20-quarter listed-company comparison

Software - Application Stocks

Software - Application: Uber Technologies, Inc. owns the largest revenue base; Figma, Inc. has the fastest current growth.

The industry itself · before any single company

How has Software - Application moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 16% behind S&P 500. Earnings across its companies grew 16% on average over the last four reported quarters. It has been ahead of S&P 500 on a rolling three-month view for 6 weeks running.

BREAKING OUT · ahead 6w✓Fundamentals up, price down64 of 139 companies ahead of S&P 500 by 5% or more over three months22 are 20% or more behind over a year while earnings grew 20% or more

RS ↑6w · 59/139 >200d (+10) · 64/139 lead (+20) · EPS 98/138↑

Software - Application, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling

Strength anatomy MixedHow much of the industry is participating, how recently, and whether the movers score well.

Together64 of 139 stocks moving

Fresh28 crossed in the last 4 weeks

Backed by scoresmovers score +0 vs the industry average

Down the cap ladder — bar is now, tick is four weeks ago

Large 12/28+5

Mid 26/49+13

Small 26/62+2

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 139 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Software - Application outperforming S&P 500?

Software - Application has underperformed S&P 500 by 35% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.6%. 3 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Datadog, Inc. is the strongest against the sector itself at +60.2%.

+6.6%Sector vs S&P 500 · 13 weeks

-35.0%Sector vs S&P 500 · 52 weeks

3/28Stocks leading S&P 500

12/28Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Software - Application has underperformed S&P 500 by 35% over 52 weeks and 6.6% over 13 weeks. 3 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 28 beat the sector itself. Uber Technologies, Inc. leads with revenue of $53,687 million, based on 25 of 30 comparable companies through Mar 2026.

Is the Software - Application sector outperforming S&P 500?

Which Software - Application company is largest by revenue?

Uber Technologies, Inc. leads with revenue of $53,687 million, based on 25 of 30 comparable companies through Mar 2026.

Which Software - Application company is growing fastest?

Figma, Inc. has the fastest current revenue growth at 41.4%, across 25 of 30 comparable companies.

Which Software - Application company has the strongest 4-Factor Sector Score?

Fair Isaac Corporation ranks first at 69.5/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Software - Application company reports the most CAPEX?

Fiserv, Inc. reports the largest latest CAPEX at $458 million, with 30 of 30 companies comparable.

Which Software - Application company has the least gross debt?

Quantinuum Inc. has the lowest comparable gross debt at $22 million. Salesforce, Inc. has the highest at $41,884 million.

Which Software - Application company has the lowest comparable PEG?

Zoom Communications, Inc. has the lowest comparable Guarded PEG at 0.55, among 16 of 30 companies that pass the metric’s comparability rules.

How much history does this Software - Application comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies

complete canonical membership

Combined market value

$1.8T

SAP SE

Revenue growing

25/25

positive TTM year-on-year growth

Beating S&P 500

3/28

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Fair Isaac Corporation has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.

Fiserv, Inc. looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Automatic Data Processing, Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Fair Isaac Corporation · FICO

69.5/100 · Favorable setup · 82% evidence

Exact sum: 28.1 + 16.4 + 12.2 + 12.8 = 69.5

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

28.1/35Growth & earnings

Revenue 22.5% · PAT 31.3% · OPM change 8.9 pp

83% evidence

16.4/25Capital efficiency

ROCE 25.7% · debt/equity 8.9×

80% evidence

12.2/20Valuation

P/E 33.8× · PEG 0.94

65% evidence

12.8/20Relative strength

RS sector 1.2% · RS bench -12.1% · 1Y -3.2%

100% evidence

2. Zoom Communications, Inc. · ZM

64.4/100 · Mixed-positive evidence · 86% evidence

Exact sum: 21 + 15.8 + 16.1 + 11.5 = 64.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.0/35Growth & earnings

Revenue 5% · PAT 97.5% · OPM change 4.5 pp

95% evidence

15.8/25Capital efficiency

ROCE 3.2% · debt/equity 0×

80% evidence

16.1/20Valuation

P/E 14.3× · PEG 0.55

65% evidence

11.5/20Relative strength

RS sector 9.7% · RS bench -1.4% · 1Y 28.9%

100% evidence

3. Autodesk, Inc. · ADSK

63.7/100 · Mixed-positive evidence · 86% evidence

Exact sum: 29.9 + 14.3 + 13.6 + 5.9 = 63.7

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.3% and the one-year return is -20.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

29.9/35Growth & earnings

Revenue 18.3% · PAT 44.6% · OPM change 13.7 pp

95% evidence

14.3/25Capital efficiency

ROCE 8.8% · debt/equity 0.85×

80% evidence

13.6/20Valuation

P/E 34.5× · PEG 0.74

65% evidence

5.9/20Relative strength

RS sector -4.3% · RS bench -16.8% · 1Y -20.1%

100% evidence

4. PTC Inc. · PTC

60.4/100 · Mixed-positive evidence · 82% evidence

Exact sum: 27.2 + 16 + 14.6 + 2.6 = 60.4

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -16.6% and the one-year return is -39.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

27.2/35Growth & earnings

Revenue 27.7% · PAT 100% · OPM change 3.1 pp

83% evidence

16.0/25Capital efficiency

ROCE 5.7% · debt/equity 0.36×

80% evidence

14.6/20Valuation

P/E 13.6× · PEG 0.81

65% evidence

2.6/20Relative strength

RS sector -16.6% · RS bench -28% · 1Y -39.9%

100% evidence

5. Snowflake Inc. · SNOW

59.2/100 · Mixed-positive evidence · 65% evidence

Exact sum: 25.4 + 4.1 + 10 + 19.7 = 59.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.4/35Growth & earnings

Revenue 31.1% · PAT — · OPM change 19.5 pp

71% evidence

4.1/25Capital efficiency

ROCE -6.6% · debt/equity 1.43×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

19.7/20Relative strength

RS sector 35.2% · RS bench 18.9% · 1Y 31.9%

100% evidence

6. Paychex, Inc. · PAYX

58.6/100 · Mixed-positive evidence · 86% evidence

Exact sum: 20.2 + 13.4 + 6.8 + 18.2 = 58.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.2/35Growth & earnings

Revenue 16.9% · PAT 6.3% · OPM change 7.5 pp

95% evidence

13.4/25Capital efficiency

ROCE 6.4% · debt/equity 1.23×

80% evidence

6.8/20Valuation

P/E 19.8× · PEG 2.83

65% evidence

18.2/20Relative strength

RS sector 15.3% · RS bench 0.6% · 1Y -14.7%

100% evidence

7. Automatic Data Processing, Inc. · ADP

57.1/100 · Mixed-positive evidence · 82% evidence

Exact sum: 13.9 + 17 + 9.3 + 16.9 = 57.1

Decision use: Price leads the evidence: RS versus the benchmark is -1.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

13.9/35Growth & earnings

Revenue 6.9% · PAT 8.7% · OPM change 0.7 pp

83% evidence

17.0/25Capital efficiency

ROCE 15.5% · debt/equity 0.68×

80% evidence

9.3/20Valuation

P/E 19× · PEG 1.95

65% evidence

16.9/20Relative strength

RS sector 13.3% · RS bench -1.1% · 1Y -12.1%

100% evidence

8. Workday, Inc. · WDAY

56.5/100 · Mixed-positive evidence · 86% evidence

Exact sum: 26.6 + 11.3 + 7.7 + 10.9 = 56.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

26.6/35Growth & earnings

Revenue 13.3% · PAT 73.9% · OPM change 11.6 pp

95% evidence

11.3/25Capital efficiency

ROCE 3.1% · debt/equity 0.57×

80% evidence

7.7/20Valuation

P/E 38.3× · PEG 2.14

65% evidence

10.9/20Relative strength

RS sector -2.7% · RS bench -17.3% · 1Y -28.1%

100% evidence

9. SAP SE · SAP

56.3/100 · Mixed-positive evidence · 82% evidence

Exact sum: 20.6 + 15.7 + 13.7 + 6.3 = 56.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.6/35Growth & earnings

Revenue 6.2% · PAT 32.4% · OPM change 2.8 pp

83% evidence

15.7/25Capital efficiency

ROCE 5.1% · debt/equity 0.17×

80% evidence

13.7/20Valuation

P/E 23.2× · PEG 0.75

65% evidence

6.3/20Relative strength

RS sector -10.7% · RS bench -23.2% · 1Y -36.7%

100% evidence

10. Guidewire Software, Inc. · GWRE

56.2/100 · Mixed-positive evidence · 76% evidence

Exact sum: 27.4 + 9.2 + 8.9 + 10.7 = 56.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

27.4/35Growth & earnings

Revenue 25% · PAT 100% · OPM change 6.7 pp

95% evidence

9.2/25Capital efficiency

ROCE 1.5% · debt/equity 0.54×

80% evidence

8.9/20Valuation

P/E 74.8× · PEG —

15% evidence

10.7/20Relative strength

RS sector -2.4% · RS bench -16.7% · 1Y -28.5%

100% evidence

11. SS&C Technologies Holdings, Inc. · SSNC

52.9/100 · Thin evidence · provisional · 59% evidence

Exact sum: 18.1 + 11.5 + 10.7 + 12.6 = 52.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.1/35Growth & earnings

Revenue — · PAT — · OPM change 0.6 pp

45% evidence

11.5/25Capital efficiency

ROCE 2.8% · debt/equity 1.16×

80% evidence

10.7/20Valuation

P/E 17.8× · PEG —

15% evidence

12.6/20Relative strength

RS sector 5.8% · RS bench -7.4% · 1Y -7.5%

100% evidence

12. Intuit Inc. · INTU

52.7/100 · Mixed-positive evidence · 86% evidence

Exact sum: 19.8 + 17.7 + 14.1 + 1.1 = 52.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.8/35Growth & earnings

Revenue 15% · PAT 32.2% · OPM change -1 pp

95% evidence

17.7/25Capital efficiency

ROCE 14.9% · debt/equity 0.33×

80% evidence

14.1/20Valuation

P/E 23.5× · PEG 0.69

65% evidence

1.1/20Relative strength

RS sector -32.9% · RS bench -43.3% · 1Y -59.7%

100% evidence

13. Roper Technologies, Inc. · ROP

52.4/100 · Thin evidence · provisional · 59% evidence

Exact sum: 16.4 + 12.7 + 11.2 + 12.1 = 52.4

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.4/35Growth & earnings

Revenue — · PAT — · OPM change -0.7 pp

45% evidence

12.7/25Capital efficiency

ROCE 1.9% · debt/equity 0.6×

80% evidence

11.2/20Valuation

P/E 14× · PEG —

15% evidence

12.1/20Relative strength

RS sector 2% · RS bench -11.7% · 1Y -27.9%

100% evidence

14. Datadog, Inc. · DDOG

51.4/100 · Mixed-positive evidence · 82% evidence

Exact sum: 17.9 + 9.4 + 4.2 + 19.9 = 51.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.9/35Growth & earnings

Revenue 29.5% · PAT -18% · OPM change 2.3 pp

83% evidence

9.4/25Capital efficiency

ROCE 0.2% · debt/equity 0.32×

80% evidence

4.2/20Valuation

P/E 302.7× · PEG 4.93

65% evidence

19.9/20Relative strength

RS sector 60.2% · RS bench 45.7% · 1Y 85%

100% evidence

15. Shopify Inc. · SHOP

49.8/100 · Mixed-negative evidence · 75% evidence

Exact sum: 23.1 + 13.1 + 4.6 + 9 = 49.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

23.1/35Growth & earnings

Revenue 31.9% · PAT 56% · OPM change 3.5 pp

62% evidence

13.1/25Capital efficiency

ROCE 3.2% · debt/equity 0.01×

80% evidence

4.6/20Valuation

P/E 117.4× · PEG 4.21

65% evidence

9.0/20Relative strength

RS sector 2.3% · RS bench -10.9% · 1Y 9.8%

100% evidence

16. Salesforce, Inc. · CRM

49.4/100 · Mixed-negative evidence · 86% evidence

Exact sum: 19.3 + 10.7 + 14.9 + 4.5 = 49.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.3/35Growth & earnings

Revenue 11% · PAT 29.3% · OPM change 1.3 pp

95% evidence

10.7/25Capital efficiency

ROCE 3.1% · debt/equity 1.22×

80% evidence

14.9/20Valuation

P/E 20.4× · PEG 0.58

65% evidence

4.5/20Relative strength

RS sector -8.8% · RS bench -20.9% · 1Y -27.6%

100% evidence

17. Adobe Inc. · ADBE

49.4/100 · Mixed-negative evidence · 86% evidence

Exact sum: 15.7 + 16.3 + 12.2 + 5.2 = 49.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.7/35Growth & earnings

Revenue 11.5% · PAT 5.2% · OPM change -2.1 pp

95% evidence

16.3/25Capital efficiency

ROCE 12.1% · debt/equity 0.61×

80% evidence

12.2/20Valuation

P/E 14.8× · PEG 1.25

65% evidence

5.2/20Relative strength

RS sector -8.2% · RS bench -20.7% · 1Y -28.4%

100% evidence

18. Dynatrace, Inc. · DT

48.5/100 · Mixed-negative evidence · 72% evidence

Exact sum: 12.4 + 12.4 + 9 + 14.7 = 48.5

Decision use: Price leads the evidence: RS versus the benchmark is -4.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.4/35Growth & earnings

Revenue 18.9% · PAT -66.5% · OPM change -2.6 pp

83% evidence

12.4/25Capital efficiency

ROCE 1.3% · debt/equity 0.06×

80% evidence

9.0/20Valuation

P/E 68.5× · PEG —

15% evidence

14.7/20Relative strength

RS sector 8.7% · RS bench -4.7% · 1Y -13.1%

100% evidence

19. Uber Technologies, Inc. · UBER

45.1/100 · Mixed-negative evidence · 72% evidence

Exact sum: 17.7 + 12.3 + 10.6 + 4.5 = 45.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.7/35Growth & earnings

Revenue 18.3% · PAT -29.8% · OPM change 4 pp

83% evidence

12.3/25Capital efficiency

ROCE 4.3% · debt/equity 0.48×

80% evidence

10.6/20Valuation

P/E 17.9× · PEG —

15% evidence

4.5/20Relative strength

RS sector -7.8% · RS bench -19.4% · 1Y -18.6%

100% evidence

20. Cadence Design Systems, Inc. · CDNS

44.8/100 · Mixed-negative evidence · 82% evidence

Exact sum: 14.3 + 15.1 + 4.2 + 11.2 = 44.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.3/35Growth & earnings

Revenue 13.4% · PAT 8.2% · OPM change 0.2 pp

83% evidence

15.1/25Capital efficiency

ROCE 4.9% · debt/equity 0.44×

80% evidence

4.2/20Valuation

P/E 64.8× · PEG 7.52

65% evidence

11.2/20Relative strength

RS sector 9% · RS bench -2.9% · 1Y -3.4%

100% evidence

21. ServiceNow, Inc. · NOW

41.6/100 · Thin evidence · provisional · 59% evidence

Exact sum: 14 + 10.7 + 9.3 + 7.6 = 41.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

14.0/35Growth & earnings

Revenue — · PAT — · OPM change -1.3 pp

45% evidence

10.7/25Capital efficiency

ROCE 1% · debt/equity 0.68×

80% evidence

9.3/20Valuation

P/E 62× · PEG —

15% evidence

7.6/20Relative strength

RS sector -11.2% · RS bench -24.6% · 1Y -39.5%

100% evidence

22. Grab Holdings Limited · GRAB

40.8/100 · Mixed-negative evidence · 65% evidence

Exact sum: 20.8 + 9.1 + 8.5 + 2.4 = 40.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.8/35Growth & earnings

Revenue 21.8% · PAT — · OPM change 5 pp

62% evidence

9.1/25Capital efficiency

ROCE 0.3% · debt/equity 0.3×

80% evidence

8.5/20Valuation

P/E 366× · PEG —

15% evidence

2.4/20Relative strength

RS sector -18.3% · RS bench -29.5% · 1Y -28.1%

100% evidence

23. Tyler Technologies, Inc. · TYL

39.6/100 · Mixed-negative evidence · 82% evidence

Exact sum: 15.9 + 14.8 + 4.7 + 4.2 = 39.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

15.9/35Growth & earnings

Revenue 8.7% · PAT 9% · OPM change 0.5 pp

83% evidence

14.8/25Capital efficiency

ROCE 2.7% · debt/equity 0.01×

80% evidence

4.7/20Valuation

P/E 47.3× · PEG 5.23

65% evidence

4.2/20Relative strength

RS sector -12% · RS bench -24.7% · 1Y -42.7%

100% evidence

24. Fiserv, Inc. · FISV

39.2/100 · Mixed-negative evidence · 82% evidence

Exact sum: 8.4 + 10.8 + 16 + 4 = 39.2

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

8.4/35Growth & earnings

Revenue 1.9% · PAT -20.1% · OPM change -8.9 pp

83% evidence

10.8/25Capital efficiency

ROCE 1.6% · debt/equity 1.11×

80% evidence

16.0/20Valuation

P/E 9.5× · PEG 0.6

65% evidence

4.0/20Relative strength

RS sector -22% · RS bench -34.6% · 1Y -59.9%

100% evidence

25. Atlassian Corporation · TEAM

36.8/100 · Mixed-negative evidence · 62% evidence

Exact sum: 13.7 + 4.8 + 10 + 8.3 = 36.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

13.7/35Growth & earnings

Revenue 24% · PAT — · OPM change -2.2 pp

62% evidence

4.8/25Capital efficiency

ROCE -2.2% · debt/equity 1.41×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

8.3/20Relative strength

RS sector -8.3% · RS bench -22.9% · 1Y -45.4%

100% evidence

26. Unity Software Inc. · U

36.7/100 · Mixed-negative evidence · 62% evidence

Exact sum: 9 + 5.8 + 10 + 11.9 = 36.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

9.0/35Growth & earnings

Revenue 7.5% · PAT — · OPM change -39.7 pp

62% evidence

5.8/25Capital efficiency

ROCE -6.5% · debt/equity 0.69×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

11.9/20Relative strength

RS sector 4.8% · RS bench -10.1% · 1Y 0%

100% evidence

27. Figma, Inc. · FIG

35.1/100 · Thin evidence · provisional · 56% evidence

Exact sum: 13.1 + 8.3 + 10 + 3.7 = 35.1

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

13.1/35Growth & earnings

Revenue 41.4% · PAT — · OPM change -58.6 pp

62% evidence

8.3/25Capital efficiency

ROCE -9.3% · debt/equity 0.04×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

3.7/20Relative strength

RS sector -23% · RS bench -36.8% · 1Y -80%

70% evidence

28. Strategy Inc · MSTR

28.1/100 · Adverse evidence · 62% evidence

Exact sum: 8.3 + 8.8 + 10.8 + 0.2 = 28.1

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

8.3/35Growth & earnings

Revenue 6.8% · PAT — · OPM change -6310.1 pp

62% evidence

8.8/25Capital efficiency

ROCE -29.7% · debt/equity 0.18×

68% evidence

10.8/20Valuation

P/E 15× · PEG —

15% evidence

0.2/20Relative strength

RS sector -44.7% · RS bench -54% · 1Y -73.8%

100% evidence

29. Quantinuum Inc. · QNT

45.9/100 · Thin evidence · provisional · 22% evidence

Exact sum: 16.1 + 9.8 + 10 + 10 = 45.9

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

16.1/35Growth & earnings

Revenue — · PAT — · OPM change -1316.6 pp

13% evidence

9.8/25Capital efficiency

ROCE -9% · debt/equity 0.01×

68% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

30. Bending Spoons S.p.A. · BSP

44.7/100 · Thin evidence · provisional · 25% evidence

Exact sum: 17.7 + 7 + 10 + 10 = 44.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

17.7/35Growth & earnings

Revenue — · PAT — · OPM change 13.5 pp

13% evidence

7.0/25Capital efficiency

ROCE 0% · debt/equity 4.17×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Uber Technologies, Inc. has the highest Revenue among the 30 Software - Application companies compared here, at $53,687 million. Salesforce, Inc. is next at $42,829 million. Figma, Inc. has the highest Revenue growth at 41.4%, so level and change sit with different companies. 25 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Uber Technologies, Inc. is the scale leader at $53,687 million, 25.4% ahead of Salesforce, Inc.. Figma, Inc.'s growth is 41.4% from a $1,161 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderUber Technologies, Inc. · $53,687 million

Gap25.4% versus #2 · Salesforce, Inc.

