# Software - Application — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## 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?

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.

### 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: 6.6%
52-week sector return versus NIFTY 500: -35%
Stocks leading NIFTY: 3/28
Stocks leading sector: 12/28

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

Companies: 30
Combined market value: ₹18.2 L Cr

## 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.

1. Fair Isaac Corporation (FICO): 70/100 — Favorable setup; evidence 82%
   - Growth & earnings 28.1/35 | Capital efficiency 16.4/25 | Valuation 12.2/20 | Relative strength 12.8/20
   - 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.
2. Zoom Communications, Inc. (ZM): 64/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 21.0/35 | Capital efficiency 15.8/25 | Valuation 16.1/20 | Relative strength 11.5/20
   - 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.
3. Autodesk, Inc. (ADSK): 64/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 29.9/35 | Capital efficiency 14.3/25 | Valuation 13.6/20 | Relative strength 5.9/20
   - 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.
4. PTC Inc. (PTC): 60/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 27.2/35 | Capital efficiency 16.0/25 | Valuation 14.6/20 | Relative strength 2.6/20
   - 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.
5. Snowflake Inc. (SNOW): 59/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 25.4/35 | Capital efficiency 4.1/25 | Valuation 10.0/20 | Relative strength 19.7/20
   - 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.
6. Paychex, Inc. (PAYX): 59/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.2/35 | Capital efficiency 13.4/25 | Valuation 6.8/20 | Relative strength 18.2/20
   - 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.
7. Automatic Data Processing, Inc. (ADP): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.9/35 | Capital efficiency 17.0/25 | Valuation 9.3/20 | Relative strength 16.9/20
   - 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.
8. Workday, Inc. (WDAY): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 26.6/35 | Capital efficiency 11.3/25 | Valuation 7.7/20 | Relative strength 10.9/20
   - 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.
9. SAP SE (SAP): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.6/35 | Capital efficiency 15.7/25 | Valuation 13.7/20 | Relative strength 6.3/20
   - 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.
10. Guidewire Software, Inc. (GWRE): 56/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 27.4/35 | Capital efficiency 9.2/25 | Valuation 8.9/20 | Relative strength 10.7/20
   - 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.
11. SS&C Technologies Holdings, Inc. (SSNC): 53/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.1/35 | Capital efficiency 11.5/25 | Valuation 10.7/20 | Relative strength 12.6/20
   - 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.
12. Intuit Inc. (INTU): 53/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 19.8/35 | Capital efficiency 17.7/25 | Valuation 14.1/20 | Relative strength 1.1/20
   - 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.
13. Roper Technologies, Inc. (ROP): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.4/35 | Capital efficiency 12.7/25 | Valuation 11.2/20 | Relative strength 12.1/20
   - 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.
14. Datadog, Inc. (DDOG): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.9/35 | Capital efficiency 9.4/25 | Valuation 4.2/20 | Relative strength 19.9/20
   - 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.
15. Shopify Inc. (SHOP): 50/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 23.1/35 | Capital efficiency 13.1/25 | Valuation 4.6/20 | Relative strength 9.0/20
   - 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.
16. Salesforce, Inc. (CRM): 49/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 19.3/35 | Capital efficiency 10.7/25 | Valuation 14.9/20 | Relative strength 4.5/20
   - 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.
17. Adobe Inc. (ADBE): 49/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 15.7/35 | Capital efficiency 16.3/25 | Valuation 12.2/20 | Relative strength 5.2/20
   - 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.
18. Dynatrace, Inc. (DT): 49/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 12.4/35 | Capital efficiency 12.4/25 | Valuation 9.0/20 | Relative strength 14.7/20
   - 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.
19. Uber Technologies, Inc. (UBER): 45/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 17.7/35 | Capital efficiency 12.3/25 | Valuation 10.6/20 | Relative strength 4.5/20
   - 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.
20. Cadence Design Systems, Inc. (CDNS): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.3/35 | Capital efficiency 15.1/25 | Valuation 4.2/20 | Relative strength 11.2/20
   - 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.
21. ServiceNow, Inc. (NOW): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.0/35 | Capital efficiency 10.7/25 | Valuation 9.3/20 | Relative strength 7.6/20
   - 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.
22. Grab Holdings Limited (GRAB): 41/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 20.8/35 | Capital efficiency 9.1/25 | Valuation 8.5/20 | Relative strength 2.4/20
   - 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.
23. Tyler Technologies, Inc. (TYL): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.9/35 | Capital efficiency 14.8/25 | Valuation 4.7/20 | Relative strength 4.2/20
   - 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.
24. Fiserv, Inc. (FISV): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 8.4/35 | Capital efficiency 10.8/25 | Valuation 16.0/20 | Relative strength 4.0/20
   - 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.
25. Atlassian Corporation (TEAM): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 13.7/35 | Capital efficiency 4.8/25 | Valuation 10.0/20 | Relative strength 8.3/20
   - 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.
26. Unity Software Inc. (U): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 9.0/35 | Capital efficiency 5.8/25 | Valuation 10.0/20 | Relative strength 11.9/20
   - 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.
27. Figma, Inc. (FIG): 35/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.1/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 3.7/20
   - 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.
28. Strategy Inc (MSTR): 28/100 — Adverse evidence; evidence 62%
   - Growth & earnings 8.3/35 | Capital efficiency 8.8/25 | Valuation 10.8/20 | Relative strength 0.2/20
   - 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.
29. Quantinuum Inc. (QNT): 46/100 — Thin evidence · provisional; evidence 22%
   - Growth & earnings 16.1/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - 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.
30. Bending Spoons S.p.A. (BSP): 45/100 — Thin evidence · provisional; evidence 25%
   - Growth & earnings 17.7/35 | Capital efficiency 7.0/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.7 + 7 + 10 + 10 = 44.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Uber Technologies, Inc. · $53,687 million | 25.4% versus #2 · Salesforce, Inc. | 8/8 recent comparable periods | 25/30 companies · 531 observations

