise Software & Cloud Computing · Enterprise cloud, developer toolchain, and productivity anchor compounding operating cash flow at scale.
DCF $173-67.4%R&D 0.97xYoY +13.7%FCF 17.3%
Tracked public software equities with Core and Watch conviction tiers, 5-year Base DCF fair values, Ratings v3 (0 to 100) composite scores, 1-year R&D payback, and direct Stock Profile links.
MSFT Microsoft CorporationEnterprise Software & Cloud Computing Enterprise cloud, developer toolchain, and productivity anchor compounding operating cash flow at scale. | Core | $173-67.4% | 58.7· Neutral | 0.97x | +13.7% | 17.3% | Profile (2) |
| Core | n/a | 55.9· Neutral | 0.39x | +12.2% | -40.0% | Profile (2) | |
NOW ServiceNowIT Service Management (ITSM) System-of-action workflow standard across IT, employee, and customer operations with top-decile R&D payback. | Core | $135+23.5% | 64.0· Strong | 0.63x | +22.5% | 30.8% | Profile (2) |
ADBE Adobe Inc.Creative & Digital Experience Software Creative and document workflow standard with elite GAAP profitability and disciplined capital return. | Core | $515+107.5% | 65.0· Strong | 0.53x | +10.8% | 40.8% | Profile (2) |
CRM SalesforceCustomer Relationship Management (CRM) Enterprise CRM system of record expanding free cash flow margin and agentic workflow monetization. | Core | $334+44.7% | 54.8· Neutral | 0.55x | +11.9% | 34.5% | Profile (1) |
PANW Palo Alto Networks IncCybersecurity Platform Consolidated network, cloud, and SOC security platform with durable free cash flow conversion. | Core | $142-62.7% | 61.5· Strong | 0.66x | +20.2% | 35.8% | Profile (1) |
CRWD CrowdStrikeEndpoint Security & Threat Intelligence Endpoint and cloud workload telemetry leader tracked on net new ARR durability and SBC-adjusted FCF. | Core | $77.35-70.4% | 62.5· Strong | 0.59x | +34.9% | 29.8% | Profile (1) |
| Core | $154-42.2% | 69.6· Strong | 0.50x | +35.1% | 29.8% | Profile (1) | |
SNOW Snowflake Inc.Cloud Data Warehousing Enterprise data cloud platform tracked on consumption net retention vs. R&D and SBC intensity. | Core | $198-39.9% | 54.3· Neutral | 0.41x | +40.0% | 22.0% | Profile (1) |
KVYO Klaviyo, Inc.Marketing Automation & Data Platform First-party commerce data and lifecycle automation engine with strong gross margin and FCF discipline. | Core | $57.06+179.3% | 59.8· Neutral | 0.86x | +43.5% | 18.2% | Profile (1) |
SNPS SYNOPSYS INCElectronic Design Automation (EDA) Synopsys shows thin operating profit because the Ansys deal brings about $400M a quarter of acquired intangible amortization. | Watch | $277-43.4% | 68.7· Strong | 0.26x | +13.8% | 29.2% | Profile (1) |
PRGS Progress Software CorporationSoftware - Infrastructure Twelve-month owner cash was $246.71M on $999.93M of revenue. ARR rose only 1.39% to $873M, maintenance fell 4.61% in Q3, and the revolver now funds both the 2026 note payoff and the Domo deal. | Watch | $159+253.4% | 67.9· Strong | 1.14x | +16.5% | 31.9% | Profile (1) |
| Watch | $536+123.7% | 66.8· Strong | 0.50x | +24.6% | 23.1% | Profile (1) | |
MNDY monday.com Ltd.Enterprise Software The bear case says superintelligence tools will hollow out monday.com's small-business seats. | Watch | $378+298.9% | 66.2· Strong | 1.08x | +41.4% | 25.4% | Profile (1) |
AGYS Agilysys, Inc.Software - Application Agilysys sells hospitality software to hotels, resorts, casinos and cruise lines. | Watch | $77.80-32.9% | 65.2· Strong | 0.45x | +18.4% | 23.3% | Profile (1) |