Persistence8/8 recent comparable periods

Coverage25/30 companies · 531 observations

Investor read: Uber Technologies, Inc. is the scale benchmark; Figma, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Uber Technologies, Inc.'s growth falls below Figma, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Uber Technologies, Inc. UBER$53.7B

2Salesforce, Inc. CRM$42.8B

3SAP SE SAP$37.3B

4Adobe Inc. ADBE$25.2B

5Automatic Data Processing, Inc. ADP$21.6B

Revenue growthfastest growers

1Figma, Inc. FIG41%

2Shopify Inc. SHOP32%

3Snowflake Inc. SNOW31%

4Datadog, Inc. DDOG30%

5PTC Inc. PTC28%

Revenue · company comparison

25/30 level · 25/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Uber Technologies, Inc. UBER	$13.2B	14%	Mar 2026
Salesforce, Inc. CRM	$11.1B	13%	Jun 2026
SAP SE SAP	$9.6B	6.0%	Mar 2026
Intuit Inc. INTU	$8.6B	10%	Jun 2026
Adobe Inc. ADBE	$6.6B	13%	Jun 2026
Automatic Data Processing, Inc. ADP	$5.9B	7.0%	Mar 2026
Fiserv, Inc. FISV	$5.0B	-2.0%	Mar 2026
ServiceNow, Inc. NOW	$3.8B	22%	Jun 2026
Shopify Inc. SHOP	$3.2B	34%	Mar 2026
Workday, Inc. WDAY	$2.5B	13%	Jun 2026
Roper Technologies, Inc. ROP	$2.1B	11%	Jun 2026
Autodesk, Inc. ADSK	$1.9B	18%	Jun 2026
Atlassian Corporation TEAM	$1.8B	32%	Mar 2026
SS&C Technologies Holdings, Inc. SSNC	$1.6B	8.8%	Jun 2026
Paychex, Inc. PAYX	$1.6B	13%	Jun 2026
Cadence Design Systems, Inc. CDNS	$1.5B	19%	Mar 2026
Snowflake Inc. SNOW	$1.4B	33%	Jun 2026
Zoom Communications, Inc. ZM	$1.2B	5.5%	Jun 2026
Datadog, Inc. DDOG	$1.0B	32%	Mar 2026
Grab Holdings Limited GRAB	$955M	24%	Mar 2026
PTC Inc. PTC	$774M	22%	Mar 2026
Fair Isaac Corporation FICO	$692M	39%	Mar 2026
Tyler Technologies, Inc. TYL	$614M	8.7%	Mar 2026
Bending Spoons S.p.A. BSP	$601M	132%	Mar 2026
Dynatrace, Inc. DT	$532M	20%	Mar 2026
Unity Software Inc. U	$508M	17%	Mar 2026
Guidewire Software, Inc. GWRE	$373M	27%	Jun 2026
Figma, Inc. FIG	$333M	46%	Mar 2026
Strategy Inc MSTR	$124M	12%	Mar 2026
Quantinuum Inc. QNT	$5M	-74%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021$3.9B

Dec 2021$4.1B

Mar 2022$4.3B

Jun 2022$4.4B

Sep 2022$4.4B

Dec 2022$4.5B

Mar 2023$4.7B

Jun 2023$4.8B

Sep 2023$4.9B

Dec 2023$5.0B

Mar 2024$5.2B

Jun 2024$5.3B

Sep 2024$5.4B

Dec 2024$5.6B

Mar 2025$5.7B

Jun 2025$5.9B

Sep 2025$6.0B

Dec 2025$6.2B

Mar 2026$6.4B

Jun 2026$6.6B

Autodesk, Inc. · ADSK

Sep 2021$1.1B

Dec 2021$1.1B

Mar 2022$1.2B

Jun 2022$1.2B

Sep 2022$1.2B

Dec 2022$1.3B

Mar 2023$1.3B

Jun 2023$1.3B

Sep 2023$1.3B

Dec 2023$1.4B

Mar 2024$1.5B

Jun 2024$1.4B

Sep 2024$1.5B

Dec 2024$1.6B

Mar 2025$1.6B

Jun 2025$1.6B

Sep 2025$1.8B

Dec 2025$1.9B

Mar 2026$2.0B

Jun 2026$1.9B

Automatic Data Processing, Inc. · ADP

Sep 2021$3.8B

Dec 2021$4.0B

Mar 2022$4.5B

Jun 2022$4.1B

Sep 2022$4.2B

Dec 2022$4.4B

Mar 2023$4.9B

Jun 2023$4.5B

Sep 2023$4.5B

Dec 2023$4.7B

Mar 2024$5.3B

Jun 2024$4.8B

Sep 2024$4.8B

Dec 2024$5.0B

Mar 2025$5.6B

Jun 2025$5.1B

Sep 2025$5.2B

Dec 2025$5.4B

Mar 2026$5.9B

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021$728M

Dec 2021$751M

Mar 2022$773M

Jun 2022$902M

Sep 2022$858M

Dec 2022$903M

Mar 2023$1.0B

Jun 2023$977M

Sep 2023$1.0B

Dec 2023$1.1B

Mar 2024$1.0B

Jun 2024$1.1B

Sep 2024$1.2B

Dec 2024$1.4B

Mar 2025$1.2B

Jun 2025$1.3B

Sep 2025$1.3B

Dec 2025$1.4B

Mar 2026$1.5B

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021$270M

Dec 2021$326M

Mar 2022$363M

Jun 2022$406M

Sep 2022$437M

Dec 2022$469M

Mar 2023$482M

Jun 2023$509M

Sep 2023$548M

Dec 2023$590M

Mar 2024$611M

Jun 2024$645M

Sep 2024$690M

Dec 2024$738M

Mar 2025$762M

Jun 2025$827M

Sep 2025$886M

Dec 2025$953M

Mar 2026$1.0B

Jun 2026—

Intuit Inc. · INTU

Sep 2021$2.6B

Dec 2021$2.0B

Mar 2022$2.7B

Jun 2022$5.6B

Sep 2022$2.4B

Dec 2022$2.6B

Mar 2023$3.0B

Jun 2023$6.0B

Sep 2023$2.7B

Dec 2023$3.0B

Mar 2024$3.4B

Jun 2024$6.7B

Sep 2024$3.2B

Dec 2024$3.3B

Mar 2025$4.0B

Jun 2025$7.8B

Sep 2025$3.8B

Dec 2025$3.9B

Mar 2026$4.7B

Jun 2026$8.6B

Salesforce, Inc. · CRM

Sep 2021$6.3B

Dec 2021$6.9B

Mar 2022$7.3B

Jun 2022$7.4B

Sep 2022$7.7B

Dec 2022$7.8B

Mar 2023$8.4B

Jun 2023$8.2B

Sep 2023$8.6B

Dec 2023$8.7B

Mar 2024$9.3B

Jun 2024$9.1B

Sep 2024$9.3B

Dec 2024$9.4B

Mar 2025$10.0B

Jun 2025$9.8B

Sep 2025$10.2B

Dec 2025$10.3B

Mar 2026$11.2B

Jun 2026$11.1B

SAP SE · SAP

Sep 2021$6.8B

Dec 2021$8.0B

Mar 2022$6.8B

Jun 2022$7.2B

Sep 2022$7.5B

Dec 2022$8.1B

Mar 2023$7.4B

Jun 2023$7.6B

Sep 2023$7.7B

Dec 2023$8.5B

Mar 2024$8.0B

Jun 2024$8.3B

Sep 2024$8.5B

Dec 2024$9.4B

Mar 2025$9.0B

Jun 2025$9.0B

Sep 2025$9.1B

Dec 2025$9.7B

Mar 2026$9.6B

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021$1.5B

Dec 2021$1.6B

Mar 2022$1.7B

Jun 2022$1.8B

Sep 2022$1.8B

Dec 2022$1.9B

Mar 2023$2.1B

Jun 2023$2.2B

Sep 2023$2.3B

Dec 2023$2.4B

Mar 2024$2.6B

Jun 2024$2.6B

Sep 2024$2.8B

Dec 2024$3.0B

Mar 2025$3.1B

Jun 2025$3.2B

Sep 2025$3.4B

Dec 2025$3.6B

Mar 2026$3.8B

Jun 2026—

Shopify Inc. · SHOP

Sep 2021$1.1B

Dec 2021$1.4B

Mar 2022$1.2B

Jun 2022$1.3B

Sep 2022$1.4B

Dec 2022$1.7B

Mar 2023$1.5B

Jun 2023$1.7B

Sep 2023$1.7B

Dec 2023$2.1B

Mar 2024$1.9B

Jun 2024$2.0B

Sep 2024$2.2B

Dec 2024$2.8B

Mar 2025$2.4B

Jun 2025$2.7B

Sep 2025$2.8B

Dec 2025$3.7B

Mar 2026$3.2B

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021$272M

Dec 2021$334M

Mar 2022$384M

Jun 2022$422M

Sep 2022$497M

Dec 2022$557M

Mar 2023$589M

Jun 2023$624M

Sep 2023$674M

Dec 2023$734M

Mar 2024$775M

Jun 2024$829M

Sep 2024$869M

Dec 2024$942M

Mar 2025$987M

Jun 2025$1.0B

Sep 2025$1.1B

Dec 2025$1.2B

Mar 2026$1.3B

Jun 2026$1.4B

Uber Technologies, Inc. · UBER

Sep 2021$4.8B

Dec 2021$5.8B

Mar 2022$6.9B

Jun 2022$8.1B

Sep 2022$8.3B

Dec 2022$8.6B

Mar 2023$8.8B

Jun 2023$9.2B

Sep 2023$9.3B

Dec 2023$9.9B

Mar 2024$10.1B

Jun 2024$10.7B

Sep 2024$11.2B

Dec 2024$12.0B

Mar 2025$11.5B

Jun 2025$12.7B

Sep 2025$13.5B

Dec 2025$14.4B

Mar 2026$13.2B

Jun 2026—

Revenue growth · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202213%

Dec 202210%

Mar 20239.2%

Jun 20239.8%

Sep 202310%

Dec 202312%

Mar 202411%

Jun 202410%

Sep 202411%

Dec 202411%

Mar 202510%

Jun 202511%

Sep 202511%

Dec 202510%

Mar 202612%

Jun 202613%

Autodesk, Inc. · ADSK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202217%

Dec 202214%

Mar 20238.8%

Jun 20238.5%

Sep 20238.7%

Dec 202310%

Mar 202411%

Jun 202412%

Sep 202412%

Dec 202411%

Mar 202512%

Jun 202515%

Sep 202517%

Dec 202518%

Mar 202619%

Jun 202618%

Automatic Data Processing, Inc. · ADP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202210%

Sep 202210%

Dec 20229.1%

Mar 20239.2%

Jun 20238.5%

Sep 20237.0%

Dec 20236.3%

Mar 20246.6%

Jun 20246.5%

Sep 20247.1%

Dec 20248.1%

Mar 20255.7%

Jun 20257.5%

Sep 20257.1%

Dec 20256.2%

Mar 20267.0%

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202218%

Dec 202220%

Mar 202332%

Jun 20238.3%

Sep 202319%

Dec 202318%

Mar 2024-1.3%

Jun 20248.6%

Sep 202419%

Dec 202427%

Mar 202523%

Jun 202520%

Sep 202510%

Dec 20256.2%

Mar 202619%

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202274%

Sep 202262%

Dec 202244%

Mar 202333%

Jun 202325%

Sep 202325%

Dec 202326%

Mar 202427%

Jun 202427%

Sep 202426%

Dec 202425%

Mar 202525%

Jun 202528%

Sep 202528%

Dec 202529%

Mar 202632%

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-5.7%

Dec 202229%

Mar 202314%

Jun 20236.9%

Sep 202312%

Dec 202315%

Mar 202411%

Jun 202412%

Sep 202417%

Dec 202410%

Mar 202517%

Jun 202515%

Sep 202520%

Dec 202518%

Mar 202617%

Jun 202610%

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202222%

Dec 202214%

Mar 202314%

Jun 202311%

Sep 202311%

Dec 202311%

Mar 202411%

Jun 202411%

Sep 20248.4%

Dec 20248.3%

Mar 20257.6%

Jun 20257.6%

Sep 20259.8%

Dec 20258.6%

Mar 202612%

Jun 202613%

SAP SE · SAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20228.1%

Sep 20229.2%

Dec 20221.0%

Mar 20239.9%

Jun 20234.8%

Sep 20233.6%

Dec 20235.0%

Mar 20248.1%

Jun 20249.7%

Sep 20249.4%

Dec 202411%

Mar 202512%

Jun 20258.9%

Sep 20257.2%

Dec 20253.3%

Mar 20266.0%

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202224%

Sep 202221%

Dec 202220%

Mar 202322%

Jun 202323%

Sep 202325%

Dec 202326%

Mar 202424%

Jun 202422%

Sep 202422%

Dec 202421%

Mar 202519%

Jun 202522%

Sep 202522%

Dec 202521%

Mar 202622%

Jun 2026—

Shopify Inc. · SHOP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202216%

Sep 202222%

Dec 202226%

Mar 202325%

Jun 202331%

Sep 202325%

Dec 202324%

Mar 202423%

Jun 202421%

Sep 202426%

Dec 202431%

Mar 202527%

Jun 202531%

Sep 202532%

Dec 202531%

Mar 202634%

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202283%

Dec 202267%

Mar 202353%

Jun 202348%

Sep 202336%

Dec 202332%

Mar 202432%

Jun 202433%

Sep 202429%

Dec 202428%

Mar 202527%

Jun 202526%

Sep 202532%

Dec 202529%

Mar 202630%

Jun 202633%

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022105%

Sep 202272%

Dec 202249%

Mar 202329%

Jun 202314%

Sep 202311%

Dec 202315%

Mar 202415%

Jun 202416%

Sep 202420%

Dec 202420%

Mar 202514%

Jun 202518%

Sep 202520%

Dec 202520%

Mar 202614%

Jun 2026—

02 · compare level, then change

Operating Economics & Margin Trend

Fair Isaac Corporation has the highest OPM among the 30 Software - Application companies compared here, at 58.2%. Intuit Inc. is next at 47%. Snowflake Inc. has the highest Margin change at +19.5 percentage points, so level and change sit with different companies. 28 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Fair Isaac Corporation leads opm at 58.2%; Snowflake Inc. leads margin change at +19.5 percentage points.

LeaderFair Isaac Corporation · 58.2%

Gap23.8% versus #2 · Intuit Inc.