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

### Revenue — largest
1. Uber Technologies, Inc. (UBER): ₹53.7K Cr
2. Salesforce, Inc. (CRM): ₹42.8K Cr
3. SAP SE (SAP): ₹37.3K Cr
4. Adobe Inc. (ADBE): ₹25.2K Cr
5. Automatic Data Processing, Inc. (ADP): ₹21.6K Cr

### Revenue growth — fastest growers
1. Figma, Inc. (FIG): 41%
2. Shopify Inc. (SHOP): 32%
3. Snowflake Inc. (SNOW): 31%
4. Datadog, Inc. (DDOG): 30%
5. PTC Inc. (PTC): 28%

### 20-quarter Revenue history
- SAP: Sep 2021 ₹6.8K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹7.4K Cr | Jun 2023 ₹7.6K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹8.5K Cr | Mar 2024 ₹8.0K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹9.1K Cr | Dec 2025 ₹9.7K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 —
- SHOP: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- CRM: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.9K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.7K Cr | Dec 2022 ₹7.8K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹8.7K Cr | Mar 2024 ₹9.3K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.3K Cr | Dec 2024 ₹9.4K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹9.8K Cr | Sep 2025 ₹10.2K Cr | Dec 2025 ₹10.3K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 ₹11.1K Cr
- UBER: Sep 2021 ₹4.8K Cr | Dec 2021 ₹5.8K Cr | Mar 2022 ₹6.9K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹8.3K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 ₹8.8K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹10.1K Cr | Jun 2024 ₹10.7K Cr | Sep 2024 ₹11.2K Cr | Dec 2024 ₹12.0K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹12.7K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹13.2K Cr | Jun 2026 —
- NOW: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- ADP: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.9K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- ADBE: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.0K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 ₹6.6K Cr
- CDNS: Sep 2021 ₹728 Cr | Dec 2021 ₹751 Cr | Mar 2022 ₹773 Cr | Jun 2022 ₹902 Cr | Sep 2022 ₹858 Cr | Dec 2022 ₹903 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹977 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SNOW: Sep 2021 ₹272 Cr | Dec 2021 ₹334 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹422 Cr | Sep 2022 ₹497 Cr | Dec 2022 ₹557 Cr | Mar 2023 ₹589 Cr | Jun 2023 ₹624 Cr | Sep 2023 ₹674 Cr | Dec 2023 ₹734 Cr | Mar 2024 ₹775 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹869 Cr | Dec 2024 ₹942 Cr | Mar 2025 ₹987 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.4K Cr
- DDOG: Sep 2021 ₹270 Cr | Dec 2021 ₹326 Cr | Mar 2022 ₹363 Cr | Jun 2022 ₹406 Cr | Sep 2022 ₹437 Cr | Dec 2022 ₹469 Cr | Mar 2023 ₹482 Cr | Jun 2023 ₹509 Cr | Sep 2023 ₹548 Cr | Dec 2023 ₹590 Cr | Mar 2024 ₹611 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹690 Cr | Dec 2024 ₹738 Cr | Mar 2025 ₹762 Cr | Jun 2025 ₹827 Cr | Sep 2025 ₹886 Cr | Dec 2025 ₹953 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- INTU: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹8.6K Cr
- ADSK: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.9K Cr
- PAYX: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.6K Cr
- WDAY: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.5K Cr
- ROP: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 ₹135 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹133 Cr | Mar 2023 ₹122 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹124 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹124 Cr | Jun 2026 —
- FICO: Sep 2021 ₹335 Cr | Dec 2021 ₹322 Cr | Mar 2022 ₹357 Cr | Jun 2022 ₹349 Cr | Sep 2022 ₹349 Cr | Dec 2022 ₹345 Cr | Mar 2023 ₹380 Cr | Jun 2023 ₹399 Cr | Sep 2023 ₹390 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹434 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹454 Cr | Dec 2024 ₹440 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹516 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹692 Cr | Jun 2026 —
- FISV: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.2K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- ZM: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- TEAM: Sep 2021 ₹614 Cr | Dec 2021 ₹689 Cr | Mar 2022 ₹740 Cr | Jun 2022 ₹760 Cr | Sep 2022 ₹807 Cr | Dec 2022 ₹873 Cr | Mar 2023 ₹915 Cr | Jun 2023 ₹939 Cr | Sep 2023 ₹978 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- BSP: 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 ₹259 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹601 Cr | Jun 2026 —
- SSNC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- PTC: Sep 2021 ₹481 Cr | Dec 2021 ₹458 Cr | Mar 2022 ₹505 Cr | Jun 2022 ₹462 Cr | Sep 2022 ₹508 Cr | Dec 2022 ₹466 Cr | Mar 2023 ₹542 Cr | Jun 2023 ₹542 Cr | Sep 2023 ₹547 Cr | Dec 2023 ₹550 Cr | Mar 2024 ₹603 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹627 Cr | Dec 2024 ₹565 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹644 Cr | Sep 2025 ₹894 Cr | Dec 2025 ₹686 Cr | Mar 2026 ₹774 Cr | Jun 2026 —