BSY BENTLEY SYSTEMS INCInfrastructure Engineering Software Bentley Systems owns the engineering record for roads, rail, water and grid assets, and its owner cash has grown every year checked. | Watch | $27.88-29.7% | 63.1· Strong | 0.46x | +11.7% | 31.1% | Profile (1) |
APPF APPFOLIO INCProperty Management Software AppFolio sells property management software, but most revenue is Value Added Services: payments, tenant screening and risk mitigation. | Watch | $298+43.7% | 62.9· Strong | 0.58x | +27.5% | 25.9% | Profile (1) |
| Watch | $46.59+7.5% | 60.5· Strong | 0.27x | +7.7% | 31.5% | Profile (1) | |
| Watch | $277-23.8% | 60.4· Strong | 0.52x | +4.4% | 29.3% | Profile (1) | |
TTAN ServiceTitan, Inc.Software - Application ServiceTitan, the operating system for plumbing, HVAC and other trades contractors, grew revenue 20.9% in its fiscal second quarter, with payments and financing revenue up 24%. | Watch | $56.47-30.1% | 59.3· Neutral | 0.66x | +27.1% | 12.8% | Profile (1) |
QTWO Q2 Holdings, Inc.Digital Banking Software Q2 Holdings releases Q3 2026 results on Oct 28 with no debt, a fresh buyback and its first positive owner-cash year behind it. | Watch | $77.11+18.1% | 58.5· Neutral | 0.52x | +12.4% | 26.8% | Profile (1) |
PD PagerDuty, Inc.Digital Operations Management PagerDuty, which routes urgent incidents to the people and agents who fix them, grew revenue 0.8% in its fiscal second quarter while dollar-based net retention fell to 98% from 102%. | Watch | $39.44+126.9% | 58.4· Neutral | 0.22x | +15.0% | 25.6% | Profile (1) |
GEN Gen Digital Inc.Consumer Cybersecurity Gen Digital earns $1.32B of owner cash at a 41.68% operating margin, but 70.23% of its $8.23B debt principal floats with SOFR. | Watch | $55.89+98.2% | 58.3· Neutral | 2.32x | +15.6% | 33.7% | Profile (1) |
INTA Intapp, Inc.Professional Services Automation Intapp sells cloud software to law, accounting and advisory firms. | Watch | $61.14+56.4% | 57.9· Neutral | 0.47x | +20.7% | 26.6% | Profile (1) |
PEGA Pegasystems Inc.Low-code Platform & Business Process Management Pega Cloud ACV reached $975.99M and grew 20%, but maintenance ACV fell 12% and the filing says clients are scrutinizing technology spending amid superintelligence disruption. | Watch | $49.27+44.5% | 57.6· Neutral | 0.73x | +9.6% | 25.3% | Profile (1) |
ROP ROPER TECHNOLOGIES INCDiversified Vertical Market Software Roper's Q2 2026 revenue was $2.11B, with software at $1.63B. Revenue grew 8.50%. | Watch | $448-0.3% | 55.3· Neutral | 0.79x | +13.1% | 31.6% | Profile (1) |
VRSN VeriSign, Inc.Software - Infrastructure VeriSign runs the .com and .net registries under contract, with 182.5 million names and the right to raise the .com fee up to 7% a year. | Watch | $179-41.4% | 54.9· Neutral | 0.98x | +5.7% | 59.1% | Profile (1) |
BB BlackBerry LimitedSoftware - Infrastructure QNX went from 28.4% of BlackBerry revenue in fiscal 2024 to 48.8% in fiscal 2026. | Watch | $1.41-84.6% | 54.7· Neutral | 0.21x | -6.5% | 15.0% | Profile (2) |
ZM Zoom Communications, Inc.Video Conferencing & Communications Zoom's core grows about 5% and faces tougher meeting rivals, yet it throws off real owner cash. | Watch | $98.23+0.6% | 53.1· Neutral | 0.25x | +4.4% | 38.6% | Profile (1) |