Persistence7/8 recent comparable periods

Coverage28/30 companies · 525 observations

Investor read: Fair Isaac Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Fair Isaac Corporation FICO58%

2Intuit Inc. INTU47%

3Bending Spoons S.p.A. BSP39%

4PTC Inc. PTC38%

5Paychex, Inc. PAYX38%

Margin changefastest expanders

1Snowflake Inc. SNOW+19.5 pp

2Autodesk, Inc. ADSK+13.7 pp

3Bending Spoons S.p.A. BSP+13.5 pp

4Workday, Inc. WDAY+11.6 pp

5Fair Isaac Corporation FICO+8.9 pp

Operating margin · company comparison

28/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	OPM	Margin change	Reported
Fair Isaac Corporation FICO	58%	+8.9 pp	Mar 2026
Intuit Inc. INTU	47%	−1.0 pp	Jun 2026
Bending Spoons S.p.A. BSP	39%	+13.5 pp	Mar 2026
PTC Inc. PTC	38%	+3.1 pp	Mar 2026
Paychex, Inc. PAYX	38%	+7.5 pp	Jun 2026
Adobe Inc. ADBE	34%	−2.1 pp	Jun 2026
Automatic Data Processing, Inc. ADP	30%	+0.7 pp	Mar 2026
Cadence Design Systems, Inc. CDNS	29%	+0.2 pp	Mar 2026
SAP SE SAP	29%	+2.8 pp	Mar 2026
Autodesk, Inc. ADSK	28%	+13.7 pp	Jun 2026
Roper Technologies, Inc. ROP	27%	−0.7 pp	Jun 2026
Zoom Communications, Inc. ZM	25%	+4.5 pp	Jun 2026
SS&C Technologies Holdings, Inc. SSNC	24%	+0.6 pp	Jun 2026
Salesforce, Inc. CRM	21%	+1.3 pp	Jun 2026
Fiserv, Inc. FISV	18%	−8.9 pp	Mar 2026
Tyler Technologies, Inc. TYL	16%	+0.5 pp	Mar 2026
Uber Technologies, Inc. UBER	15%	+4.0 pp	Mar 2026
ServiceNow, Inc. NOW	13%	−1.3 pp	Jun 2026
Workday, Inc. WDAY	13%	+11.6 pp	Jun 2026
Shopify Inc. SHOP	12%	+3.5 pp	Mar 2026
Guidewire Software, Inc. GWRE	8.2%	+6.7 pp	Jun 2026
Dynatrace, Inc. DT	7.0%	−2.6 pp	Mar 2026
Grab Holdings Limited GRAB	2.3%	+5.0 pp	Mar 2026
Datadog, Inc. DDOG	0.7%	+2.3 pp	Mar 2026
Atlassian Corporation TEAM	-3.1%	−2.2 pp	Mar 2026
Snowflake Inc. SNOW	-23%	+19.5 pp	Jun 2026
Figma, Inc. FIG	-41%	−58.6 pp	Mar 2026
Unity Software Inc. U	-69%	−39.7 pp	Mar 2026
Quantinuum Inc. QNT	-157%	−1,316.6 pp	Mar 2026
Strategy Inc MSTR	-842%	−6,310.1 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 202137%

Dec 202137%

Mar 202237%

Jun 202235%

Sep 202234%

Dec 202233%

Mar 202334%

Jun 202334%

Sep 202335%

Dec 202335%

Mar 202418%

Jun 202436%

Sep 202437%

Dec 202435%

Mar 202538%

Jun 202536%

Sep 202536%

Dec 202537%

Mar 202638%

Jun 202634%

Autodesk, Inc. · ADSK

Sep 202114%

Dec 202117%

Mar 202212%

Jun 202218%

Sep 202220%

Dec 202220%

Mar 202321%

Jun 202317%

Sep 202320%

Dec 202324%

Mar 202421%

Jun 202421%

Sep 202423%

Dec 202422%

Mar 202522%

Jun 202514%

Sep 202525%

Dec 202525%

Mar 202622%

Jun 202628%

Automatic Data Processing, Inc. · ADP

Sep 202123%

Dec 202122%

Mar 202226%

Jun 202220%

Sep 202224%

Dec 202225%

Mar 202328%

Jun 202323%

Sep 202325%

Dec 202325%

Mar 202429%

Jun 202423%

Sep 202426%

Dec 202426%

Mar 202529%

Jun 202524%

Sep 202526%

Dec 202526%

Mar 202630%

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 202126%

Dec 202126%

Mar 202225%

Jun 202235%

Sep 202233%

Dec 202229%

Mar 202332%

Jun 202331%

Sep 202329%

Dec 202332%

Mar 202425%

Jun 202428%

Sep 202429%

Dec 202434%

Mar 202529%

Jun 202519%

Sep 202532%

Dec 202532%

Mar 202629%

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021-1.8%

Dec 20212.6%

Mar 20222.9%

Jun 2022-0.8%

Sep 2022-7.2%

Dec 2022-7.4%

Mar 2023-7.3%

Jun 2023-4.3%

Sep 2023-0.8%

Dec 20234.7%

Mar 20242.0%

Jun 20242.0%

Sep 20242.9%

Dec 20241.3%

Mar 2025-1.6%

Jun 2025-4.3%

Sep 2025-0.7%

Dec 20251.0%

Mar 20260.7%

Jun 2026—

Intuit Inc. · INTU

Sep 202116%

Dec 20219.7%

Mar 20222.1%

Jun 202243%

Sep 2022-3.1%

Dec 20222.9%

Mar 20238.9%

Jun 202346%

Sep 20230.6%

Dec 202310%

Mar 202411%

Jun 202446%

Sep 2024-4.7%

Dec 20248.3%

Mar 202515%

Jun 202548%

Sep 20258.8%

Dec 202514%

Mar 202618%

Jun 202647%

Salesforce, Inc. · CRM

Sep 20215.2%

Dec 20210.6%

Mar 2022-2.4%

Jun 20220.3%

Sep 20222.5%

Dec 20225.9%

Mar 20234.3%

Jun 20235.0%

Sep 202317%

Dec 202317%

Mar 202418%

Jun 202419%

Sep 202419%

Dec 202420%

Mar 202518%

Jun 202520%

Sep 202523%

Dec 202521%

Mar 202617%

Jun 202621%

SAP SE · SAP

Sep 202118%

Dec 202118%

Mar 202222%

Jun 202215%

Sep 202221%

Dec 202225%

Mar 202311%

Jun 202318%

Sep 202322%

Dec 202323%

Mar 2024-9.8%

Jun 202415%

Sep 202426%

Dec 202422%

Mar 202526%

Jun 202527%

Sep 202527%

Dec 202526%

Mar 202629%

Jun 2026—

ServiceNow, Inc. · NOW

Sep 20214.9%

Dec 20212.2%

Mar 20225.1%

Jun 20221.3%

Sep 20225.0%

Dec 20228.0%

Mar 20236.9%

Jun 20235.4%

Sep 202310%

Dec 202311%

Mar 202413%

Jun 20249.1%

Sep 202415%

Dec 202413%

Mar 202515%

Jun 202511%

Sep 202517%

Dec 202512%

Mar 202613%

Jun 2026—

Shopify Inc. · SHOP

Sep 2021-0.4%

Dec 20211.0%

Mar 2022-8.1%

Jun 2022-15%

Sep 2022-25%

Dec 2022-11%

Mar 2023-13%

Jun 2023-97%

Sep 20237.1%

Dec 202314%

Mar 20244.6%

Jun 202412%

Sep 202413%

Dec 202417%

Mar 20258.6%

Jun 202511%

Sep 202512%

Dec 202517%

Mar 202612%

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021-74%

Dec 2021-47%

Mar 2022-40%

Jun 2022-45%

Sep 2022-42%

Dec 2022-37%

Mar 2023-41%

Jun 2023-44%

Sep 2023-42%

Dec 2023-36%

Mar 2024-36%

Jun 2024-42%

Sep 2024-41%

Dec 2024-39%

Mar 2025-39%

Jun 2025-43%

Sep 2025-30%

Dec 2025-27%

Mar 2026-25%

Jun 2026-23%

Uber Technologies, Inc. · UBER

Sep 2021-12%

Dec 2021-9.5%

Mar 2022-7.0%

Jun 2022-8.8%

Sep 2022-5.9%

Dec 2022-1.6%

Mar 2023-3.0%

Jun 20233.5%

Sep 20234.2%

Dec 20236.6%

Mar 20241.7%

Jun 20247.4%

Sep 20249.5%

Dec 20246.4%

Mar 202511%

Jun 202512%

Sep 20258.3%

Dec 202512%

Mar 202615%

Jun 2026—

Margin change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.1 pp

Dec 2022−3.2 pp

Mar 2023−3.0 pp

Jun 2023−1.2 pp

Sep 2023+1.2 pp

Dec 2023+1.2 pp

Mar 2024−16.6 pp

Jun 2024+1.8 pp

Sep 2024+2.1 pp

Dec 2024+0.4 pp

Mar 2025+20.4 pp

Jun 2025+0.4 pp

Sep 2025−0.5 pp

Dec 2025+1.6 pp

Mar 2026−0.1 pp

Jun 2026−2.1 pp

Autodesk, Inc. · ADSK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+5.6 pp

Dec 2022+2.9 pp

Mar 2023+9.2 pp

Jun 2023−1.2 pp

Sep 2023−0.1 pp

Dec 2023+3.6 pp

Mar 2024+0.4 pp

Jun 2024+4.0 pp

Sep 2024+3.3 pp

Dec 2024−1.6 pp

Mar 2025+0.9 pp

Jun 2025−6.8 pp

Sep 2025+2.4 pp

Dec 2025+3.4 pp

Mar 2026−0.3 pp

Jun 2026+13.7 pp

Automatic Data Processing, Inc. · ADP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+1.5 pp

Sep 2022+1.0 pp

Dec 2022+2.3 pp

Mar 2023+1.5 pp

Jun 2023+3.1 pp

Sep 2023+0.5 pp

Dec 2023+0.7 pp

Mar 2024+1.7 pp

Jun 20240.0 pp

Sep 2024+1.6 pp

Dec 2024+0.3 pp

Mar 20250.0 pp

Jun 2025+0.4 pp

Sep 2025−0.5 pp

Dec 2025+0.5 pp

Mar 2026+0.7 pp

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+7.5 pp

Dec 2022+3.1 pp

Mar 2023+6.3 pp

Jun 2023−4.7 pp

Sep 2023−4.4 pp

Dec 2023+2.6 pp

Mar 2024−6.8 pp

Jun 2024−3.0 pp

Sep 2024+0.2 pp

Dec 2024+2.2 pp

Mar 2025+4.3 pp

Jun 2025−8.7 pp

Sep 2025+3.0 pp

Dec 2025−1.5 pp

Mar 2026+0.2 pp

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+3.4 pp

Sep 2022−5.4 pp

Dec 2022−10.0 pp

Mar 2023−10.2 pp

Jun 2023−3.5 pp

Sep 2023+6.4 pp

Dec 2023+12.1 pp

Mar 2024+9.3 pp

Jun 2024+6.3 pp

Sep 2024+3.7 pp

Dec 2024−3.4 pp

Mar 2025−3.6 pp

Jun 2025−6.3 pp

Sep 2025−3.6 pp

Dec 2025−0.3 pp

Mar 2026+2.3 pp

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−18.8 pp

Dec 2022−6.8 pp

Mar 2023+6.8 pp

Jun 2023+3.7 pp

Sep 2023+3.7 pp

Dec 2023+7.4 pp

Mar 2024+2.0 pp

Jun 2024−0.1 pp

Sep 2024−5.3 pp

Dec 2024−2.0 pp

Mar 2025+4.1 pp

Jun 2025+1.9 pp

Sep 2025+13.5 pp

Dec 2025+5.4 pp

Mar 2026+3.4 pp

Jun 2026−1.0 pp

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−2.7 pp

Dec 2022+5.3 pp

Mar 2023+6.7 pp

Jun 2023+4.7 pp

Sep 2023+14.7 pp

Dec 2023+11.3 pp

Mar 2024+13.2 pp

Jun 2024+13.7 pp

Sep 2024+1.9 pp

Dec 2024+2.8 pp

Mar 2025+0.7 pp

Jun 2025+1.1 pp

Sep 2025+3.7 pp

Dec 2025+1.3 pp

Mar 2026−1.5 pp

Jun 2026+1.3 pp

SAP SE · SAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−0.1 pp

Sep 2022+2.5 pp

Dec 2022+6.6 pp

Mar 2023−10.9 pp

Jun 2023+3.3 pp

Sep 2023+1.5 pp

Dec 2023−2.4 pp

Mar 2024−20.6 pp

Jun 2024−3.2 pp

Sep 2024+3.9 pp

Dec 2024−1.0 pp

Mar 2025+35.7 pp

Jun 2025+12.4 pp

Sep 2025+1.3 pp

Dec 2025+4.9 pp

Mar 2026+2.8 pp

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−2.3 pp

Sep 2022+0.1 pp

Dec 2022+5.8 pp

Mar 2023+1.8 pp

Jun 2023+4.1 pp

Sep 2023+5.1 pp

Dec 2023+3.1 pp

Mar 2024+5.9 pp

Jun 2024+3.7 pp

Sep 2024+4.8 pp

Dec 2024+1.5 pp

Mar 2025+1.8 pp

Jun 2025+2.0 pp

Sep 2025+1.9 pp

Dec 2025−0.2 pp

Mar 2026−1.3 pp

Jun 2026—

Shopify Inc. · SHOP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−27.2 pp

Sep 2022−24.9 pp

Dec 2022−11.8 pp

Mar 2023−4.7 pp

Jun 2023−81.9 pp

Sep 2023+32.4 pp

Dec 2023+24.3 pp

Mar 2024+17.4 pp

Jun 2024+108.4 pp

Sep 2024+6.0 pp

Dec 2024+3.0 pp

Mar 2025+4.0 pp

Jun 2025−0.9 pp

Sep 2025−1.0 pp

Dec 2025+0.7 pp

Mar 2026+3.5 pp

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+31.7 pp

Dec 2022+10.0 pp

Mar 2023−1.1 pp

Jun 2023+0.9 pp

Sep 2023−0.5 pp

Dec 2023+1.5 pp

Mar 2024+5.1 pp

Jun 2024+1.7 pp

Sep 2024+1.4 pp

Dec 2024−3.3 pp

Mar 2025−3.6 pp

Jun 2025−0.8 pp

Sep 2025+11.2 pp

Dec 2025+11.6 pp

Mar 2026+14.4 pp

Jun 2026+19.5 pp

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+21.4 pp

Sep 2022+5.9 pp

Dec 2022+7.9 pp

Mar 2023+4.0 pp

Jun 2023+12.3 pp

Sep 2023+10.1 pp

Dec 2023+8.2 pp

Mar 2024+4.7 pp

Jun 2024+3.9 pp

Sep 2024+5.3 pp

Dec 2024−0.2 pp

Mar 2025+8.9 pp

Jun 2025+4.1 pp

Sep 2025−1.2 pp

Dec 2025+5.9 pp

Mar 2026+4.0 pp

Jun 2026—

03 · compare level, then change

Profit Scale & Acceleration

Uber Technologies, Inc. has the highest Net profit among the 30 Software - Application companies compared here, at $8,661 million. Salesforce, Inc. is next at $8,023 million. Guidewire Software, Inc. has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Uber Technologies, Inc. leads with $8,661 million of TTM profit, 8% above Salesforce, Inc.. Guidewire Software, Inc. shows ≥100% on the scoring scale (354.3% uncapped) growth from a $159 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderUber Technologies, Inc. · $8,661 million

Gap8% versus #2 · Salesforce, Inc.

Persistence6/8 recent comparable periods

Coverage25/30 companies · 531 observations

Investor read: Uber Technologies, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Uber Technologies, Inc. UBER$8.7B

2Salesforce, Inc. CRM$8.0B

3SAP SE SAP$7.6B

4Adobe Inc. ADBE$7.2B

5Intuit Inc. INTU$4.6B

Profit growthfastest growers

1Guidewire Software, Inc. GWRE100%

2PTC Inc. PTC100%

3Zoom Communications, Inc. ZM98%

4Workday, Inc. WDAY74%

5Autodesk, Inc. ADSK45%

Net profit · company comparison

25/30 level · 18/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Net profit	Profit growth	Reported
Intuit Inc. INTU	$3.1B	8.7%	Jun 2026
Salesforce, Inc. CRM	$2.1B	37%	Jun 2026
SAP SE SAP	$1.9B	8.4%	Mar 2026
Adobe Inc. ADBE	$1.7B	1.2%	Jun 2026
Automatic Data Processing, Inc. ADP	$1.4B	8.8%	Mar 2026
PTC Inc. PTC	$591M	263%	Mar 2026
Fiserv, Inc. FISV	$569M	-34%	Mar 2026
Roper Technologies, Inc. ROP	$509M	54%	Jun 2026
Autodesk, Inc. ADSK	$491M	223%	Jun 2026
ServiceNow, Inc. NOW	$469M	2.0%	Jun 2026
Zoom Communications, Inc. ZM	$426M	67%	Jun 2026
Paychex, Inc. PAYX	$421M	42%	Jun 2026
Cadence Design Systems, Inc. CDNS	$336M	23%	Mar 2026
Uber Technologies, Inc. UBER	$302M	-83%	Mar 2026
Fair Isaac Corporation FICO	$264M	62%	Mar 2026
SS&C Technologies Holdings, Inc. SSNC	$226M	6.1%	Jun 2026
Workday, Inc. WDAY	$222M	226%	Jun 2026
Grab Holdings Limited GRAB	$120M	1,100%	Mar 2026
Tyler Technologies, Inc. TYL	$81M	0.0%	Mar 2026
Datadog, Inc. DDOG	$53M	112%	Mar 2026
Bending Spoons S.p.A. BSP	$27M	—	Mar 2026
Dynatrace, Inc. DT	$17M	-56%	Mar 2026
Guidewire Software, Inc. GWRE	$16M	-65%	Jun 2026
Atlassian Corporation TEAM	$-98M	-4,280%	Mar 2026
Quantinuum Inc. QNT	$-137M	—	Mar 2026
Figma, Inc. FIG	$-142M	-416%	Mar 2026
Snowflake Inc. SNOW	$-296M	—	Jun 2026
Unity Software Inc. U	$-347M	—	Mar 2026
Shopify Inc. SHOP	$-581M	36%	Mar 2026
Strategy Inc MSTR	$-12.5B	-854%	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021$1.2B