- GRAB: Sep 2021 ₹157 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹321 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹502 Cr | Mar 2023 ₹525 Cr | Jun 2023 ₹567 Cr | Sep 2023 ₹615 Cr | Dec 2023 ₹653 Cr | Mar 2024 ₹653 Cr | Jun 2024 ₹664 Cr | Sep 2024 ₹716 Cr | Dec 2024 ₹764 Cr | Mar 2025 ₹773 Cr | Jun 2025 ₹819 Cr | Sep 2025 ₹873 Cr | Dec 2025 ₹906 Cr | Mar 2026 ₹955 Cr | Jun 2026 —
- TYL: Sep 2021 ₹460 Cr | Dec 2021 ₹434 Cr | Mar 2022 ₹456 Cr | Jun 2022 ₹469 Cr | Sep 2022 ₹473 Cr | Dec 2022 ₹452 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹504 Cr | Sep 2023 ₹495 Cr | Dec 2023 ₹481 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹541 Cr | Sep 2024 ₹543 Cr | Dec 2024 ₹541 Cr | Mar 2025 ₹565 Cr | Jun 2025 ₹596 Cr | Sep 2025 ₹596 Cr | Dec 2025 ₹575 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- U: Sep 2021 ₹286 Cr | Dec 2021 ₹316 Cr | Mar 2022 ₹320 Cr | Jun 2022 ₹297 Cr | Sep 2022 ₹323 Cr | Dec 2022 ₹451 Cr | Mar 2023 ₹500 Cr | Jun 2023 ₹533 Cr | Sep 2023 ₹544 Cr | Dec 2023 ₹609 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹449 Cr | Sep 2024 ₹447 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹435 Cr | Jun 2025 ₹441 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹503 Cr | Mar 2026 ₹508 Cr | Jun 2026 —
- GWRE: Sep 2021 ₹229 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹205 Cr | Jun 2022 ₹197 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹195 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹207 Cr | Sep 2023 ₹270 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹292 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹294 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹359 Cr | Jun 2026 ₹373 Cr
- QNT: 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 ₹19 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹156 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹304 Cr | Mar 2026 ₹333 Cr | Jun 2026 —
- DT: Sep 2021 ₹226 Cr | Dec 2021 ₹241 Cr | Mar 2022 ₹253 Cr | Jun 2022 ₹267 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹297 Cr | Mar 2023 ₹314 Cr | Jun 2023 ₹333 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹381 Cr | Jun 2024 ₹399 Cr | Sep 2024 ₹418 Cr | Dec 2024 ₹436 Cr | Mar 2025 ₹445 Cr | Jun 2025 ₹477 Cr | Sep 2025 ₹494 Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹532 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 9.2% | Dec 2022 1.0% | Mar 2023 9.9% | Jun 2023 4.8% | Sep 2023 3.6% | Dec 2023 5.0% | Mar 2024 8.1% | Jun 2024 9.7% | Sep 2024 9.4% | Dec 2024 11% | Mar 2025 12% | Jun 2025 8.9% | Sep 2025 7.2% | Dec 2025 3.3% | Mar 2026 6.0% | Jun 2026 —
- SHOP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 22% | Dec 2022 26% | Mar 2023 25% | Jun 2023 31% | Sep 2023 25% | Dec 2023 24% | Mar 2024 23% | Jun 2024 21% | Sep 2024 26% | Dec 2024 31% | Mar 2025 27% | Jun 2025 31% | Sep 2025 32% | Dec 2025 31% | Mar 2026 34% | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 14% | Mar 2023 14% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 8.4% | Dec 2024 8.3% | Mar 2025 7.6% | Jun 2025 7.6% | Sep 2025 9.8% | Dec 2025 8.6% | Mar 2026 12% | Jun 2026 13%
- UBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 105% | Sep 2022 72% | Dec 2022 49% | Mar 2023 29% | Jun 2023 14% | Sep 2023 11% | Dec 2023 15% | Mar 2024 15% | Jun 2024 16% | Sep 2024 20% | Dec 2024 20% | Mar 2025 14% | Jun 2025 18% | Sep 2025 20% | Dec 2025 20% | Mar 2026 14% | Jun 2026 —
- NOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 21% | Dec 2022 20% | Mar 2023 22% | Jun 2023 23% | Sep 2023 25% | Dec 2023 26% | Mar 2024 24% | Jun 2024 22% | Sep 2024 22% | Dec 2024 21% | Mar 2025 19% | Jun 2025 22% | Sep 2025 22% | Dec 2025 21% | Mar 2026 22% | Jun 2026 —
- ADP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 10% | Dec 2022 9.1% | Mar 2023 9.2% | Jun 2023 8.5% | Sep 2023 7.0% | Dec 2023 6.3% | Mar 2024 6.6% | Jun 2024 6.5% | Sep 2024 7.1% | Dec 2024 8.1% | Mar 2025 5.7% | Jun 2025 7.5% | Sep 2025 7.1% | Dec 2025 6.2% | Mar 2026 7.0% | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 10% | Mar 2023 9.2% | Jun 2023 9.8% | Sep 2023 10% | Dec 2023 12% | Mar 2024 11% | Jun 2024 10% | Sep 2024 11% | Dec 2024 11% | Mar 2025 10% | Jun 2025 11% | Sep 2025 11% | Dec 2025 10% | Mar 2026 12% | Jun 2026 13%
- CDNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 20% | Mar 2023 32% | Jun 2023 8.3% | Sep 2023 19% | Dec 2023 18% | Mar 2024 -1.3% | Jun 2024 8.6% | Sep 2024 19% | Dec 2024 27% | Mar 2025 23% | Jun 2025 20% | Sep 2025 10% | Dec 2025 6.2% | Mar 2026 19% | Jun 2026 —
- SNOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 83% | Dec 2022 67% | Mar 2023 53% | Jun 2023 48% | Sep 2023 36% | Dec 2023 32% | Mar 2024 32% | Jun 2024 33% | Sep 2024 29% | Dec 2024 28% | Mar 2025 27% | Jun 2025 26% | Sep 2025 32% | Dec 2025 29% | Mar 2026 30% | Jun 2026 33%
- DDOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 62% | Dec 2022 44% | Mar 2023 33% | Jun 2023 25% | Sep 2023 25% | Dec 2023 26% | Mar 2024 27% | Jun 2024 27% | Sep 2024 26% | Dec 2024 25% | Mar 2025 25% | Jun 2025 28% | Sep 2025 28% | Dec 2025 29% | Mar 2026 32% | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -5.7% | Dec 2022 29% | Mar 2023 14% | Jun 2023 6.9% | Sep 2023 12% | Dec 2023 15% | Mar 2024 11% | Jun 2024 12% | Sep 2024 17% | Dec 2024 10% | Mar 2025 17% | Jun 2025 15% | Sep 2025 20% | Dec 2025 18% | Mar 2026 17% | Jun 2026 10%
- ADSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 17% | Dec 2022 14% | Mar 2023 8.8% | Jun 2023 8.5% | Sep 2023 8.7% | Dec 2023 10% | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 15% | Sep 2025 17% | Dec 2025 18% | Mar 2026 19% | Jun 2026 18%
- PAYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 7.3% | Mar 2023 8.2% | Jun 2023 7.5% | Sep 2023 6.6% | Dec 2023 5.7% | Mar 2024 4.2% | Jun 2024 5.3% | Sep 2024 2.6% | Dec 2024 4.7% | Mar 2025 4.9% | Jun 2025 10% | Sep 2025 17% | Dec 2025 18% | Mar 2026 20% | Jun 2026 13%
- WDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 21% | Mar 2023 20% | Jun 2023 17% | Sep 2023 16% | Dec 2023 17% | Mar 2024 17% | Jun 2024 18% | Sep 2024 17% | Dec 2024 16% | Mar 2025 15% | Jun 2025 13% | Sep 2025 13% | Dec 2025 13% | Mar 2026 15% | Jun 2026 13%
- ROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 9.6% | Dec 2022 14% | Mar 2023 15% | Jun 2023 17% | Sep 2023 16% | Dec 2023 13% | Mar 2024 14% | Jun 2024 12% | Sep 2024 13% | Dec 2024 16% | Mar 2025 12% | Jun 2025 13% | Sep 2025 14% | Dec 2025 9.7% | Mar 2026 11% | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 3.1% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1.5% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.8% | Mar 2024 -5.7% | Jun 2024 -7.5% | Sep 2024 -10% | Dec 2024 -2.4% | Mar 2025 -3.5% | Jun 2025 2.7% | Sep 2025 11% | Dec 2025 1.7% | Mar 2026 12% | Jun 2026 —
- FICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 4.2% | Dec 2022 7.1% | Mar 2023 6.4% | Jun 2023 14% | Sep 2023 12% | Dec 2023 11% | Mar 2024 14% | Jun 2024 12% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 20% | Sep 2025 14% | Dec 2025 16% | Mar 2026 39% | Jun 2026 —
- FISV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.9% | Sep 2022 8.5% | Dec 2022 8.8% | Mar 2023 9.9% | Jun 2023 6.9% | Sep 2023 7.9% | Dec 2023 6.2% | Mar 2024 7.4% | Jun 2024 7.4% | Sep 2024 7.0% | Dec 2024 6.8% | Mar 2025 5.1% | Jun 2025 8.0% | Sep 2025 0.9% | Dec 2025 0.6% | Mar 2026 -2.0% | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.5% | Dec 2022 4.9% | Mar 2023 4.4% | Jun 2023 2.9% | Sep 2023 3.6% | Dec 2023 3.2% | Mar 2024 2.5% | Jun 2024 3.3% | Sep 2024 2.1% | Dec 2024 3.6% | Mar 2025 3.3% | Jun 2025 3.0% | Sep 2025 4.6% | Dec 2025 4.4% | Mar 2026 5.3% | Jun 2026 5.5%
- TEAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 31% | Dec 2022 27% | Mar 2023 24% | Jun 2023 24% | Sep 2023 21% | Dec 2023 21% | Mar 2024 27% | Jun 2024 24% | Sep 2024 21% | Dec 2024 21% | Mar 2025 17% | Jun 2025 19% | Sep 2025 21% | Dec 2025 23% | Mar 2026 32% | Jun 2026 —
- BSP: 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 2026 132% | Jun 2026 —
- SSNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 4.5% | Dec 2022 3.4% | Mar 2023 5.3% | Jun 2023 2.6% | Sep 2023 3.4% | Dec 2023 5.5% | Mar 2024 5.3% | Jun 2024 6.5% | Sep 2024 7.3% | Dec 2024 8.4% | Mar 2025 5.5% | Jun 2025 5.9% | Sep 2025 7.0% | Dec 2025 8.1% | Mar 2026 8.8% | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.0% | Sep 2022 5.6% | Dec 2022 1.8% | Mar 2023 7.3% | Jun 2023 17% | Sep 2023 7.7% | Dec 2023 18% | Mar 2024 11% | Jun 2024 -4.2% | Sep 2024 15% | Dec 2024 2.7% | Mar 2025 5.5% | Jun 2025 24% | Sep 2025 43% | Dec 2025 21% | Mar 2026 22% | Jun 2026 —
- GRAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 143% | Dec 2022 311% | Mar 2023 130% | Jun 2023 77% | Sep 2023 61% | Dec 2023 30% | Mar 2024 24% | Jun 2024 17% | Sep 2024 16% | Dec 2024 17% | Mar 2025 18% | Jun 2025 23% | Sep 2025 22% | Dec 2025 19% | Mar 2026 24% | Jun 2026 —
- TYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 2.8% | Dec 2022 4.2% | Mar 2023 3.5% | Jun 2023 7.5% | Sep 2023 4.7% | Dec 2023 6.4% | Mar 2024 8.5% | Jun 2024 7.3% | Sep 2024 9.7% | Dec 2024 12% | Mar 2025 10% | Jun 2025 10% | Sep 2025 9.8% | Dec 2025 6.3% | Mar 2026 8.7% | Jun 2026 —
- U: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.4% | Sep 2022 13% | Dec 2022 43% | Mar 2023 56% | Jun 2023 79% | Sep 2023 68% | Dec 2023 35% | Mar 2024 -8.0% | Jun 2024 -16% | Sep 2024 -18% | Dec 2024 -25% | Mar 2025 -5.4% | Jun 2025 -1.8% | Sep 2025 5.4% | Dec 2025 10% | Mar 2026 17% | Jun 2026 —
- GWRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.0% | Dec 2022 17% | Mar 2023 14% | Jun 2023 5.1% | Sep 2023 10% | Dec 2023 6.2% | Mar 2024 3.4% | Jun 2024 16% | Sep 2024 8.2% | Dec 2024 27% | Mar 2025 20% | Jun 2025 22% | Sep 2025 22% | Dec 2025 27% | Mar 2026 24% | Jun 2026 27%
- QNT: 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 2026 -74% | Jun 2026 —
- FIG: 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 46% | Jun 2025 41% | Sep 2025 38% | Dec 2025 40% | Mar 2026 46% | Jun 2026 —
- DT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 23% | Dec 2022 23% | Mar 2023 24% | Jun 2023 25% | Sep 2023 26% | Dec 2023 23% | Mar 2024 21% | Jun 2024 20% | Sep 2024 19% | Dec 2024 19% | Mar 2025 17% | Jun 2025 20% | Sep 2025 18% | Dec 2025 18% | Mar 2026 20% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Fair Isaac Corporation · 58.2% | 23.8% versus #2 · Intuit Inc. | 7/8 recent comparable periods | 28/30 companies · 525 observations