FRSH Freshworks Inc.Customer Engagement & Business Software Freshworks grew Q2 revenue 15.98% and generates real cash, but $127.64M of stock pay is 51.74% of operating cash flow. | Watch | $27.95+86.2% | 53.0· Neutral | 0.64x | +22.6% | 25.9% | Profile (1) |
AVPT AvePoint, Inc.Software - Infrastructure AvePoint's SaaS revenue grew 27.41% in Q2 as customers move data governance to the cloud. | Watch | $15.32-11.7% | 52.4· Neutral | 1.29x | +21.6% | 21.7% | Profile (1) |
CVLT Commvault Systems, Inc.Data Protection & Management SaaS ARR grew 38% to $424.3M while perpetual support shrank 18.97%. | Watch | $141-18.0% | 51.8· Neutral | 0.98x | +11.4% | 20.4% | Profile (1) |
FIG Figma, Inc.Software - Application Figma grew revenue 48.25% in Q2 and net dollar retention is 136%, yet $1.67B of stock pay is 671.29% of operating cash flow over twelve months. | Watch | $29.87+33.8% | 51.3· Neutral | 0.28x | +44.6% | 18.1% | Profile (1) |
VRNS VARONIS SYSTEMS INCEnterprise Software Varonis is being taken private. On Oct 15, 2026 it signed an all-cash merger with Proofpoint, a Thoma Bravo portfolio company, valued at about $6.3B and expected to close in the first half of 2027. | Watch | $23.90-51.0% | 49.2· Neutral | 0.18x | +12.4% | 17.7% | Profile (1) |
IBM International Business Machines CorporationInformation Technology Services Software was $22.62B of IBM's $50.18B nine-month revenue. Data software grew 19.12% in Q3 after the Confluent deal, while consulting was flat. | Watch | $176-32.0% | 48.1· Neutral | 0.50x | +4.2% | 21.0% | Profile (1) |
ADP Automatic Data Processing, Inc.HR & Payroll Solutions ADP fiscal 2026 revenue reached $21.95B. Employment at clients grew only 1%, so growth came from pricing, new bookings, $1.35B of interest on client funds and a PEO line that includes pass-through costs. | Watch | $218-23.6% | 48.0· Neutral | 0.73x | +7.4% | 23.9% | Profile (1) |
NAVN Navan, Inc.Software - Application Q2 fiscal 2027 revenue was $232.79M, 90.81% of it per-booking usage fees. | Watch | $9.72-63.5% | 46.6· Neutral | 1.09x | +32.1% | 5.5% | Profile (1) |
BLKB BLACKBAUD INCNon-profit & Social Good Software Blackbaud repurchased $111.64M of stock in the first half on $65.68M of owner cash, and the 10-Q ties the gap to net borrowings. | Watch | $90.31+71.3% | 43.3· Neutral | 0.21x | +5.0% | 28.6% | Profile (1) |
EVCM EverCommerce Inc.Software - Application EverCommerce sold its marketing business, kept three service verticals and now grows in low single digits. | Watch | $6.58-28.1% | 41.5· Neutral | 0.26x | +4.7% | 17.4% | Profile (1) |
SSNC SS&C Technologies Holdings IncFinancial Services Software SS&C runs the systems of record and regulated workflows behind fund administration, transfer agency and investment accounting, and has produced positive owner cash in nine straight years. | Watch | $84.11+4.3% | 40.8· Neutral | 0.31x | +5.6% | 26.7% | Profile (1) |
BILL BILL Holdings, Inc.Financial Automation Software BILL moves $371.3B of small-business payments a year, but after stock pay its owner cash depends on interest earned on customer funds. | Watch | $149+207.6% | 39.3· Weak | 0.43x | +26.7% | 24.9% | Profile (1) |
RNG RingCentral, Inc.Unified Communications as a Service (UCaaS) RingCentral grew Q3 subscription revenue 6.03% and earns more owner cash than GAAP EBITDA, $427.19M against $423.44M. | Watch | $145+72.8% | 38.9· Weak | 0.29x | +12.1% | 25.4% | Profile (1) |