Dec 2021$1.2B

Mar 2022$1.3B

Jun 2022$1.2B

Sep 2022$1.1B

Dec 2022$1.2B

Mar 2023$1.2B

Jun 2023$1.3B

Sep 2023$1.4B

Dec 2023$1.5B

Mar 2024$620M

Jun 2024$1.6B

Sep 2024$1.7B

Dec 2024$1.7B

Mar 2025$1.8B

Jun 2025$1.7B

Sep 2025$1.8B

Dec 2025$1.9B

Mar 2026$1.9B

Jun 2026$1.7B

Autodesk, Inc. · ADSK

Sep 2021$115M

Dec 2021$137M

Mar 2022$89M

Jun 2022$146M

Sep 2022$186M

Dec 2022$198M

Mar 2023$293M

Jun 2023$161M

Sep 2023$222M

Dec 2023$241M

Mar 2024$282M

Jun 2024$252M

Sep 2024$282M

Dec 2024$275M

Mar 2025$303M

Jun 2025$152M

Sep 2025$313M

Dec 2025$343M

Mar 2026$316M

Jun 2026$491M

Automatic Data Processing, Inc. · ADP

Sep 2021$701M

Dec 2021$694M

Mar 2022$929M

Jun 2022$626M

Sep 2022$779M

Dec 2022$813M

Mar 2023$1.0B

Jun 2023$777M

Sep 2023$859M

Dec 2023$878M

Mar 2024$1.2B

Jun 2024$829M

Sep 2024$956M

Dec 2024$963M

Mar 2025$1.3B

Jun 2025$911M

Sep 2025$1.0B

Dec 2025$1.1B

Mar 2026$1.4B

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021$156M

Dec 2021$176M

Mar 2022$177M

Jun 2022$235M

Sep 2022$187M

Dec 2022$186M

Mar 2023$242M

Jun 2023$221M

Sep 2023$254M

Dec 2023$324M

Mar 2024$248M

Jun 2024$230M

Sep 2024$238M

Dec 2024$340M

Mar 2025$274M

Jun 2025$160M

Sep 2025$287M

Dec 2025$388M

Mar 2026$336M

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021$-5M

Dec 2021$7M

Mar 2022$10M

Jun 2022$-5M

Sep 2022$-26M

Dec 2022$-29M

Mar 2023$-24M

Jun 2023$-4M

Sep 2023$23M

Dec 2023$54M

Mar 2024$43M

Jun 2024$44M

Sep 2024$52M

Dec 2024$46M

Mar 2025$25M

Jun 2025$3M

Sep 2025$34M

Dec 2025$47M

Mar 2026$53M

Jun 2026—

Intuit Inc. · INTU

Sep 2021$380M

Dec 2021$228M

Mar 2022$100M

Jun 2022$1.8B

Sep 2022$-56M

Dec 2022$40M

Mar 2023$168M

Jun 2023$2.1B

Sep 2023$89M

Dec 2023$241M

Mar 2024$353M

Jun 2024$2.4B

Sep 2024$-20M

Dec 2024$197M

Mar 2025$471M

Jun 2025$2.8B

Sep 2025$381M

Dec 2025$446M

Mar 2026$693M

Jun 2026$3.1B

Salesforce, Inc. · CRM

Sep 2021$535M

Dec 2021$468M

Mar 2022$-28M

Jun 2022$28M

Sep 2022$68M

Dec 2022$210M

Mar 2023$-98M

Jun 2023$199M

Sep 2023$1.3B

Dec 2023$1.2B

Mar 2024$1.4B

Jun 2024$1.5B

Sep 2024$1.4B

Dec 2024$1.5B

Mar 2025$1.7B

Jun 2025$1.5B

Sep 2025$1.9B

Dec 2025$2.1B

Mar 2026$1.9B

Jun 2026$2.1B

SAP SE · SAP

Sep 2021$1.4B

Dec 2021$1.4B

Mar 2022$1.0B

Jun 2022$612M

Sep 2022$839M

Dec 2022$599M

Mar 2023$403M

Jun 2023$725M

Sep 2023$1.3B

Dec 2023$1.2B

Mar 2024$-824M

Jun 2024$918M

Sep 2024$1.4B

Dec 2024$1.6B

Mar 2025$1.8B

Jun 2025$1.7B

Sep 2025$2.1B

Dec 2025$1.9B

Mar 2026$1.9B

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021$63M

Dec 2021$26M

Mar 2022$75M

Jun 2022$20M

Sep 2022$80M

Dec 2022$150M

Mar 2023$150M

Jun 2023$1.0B

Sep 2023$242M

Dec 2023$295M

Mar 2024$347M

Jun 2024$262M

Sep 2024$432M

Dec 2024$384M

Mar 2025$460M

Jun 2025$385M

Sep 2025$502M

Dec 2025$401M

Mar 2026$469M

Jun 2026—

Shopify Inc. · SHOP

Sep 2021$1.1B

Dec 2021$-371M

Mar 2022$-1.5B

Jun 2022$-1.2B

Sep 2022$-159M

Dec 2022$-623M

Mar 2023$68M

Jun 2023$-1.3B

Sep 2023$718M

Dec 2023$657M

Mar 2024$-273M

Jun 2024$171M

Sep 2024$828M

Dec 2024$465M

Mar 2025$-682M

Jun 2025$906M

Sep 2025$264M

Dec 2025$631M

Mar 2026$-581M

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021$-190M

Dec 2021$-155M

Mar 2022$-132M

Jun 2022$-166M

Sep 2022$-223M

Dec 2022$-201M

Mar 2023$-207M

Jun 2023$-226M

Sep 2023$-227M

Dec 2023$-215M

Mar 2024$-170M

Jun 2024$-318M

Sep 2024$-318M

Dec 2024$-328M

Mar 2025$-326M

Jun 2025$-430M

Sep 2025$-298M

Dec 2025$-292M

Mar 2026$-310M

Jun 2026$-296M

Uber Technologies, Inc. · UBER

Sep 2021$-2.4B

Dec 2021$888M

Mar 2022$-5.9B

Jun 2022$-2.6B

Sep 2022$-1.2B

Dec 2022$558M

Mar 2023$-193M

Jun 2023$390M

Sep 2023$216M

Dec 2023$1.7B

Mar 2024$-659M

Jun 2024$1.0B

Sep 2024$2.6B

Dec 2024$6.9B

Mar 2025$1.8B

Jun 2025$1.4B

Sep 2025$6.7B

Dec 2025$331M

Mar 2026$302M

Jun 2026—

Profit growth · reported quarter history

Showing the 12 largest of 26 companies with a series here. The remaining 14 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-6.3%

Dec 2022-4.6%

Mar 2023-1.5%

Jun 20239.9%

Sep 202324%

Dec 202326%

Mar 2024-50%

Jun 202421%

Sep 202420%

Dec 202413%

Mar 2025192%

Jun 20257.5%

Sep 20255.2%

Dec 202510%

Mar 20264.3%

Jun 20261.2%

Autodesk, Inc. · ADSK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202262%

Dec 202245%

Mar 2023229%

Jun 202310%

Sep 202319%

Dec 202322%

Mar 2024-3.8%

Jun 202457%

Sep 202427%

Dec 202414%

Mar 20257.5%

Jun 2025-40%

Sep 202511%

Dec 202525%

Mar 20264.3%

Jun 2026223%

Automatic Data Processing, Inc. · ADP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202216%

Sep 202211%

Dec 202217%

Mar 202312%

Jun 202324%

Sep 202310%

Dec 20238.0%

Mar 202414%

Jun 20246.7%

Sep 202411%

Dec 20249.7%

Mar 20255.5%

Jun 20259.9%

Sep 20256.0%

Dec 202510%

Mar 20268.8%

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202220%

Dec 20225.7%

Mar 202337%

Jun 2023-6.0%

Sep 202336%

Dec 202374%

Mar 20242.5%

Jun 20244.1%

Sep 2024-6.3%

Dec 20244.9%

Mar 202510%

Jun 2025-30%

Sep 202521%

Dec 202514%

Mar 202623%

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022-514%

Mar 2023-340%

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024126%

Dec 2024-15%

Mar 2025-42%

Jun 2025-93%

Sep 2025-35%

Dec 20252.2%

Mar 2026112%

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-115%

Dec 2022-82%

Mar 202368%

Jun 202316%

Sep 2023—

Dec 2023503%

Mar 2024110%

Jun 202414%

Sep 2024-122%

Dec 2024-18%

Mar 202533%

Jun 202518%

Sep 2025—

Dec 2025126%

Mar 202647%

Jun 20268.7%

Paychex, Inc. · PAYX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202213%

Dec 20228.4%

Mar 20238.4%

Jun 202318%

Sep 202311%

Dec 20239.2%

Mar 20246.9%

Jun 20248.6%

Sep 20241.9%

Dec 20245.1%

Mar 20254.0%

Jun 2025-22%

Sep 2025-10%

Dec 2025-4.4%

Mar 20267.9%

Jun 202642%

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-87%

Dec 2022-55%

Mar 2023—

Jun 2023611%

Sep 20231,763%

Dec 2023483%

Mar 2024—

Jun 2024670%

Sep 202413%

Dec 202425%

Mar 202518%

Jun 20250.5%

Sep 202532%

Dec 202537%

Mar 202614%

Jun 202637%

SAP SE · SAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-58%

Sep 2022-41%

Dec 2022-58%

Mar 2023-60%

Jun 202318%

Sep 202352%

Dec 2023101%

Mar 2024-304%

Jun 202427%

Sep 202413%

Dec 202435%

Mar 2025—

Jun 202591%

Sep 202542%

Dec 202517%

Mar 20268.4%

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-66%

Sep 202227%

Dec 2022477%

Mar 2023100%

Jun 20235,120%

Sep 2023203%

Dec 202397%

Mar 2024131%

Jun 2024-75%

Sep 202479%

Dec 202430%

Mar 202533%

Jun 202547%

Sep 202516%

Dec 20254.4%

Mar 20262.0%

Jun 2026—

Shopify Inc. · SHOP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-237%

Sep 2022-114%

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024-501%

Jun 2024—

Sep 202415%

Dec 2024-29%

Mar 2025—

Jun 2025430%

Sep 2025-68%

Dec 202536%

Mar 2026—

Jun 2026—

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-335%

Sep 2022—

Dec 2022-37%

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023204%

Mar 2024—

Jun 2024162%

Sep 20241,109%

Dec 2024308%

Mar 2025—

Jun 202534%

Sep 2025155%

Dec 2025-95%

Mar 2026-83%

Jun 2026—

04 · compare level, then change

Capacity Spending & Returns On It

Fiserv, Inc. has the highest CAPEX among the 30 Software - Application companies compared here, at $458 million. SAP SE is next at $238 million. Quantinuum Inc. has the highest CAPEX intensity at 460%, so level and change sit with different companies. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Fiserv, Inc. reports $458 million of CAPEX; Quantinuum Inc. has the highest covered intensity at 460%. Coverage is only 30 of 30 companies and 534 reported observations, so this is partial evidence—not a complete sector rank.

LeaderFiserv, Inc. · $458 million

Gap92.4% versus #2 · SAP SE

Persistence8/8 recent comparable periods

Coverage30/30 companies · 534 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

CAPEXlargest spenders

1Fiserv, Inc. FISV$458M

2SAP SE SAP$238M

3Salesforce, Inc. CRM$145M

4ServiceNow, Inc. NOW$114M

5Workday, Inc. WDAY$80M

CAPEX intensityhighest reinvestment intensity

1Quantinuum Inc. QNT460%

2Fiserv, Inc. FISV9.1%

3Paychex, Inc. PAYX4.1%

4ServiceNow, Inc. NOW3.7%

5Cadence Design Systems, Inc. CDNS3.3%

Capital expenditure · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	CAPEX	CAPEX intensity	Reported
Fiserv, Inc. FISV	$458M	9.1%	Mar 2026
SAP SE SAP	$238M	2.5%	Mar 2026
Salesforce, Inc. CRM	$145M	1.3%	Jun 2026
ServiceNow, Inc. NOW	$114M	3.7%	Jun 2026
Workday, Inc. WDAY	$80M	3.1%	Jun 2026
Paychex, Inc. PAYX	$66M	4.1%	Jun 2026
Uber Technologies, Inc. UBER	$65M	0.5%	Mar 2026
Intuit Inc. INTU	$64M	0.7%	Jun 2026
Adobe Inc. ADBE	$58M	0.9%	Jun 2026
Automatic Data Processing, Inc. ADP	$51M	0.9%	Mar 2026
Cadence Design Systems, Inc. CDNS	$49M	3.3%	Mar 2026
Quantinuum Inc. QNT	$23M	460%	Mar 2026
Zoom Communications, Inc. ZM	$21M	1.7%	Jun 2026
Autodesk, Inc. ADSK	$17M	0.9%	Jun 2026
Dynatrace, Inc. DT	$14M	2.6%	Mar 2026
SS&C Technologies Holdings, Inc. SSNC	$13M	0.4%	Jun 2026
Datadog, Inc. DDOG	$11M	1.1%	Mar 2026
Roper Technologies, Inc. ROP	$11M	0.7%	Jun 2026
Snowflake Inc. SNOW	$10M	0.7%	Jun 2026
Grab Holdings Limited GRAB	$10M	1.0%	Mar 2026
Figma, Inc. FIG	$8M	2.4%	Mar 2026
Atlassian Corporation TEAM	$6M	0.3%	Mar 2026
Shopify Inc. SHOP	$5M	0.2%	Mar 2026
Unity Software Inc. U	$5M	1.0%	Mar 2026
Bending Spoons S.p.A. BSP	$3M	0.5%	Mar 2026
PTC Inc. PTC	$3M	0.4%	Mar 2026
Tyler Technologies, Inc. TYL	$3M	0.5%	Mar 2026
Guidewire Software, Inc. GWRE	$2M	0.5%	Jun 2026
Strategy Inc MSTR	$1M	0.8%	Mar 2026
Fair Isaac Corporation FICO	$0M	0.0%	Mar 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021$95M