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

### OPM — highest
1. Fair Isaac Corporation (FICO): 58%
2. Intuit Inc. (INTU): 47%
3. Bending Spoons S.p.A. (BSP): 39%
4. PTC Inc. (PTC): 38%
5. Paychex, Inc. (PAYX): 38%

### Margin change — fastest expanders
1. Snowflake Inc. (SNOW): +19.5 pp
2. Autodesk, Inc. (ADSK): +13.7 pp
3. Bending Spoons S.p.A. (BSP): +13.5 pp
4. Workday, Inc. (WDAY): +11.6 pp
5. Fair Isaac Corporation (FICO): +8.9 pp

### 20-quarter OPM history
- SAP: Sep 2021 18% | Dec 2021 18% | Mar 2022 22% | Jun 2022 15% | Sep 2022 21% | Dec 2022 25% | Mar 2023 11% | Jun 2023 18% | Sep 2023 22% | Dec 2023 23% | Mar 2024 -9.8% | Jun 2024 15% | Sep 2024 26% | Dec 2024 22% | Mar 2025 26% | Jun 2025 27% | Sep 2025 27% | Dec 2025 26% | Mar 2026 29% | Jun 2026 —
- SHOP: Sep 2021 -0.4% | Dec 2021 1.0% | Mar 2022 -8.1% | Jun 2022 -15% | Sep 2022 -25% | Dec 2022 -11% | Mar 2023 -13% | Jun 2023 -97% | Sep 2023 7.1% | Dec 2023 14% | Mar 2024 4.6% | Jun 2024 12% | Sep 2024 13% | Dec 2024 17% | Mar 2025 8.6% | Jun 2025 11% | Sep 2025 12% | Dec 2025 17% | Mar 2026 12% | Jun 2026 —
- CRM: Sep 2021 5.2% | Dec 2021 0.6% | Mar 2022 -2.4% | Jun 2022 0.3% | Sep 2022 2.5% | Dec 2022 5.9% | Mar 2023 4.3% | Jun 2023 5.0% | Sep 2023 17% | Dec 2023 17% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 18% | Jun 2025 20% | Sep 2025 23% | Dec 2025 21% | Mar 2026 17% | Jun 2026 21%
- 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 2023 3.5% | Sep 2023 4.2% | Dec 2023 6.6% | Mar 2024 1.7% | Jun 2024 7.4% | Sep 2024 9.5% | Dec 2024 6.4% | Mar 2025 11% | Jun 2025 12% | Sep 2025 8.3% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- NOW: Sep 2021 4.9% | Dec 2021 2.2% | Mar 2022 5.1% | Jun 2022 1.3% | Sep 2022 5.0% | Dec 2022 8.0% | Mar 2023 6.9% | Jun 2023 5.4% | Sep 2023 10% | Dec 2023 11% | Mar 2024 13% | Jun 2024 9.1% | Sep 2024 15% | Dec 2024 13% | Mar 2025 15% | Jun 2025 11% | Sep 2025 17% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- ADP: Sep 2021 23% | Dec 2021 22% | Mar 2022 26% | Jun 2022 20% | Sep 2022 24% | Dec 2022 25% | Mar 2023 28% | Jun 2023 23% | Sep 2023 25% | Dec 2023 25% | Mar 2024 29% | Jun 2024 23% | Sep 2024 26% | Dec 2024 26% | Mar 2025 29% | Jun 2025 24% | Sep 2025 26% | Dec 2025 26% | Mar 2026 30% | Jun 2026 —
- ADBE: Sep 2021 37% | Dec 2021 37% | Mar 2022 37% | Jun 2022 35% | Sep 2022 34% | Dec 2022 33% | Mar 2023 34% | Jun 2023 34% | Sep 2023 35% | Dec 2023 35% | Mar 2024 18% | Jun 2024 36% | Sep 2024 37% | Dec 2024 35% | Mar 2025 38% | Jun 2025 36% | Sep 2025 36% | Dec 2025 37% | Mar 2026 38% | Jun 2026 34%
- CDNS: Sep 2021 26% | Dec 2021 26% | Mar 2022 25% | Jun 2022 35% | Sep 2022 33% | Dec 2022 29% | Mar 2023 32% | Jun 2023 31% | Sep 2023 29% | Dec 2023 32% | Mar 2024 25% | Jun 2024 28% | Sep 2024 29% | Dec 2024 34% | Mar 2025 29% | Jun 2025 19% | Sep 2025 32% | Dec 2025 32% | Mar 2026 29% | Jun 2026 —
- 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%
- DDOG: Sep 2021 -1.8% | Dec 2021 2.6% | Mar 2022 2.9% | 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 2023 4.7% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 2.9% | Dec 2024 1.3% | Mar 2025 -1.6% | Jun 2025 -4.3% | Sep 2025 -0.7% | Dec 2025 1.0% | Mar 2026 0.7% | Jun 2026 —
- INTU: Sep 2021 16% | Dec 2021 9.7% | Mar 2022 2.1% | Jun 2022 43% | Sep 2022 -3.1% | Dec 2022 2.9% | Mar 2023 8.9% | Jun 2023 46% | Sep 2023 0.6% | Dec 2023 10% | Mar 2024 11% | Jun 2024 46% | Sep 2024 -4.7% | Dec 2024 8.3% | Mar 2025 15% | Jun 2025 48% | Sep 2025 8.8% | Dec 2025 14% | Mar 2026 18% | Jun 2026 47%
- ADSK: Sep 2021 14% | Dec 2021 17% | Mar 2022 12% | Jun 2022 18% | Sep 2022 20% | Dec 2022 20% | Mar 2023 21% | Jun 2023 17% | Sep 2023 20% | Dec 2023 24% | Mar 2024 21% | Jun 2024 21% | Sep 2024 23% | Dec 2024 22% | Mar 2025 22% | Jun 2025 14% | Sep 2025 25% | Dec 2025 25% | Mar 2026 22% | Jun 2026 28%
- PAYX: Sep 2021 41% | Dec 2021 40% | Mar 2022 44% | Jun 2022 34% | Sep 2022 41% | Dec 2022 40% | Mar 2023 44% | Jun 2023 37% | Sep 2023 42% | Dec 2023 40% | Mar 2024 45% | Jun 2024 37% | Sep 2024 42% | Dec 2024 41% | Mar 2025 46% | Jun 2025 30% | Sep 2025 35% | Dec 2025 37% | Mar 2026 44% | Jun 2026 38%
- WDAY: Sep 2021 -0.1% | Dec 2021 1.8% | Mar 2022 -7.3% | Jun 2022 -5.1% | Sep 2022 -2.2% | Dec 2022 -1.6% | Mar 2023 -5.4% | Jun 2023 -1.2% | Sep 2023 2.0% | Dec 2023 4.7% | Mar 2024 4.1% | Jun 2024 3.2% | Sep 2024 5.3% | Dec 2024 7.6% | Mar 2025 3.4% | Jun 2025 1.7% | Sep 2025 11% | Dec 2025 11% | Mar 2026 6.9% | Jun 2026 13%