RBBN Ribbon Communications Inc.Software - Application Q2 revenue fell 12.80% to $192.34M. Lenders waived the June 30, 2026 leverage test and raised the margin to 7.00% while leverage stays above 3.75x. | Watch | n/a | 37.1· Weak | -0.10x | -0.0% | -3.6% | Profile (1) |
ALIT Alight, Inc.HR & Benefits Solutions Alight has $1.97B of term loan principal due in 2028, talks with lenders that produced no agreement, and $136M of tax receivable agreement payments that run outside operating cash flow. | Watch | $31.17+239.9% | Not rated | n/a | -3.7% | 11.2% | Profile (1) |
CDNS Cadence Design Systems, Inc.Electronic Design Automation (EDA) Cadence grew Q3 revenue 21.99% to $1.63B, with product and maintenance up 23.15%. | Watch | $144-57.9% | Stale | n/a | +15.4% | 28.8% | Profile (1) |
DSP Viant Technology Inc.Software - Application Viant Technology, the demand-side platform that trades under DSP, grew revenue 34% in the second quarter of 2026, but the share it keeps after media costs grew only 24% and one advertising agency holding company... | Watch | $22.91+71.7% | Not rated | n/a | +11.3% | 17.0% | Profile (1) |
EEFT EURONET WORLDWIDE, INC.Software - Infrastructure Euronet is a payments company with a small software arm. In Q2 2026, ATM and card processing grew 11.40% with CoreCard added, prepaid grew 4.96% and money transfer fell 4%. | Watch | $91.20+46.3% | Not rated | n/a | +9.1% | 6.2% | Profile (1) |
LSAK Lesaka Technologies, Inc.Software - Infrastructure Lesaka is a South African fintech serving merchants and social grant recipients. | Watch | $16.40+304.0% | Not rated | n/a | +34.2% | 4.4% | Profile (1) |
MITK Mitek Systems, Inc.Software - Application Mitek, which verifies checks and identities for banks and fintechs, grew SaaS and maintenance revenue 27.1% in its fiscal third quarter while total revenue rose 18%. | Watch | $19.97+8.2% | Not rated | n/a | +10.7% | 24.6% | Profile (1) |
PAYX PAYCHEX INCHR & Payroll Solutions Paychex Q1 fiscal 2027 revenue grew 5.88% to $1.63B. Management Solutions, the payroll and HR core, grew 4.28%, and PEO and Insurance grew 11.70%. | Watch | $88.03-19.5% | Not rated | n/a | +8.5% | 31.6% | Profile (1) |
PSFE Paysafe LimitedSoftware - Infrastructure Paysafe's trailing adjusted EBITDA of $430.73M is 39.93% above its GAAP EBITDA of $307.81M. | Watch | $17.88+220.5% | Not rated | n/a | +3.4% | 12.8% | Profile (1) |
WDAY Workday, Inc.Human Capital Management (HCM) & Financial Management Workday holds $27.40B of subscription backlog and grew its 12-month backlog 14%. | Watch | $273+39.4% | Not rated | n/a | +16.8% | 28.0% | Profile (1) |
AEYE AUDIOEYE INCSoftware Q3 revenue was $10.96M, up 7.20%, with operating income of $1.26M. | Watch | $10.14-28.2% | Not rated | n/a | +13.3% | 15.2% | Profile (1) |
SPGI S&P Global Inc.Software S&P Global is reviewing a separation of Capital IQ and associated data businesses while keeping RatingsDirect, RatingsXpress and Enterprise Solutions. | Watch | $421-8.6% | Not rated | n/a | +16.6% | 31.9% | Profile (1) |
TTD The Trade Desk, Inc.Programmatic Advertising Platform For a decade the big agency holding companies poured client budgets through The Trade Desk. | Watch | $63.03+382.6% | Not rated | n/a | +24.7% | 28.9% | Profile (1) |
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