Dec 2021$99M

Mar 2022$100M

Jun 2022$126M

Sep 2022$125M

Dec 2022$91M

Mar 2023$101M

Jun 2023$121M

Sep 2023$91M

Dec 2023$47M

Mar 2024$37M

Jun 2024$41M

Sep 2024$57M

Dec 2024$48M

Mar 2025$26M

Jun 2025$47M

Sep 2025$72M

Dec 2025$34M

Mar 2026$37M

Jun 2026$58M

Autodesk, Inc. · ADSK

Sep 2021$16M

Dec 2021$14M

Mar 2022$6M

Jun 2022$12M

Sep 2022$11M

Dec 2022$9M

Mar 2023$8M

Jun 2023$9M

Sep 2023$7M

Dec 2023$5M

Mar 2024$10M

Jun 2024$7M

Sep 2024$9M

Dec 2024$10M

Mar 2025$14M

Jun 2025$8M

Sep 2025$9M

Dec 2025$9M

Mar 2026$17M

Jun 2026$17M

Automatic Data Processing, Inc. · ADP

Sep 2021$36M

Dec 2021$40M

Mar 2022$51M

Jun 2022$48M

Sep 2022$45M

Dec 2022$50M

Mar 2023$50M

Jun 2023$61M

Sep 2023$39M

Dec 2023$55M

Mar 2024$60M

Jun 2024$55M

Sep 2024$59M

Dec 2024$39M

Mar 2025$36M

Jun 2025$34M

Sep 2025$47M

Dec 2025$27M

Mar 2026$51M

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021$14M

Dec 2021$19M

Mar 2022$15M

Jun 2022$18M

Sep 2022$24M

Dec 2022$44M

Mar 2023$27M

Jun 2023$20M

Sep 2023$22M

Dec 2023$34M

Mar 2024$50M

Jun 2024$29M

Sep 2024$27M

Dec 2024$37M

Mar 2025$23M

Jun 2025$44M

Sep 2025$34M

Dec 2025$41M

Mar 2026$49M

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021$3M

Dec 2021$2M

Mar 2022$10M

Jun 2022$6M

Sep 2022$10M

Dec 2022$10M

Mar 2023$9M

Jun 2023$2M

Sep 2023$6M

Dec 2023$10M

Mar 2024$14M

Jun 2024$4M

Sep 2024$8M

Dec 2024$8M

Mar 2025$9M

Jun 2025$15M

Sep 2025$17M

Dec 2025$9M

Mar 2026$11M

Jun 2026—

Intuit Inc. · INTU

Sep 2021$48M

Dec 2021$42M

Mar 2022$65M

Jun 2022$61M

Sep 2022$11M

Dec 2022$77M

Mar 2023$55M

Jun 2023$88M

Sep 2023$10M

Dec 2023$84M

Mar 2024$63M

Jun 2024$61M

Sep 2024$17M

Dec 2024$33M

Mar 2025$31M

Jun 2025$35M

Sep 2025$15M

Dec 2025$38M

Mar 2026$46M

Jun 2026$64M

Salesforce, Inc. · CRM

Sep 2021$213M

Dec 2021$166M

Mar 2022$167M

Jun 2022$179M

Sep 2022$203M

Dec 2022$198M

Mar 2023$218M

Jun 2023$243M

Sep 2023$180M

Dec 2023$166M

Mar 2024$147M

Jun 2024$163M

Sep 2024$137M

Dec 2024$204M

Mar 2025$154M

Jun 2025$179M

Sep 2025$135M

Dec 2025$139M

Mar 2026$141M

Jun 2026$145M

SAP SE · SAP

Sep 2021$202M

Dec 2021—

Mar 2022$212M

Jun 2022$196M

Sep 2022$277M

Dec 2022—

Mar 2023$257M

Jun 2023$156M

Sep 2023$182M

Dec 2023$190M

Mar 2024$187M

Jun 2024$178M

Sep 2024$163M

Dec 2024$269M

Mar 2025$168M

Jun 2025$190M

Sep 2025$201M

Dec 2025$180M

Mar 2026$238M

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021$94M

Dec 2021$100M

Mar 2022$93M

Jun 2022$151M

Sep 2022$162M

Dec 2022$144M

Mar 2023$165M

Jun 2023$132M

Sep 2023$136M

Dec 2023$261M

Mar 2024$135M

Jun 2024$262M

Sep 2024$202M

Dec 2024$253M

Mar 2025$205M

Jun 2025$190M

Sep 2025$235M

Dec 2025$238M

Mar 2026$141M

Jun 2026$114M

Shopify Inc. · SHOP

Sep 2021$11M

Dec 2021$26M

Mar 2022$16M

Jun 2022$12M

Sep 2022$14M

Dec 2022$8M

Mar 2023$14M

Jun 2023$21M

Sep 2023$2M

Dec 2023$2M

Mar 2024$6M

Jun 2024$7M

Sep 2024$2M

Dec 2024$4M

Mar 2025$4M

Jun 2025$6M

Sep 2025$6M

Dec 2025$10M

Mar 2026$5M

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021$3M

Dec 2021$2M

Mar 2022$4M

Jun 2022$7M

Sep 2022$4M

Dec 2022$9M

Mar 2023$5M

Jun 2023$7M

Sep 2023$6M

Dec 2023$9M

Mar 2024$13M

Jun 2024$17M

Sep 2024$5M

Dec 2024$13M

Mar 2025$11M

Jun 2025$45M

Sep 2025$17M

Dec 2025$24M

Mar 2026$16M

Jun 2026$10M

Uber Technologies, Inc. · UBER

Sep 2021$90M

Dec 2021$80M

Mar 2022$62M

Jun 2022$57M

Sep 2022$74M

Dec 2022$59M

Mar 2023$57M

Jun 2023$50M

Sep 2023$61M

Dec 2023$55M

Mar 2024$57M

Jun 2024$99M

Sep 2024$42M

Dec 2024$44M

Mar 2025$74M

Jun 2025$89M

Sep 2025$98M

Dec 2025$75M

Mar 2026$65M

Jun 2026—

CAPEX intensity · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 20212.4%

Dec 20212.4%

Mar 20222.3%

Jun 20222.9%

Sep 20222.8%

Dec 20222.0%

Mar 20232.2%

Jun 20232.5%

Sep 20231.9%

Dec 20230.9%

Mar 20240.7%

Jun 20240.8%

Sep 20241.1%

Dec 20240.9%

Mar 20250.5%

Jun 20250.8%

Sep 20251.2%

Dec 20250.5%

Mar 20260.6%

Jun 20260.9%

Autodesk, Inc. · ADSK

Sep 20211.5%

Dec 20211.2%

Mar 20220.5%

Jun 20221.0%

Sep 20220.9%

Dec 20220.7%

Mar 20230.6%

Jun 20230.7%

Sep 20230.5%

Dec 20230.4%

Mar 20240.7%

Jun 20240.5%

Sep 20240.6%

Dec 20240.6%

Mar 20250.9%

Jun 20250.5%

Sep 20250.5%

Dec 20250.5%

Mar 20260.9%

Jun 20260.9%

Automatic Data Processing, Inc. · ADP

Sep 20210.9%

Dec 20211.0%

Mar 20221.1%

Jun 20221.2%

Sep 20221.1%

Dec 20221.1%

Mar 20231.0%

Jun 20231.4%

Sep 20230.9%

Dec 20231.2%

Mar 20241.1%

Jun 20241.2%

Sep 20241.2%

Dec 20240.8%

Mar 20250.6%

Jun 20250.7%

Sep 20250.9%

Dec 20250.5%

Mar 20260.9%

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 20211.9%

Dec 20212.5%

Mar 20221.9%

Jun 20222.0%

Sep 20222.8%

Dec 20224.9%

Mar 20232.6%

Jun 20232.0%

Sep 20232.2%

Dec 20233.2%

Mar 20245.0%

Jun 20242.7%

Sep 20242.2%

Dec 20242.7%

Mar 20251.9%

Jun 20253.5%

Sep 20252.5%

Dec 20252.8%

Mar 20263.3%

Jun 2026—

Datadog, Inc. · DDOG

Sep 20211.1%

Dec 20210.6%

Mar 20222.8%

Jun 20221.5%

Sep 20222.3%

Dec 20222.1%

Mar 20231.9%

Jun 20230.4%

Sep 20231.1%

Dec 20231.7%

Mar 20242.3%

Jun 20240.6%

Sep 20241.2%

Dec 20241.1%

Mar 20251.2%

Jun 20251.8%

Sep 20251.9%

Dec 20250.9%

Mar 20261.1%

Jun 2026—

Intuit Inc. · INTU

Sep 20211.9%

Dec 20212.1%

Mar 20222.4%

Jun 20221.1%

Sep 20220.5%

Dec 20223.0%

Mar 20231.8%

Jun 20231.5%

Sep 20230.4%

Dec 20232.8%

Mar 20241.9%

Jun 20240.9%

Sep 20240.5%

Dec 20241.0%

Mar 20250.8%

Jun 20250.5%

Sep 20250.4%

Dec 20251.0%

Mar 20261.0%

Jun 20260.7%

Salesforce, Inc. · CRM

Sep 20213.4%

Dec 20212.4%

Mar 20222.3%

Jun 20222.4%

Sep 20222.6%

Dec 20222.5%

Mar 20232.6%

Jun 20232.9%

Sep 20232.1%

Dec 20231.9%

Mar 20241.6%

Jun 20241.8%

Sep 20241.5%

Dec 20242.2%

Mar 20251.5%

Jun 20251.8%

Sep 20251.3%

Dec 20251.4%

Mar 20261.3%

Jun 20261.3%

SAP SE · SAP

Sep 20213.0%

Dec 2021—

Mar 20223.1%

Jun 20222.7%

Sep 20223.7%

Dec 2022—

Mar 20233.5%

Jun 20232.1%

Sep 20232.4%

Dec 20232.2%

Mar 20242.3%

Jun 20242.1%

Sep 20241.9%

Dec 20242.9%

Mar 20251.9%

Jun 20252.1%

Sep 20252.2%

Dec 20251.9%

Mar 20262.5%

Jun 2026—

ServiceNow, Inc. · NOW

Sep 20216.2%

Dec 20216.2%

Mar 20225.4%

Jun 20228.6%

Sep 20228.8%

Dec 20227.4%

Mar 20237.9%

Jun 20236.1%

Sep 20235.9%

Dec 202311%

Mar 20245.2%

Jun 202410%

Sep 20247.2%

Dec 20248.6%

Mar 20256.6%

Jun 20255.9%

Sep 20256.9%

Dec 20256.7%

Mar 20263.7%

Jun 2026—

Shopify Inc. · SHOP

Sep 20211.0%

Dec 20211.9%

Mar 20221.3%

Jun 20220.9%

Sep 20221.0%

Dec 20220.5%

Mar 20230.9%

Jun 20231.2%

Sep 20230.1%

Dec 20230.1%

Mar 20240.3%

Jun 20240.3%

Sep 20240.1%

Dec 20240.1%

Mar 20250.2%

Jun 20250.2%

Sep 20250.2%

Dec 20250.3%

Mar 20260.2%

Jun 2026—

Snowflake Inc. · SNOW

Sep 20211.1%

Dec 20210.6%

Mar 20221.0%

Jun 20221.7%

Sep 20220.8%

Dec 20221.6%

Mar 20230.8%

Jun 20231.1%

Sep 20230.9%

Dec 20231.2%

Mar 20241.7%

Jun 20242.1%

Sep 20240.6%

Dec 20241.4%

Mar 20251.1%

Jun 20254.3%

Sep 20251.5%

Dec 20252.0%

Mar 20261.2%

Jun 20260.7%

Uber Technologies, Inc. · UBER

Sep 20211.9%

Dec 20211.4%

Mar 20220.9%

Jun 20220.7%

Sep 20220.9%

Dec 20220.7%

Mar 20230.6%

Jun 20230.5%

Sep 20230.7%

Dec 20230.6%

Mar 20240.6%

Jun 20240.9%

Sep 20240.4%

Dec 20240.4%

Mar 20250.6%

Jun 20250.7%

Sep 20250.7%

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$7.2B

Dec 2022$7.8B

Dec 2023$7.3B

Dec 2024$8.1B

Dec 2025$10.0B

Autodesk, Inc. · ADSK

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$1.5B

Dec 2022$2.1B

Dec 2023$1.3B

Dec 2024$1.6B

Dec 2025$2.5B

Automatic Data Processing, Inc. · ADP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021$3.1B

Dec 2021$3.1B

Dec 2022$4.2B

Dec 2023$4.2B

Dec 2024$4.9B

Dec 2025—

Cadence Design Systems, Inc. · CDNS

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$1.1B

Dec 2022$1.2B

Dec 2023$1.3B

Dec 2024$1.3B

Dec 2025$1.7B

Datadog, Inc. · DDOG

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$287M

Dec 2022$418M

Dec 2023$660M

Dec 2024$871M

Dec 2025$1.1B

Intuit Inc. · INTU

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$3.3B

Dec 2022$3.9B

Dec 2023$5.0B

Dec 2024$4.9B

Dec 2025$6.2B

Salesforce, Inc. · CRM

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$6.0B

Dec 2022$7.1B

Dec 2023$10.2B

Dec 2024$13.1B

Dec 2025$15.0B

SAP SE · SAP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$6.2B

Dec 2022$5.6B

Dec 2023$6.2B

Dec 2024$5.2B

Dec 2025$9.2B

ServiceNow, Inc. · NOW

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$2.2B

Dec 2022$2.7B

Dec 2023$3.4B

Dec 2024$4.3B

Dec 2025$5.4B

Shopify Inc. · SHOP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$536M

Dec 2022$-136M

Dec 2023$944M

Dec 2024$1.6B

Dec 2025$2.0B

Snowflake Inc. · SNOW

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$110M

Dec 2022$546M

Dec 2023$848M

Dec 2024$960M

Dec 2025$1.2B

Uber Technologies, Inc. · UBER

Jun 2015—

Dec 2018—

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$6.9B

Dec 2022$7.4B

Dec 2023$6.9B

Dec 2024$7.9B

Dec 2025$9.9B

Autodesk, Inc. · ADSK

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$1.5B

Dec 2022$2.0B

Dec 2023$1.3B

Dec 2024$1.6B

Dec 2025$2.4B

Automatic Data Processing, Inc. · ADP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021$2.9B

Dec 2021$2.9B

Dec 2022$4.0B

Dec 2023$3.9B

Dec 2024$4.8B

Dec 2025—

Cadence Design Systems, Inc. · CDNS

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$1.0B

Dec 2022$1.1B

Dec 2023$1.2B

Dec 2024$1.1B

Dec 2025$1.6B

Datadog, Inc. · DDOG

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$277M

Dec 2022$383M

Dec 2023$632M

Dec 2024$836M

Dec 2025$1.0B

Intuit Inc. · INTU

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$3.2B

Dec 2022$3.7B

Dec 2023$4.8B

Dec 2024$4.7B

Dec 2025$6.1B

Salesforce, Inc. · CRM

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$5.3B

Dec 2022$6.3B

Dec 2023$9.5B

Dec 2024$12.4B

Dec 2025$14.4B

SAP SE · SAP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$6.2B

Dec 2022$5.6B

Dec 2023$5.5B

Dec 2024$4.4B

Dec 2025$8.4B

ServiceNow, Inc. · NOW

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$1.8B

Dec 2022$2.2B

Dec 2023$2.7B

Dec 2024$3.4B

Dec 2025$4.6B

Shopify Inc. · SHOP

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$485M

Dec 2022$-186M

Dec 2023$905M

Dec 2024$1.6B

Dec 2025$2.0B

Snowflake Inc. · SNOW

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$94M

Dec 2022$521M

Dec 2023$813M

Dec 2024$913M

Dec 2025$1.1B

Uber Technologies, Inc. · UBER

Jun 2015—

Dec 2018—

Dec 2019—

Jun 2021—

Dec 2021$-743M

Dec 2022$390M

Dec 2023$3.4B

Dec 2024$6.9B

Dec 2025$9.8B

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Quantinuum Inc. has the lowest Gross debt among the 30 Software - Application companies compared here, at $22 million. Zoom Communications, Inc. is next at $32 million. Zoom Communications, Inc. has the lowest Net debt at $7,689 million net cash, so level and change sit with different companies. Its Gross debt series carries 5 reported observations across the 20-quarter window.

What the numbers say: Zoom Communications, Inc. has the clearest covered balance-sheet capacity with $7,689 million net cash and gross debt of $32 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderQuantinuum Inc. · $22 million

Gap31.3% versus #2 · Zoom Communications, Inc.

Persistence5/5 recent comparable periods

Coverage30/30 companies · 546 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

Gross debtlowest gross debt

1Quantinuum Inc. QNT$22M

2Zoom Communications, Inc. ZM$32M

3Tyler Technologies, Inc. TYL$48M

4Figma, Inc. FIG$56M

5Dynatrace, Inc. DT$164M

Net debtlowest net debt

1Zoom Communications, Inc. ZM$-7.7B

2Shopify Inc. SHOP$-5.6B

3Grab Holdings Limited GRAB$-4.3B

4Datadog, Inc. DDOG$-3.5B

5SAP SE SAP$-2.2B

Debt and balance-sheet capacity · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Gross debt	Net debt	Reported
Salesforce, Inc. CRM	$41.9B	$30.0B	Jun 2026
Fiserv, Inc. FISV	$29.2B	$28.4B	Mar 2026
Uber Technologies, Inc. UBER	$12.4B	$6.3B	Mar 2026
Roper Technologies, Inc. ROP	$11.3B	$11.0B	Jun 2026
ServiceNow, Inc. NOW	$8.5B	$3.8B	Jun 2026
Strategy Inc MSTR	$8.3B	$6.0B	Mar 2026
SAP SE SAP	$7.9B	$-2.2B	Mar 2026
SS&C Technologies Holdings, Inc. SSNC	$7.8B	$7.3B	Jun 2026
Adobe Inc. ADBE	$7.1B	$1.4B	Jun 2026
Intuit Inc. INTU	$6.8B	$37M	Jun 2026
Paychex, Inc. PAYX	$4.6B	$3.5B	Jun 2026
Bending Spoons S.p.A. BSP	$4.4B	$3.7B	Mar 2026
Automatic Data Processing, Inc. ADP	$4.3B	$1.1B	Mar 2026
Workday, Inc. WDAY	$3.8B	$-548M	Jun 2026
Fair Isaac Corporation FICO	$3.7B	$3.4B	Mar 2026
Cadence Design Systems, Inc. CDNS	$2.9B	$1.5B	Mar 2026
Snowflake Inc. SNOW	$2.8B	$-183M	Jun 2026
Autodesk, Inc. ADSK	$2.7B	$-200M	Jun 2026
Unity Software Inc. U	$2.2B	$95M	Mar 2026
Grab Holdings Limited GRAB	$1.9B	$-4.3B	Mar 2026
PTC Inc. PTC	$1.4B	$942M	Mar 2026
Datadog, Inc. DDOG	$1.3B	$-3.5B	Mar 2026
Atlassian Corporation TEAM	$1.2B	$107M	Mar 2026
Guidewire Software, Inc. GWRE	$704M	$-46M	Jun 2026
Shopify Inc. SHOP	$179M	$-5.6B	Mar 2026
Dynatrace, Inc. DT	$164M	$-1.0B	Mar 2026
Figma, Inc. FIG	$56M	$-1.6B	Mar 2026
Tyler Technologies, Inc. TYL	$48M	$-298M	Mar 2026
Zoom Communications, Inc. ZM	$32M	$-7.7B	Jun 2026
Quantinuum Inc. QNT	$22M	$-655M	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021$4.7B