- ROP: Sep 2021 28% | Dec 2021 21% | Mar 2022 28% | Jun 2022 28% | Sep 2022 29% | Dec 2022 29% | Mar 2023 27% | Jun 2023 28% | Sep 2023 29% | Dec 2023 29% | Mar 2024 29% | Jun 2024 29% | Sep 2024 28% | Dec 2024 28% | Mar 2025 28% | Jun 2025 28% | Sep 2025 28% | Dec 2025 29% | Mar 2026 27% | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 -102% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -146% | Mar 2023 -17% | Jun 2023 -22% | Sep 2023 -20% | Dec 2023 -34% | Mar 2024 -177% | Jun 2024 -180% | Sep 2024 -373% | Dec 2024 -842% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FICO: Sep 2021 34% | Dec 2021 36% | Mar 2022 43% | Jun 2022 40% | Sep 2022 39% | Dec 2022 41% | Mar 2023 42% | Jun 2023 44% | Sep 2023 43% | Dec 2023 40% | Mar 2024 45% | Jun 2024 43% | Sep 2024 43% | Dec 2024 41% | Mar 2025 49% | Jun 2025 49% | Sep 2025 46% | Dec 2025 46% | Mar 2026 58% | Jun 2026 —
- FISV: Sep 2021 15% | Dec 2021 13% | Mar 2022 20% | Jun 2022 19% | Sep 2022 19% | Dec 2022 26% | Mar 2023 21% | Jun 2023 24% | Sep 2023 31% | Dec 2023 29% | Mar 2024 24% | Jun 2024 28% | Sep 2024 31% | Dec 2024 32% | Mar 2025 27% | Jun 2025 31% | Sep 2025 27% | Dec 2025 24% | Mar 2026 18% | Jun 2026 —
- ZM: Sep 2021 29% | Dec 2021 28% | Mar 2022 24% | Jun 2022 17% | Sep 2022 11% | Dec 2022 6.0% | Mar 2023 -12% | Jun 2023 0.9% | Sep 2023 16% | Dec 2023 15% | Mar 2024 15% | Jun 2024 18% | Sep 2024 17% | Dec 2024 16% | Mar 2025 19% | Jun 2025 21% | Sep 2025 26% | Dec 2025 25% | Mar 2026 20% | Jun 2026 25%
- TEAM: Sep 2021 9.2% | Dec 2021 3.3% | Mar 2022 4.4% | Jun 2022 -8.3% | Sep 2022 -4.2% | Dec 2022 -11% | Mar 2023 -18% | Jun 2023 -5.4% | Sep 2023 -1.9% | Dec 2023 -4.6% | Mar 2024 -2.1% | Jun 2024 -2.1% | Sep 2024 -2.7% | Dec 2024 -4.5% | Mar 2025 -0.9% | Jun 2025 -2.1% | Sep 2025 -6.7% | Dec 2025 -3.0% | Mar 2026 -3.1% | Jun 2026 —
- BSP: 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 25% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 39% | Jun 2026 —
- SSNC: Sep 2021 27% | Dec 2021 25% | Mar 2022 23% | Jun 2022 19% | Sep 2022 23% | Dec 2022 23% | Mar 2023 21% | Jun 2023 21% | Sep 2023 22% | Dec 2023 24% | Mar 2024 23% | Jun 2024 23% | Sep 2024 22% | Dec 2024 23% | Mar 2025 24% | Jun 2025 22% | Sep 2025 23% | Dec 2025 22% | Mar 2026 24% | Jun 2026 —
- PTC: Sep 2021 24% | Dec 2021 14% | Mar 2022 32% | Jun 2022 17% | Sep 2022 29% | Dec 2022 23% | Mar 2023 23% | Jun 2023 20% | Sep 2023 22% | Dec 2023 22% | Mar 2024 30% | Jun 2024 19% | Sep 2024 31% | Dec 2024 20% | Mar 2025 35% | Jun 2025 33% | Sep 2025 49% | Dec 2025 32% | Mar 2026 38% | Jun 2026 —
- GRAB: Sep 2021 -255% | Dec 2021 -457% | Mar 2022 -195% | Jun 2022 -120% | Sep 2022 -76% | Dec 2022 -51% | Mar 2023 -39% | Jun 2023 -31% | Sep 2023 -15% | Dec 2023 -7.0% | Mar 2024 -12% | Jun 2024 -8.4% | Sep 2024 -5.3% | Dec 2024 0.3% | Mar 2025 -2.7% | Jun 2025 0.9% | Sep 2025 3.1% | Dec 2025 5.7% | Mar 2026 2.3% | Jun 2026 —
- TYL: Sep 2021 12% | Dec 2021 11% | Mar 2022 12% | Jun 2022 12% | Sep 2022 13% | Dec 2022 9.0% | Mar 2023 9.5% | Jun 2023 12% | Sep 2023 13% | Dec 2023 9.9% | Mar 2024 13% | Jun 2024 14% | Sep 2024 15% | Dec 2024 13% | Mar 2025 16% | Jun 2025 16% | Sep 2025 16% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- U: Sep 2021 -44% | Dec 2021 -46% | Mar 2022 -54% | Jun 2022 -67% | Sep 2022 -74% | Dec 2022 -61% | Mar 2023 -51% | Jun 2023 -36% | Sep 2023 -23% | Dec 2023 -43% | Mar 2024 -81% | Jun 2024 -29% | Sep 2024 -29% | Dec 2024 -27% | Mar 2025 -29% | Jun 2025 -27% | Sep 2025 -27% | Dec 2025 -21% | Mar 2026 -69% | Jun 2026 —
- GWRE: Sep 2021 0.0% | Dec 2021 -39% | Mar 2022 -19% | Jun 2022 -32% | Sep 2022 -13% | Dec 2022 -38% | Mar 2023 -10% | Jun 2023 -28% | Sep 2023 2.3% | Dec 2023 -16% | Mar 2024 -5.2% | Jun 2024 -6.9% | Sep 2024 3.5% | Dec 2024 -1.8% | Mar 2025 4.0% | Jun 2025 1.5% | Sep 2025 8.3% | Dec 2025 5.6% | Mar 2026 11% | Jun 2026 8.2%
- QNT: 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 -157% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 8.0% | Jun 2024 -505% | Sep 2024 -24% | Dec 2024 24% | Mar 2025 17% | Jun 2025 0.8% | Sep 2025 -415% | Dec 2025 -64% | Mar 2026 -41% | Jun 2026 —
- DT: Sep 2021 9.4% | Dec 2021 8.8% | Mar 2022 7.0% | Jun 2022 7.1% | Sep 2022 7.3% | Dec 2022 11% | Mar 2023 6.2% | Jun 2023 10% | Sep 2023 10% | Dec 2023 9.8% | Mar 2024 6.1% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 15% | Dec 2025 14% | Mar 2026 7.0% | Jun 2026 —

### 20-quarter Margin change history
- 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 —
- 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 —
- 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
- 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 —
- 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 —
- 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 2024 0.0 pp | Sep 2024 +1.6 pp | Dec 2024 +0.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.4 pp | Sep 2025 −0.5 pp | Dec 2025 +0.5 pp | Mar 2026 +0.7 pp | Jun 2026 —
- 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
- 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 —
- 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
- 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 —
- 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
- 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
- PAYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 0.0 pp | Mar 2023 +0.2 pp | Jun 2023 +2.5 pp | Sep 2023 +0.6 pp | Dec 2023 +0.5 pp | Mar 2024 +0.8 pp | Jun 2024 +0.3 pp | Sep 2024 −0.2 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 −7.0 pp | Sep 2025 −6.3 pp | Dec 2025 −4.2 pp | Mar 2026 −2.0 pp | Jun 2026 +7.5 pp
- WDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −3.4 pp | Mar 2023 +1.9 pp | Jun 2023 +3.9 pp | Sep 2023 +4.2 pp | Dec 2023 +6.3 pp | Mar 2024 +9.5 pp | Jun 2024 +4.4 pp | Sep 2024 +3.3 pp | Dec 2024 +2.9 pp | Mar 2025 −0.7 pp | Jun 2025 −1.5 pp | Sep 2025 +5.3 pp | Dec 2025 +3.0 pp | Mar 2026 +3.5 pp | Jun 2026 +11.6 pp
- ROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 +0.9 pp | Dec 2022 +8.1 pp | Mar 2023 −0.5 pp | Jun 2023 +0.7 pp | Sep 2023 −0.6 pp | Dec 2023 −0.1 pp | Mar 2024 +1.3 pp | Jun 2024 +0.4 pp | Sep 2024 −0.4 pp | Dec 2024 −0.7 pp | Mar 2025 −0.7 pp | Jun 2025 −0.6 pp | Sep 2025 +0.3 pp | Dec 2025 +0.6 pp | Mar 2026 −0.7 pp | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 −102.5 pp | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −43.9 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +111.7 pp | Mar 2024 −160.1 pp | Jun 2024 −157.5 pp | Sep 2024 −353.2 pp | Dec 2024 −807.7 pp | Mar 2025 −5,154.6 pp | Jun 2025 +12,436.0 pp | Sep 2025 +3,396.1 pp | Dec 2025 −13,342.9 pp | Mar 2026 −6,310.1 pp | Jun 2026 —
- FICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −17.2 pp | Sep 2022 +4.1 pp | Dec 2022 +4.8 pp | Mar 2023 −0.6 pp | Jun 2023 +4.1 pp | Sep 2023 +4.0 pp | Dec 2023 −1.1 pp | Mar 2024 +2.9 pp | Jun 2024 −1.9 pp | Sep 2024 +0.9 pp | Dec 2024 +1.2 pp | Mar 2025 +4.4 pp | Jun 2025 +6.4 pp | Sep 2025 +2.6 pp | Dec 2025 +4.9 pp | Mar 2026 +8.9 pp | Jun 2026 —