Dec 2021$4.7B

Mar 2022$4.7B

Jun 2022$4.7B

Sep 2022$4.6B

Dec 2022$4.6B

Mar 2023$4.1B

Jun 2023$4.1B

Sep 2023$4.1B

Dec 2023$4.1B

Mar 2024$4.1B

Jun 2024$6.1B

Sep 2024$6.1B

Dec 2024$6.1B

Mar 2025$6.6B

Jun 2025$6.6B

Sep 2025$6.6B

Dec 2025$6.6B

Mar 2026$6.7B

Jun 2026$7.1B

Autodesk, Inc. · ADSK

Sep 2021$2.1B

Dec 2021$3.1B

Mar 2022$3.1B

Jun 2022$3.1B

Sep 2022$3.0B

Dec 2022$3.0B

Mar 2023$2.7B

Jun 2023$435M

Sep 2023$2.7B

Dec 2023$396M

Mar 2024$2.6B

Jun 2024$2.6B

Sep 2024$2.6B

Dec 2024$2.6B

Mar 2025$2.6B

Jun 2025$2.5B

Sep 2025$2.7B

Dec 2025$2.7B

Mar 2026$2.7B

Jun 2026$2.7B

Automatic Data Processing, Inc. · ADP

Sep 2021$3.4B

Dec 2021$3.4B

Mar 2022$3.3B

Jun 2022$3.5B

Sep 2022$3.5B

Dec 2022$3.3B

Mar 2023$3.3B

Jun 2023$3.4B

Sep 2023$3.7B

Dec 2023$3.3B

Mar 2024$3.3B

Jun 2024$3.7B

Sep 2024$9.4B

Dec 2024$4.3B

Mar 2025$4.3B

Jun 2025$9.1B

Sep 2025$9.8B

Dec 2025$4.4B

Mar 2026$4.3B

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021$347M

Dec 2021$347M

Mar 2022$348M

Jun 2022$348M

Sep 2022$348M

Dec 2022$798M

Mar 2023$678M

Jun 2023$649M

Sep 2023$649M

Dec 2023$649M

Mar 2024$649M

Jun 2024$1.3B

Sep 2024$2.8B

Dec 2024$2.5B

Mar 2025$2.5B

Jun 2025$2.5B

Sep 2025$2.5B

Dec 2025$2.5B

Mar 2026$2.9B

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021$73M

Dec 2021$72M

Mar 2022$72M

Jun 2022$74M

Sep 2022$99M

Dec 2022$99M

Mar 2023$107M

Jun 2023$145M

Sep 2023$147M

Dec 2023$902M

Mar 2024$214M

Jun 2024$962M

Sep 2024$969M

Dec 2024$1.8B

Mar 2025$1.9B

Jun 2025$1.3B

Sep 2025$1.3B

Dec 2025$1.3B

Mar 2026$1.3B

Jun 2026—

Intuit Inc. · INTU

Sep 2021$2.4B

Dec 2021$2.4B

Mar 2022$7.2B

Jun 2022$7.3B

Sep 2022$7.5B

Dec 2022$7.5B

Mar 2023$7.6B

Jun 2023$7.1B

Sep 2023$6.6B

Dec 2023$6.4B

Mar 2024$6.4B

Jun 2024$6.4B

Sep 2024$6.5B

Dec 2024$6.7B

Mar 2025$6.8B

Jun 2025$7.0B

Sep 2025$6.6B

Dec 2025$6.8B

Mar 2026$6.8B

Jun 2026$6.8B

Salesforce, Inc. · CRM

Sep 2021$15.5B

Dec 2021$14.0B

Mar 2022$14.0B

Jun 2022$14.0B

Sep 2022$13.8B

Dec 2022$14.0B

Mar 2023$14.1B

Jun 2023$13.1B

Sep 2023$12.8B

Dec 2023$12.7B

Mar 2024$12.6B

Jun 2024$12.5B

Sep 2024$11.4B

Dec 2024$11.4B

Mar 2025$11.4B

Jun 2025$11.4B

Sep 2025$11.2B

Dec 2025$11.1B

Mar 2026$17.2B

Jun 2026$41.9B

SAP SE · SAP

Sep 2021$15.5B

Dec 2021$15.6B

Mar 2022$17.2B

Jun 2022$17.7B

Sep 2022$18.1B

Dec 2022$14.4B

Mar 2023$12.9B

Jun 2023$12.2B

Sep 2023$10.9B

Dec 2023$9.7B

Mar 2024$9.6B

Jun 2024$9.6B

Sep 2024$10.9B

Dec 2024$11.4B

Mar 2025$10.1B

Jun 2025$9.4B

Sep 2025$9.1B

Dec 2025$8.1B

Mar 2026$7.9B

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021$2.2B

Dec 2021$2.2B

Mar 2022$2.2B

Jun 2022$2.1B

Sep 2022$2.1B

Dec 2022$2.2B

Mar 2023$2.2B

Jun 2023$2.2B

Sep 2023$2.3B

Dec 2023$2.3B

Mar 2024$2.3B

Jun 2024$2.3B

Sep 2024$2.2B

Dec 2024$2.3B

Mar 2025$2.4B

Jun 2025$2.4B

Sep 2025$2.4B

Dec 2025$2.4B

Mar 2026$2.4B

Jun 2026$8.5B

Shopify Inc. · SHOP

Sep 2021$1.1B

Dec 2021$1.2B

Mar 2022$1.2B

Jun 2022$1.2B

Sep 2022$1.3B

Dec 2022$1.4B

Mar 2023$1.4B

Jun 2023$1.1B

Sep 2023$1.1B

Dec 2023$1.2B

Mar 2024$1.1B

Jun 2024$1.1B

Sep 2024$1.1B

Dec 2024$1.1B

Mar 2025$1.1B

Jun 2025$1.1B

Sep 2025$1.1B

Dec 2025$188M

Mar 2026$179M

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021$195M

Dec 2021$204M

Mar 2022$206M

Jun 2022$207M

Sep 2022$242M

Dec 2022$254M

Mar 2023$252M

Jun 2023$255M

Sep 2023$297M

Dec 2023$286M

Mar 2024$288M

Jun 2024$278M

Sep 2024$313M

Dec 2024$2.6B

Mar 2025$2.7B

Jun 2025$2.7B

Sep 2025$2.7B

Dec 2025$2.7B

Mar 2026$2.7B

Jun 2026$2.8B

Uber Technologies, Inc. · UBER

Sep 2021$10.9B

Dec 2021$11.1B

Mar 2022$11.2B

Jun 2022$11.2B

Sep 2022$11.1B

Dec 2022$11.1B

Mar 2023$11.1B

Jun 2023$11.0B

Sep 2023$11.0B

Dec 2023$11.2B

Mar 2024$11.2B

Jun 2024$11.1B

Sep 2024$12.7B

Dec 2024$10.0B

Mar 2025$10.0B

Jun 2025$11.2B

Sep 2025$12.2B

Dec 2025$12.1B

Mar 2026$12.4B

Jun 2026—

Net debt · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021$-1.5B

Dec 2021$-1.1B

Mar 2022$-36M

Jun 2022$-641M

Sep 2022$-1.1B

Dec 2022$-1.5B

Mar 2023$-1.5B

Jun 2023$-2.5B

Sep 2023$-3.4B

Dec 2023$-3.8B

Mar 2024$-2.7B

Jun 2024$-2.0B

Sep 2024$-1.4B

Dec 2024$-1.8B

Mar 2025$-872M

Jun 2025$850M

Sep 2025$696M

Dec 2025$53M

Mar 2026$-234M

Jun 2026$1.4B

Autodesk, Inc. · ADSK

Sep 2021$1.2B

Dec 2021$1.3B

Mar 2022$1.3B

Jun 2022$1.5B

Sep 2022$1.5B

Dec 2022$1.2B

Mar 2023$594M

Jun 2023$-1.7B

Sep 2023$592M

Dec 2023$-1.6B

Mar 2024$380M

Jun 2024$625M

Sep 2024$725M

Dec 2024$865M

Mar 2025$673M

Jun 2025$504M

Sep 2025$498M

Dec 2025$445M

Mar 2026$137M

Jun 2026$-200M

Automatic Data Processing, Inc. · ADP

Sep 2021$1.8B

Dec 2021$1.6B

Mar 2022$1.7B

Jun 2022$2.1B

Sep 2022$2.3B

Dec 2022$2.0B

Mar 2023$1.5B

Jun 2023$1.4B

Sep 2023$2.2B

Dec 2023$1.7B

Mar 2024$8M

Jun 2024$408M

Sep 2024$2.0B

Dec 2024$2.1B

Mar 2025$1.6B

Jun 2025$1.3B

Sep 2025$1.8B

Dec 2025$1.9B

Mar 2026$1.1B

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021$-500M

Dec 2021$-667M

Mar 2022$-741M

Jun 2022$-787M

Sep 2022$-682M

Dec 2022$-228M

Mar 2023$-239M

Jun 2023$-225M

Sep 2023$-313M

Dec 2023$-359M

Mar 2024$-363M

Jun 2024$290M

Sep 2024$39M

Dec 2024$-168M

Mar 2025$-301M

Jun 2025$-345M

Sep 2025$-274M

Dec 2025$-521M

Mar 2026$1.5B

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021$-1.4B

Dec 2021$-1.5B

Mar 2022$-1.6B

Jun 2022$-1.6B

Sep 2022$-1.7B

Dec 2022$-1.8B

Mar 2023$-1.9B

Jun 2023$-2.0B

Sep 2023$-2.2B

Dec 2023$-1.7B

Mar 2024$-2.6B

Jun 2024$-2.0B

Sep 2024$-2.2B

Dec 2024$-2.3B

Mar 2025$-2.6B

Jun 2025$-2.6B

Sep 2025$-2.9B

Dec 2025$-3.2B

Mar 2026$-3.5B

Jun 2026—

Intuit Inc. · INTU

Sep 2021$-1.5B

Dec 2021$-810M

Mar 2022$5.7B

Jun 2022$3.4B

Sep 2022$4.2B

Dec 2022$4.8B

Mar 2023$5.5B

Jun 2023$2.8B

Sep 2023$2.9B

Dec 2023$4.1B

Mar 2024$4.9B

Jun 2024$1.7B

Sep 2024$2.4B

Dec 2024$3.4B

Mar 2025$4.4B

Jun 2025$846M

Sep 2025$2.0B

Dec 2025$3.1B

Mar 2026$3.8B

Jun 2026$37M

Salesforce, Inc. · CRM

Sep 2021$5.9B

Dec 2021$4.6B

Mar 2022$3.4B

Jun 2022$482M

Sep 2022$272M

Dec 2022$2.1B

Mar 2023$1.6B

Jun 2023$-904M

Sep 2023$403M

Dec 2023$849M

Mar 2024$-1.6B

Jun 2024$-5.2B

Sep 2024$-1.2B

Dec 2024$-1.3B

Mar 2025$-2.6B

Jun 2025$-6.0B

Sep 2025$-4.1B

Dec 2025$-184M

Mar 2026$7.6B

Jun 2026$30.0B

SAP SE · SAP

Sep 2021$6.0B

Dec 2021$3.9B

Mar 2022$5.7B

Jun 2022$9.2B

Sep 2022$9.3B

Dec 2022$4.5B

Mar 2023$3.0B

Jun 2023$-2.4B

Sep 2023$-1.6B

Dec 2023$-1.8B

Mar 2024$-4.0B

Jun 2024$-2.1B

Sep 2024$-1.2B

Dec 2024$208M

Mar 2025$-2.9B

Jun 2025$-797M

Sep 2025$-813M

Dec 2025$-1.7B

Mar 2026$-2.2B

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021$-804M

Dec 2021$-1.1B

Mar 2022$-1.8B

Jun 2022$-1.7B

Sep 2022$-1.8B

Dec 2022$-2.0B

Mar 2023$-2.7B

Jun 2023$-2.5B

Sep 2023$-1.8B

Dec 2023$-2.6B

Mar 2024$-2.8B

Jun 2024$-3.2B

Sep 2024$-3.1B

Dec 2024$-3.5B

Mar 2025$-4.2B

Jun 2025$-3.7B

Sep 2025$-3.0B

Dec 2025$-3.9B

Mar 2026$-2.8B

Jun 2026$3.8B

Shopify Inc. · SHOP

Sep 2021$-6.4B

Dec 2021$-6.6B

Mar 2022$-6.1B

Jun 2022$-5.8B

Sep 2022$-3.6B

Dec 2022$-3.7B

Mar 2023$-3.5B

Jun 2023$-3.6B

Sep 2023$-3.8B

Dec 2023$-3.9B

Mar 2024$-4.0B

Jun 2024$-3.9B

Sep 2024$-3.8B

Dec 2024$-4.4B

Mar 2025$-4.4B

Jun 2025$-4.7B

Sep 2025$-5.2B

Dec 2025$-5.6B

Mar 2026$-5.6B

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021$-3.9B

Dec 2021$-3.7B

Mar 2022$-3.6B

Jun 2022$-3.6B

Sep 2022$-3.7B

Dec 2022$-3.7B

Mar 2023$-3.8B

Jun 2023$-3.7B

Sep 2023$-3.5B

Dec 2023$-3.3B

Mar 2024$-3.6B

Jun 2024$-3.3B

Sep 2024$-2.9B

Dec 2024$-1.6B

Mar 2025$-2.0B

Jun 2025$-1.2B

Sep 2025$-895M

Dec 2025$-667M

Mar 2026$-1.3B

Jun 2026$-183M

Uber Technologies, Inc. · UBER

Sep 2021$4.5B

Dec 2021$6.8B

Mar 2022$7.0B

Jun 2022$6.8B

Sep 2022$6.2B

Dec 2022$6.8B

Mar 2023$6.9B

Jun 2023$5.5B

Sep 2023$5.8B

Dec 2023$5.8B

Mar 2024$5.4B

Jun 2024$4.9B

Sep 2024$3.6B

Dec 2024$3.0B

Mar 2025$3.9B

Jun 2025$3.8B

Sep 2025$3.1B

Dec 2025$4.4B

Mar 2026$6.3B

Jun 2026—

06 · compare level, then change

Return On Capital Employed

Fair Isaac Corporation has the highest ROCE among the 30 Software - Application companies compared here, at 25.7%. Automatic Data Processing, Inc. is next at 15.5%. The same company also holds the highest ROCE change, at +8.6 percentage points. 30 of 30 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Fair Isaac Corporation leads ROCE at 25.7%, 10.2 percentage points above Automatic Data Processing, Inc.. Fair Isaac Corporation has the strongest latest improvement at +8.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderFair Isaac Corporation · 25.7%

Gap65.8% versus #2 · Automatic Data Processing, Inc.

Persistence7/8 recent comparable periods

Coverage30/30 companies · 535 observations

Investor read: Fair Isaac Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Fair Isaac Corporation FICO26%

2Automatic Data Processing, Inc. ADP16%

3Intuit Inc. INTU15%

4Adobe Inc. ADBE12%

5Autodesk, Inc. ADSK8.8%

ROCE changefastest improvers

1Fair Isaac Corporation FICO+8.6 pp

2Autodesk, Inc. ADSK+4.7 pp

3Workday, Inc. WDAY+2.8 pp

4Snowflake Inc. SNOW+2.3 pp

5Adobe Inc. ADBE+1.4 pp

Return on capital · company comparison

30/30 level · 30/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	ROCE	ROCE change	Reported
Fair Isaac Corporation FICO	26%	+8.6 pp	Mar 2026
Automatic Data Processing, Inc. ADP	16%	−0.9 pp	Mar 2026
Intuit Inc. INTU	15%	+0.7 pp	Jun 2026
Adobe Inc. ADBE	12%	+1.4 pp	Jun 2026
Autodesk, Inc. ADSK	8.8%	+4.7 pp	Jun 2026
Paychex, Inc. PAYX	6.4%	+0.5 pp	Jun 2026
PTC Inc. PTC	5.7%	+1.1 pp	Mar 2026
SAP SE SAP	5.1%	+0.8 pp	Mar 2026
Cadence Design Systems, Inc. CDNS	4.9%	−1.1 pp	Mar 2026
Uber Technologies, Inc. UBER	4.3%	+0.8 pp	Mar 2026
Shopify Inc. SHOP	3.2%	+1.3 pp	Mar 2026
Zoom Communications, Inc. ZM	3.2%	+0.4 pp	Jun 2026
Salesforce, Inc. CRM	3.1%	+0.5 pp	Jun 2026
Workday, Inc. WDAY	3.1%	+2.8 pp	Jun 2026
SS&C Technologies Holdings, Inc. SSNC	2.8%	+0.4 pp	Jun 2026
Tyler Technologies, Inc. TYL	2.7%	+0.3 pp	Mar 2026
Roper Technologies, Inc. ROP	1.9%	0.0 pp	Jun 2026
Fiserv, Inc. FISV	1.6%	−0.8 pp	Mar 2026
Guidewire Software, Inc. GWRE	1.5%	+1.2 pp	Jun 2026
Dynatrace, Inc. DT	1.3%	−0.4 pp	Mar 2026
ServiceNow, Inc. NOW	1.0%	−1.9 pp	Jun 2026
Grab Holdings Limited GRAB	0.3%	+0.6 pp	Mar 2026
Datadog, Inc. DDOG	0.2%	+0.5 pp	Mar 2026
Bending Spoons S.p.A. BSP	0.0%	0.0 pp	Mar 2026
Atlassian Corporation TEAM	-2.2%	−1.7 pp	Mar 2026
Unity Software Inc. U	-6.5%	−4.3 pp	Mar 2026
Snowflake Inc. SNOW	-6.6%	+2.3 pp	Jun 2026
Quantinuum Inc. QNT	-9.0%	0.0 pp	Mar 2026
Figma, Inc. FIG	-9.3%	−14.9 pp	Mar 2026
Strategy Inc MSTR	-30%	−5.8 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 20217.7%

Mar 20228.3%

Jun 20228.0%

Sep 20227.6%

Dec 20227.7%

Mar 20238.3%

Jun 20238.4%

Sep 20238.5%

Dec 20238.6%

Mar 20244.7%

Jun 20249.3%

Sep 20249.7%

Dec 20249.5%

Mar 202511%

Jun 202511%

Sep 202511%

Dec 202512%

Mar 202612%

Jun 202612%

Autodesk, Inc. · ADSK

Sep 2021—

Dec 20214.6%

Mar 20223.3%

Jun 20225.0%

Sep 20225.4%

Dec 20225.1%

Mar 20235.5%

Jun 20234.5%

Sep 20235.3%

Dec 20236.6%

Mar 20245.7%

Jun 20245.5%

Sep 20246.3%

Dec 20246.3%

Mar 20256.5%

Jun 20254.1%

Sep 20257.5%

Dec 20257.8%

Mar 20267.0%

Jun 20268.8%

Automatic Data Processing, Inc. · ADP

Sep 20218.7%

Dec 20218.9%

Mar 202213%

Jun 20228.9%

Sep 202212%

Dec 202212%

Mar 202316%

Jun 202313%

Sep 202315%

Dec 202314%

Mar 202418%

Jun 202413%

Sep 202414%

Dec 202414%

Mar 202516%

Jun 202511%

Sep 202512%

Dec 202513%

Mar 202616%

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 20216.1%

Mar 20226.0%

Jun 20229.6%

Sep 20228.7%

Dec 20227.4%

Mar 20238.7%

Jun 20238.2%

Sep 20237.4%

Dec 20238.6%

Mar 20246.1%

Jun 20246.1%

Sep 20246.0%

Dec 20247.8%

Mar 20256.0%

Jun 20253.5%

Sep 20255.4%

Dec 20255.7%

Mar 20264.9%

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021-0.3%

Dec 20210.5%

Mar 20220.6%

Jun 2022-0.2%

Sep 2022-1.6%

Dec 2022-1.7%

Mar 2023-1.6%

Jun 2023-1.0%

Sep 2023-0.2%

Dec 20231.1%

Mar 20240.4%

Jun 20240.5%

Sep 20240.7%

Dec 20240.3%

Mar 2025-0.3%

Jun 2025-1.0%

Sep 2025-0.2%

Dec 20250.2%

Mar 20260.2%

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 20211.9%

Mar 20220.3%

Jun 202213%

Sep 2022-0.4%

Dec 20220.4%

Mar 20231.2%

Jun 202311%

Sep 20230.1%

Dec 20231.3%

Mar 20241.6%

Jun 202412%

Sep 2024-0.6%

Dec 20241.1%

Mar 20252.5%

Jun 202514%

Sep 20251.3%

Dec 20252.1%

Mar 20263.4%

Jun 202615%

Salesforce, Inc. · CRM

Sep 2021—

Dec 20210.1%

Mar 2022-0.3%

Jun 20220.0%

Sep 20220.3%

Dec 20220.6%

Mar 20230.5%

Jun 20230.6%

Sep 20232.0%

Dec 20232.1%

Mar 20242.2%

Jun 20242.4%

Sep 20242.5%

Dec 20242.6%

Mar 20252.5%

Jun 20252.6%

Sep 20253.2%

Dec 20253.0%

Mar 20262.5%

Jun 20263.1%

SAP SE · SAP

Sep 20212.6%

Dec 20212.9%

Mar 20222.8%

Jun 20222.1%

Sep 20222.8%

Dec 20223.7%

Mar 20231.5%

Jun 20232.5%

Sep 20233.1%

Dec 20233.5%

Mar 2024-1.5%

Jun 20242.3%

Sep 20244.2%

Dec 20243.7%

Mar 20254.3%

Jun 20254.9%

Sep 20254.9%

Dec 20254.7%

Mar 20265.1%

Jun 2026—

ServiceNow, Inc. · NOW

Sep 20211.4%

Dec 20210.6%

Mar 20221.5%

Jun 20220.4%

Sep 20221.5%

Dec 20222.4%

Mar 20232.1%

Jun 20231.5%

Sep 20232.9%

Dec 20233.1%

Mar 20243.6%

Jun 20242.4%

Sep 20244.0%

Dec 20243.4%

Mar 20253.9%

Jun 20252.9%

Sep 20254.5%

Dec 20253.2%

Mar 20263.7%

Jun 20261.0%

Shopify Inc. · SHOP

Sep 20210.0%

Dec 20210.1%

Mar 2022-0.9%

Jun 2022-1.8%

Sep 2022-3.0%

Dec 2022-1.7%

Mar 2023-1.8%

Jun 2023-17%

Sep 20231.2%

Dec 20232.8%

Mar 20240.8%

Jun 20242.5%

Sep 20242.7%

Dec 20244.2%

Mar 20251.9%

Jun 20252.5%

Sep 20252.8%

Dec 20254.9%

Mar 20263.2%

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021—

Dec 2021-3.0%

Mar 2022-2.9%

Jun 2022-3.5%

Sep 2022-3.8%

Dec 2022-3.8%

Mar 2023-4.4%

Jun 2023-4.9%

Sep 2023-5.1%

Dec 2023-4.8%

Mar 2024-4.9%

Jun 2024-6.7%

Sep 2024-7.1%

Dec 2024-6.8%

Mar 2025-6.9%

Jun 2025-8.9%

Sep 2025-7.1%

Dec 2025-6.3%

Mar 2026-6.1%

Jun 2026-6.6%

Uber Technologies, Inc. · UBER

Sep 2021-2.3%

Dec 2021-2.0%

Mar 2022-1.9%

Jun 2022-2.8%

Sep 2022-1.9%

Dec 2022-0.5%

Mar 2023-1.1%

Jun 20231.4%

Sep 20231.6%

Dec 20232.5%

Mar 20240.6%

Jun 20242.8%

Sep 20243.4%

Dec 20242.2%

Mar 20253.5%

Jun 20253.9%

Sep 20252.6%

Dec 20254.0%

Mar 20264.3%

Jun 2026—

ROCE change · reported quarter history

Showing the 12 largest of 30 companies with a series here. The remaining 18 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20220.0 pp

Mar 20230.0 pp

Jun 2023+0.4 pp

Sep 2023+0.9 pp

Dec 2023+0.9 pp

Mar 2024−3.6 pp

Jun 2024+0.9 pp

Sep 2024+1.2 pp

Dec 2024+0.9 pp

Mar 2025+6.1 pp

Jun 2025+1.4 pp

Sep 2025+1.2 pp

Dec 2025+2.1 pp

Mar 2026+1.6 pp

Jun 2026+1.4 pp

Autodesk, Inc. · ADSK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.5 pp

Mar 2023+2.2 pp

Jun 2023−0.5 pp

Sep 2023−0.1 pp

Dec 2023+1.5 pp

Mar 2024+0.2 pp

Jun 2024+1.0 pp

Sep 2024+1.0 pp

Dec 2024−0.3 pp

Mar 2025+0.8 pp

Jun 2025−1.4 pp

Sep 2025+1.2 pp

Dec 2025+1.5 pp

Mar 2026+0.5 pp

Jun 2026+4.7 pp

Automatic Data Processing, Inc. · ADP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+3.0 pp

Dec 2022+3.4 pp

Mar 2023+3.2 pp

Jun 2023+4.0 pp

Sep 2023+2.9 pp

Dec 2023+2.0 pp

Mar 2024+1.7 pp

Jun 2024−0.3 pp

Sep 2024−0.6 pp

Dec 2024−0.4 pp

Mar 2025−1.1 pp

Jun 2025−1.3 pp

Sep 2025−2.2 pp

Dec 2025−1.3 pp

Mar 2026−0.9 pp

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+1.3 pp

Mar 2023+2.7 pp

Jun 2023−1.4 pp

Sep 2023−1.3 pp

Dec 2023+1.2 pp

Mar 2024−2.6 pp

Jun 2024−2.1 pp

Sep 2024−1.4 pp

Dec 2024−0.8 pp

Mar 2025−0.1 pp

Jun 2025−2.6 pp

Sep 2025−0.6 pp

Dec 2025−2.1 pp

Mar 2026−1.1 pp

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.3 pp

Dec 2022−2.2 pp

Mar 2023−2.2 pp

Jun 2023−0.8 pp

Sep 2023+1.4 pp

Dec 2023+2.8 pp

Mar 2024+2.0 pp

Jun 2024+1.5 pp

Sep 2024+0.9 pp

Dec 2024−0.8 pp

Mar 2025−0.7 pp

Jun 2025−1.5 pp

Sep 2025−0.9 pp

Dec 2025−0.1 pp

Mar 2026+0.5 pp

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−1.5 pp

Mar 2023+0.9 pp

Jun 2023−1.4 pp

Sep 2023+0.5 pp

Dec 2023+0.9 pp

Mar 2024+0.4 pp

Jun 2024+1.2 pp

Sep 2024−0.7 pp

Dec 2024−0.2 pp

Mar 2025+0.9 pp

Jun 2025+1.8 pp

Sep 2025+1.9 pp

Dec 2025+1.0 pp

Mar 2026+0.9 pp

Jun 2026+0.7 pp

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.5 pp

Mar 2023+0.8 pp

Jun 2023+0.6 pp

Sep 2023+1.7 pp

Dec 2023+1.5 pp

Mar 2024+1.7 pp

Jun 2024+1.8 pp

Sep 2024+0.5 pp

Dec 2024+0.5 pp

Mar 2025+0.3 pp

Jun 2025+0.2 pp

Sep 2025+0.7 pp

Dec 2025+0.4 pp

Mar 20260.0 pp

Jun 2026+0.5 pp

SAP SE · SAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.2 pp

Dec 2022+0.8 pp

Mar 2023−1.3 pp

Jun 2023+0.4 pp

Sep 2023+0.3 pp

Dec 2023−0.2 pp

Mar 2024−3.0 pp

Jun 2024−0.2 pp

Sep 2024+1.1 pp

Dec 2024+0.2 pp

Mar 2025+5.8 pp

Jun 2025+2.6 pp

Sep 2025+0.7 pp

Dec 2025+1.0 pp

Mar 2026+0.8 pp

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.1 pp

Dec 2022+1.8 pp

Mar 2023+0.6 pp

Jun 2023+1.1 pp

Sep 2023+1.4 pp

Dec 2023+0.7 pp

Mar 2024+1.5 pp

Jun 2024+0.9 pp

Sep 2024+1.1 pp

Dec 2024+0.3 pp

Mar 2025+0.3 pp

Jun 2025+0.5 pp

Sep 2025+0.5 pp

Dec 2025−0.2 pp

Mar 2026−0.2 pp

Jun 2026−1.9 pp

Shopify Inc. · SHOP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.0 pp

Dec 2022−1.8 pp

Mar 2023−0.9 pp

Jun 2023−15.5 pp

Sep 2023+4.2 pp

Dec 2023+4.5 pp

Mar 2024+2.6 pp

Jun 2024+19.8 pp

Sep 2024+1.5 pp

Dec 2024+1.4 pp

Mar 2025+1.1 pp

Jun 20250.0 pp

Sep 2025+0.1 pp

Dec 2025+0.7 pp

Mar 2026+1.3 pp

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−0.8 pp

Mar 2023−1.5 pp

Jun 2023−1.4 pp

Sep 2023−1.3 pp

Dec 2023−1.0 pp

Mar 2024−0.5 pp

Jun 2024−1.8 pp

Sep 2024−2.0 pp

Dec 2024−2.0 pp

Mar 2025−2.0 pp

Jun 2025−2.2 pp

Sep 20250.0 pp

Dec 2025+0.5 pp

Mar 2026+0.8 pp

Jun 2026+2.3 pp

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+0.4 pp

Dec 2022+1.5 pp

Mar 2023+0.8 pp

Jun 2023+4.2 pp

Sep 2023+3.5 pp

Dec 2023+3.0 pp

Mar 2024+1.7 pp

Jun 2024+1.4 pp

Sep 2024+1.8 pp

Dec 2024−0.3 pp

Mar 2025+2.9 pp

Jun 2025+1.1 pp

Sep 2025−0.8 pp

Dec 2025+1.8 pp

Mar 2026+0.8 pp

Jun 2026—

07 · compare level, then change

Valuation Against Growth & Quality

Zoom Communications, Inc. has the lowest Guarded PEG among the 30 Software - Application companies compared here, at 0.55×. Salesforce, Inc. is next at 0.58×. Fiserv, Inc. has the lowest P/E at 9.46×, so level and change sit with different companies. 16 of 30 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Zoom Communications, Inc. has the lowest comparable Guarded PEG at 0.55×, 5.2% below Salesforce, Inc.. Only 16 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderZoom Communications, Inc. · 0.55×

Gap5.2% versus #2 · Salesforce, Inc.

Persistence0/8 recent comparable periods

Coverage16/30 companies · 129 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

Guarded PEGlowest PEG

1Zoom Communications, Inc. ZM0.6

2Salesforce, Inc. CRM0.6

3Fiserv, Inc. FISV0.6

4Intuit Inc. INTU0.7

5Autodesk, Inc. ADSK0.7

P/Elowest P/E

1Fiserv, Inc. FISV9.5

2PTC Inc. PTC13.6

3Roper Technologies, Inc. ROP14.0

4Zoom Communications, Inc. ZM14.3

5Adobe Inc. ADBE14.8

Valuation · company comparison

16/30 level · 24/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Guarded PEG	P/E	Reported
Dynatrace, Inc. DT	14.1	68.5	Mar 2026
Cadence Design Systems, Inc. CDNS	7.5	64.8	Mar 2026
Tyler Technologies, Inc. TYL	5.2	47.3	Mar 2026
SS&C Technologies Holdings, Inc. SSNC	5.2	17.8	Jun 2026
Datadog, Inc. DDOG	4.9	302.7	Mar 2026
ServiceNow, Inc. NOW	4.6	62.1	Jun 2026
Shopify Inc. SHOP	4.2	117.5	Mar 2026
Paychex, Inc. PAYX	2.8	19.8	Jun 2026
Workday, Inc. WDAY	2.1	38.3	Jun 2026
Automatic Data Processing, Inc. ADP	2.0	19.0	Mar 2026
Roper Technologies, Inc. ROP	1.4	14.0	Jun 2026
Adobe Inc. ADBE	1.3	14.8	Jun 2026
Fair Isaac Corporation FICO	0.9	33.8	Mar 2026
PTC Inc. PTC	0.8	13.6	Mar 2026
SAP SE SAP	0.8	23.2	Mar 2026
Autodesk, Inc. ADSK	0.7	34.6	Jun 2026
Intuit Inc. INTU	0.7	23.5	Jun 2026
Fiserv, Inc. FISV	0.6	9.5	Mar 2026
Salesforce, Inc. CRM	0.6	20.4	Jun 2026
Zoom Communications, Inc. ZM	0.6	14.3	Jun 2026
Uber Technologies, Inc. UBER	—	17.9	Mar 2026
Strategy Inc MSTR	—	15.0	Mar 2026
Grab Holdings Limited GRAB	—	366.0	Mar 2026
Guidewire Software, Inc. GWRE	—	74.8	Jun 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Showing the 12 largest of 20 companies with a series here. The remaining 8 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20235.2

Dec 20233.1

Mar 2024—

Jun 20246.5

Sep 20247.4

Dec 20248.4

Mar 20250.6

Jun 20250.7

Sep 20250.6

Dec 20250.6

Mar 20261.2

Jun 20261.3

Autodesk, Inc. · ADSK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20230.9

Dec 20230.9

Mar 20245.3

Jun 20242.3

Sep 20242.4

Dec 20243.0

Mar 20252.8

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 20260.7

Automatic Data Processing, Inc. · ADP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20231.8

Jun 20231.6

Sep 20231.8

Dec 20231.9

Mar 20241.9

Jun 20242.4

Sep 20242.6

Dec 20242.6

Mar 20253.5

Jun 20253.2

Sep 20253.6

Dec 20252.9

Mar 20262.0

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20234.9

Sep 20233.6

Dec 20232.1

Mar 20243.4

Jun 20243.0

Sep 20244.7

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 202514.9

Mar 20267.5

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20254.9

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20233.7

Dec 20231.4

Mar 20241.5

Jun 20241.6

Sep 2024—

Dec 20244.7

Mar 20256.0

Jun 20253.7

Sep 20251.8

Dec 20251.1

Mar 20260.7

Jun 20260.7

Paychex, Inc. · PAYX

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20232.0

Sep 20232.5

Dec 20232.4

Mar 20242.5

Jun 20243.0

Sep 20244.4

Dec 20245.5

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 20262.8

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.0

Jun 20252.8

Sep 20251.9

Dec 20251.5

Mar 20261.2

Jun 20260.6

SAP SE · SAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20231.5

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20252.4

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20260.8

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 20253.0

Sep 20253.9

Dec 20254.2

Mar 20264.6

Jun 2026—

Shopify Inc. · SHOP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20254.2

Dec 2025—

Mar 2026—

Jun 2026—

Workday, Inc. · WDAY

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20262.1

Jun 2026—

P/E · reported quarter history

Showing the 12 largest of 24 companies with a series here. The remaining 12 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 202161.5

Mar 202244.9

Jun 202242.0

Sep 202236.3

Dec 202233.8

Mar 202333.9

Jun 202341.6

Sep 202350.7

Dec 202351.8

Mar 202454.6

Jun 202440.0

Sep 202448.5

Dec 202441.7

Mar 202528.9

Jun 202526.6

Sep 202522.2

Dec 202519.2

Mar 202615.3

Jun 202614.8

Autodesk, Inc. · ADSK

Sep 2021—

Dec 202153.5

Mar 2022111.5

Jun 202285.7

Sep 202285.2

Dec 202275.7

Mar 202356.9

Jun 202350.5

Sep 202352.5

Dec 202346.5

Mar 202460.6

Jun 202446.1

Sep 202450.6

Dec 202456.3

Mar 202560.8

Jun 202558.7

Sep 202562.8

Dec 202558.4

Mar 202648.4

Jun 202634.6

Automatic Data Processing, Inc. · ADP

Sep 202131.6

Dec 202138.2

Mar 202233.6

Jun 202230.0

Sep 202231.3

Dec 202231.7

Mar 202328.4

Jun 202326.8

Sep 202328.6

Dec 202327.1

Mar 202427.9

Jun 202426.2

Sep 202429.5

Dec 202430.5

Mar 202531.3

Jun 202530.9

Sep 202529.0

Dec 202524.7

Mar 202619.0

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 202161.7

Mar 202274.5

Jun 202262.0

Sep 202253.6

Dec 202257.6

Mar 202367.1

Jun 202371.9

Sep 202366.8

Dec 202371.3

Mar 202481.1

Jun 202479.5

Sep 202471.1

Dec 202478.0

Mar 202564.4

Jun 202583.3

Sep 202590.5

Dec 202577.0

Mar 202664.8

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20229,524.0

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023867.0

Mar 2024386.3

Jun 2024288.2

Sep 2024217.1

Dec 2024274.8

Mar 2025215.7

Jun 2025383.8

Sep 2025459.4

Dec 2025438.7

Mar 2026302.7

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 202182.8

Mar 202270.8

Jun 202247.5

Sep 202262.7

Dec 202265.1

Mar 202362.0

Jun 202356.1

Sep 202360.8

Dec 202354.1

Mar 202464.4

Jun 202457.7

Sep 202462.1

Dec 202459.3

Mar 202556.1

Jun 202550.9

Sep 202557.4

Dec 202545.6

Mar 202632.3

Jun 202623.5

Paychex, Inc. · PAYX

Sep 2021—

Dec 202133.8

Mar 202231.8

Jun 202232.3

Sep 202231.1

Dec 202230.6

Mar 202326.6

Jun 202324.4

Sep 202327.7

Dec 202327.1

Mar 202426.7

Jun 202425.7

Sep 202428.0

Dec 202430.8

Mar 202531.6

Jun 202534.5

Sep 202531.3

Dec 202525.3

Mar 202620.6

Jun 202619.8

Salesforce, Inc. · CRM

Sep 2021—

Dec 2021165.6

Mar 2022157.2

Jun 2022170.8

Sep 2022340.8

Dec 2022580.7

Mar 2023799.9

Jun 2023522.0

Sep 2023141.5

Dec 202376.4

Mar 202466.9

Jun 202448.4

Sep 202445.0

Dec 202447.9

Mar 202553.7

Jun 202542.1

Sep 202537.6

Dec 202534.8

Mar 202627.2

Jun 202620.4

SAP SE · SAP

Sep 202124.1

Dec 202127.6

Mar 202223.9

Jun 202226.0

Sep 202230.6

Dec 202249.6

Mar 202367.7

Jun 202331.0

Sep 202326.9

Dec 202326.9

Mar 202445.1

Jun 202487.1

Sep 202488.7

Dec 202489.3

Mar 202551.1

Jun 202546.5

Sep 202537.8

Dec 202533.9

Mar 202623.2

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021570.9

Dec 2021574.4

Mar 2022506.3

Jun 2022522.6

Sep 2022381.4

Dec 2022242.7

Mar 2023237.1

Jun 202381.0

Sep 202372.4

Dec 202384.1

Mar 202481.5

Jun 2024142.3

Sep 2024139.1

Dec 2024154.8

Mar 2025107.9

Jun 2025129.0

Sep 2025110.9

Dec 202591.7

Mar 202662.2

Jun 202662.1

Shopify Inc. · SHOP

Sep 202150.5

Dec 202160.2

Mar 2022563.3

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023779.0

Mar 2024—

Jun 202467.4

Sep 202474.9

Dec 202468.6

Mar 202577.6

Jun 202564.4

Sep 2025110.1

Dec 2025171.3

Mar 2026117.5

Jun 2026—

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 202393.9

Dec 202370.8

Mar 2024124.2

Jun 202479.9

Sep 202437.4

Dec 202413.2

Mar 202512.8

Jun 202515.9

Sep 202512.6

Dec 202517.3

Mar 202617.9

Jun 2026—

08 · compare level, then change

Enterprise Value & Book Value

Fiserv, Inc. has the lowest EV/EBITDA among the 30 Software - Application companies compared here, at 6.76×. Strategy Inc is next at 9.67×. The same company also holds the lowest P/BV, at 1.14×. 25 of 30 companies report a comparable reading, the latest through Mar 2026. Its EV/EBITDA series carries 19 reported observations across the 20-quarter window.

What the numbers say: Fiserv, Inc. leads both ev/ebitda at 6.76× and p/bv at 1.14×.

LeaderFiserv, Inc. · 6.76×

Gap30.1% versus #2 · Strategy Inc

Persistence0/8 recent comparable periods

Coverage25/30 companies · 407 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

EV/EBITDAlowest EV/EBITDA

1Fiserv, Inc. FISV6.8

2Strategy Inc MSTR9.7

3SS&C Technologies Holdings, Inc. SSNC9.9

4Adobe Inc. ADBE10.6

5Salesforce, Inc. CRM11.8

P/BVlowest P/BV

1Fiserv, Inc. FISV1.1

2Strategy Inc MSTR1.2

3Roper Technologies, Inc. ROP1.8

4SS&C Technologies Holdings, Inc. SSNC2.3

5Grab Holdings Limited GRAB2.3

Enterprise and book valuation · company comparison

25/30 level · 27/30 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	EV/EBITDA	P/BV	Reported
Datadog, Inc. DDOG	1,019.5	10.5	Mar 2026
Atlassian Corporation TEAM	454.7	19.9	Mar 2026
Shopify Inc. SHOP	88.7	12.3	Mar 2026
Guidewire Software, Inc. GWRE	66.6	8.9	Jun 2026
Cadence Design Systems, Inc. CDNS	42.9	11.7	Mar 2026
Dynatrace, Inc. DT	36.7	4.2	Mar 2026
Grab Holdings Limited GRAB	35.8	2.3	Mar 2026
ServiceNow, Inc. NOW	31.1	8.2	Jun 2026
Tyler Technologies, Inc. TYL	27.9	4.1	Mar 2026
Fair Isaac Corporation FICO	24.6	-11.8	Mar 2026
Uber Technologies, Inc. UBER	21.9	5.9	Mar 2026
Workday, Inc. WDAY	21.8	4.6	Jun 2026
Automatic Data Processing, Inc. ADP	21.1	12.8	Mar 2026
Autodesk, Inc. ADSK	18.5	15.7	Jun 2026
Intuit Inc. INTU	16.3	5.2	Jun 2026
Zoom Communications, Inc. ZM	15.7	2.9	Jun 2026
SAP SE SAP	14.9	3.9	Mar 2026
Roper Technologies, Inc. ROP	13.9	1.8	Jun 2026
PTC Inc. PTC	13.4	4.3	Mar 2026
Paychex, Inc. PAYX	11.9	9.2	Jun 2026
Salesforce, Inc. CRM	11.8	4.2	Jun 2026
Adobe Inc. ADBE	10.7	9.0	Jun 2026
SS&C Technologies Holdings, Inc. SSNC	9.9	2.3	Jun 2026
Strategy Inc MSTR	9.7	1.2	Mar 2026
Fiserv, Inc. FISV	6.8	1.1	Mar 2026
Snowflake Inc. SNOW	—	24.4	Jun 2026
Unity Software Inc. U	—	3.2	Mar 2026
Figma, Inc. FIG	—	7.6	Mar 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Showing the 12 largest of 25 companies with a series here. The remaining 13 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 202144.3

Mar 202231.7

Jun 202229.4

Sep 202224.6

Dec 202222.5

Mar 202322.5

Jun 202327.8

Sep 202334.8

Dec 202336.6

Mar 202437.4

Jun 202427.9

Sep 202434.4

Dec 202429.7

Mar 202521.4

Jun 202519.6

Sep 202516.3

Dec 202513.9

Mar 202610.9

Jun 202610.7

Autodesk, Inc. · ADSK

Sep 2021—

Dec 202188.4

Mar 202272.9

Jun 202250.0

Sep 202251.1

Dec 202247.4

Mar 202336.7

Jun 202335.2

Sep 202339.9

Dec 202333.0

Mar 202438.9

Jun 202430.9

Sep 202433.5

Dec 202437.4

Mar 202538.6

Jun 202534.0

Sep 202533.8

Dec 202530.0

Mar 202623.3

Jun 202618.5

Automatic Data Processing, Inc. · ADP

Sep 202122.3

Dec 202126.6

Mar 202223.2

Jun 202220.7

Sep 202221.6

Dec 202221.7

Mar 202319.3

Jun 202318.2

Sep 202319.6

Dec 202318.5

Mar 202418.8

Jun 202417.8

Sep 202420.3

Dec 202419.4

Mar 202521.4

Jun 202521.1

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 202145.7

Mar 202255.2

Jun 202243.4

Sep 202235.7

Dec 202237.4

Mar 202347.2

Jun 202351.7

Sep 202350.1

Dec 202352.7

Mar 202463.5

Jun 202463.3

Sep 202452.7

Dec 202453.1

Mar 202541.3

Jun 202551.4

Sep 202556.0

Dec 202549.1

Mar 202642.9

Jun 2026—

Datadog, Inc. · DDOG

Sep 2021—

Dec 202114,365.8

Mar 20221,535.8

Jun 2022723.1

Sep 20221,648.5

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20233,500.2

Mar 2024638.9

Jun 2024429.2

Sep 2024297.1

Dec 2024426.1

Mar 2025380.5

Jun 20251,247.2

Sep 20254,484.3

Dec 20253,930.8

Mar 20261,019.5

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 202158.4

Mar 202252.2

Jun 202232.9

Sep 202240.0

Dec 202238.0

Mar 202335.5

Jun 202332.9

Sep 202337.1

Dec 202334.3

Mar 202442.8

Jun 202438.6

Sep 202441.6

Dec 202439.7

Mar 202537.3

Jun 202533.6

Sep 202538.6

Dec 202531.5

Mar 202622.8

Jun 202616.3

Paychex, Inc. · PAYX

Sep 2021—

Dec 202120.2

Mar 202219.2

Jun 202219.5

Sep 202219.0

Dec 202218.9

Mar 202316.4

Jun 202315.2

Sep 202317.5

Dec 202317.3

Mar 202417.0

Jun 202416.6

Sep 202418.0

Dec 202420.0

Mar 202520.2

Jun 202522.5

Sep 202519.5

Dec 202515.3

Mar 202612.2

Jun 202611.9

Salesforce, Inc. · CRM

Sep 2021—

Dec 202155.1

Mar 202245.0

Jun 202234.0

Sep 202234.8

Dec 202228.3

Mar 202325.7

Jun 202326.4

Sep 202325.5

Dec 202320.2

Mar 202424.9

Jun 202421.6

Sep 202420.2

Dec 202422.0

Mar 202525.5

Jun 202519.3

Sep 202518.0

Dec 202517.9

Mar 202614.5

Jun 202611.8

SAP SE · SAP

Sep 202119.1

Dec 202116.6

Mar 202219.7

Jun 202217.6

Sep 202216.0

Dec 202213.8

Mar 202321.8

Jun 202321.7

Sep 202320.4

Dec 202322.6

Mar 202437.6

Jun 202440.7

Sep 202441.0

Dec 202446.5

Mar 202531.5

Jun 202529.0

Sep 202524.9

Dec 202522.0

Mar 202614.9

Jun 2026—

ServiceNow, Inc. · NOW

Sep 2021129.1

Dec 2021125.6

Mar 2022107.2

Jun 202294.0

Sep 202273.1

Dec 202267.0

Mar 202373.6

Jun 202380.0

Sep 202370.2

Dec 202379.7

Mar 202476.9

Jun 202474.1

Sep 202477.1

Dec 202486.9

Mar 202560.8

Jun 202574.6

Sep 202561.9

Dec 202549.2

Mar 202631.3

Jun 202631.1

Shopify Inc. · SHOP

Sep 2021382.1

Dec 2021498.0

Mar 2022664.2

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024104.1

Sep 2024106.5

Dec 2024120.0

Mar 202597.5

Jun 2025114.0

Sep 2025141.0

Dec 2025136.3

Mar 202688.7

Jun 2026—

Uber Technologies, Inc. · UBER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023324.3

Sep 202387.5

Dec 202369.7

Mar 202471.1

Jun 202456.8

Sep 202447.5

Dec 202437.1

Mar 202534.4

Jun 202538.2

Sep 202539.3

Dec 202527.6

Mar 202621.9

Jun 2026—

P/BV · reported quarter history

Showing the 12 largest of 28 companies with a series here. The remaining 16 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Adobe Inc. · ADBE

Sep 2021—

Dec 202119.8

Mar 202215.5

Jun 202214.5

Sep 202212.0

Dec 202211.2

Mar 202311.1

Jun 202313.4

Sep 202316.3

Dec 202316.9

Mar 202416.7

Jun 202413.5

Sep 202417.6

Dec 202416.1

Mar 202514.6

Jun 202515.5

Sep 202512.7

Dec 202511.4

Mar 20269.3

Jun 20269.0

Autodesk, Inc. · ADSK

Sep 2021—

Dec 202154.6

Mar 202264.2

Jun 202260.3

Sep 202263.1

Dec 202251.1

Mar 202340.4

Jun 202346.5

Sep 202337.6

Dec 202328.4

Mar 202429.3

Jun 202421.2

Sep 202421.5

Dec 202423.3

Mar 202525.4

Jun 202522.4

Sep 202523.8

Dec 202522.1

Mar 202617.6

Jun 202615.7

Automatic Data Processing, Inc. · ADP

Sep 202115.8

Dec 202120.5

Mar 202222.7

Jun 202227.1

Sep 202236.5

Dec 202233.1

Mar 202324.9

Jun 202325.8

Sep 202328.5

Dec 202322.2

Mar 202422.1

Jun 202421.4

Sep 202421.1

Dec 202423.5

Mar 202521.2

Jun 202520.2

Sep 202518.6

Dec 202516.2

Mar 202612.8

Jun 2026—

Cadence Design Systems, Inc. · CDNS

Sep 2021—

Dec 202116.1

Mar 202218.8

Jun 202216.6

Sep 202215.6

Dec 202216.6

Mar 202319.5

Jun 202321.9

Sep 202320.5

Dec 202321.7

Mar 202423.7

Jun 202419.8

Sep 202416.3

Dec 202417.6

Mar 202514.5

Jun 202516.8

Sep 202518.4

Dec 202515.5

Mar 202611.7

Jun 2026—

Datadog, Inc. · DDOG

Sep 202146.1

Dec 202153.6

Mar 202242.7

Jun 202224.8

Sep 202221.9

Dec 202216.6

Mar 202315.5

Jun 202319.4

Sep 202316.6

Dec 202319.8

Mar 202418.7

Jun 202418.1

Sep 202414.9

Dec 202418.0

Mar 202511.7

Jun 202514.7

Sep 202514.5

Dec 202512.9

Mar 202610.5

Jun 2026—

Intuit Inc. · INTU

Sep 2021—

Dec 202117.6

Mar 202210.1

Jun 20227.0

Sep 20227.8

Dec 20227.5

Mar 20237.5

Jun 20237.1

Sep 20238.3

Dec 20238.2

Mar 202410.5

Jun 20249.3

Sep 20249.8

Dec 20249.4

Mar 20259.4

Jun 20258.7

Sep 202511.1

Dec 20259.6

Mar 20267.3

Jun 20265.2

Salesforce, Inc. · CRM

Sep 2021—

Dec 20215.2

Mar 20224.0

Jun 20223.0

Sep 20223.1

Dec 20222.7

Mar 20232.8

Jun 20233.4

Sep 20233.8

Dec 20233.4

Mar 20244.6

Jun 20244.4

Sep 20244.3

Dec 20244.8

Mar 20255.4

Jun 20254.2

Sep 20254.0

Dec 20254.1

Mar 20263.3

Jun 20264.2

SAP SE · SAP

Sep 20213.9

Dec 20213.7

Mar 20223.0

Jun 20222.5

Sep 20222.3

Dec 20222.8

Mar 20233.4

Jun 20233.5

Sep 20233.3

Dec 20233.8

Mar 20244.9

Jun 20245.3

Sep 20245.8

Dec 20246.1

Mar 20256.3

Jun 20257.3

Sep 20256.2

Dec 20255.4

Mar 20263.9

Jun 2026—

ServiceNow, Inc. · NOW

Sep 202135.0

Dec 202135.1

Mar 202227.9

Jun 202222.9

Sep 202216.9

Dec 202215.7

Mar 202316.9

Jun 202316.6

Sep 202315.9

Dec 202319.0

Mar 202419.3

Jun 202418.7

Sep 202419.9

Dec 202422.8

Mar 202516.3

Jun 202519.5

Sep 202516.9

Dec 202512.4

Mar 20269.2

Jun 20268.2

Shopify Inc. · SHOP

Sep 202115.0

Dec 202115.6

Mar 20228.7

Jun 20224.5

Sep 20223.9

Dec 20225.4

Mar 20237.3

Jun 202311.1

Sep 20238.5

Dec 202311.1

Mar 202411.2

Jun 20249.3

Sep 202410.2

Dec 202411.9

Mar 202511.2

Jun 202512.4

Sep 202515.5

Dec 202515.6

Mar 202612.3

Jun 2026—

Snowflake Inc. · SNOW

Sep 2021—

Dec 202121.6

Mar 202217.1

Jun 202210.0

Sep 20228.8

Dec 20229.5

Mar 20239.3

Jun 20239.1

Sep 202311.1

Dec 20239.7

Mar 202412.6

Jun 202411.4

Sep 202410.6

Dec 202412.9

Mar 202520.2

Jun 202522.1

Sep 202531.9

Dec 202544.1

Mar 202634.4

Jun 202624.4

Uber Technologies, Inc. · UBER

Sep 20216.2

Dec 20215.7

Mar 20227.8

Jun 20226.1

Sep 20228.4

Dec 20226.8

Mar 20238.5

Jun 202310.2

Sep 202310.1

Dec 202311.3

Mar 202414.5

Jun 202412.4

Sep 202410.7

Dec 20245.9

Mar 20256.9

Jun 20258.6

Sep 20257.2

Dec 20256.3

Mar 20265.9

Jun 2026—

09 · let price answer last

Market action

Datadog, Inc. has the strongest one-year price move in Software - Application at +85%. It also leads on Mansfield relative strength against the S&P 500 at +45.7%. 3 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.

Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Software - Application comparison names 4 specific ways its own evidence can mislead, all listed below. All 30 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

10 · the complete set

Which companies are included?

All 30 companies in the canonical Software - Application membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

Company	Market value	Price	Priced to	Latest fundamentals
SAP SE SAPLAGGING, FUNDAMENTALS UP	$209.4B	$179	2026-07-28	Mar 2026
Shopify Inc. SHOP	$169.5B	$130	2026-07-28	Mar 2026
Salesforce, Inc. CRMLAGGING, FUNDAMENTALS UP	$148.6B	$182	2026-07-28	Jun 2026
Uber Technologies, Inc. UBER	$144.0B	$70.7	2026-07-28	Mar 2026
ServiceNow, Inc. NOWAHEAD	$114.4B	$111	2026-07-28	Jun 2026
Automatic Data Processing, Inc. ADPAHEAD	$105.6B	$264	2026-07-28	Mar 2026
Adobe Inc. ADBE	$99.0B	$249	2026-07-28	Jun 2026
Cadence Design Systems, Inc. CDNS	$95.1B	$345	2026-07-28	Mar 2026
Snowflake Inc. SNOWAHEAD	$93.7B	$270	2026-07-28	Jun 2026
Datadog, Inc. DDOGAHEAD	$89.3B	$251	2026-07-28	Mar 2026
Intuit Inc. INTULAGGING, FUNDAMENTALS UP	$85.6B	$313	2026-07-28	Jun 2026
Autodesk, Inc. ADSKLAGGING, FUNDAMENTALS UP	$50.1B	$237	2026-07-28	Jun 2026
Paychex, Inc. PAYXAHEAD	$42.3B	$119	2026-07-28	Jun 2026
Workday, Inc. WDAYAHEADLAGGING, FUNDAMENTALS UP	$39.4B	$160	2026-07-28	Jun 2026
Roper Technologies, Inc. ROP	$38.7B	$391	2026-07-28	Jun 2026
Strategy Inc MSTR	$34.5B	$96.2	2026-07-28	Mar 2026
Fair Isaac Corporation FICOAHEADLAGGING, FUNDAMENTALS UP	$31.0B	$1,336	2026-07-28	Mar 2026
Fiserv, Inc. FISV	$28.9B	$54.2	2026-07-28	Mar 2026
Zoom Communications, Inc. ZM	$26.8B	$91.5	2026-07-28	Jun 2026
Atlassian Corporation TEAMAHEAD	$25.4B	$100.0	2026-07-28	Mar 2026
Bending Spoons S.p.A. BSP	$20.8B	$32.7	2026-07-28	Mar 2026
SS&C Technologies Holdings, Inc. SSNCAHEAD	$18.8B	$77.9	2026-07-28	Jun 2026
PTC Inc. PTCLAGGING, FUNDAMENTALS UP	$14.7B	$128	2026-07-28	Mar 2026
Grab Holdings Limited GRAB	$14.1B	$3.5	2026-07-28	Mar 2026
Tyler Technologies, Inc. TYL	$14.1B	$333	2026-07-28	Mar 2026
Unity Software Inc. UAHEAD	$13.9B	$31.8	2026-07-28	Mar 2026
Guidewire Software, Inc. GWRELAGGING, FUNDAMENTALS UP	$13.3B	$159	2026-07-28	Jun 2026
Quantinuum Inc. QNT	$13.0B	$49.8	2026-07-28	Mar 2026
Figma, Inc. FIGAHEAD	$12.9B	$24.4	2026-07-28	Mar 2026
Dynatrace, Inc. DTAHEAD	$12.7B	$43.9	2026-07-28	Mar 2026

Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 30 Software - Application companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-28 · weekly price and relative-strength history

Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Questions investors ask · short, speakable answers

Software - Application company comparison FAQs

These 18 answers restate the Software - Application comparison above in question form. Every one is computed from the same 30 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Software - Application company is the biggest?

Uber Technologies, Inc. is the largest, with trailing-twelve-month revenue of $53,687 million, ahead of Salesforce, Inc. at $42,829 million. That covers 25 of 30 companies with comparable reporting through Mar 2026.

Which Software - Application company is growing fastest?

Figma, Inc. has the fastest revenue growth at 41.4% year on year, across 25 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Software - Application company has the best profit margins?

Fair Isaac Corporation has the highest operating margin at 58.2%, from 28 of 30 comparable companies. Snowflake Inc. shows the biggest recent improvement, at +19.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Software - Application company makes the most profit?

Uber Technologies, Inc. earns the most, at $8,661 million of trailing-twelve-month net profit, from 25 of 30 comparable companies. Guidewire Software, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Software - Application company earns the highest return on capital?

Fair Isaac Corporation leads on return on capital employed at 25.7%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Software - Application stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Zoom Communications, Inc. screens cheapest at 0.55×. Only 16 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Software - Application company has the strongest balance sheet?

Quantinuum Inc. carries the lowest comparable gross debt at $22 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Software - Application company is investing most in new capacity?

Fiserv, Inc. reports the largest capital spending at $458 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Software - Application sector beating the market?

Software - Application has underperformed S&P 500 by 35% over the last 52 weeks and 6.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Software - Application stock has the strongest price momentum?

Datadog, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Software - Application company scores highest for research priority?

Fair Isaac Corporation scores 69.5 out of 100 with 82% evidence confidence, from 28.1 points on growth and earnings, 16.4 on capital efficiency, 12.2 on valuation and 12.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Software - Application companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 9 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Software - Application sector?

The 30 Software - Application companies on this page carry $1,819,636 million of combined market value. SAP SE is the largest at $209,429 million, about 12% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Software - Application sector's P/E ratio?

The median price-to-earnings ratio across the 30 Software - Application companies on this page is 23.5×, measured on the 24 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Software - Application sector performing?

3 of the 28 covered Software - Application companies are beating S&P 500 on Mansfield relative strength. The sector itself is 35% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Software - Application stocks are listed in the US?

This comparison covers 30 listed Software - Application companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.