- FISV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.4 pp | Sep 2022 +3.6 pp | Dec 2022 +13.0 pp | Mar 2023 +0.1 pp | Jun 2023 +4.5 pp | Sep 2023 +11.9 pp | Dec 2023 +3.9 pp | Mar 2024 +3.7 pp | Jun 2024 +4.2 pp | Sep 2024 −0.1 pp | Dec 2024 +2.4 pp | Mar 2025 +3.0 pp | Jun 2025 +2.7 pp | Sep 2025 −3.4 pp | Dec 2025 −7.4 pp | Mar 2026 −8.9 pp | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −17.7 pp | Dec 2022 −21.7 pp | Mar 2023 −35.1 pp | Jun 2023 −16.5 pp | Sep 2023 +4.5 pp | Dec 2023 +8.9 pp | Mar 2024 +26.3 pp | Jun 2024 +16.9 pp | Sep 2024 +1.8 pp | Dec 2024 +0.6 pp | Mar 2025 +4.3 pp | Jun 2025 +2.8 pp | Sep 2025 +9.0 pp | Dec 2025 +9.7 pp | Mar 2026 +1.0 pp | Jun 2026 +4.5 pp
- TEAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.0 pp | Sep 2022 −13.4 pp | Dec 2022 −14.7 pp | Mar 2023 −22.0 pp | Jun 2023 +2.9 pp | Sep 2023 +2.3 pp | Dec 2023 +6.8 pp | Mar 2024 +15.5 pp | Jun 2024 +3.3 pp | Sep 2024 −0.8 pp | Dec 2024 +0.1 pp | Mar 2025 +1.2 pp | Jun 2025 0.0 pp | Sep 2025 −4.0 pp | Dec 2025 +1.5 pp | Mar 2026 −2.2 pp | Jun 2026 —
- BSP: 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 2026 +13.5 pp | Jun 2026 —
- SSNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 −3.9 pp | Dec 2022 −2.2 pp | Mar 2023 −1.9 pp | Jun 2023 +2.7 pp | Sep 2023 −0.6 pp | Dec 2023 +1.2 pp | Mar 2024 +2.6 pp | Jun 2024 +1.4 pp | Sep 2024 −0.2 pp | Dec 2024 −0.3 pp | Mar 2025 +0.4 pp | Jun 2025 −0.2 pp | Sep 2025 +1.1 pp | Dec 2025 −1.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 +4.7 pp | Dec 2022 +8.9 pp | Mar 2023 −8.9 pp | Jun 2023 +3.0 pp | Sep 2023 −6.5 pp | Dec 2023 −0.9 pp | Mar 2024 +7.2 pp | Jun 2024 −1.8 pp | Sep 2024 +8.8 pp | Dec 2024 −1.2 pp | Mar 2025 +5.3 pp | Jun 2025 +14.1 pp | Sep 2025 +17.5 pp | Dec 2025 +11.8 pp | Mar 2026 +3.1 pp | Jun 2026 —
- GRAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +97.7 pp | Sep 2022 +179.5 pp | Dec 2022 +405.8 pp | Mar 2023 +156.3 pp | Jun 2023 +88.6 pp | Sep 2023 +60.8 pp | Dec 2023 +43.8 pp | Mar 2024 +27.4 pp | Jun 2024 +22.6 pp | Sep 2024 +9.8 pp | Dec 2024 +7.3 pp | Mar 2025 +8.8 pp | Jun 2025 +9.3 pp | Sep 2025 +8.4 pp | Dec 2025 +5.4 pp | Mar 2026 +5.0 pp | Jun 2026 —
- TYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.6 pp | Sep 2022 +0.7 pp | Dec 2022 −2.1 pp | Mar 2023 −2.7 pp | Jun 2023 +0.2 pp | Sep 2023 0.0 pp | Dec 2023 +0.9 pp | Mar 2024 +3.6 pp | Jun 2024 +2.1 pp | Sep 2024 +2.3 pp | Dec 2024 +3.3 pp | Mar 2025 +2.7 pp | Jun 2025 +1.6 pp | Sep 2025 +1.2 pp | Dec 2025 −0.2 pp | Mar 2026 +0.5 pp | Jun 2026 —
- U: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −12.0 pp | Sep 2022 −29.9 pp | Dec 2022 −14.8 pp | Mar 2023 +2.5 pp | Jun 2023 +30.6 pp | Sep 2023 +50.8 pp | Dec 2023 +18.2 pp | Mar 2024 −30.4 pp | Jun 2024 +7.1 pp | Sep 2024 −5.1 pp | Dec 2024 +15.4 pp | Mar 2025 +52.0 pp | Jun 2025 +1.9 pp | Sep 2025 +1.8 pp | Dec 2025 +5.9 pp | Mar 2026 −39.7 pp | Jun 2026 —
- GWRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.2 pp | Dec 2022 +1.2 pp | Mar 2023 +9.3 pp | Jun 2023 +3.7 pp | Sep 2023 +15.5 pp | Dec 2023 +21.9 pp | Mar 2024 +4.8 pp | Jun 2024 +21.0 pp | Sep 2024 +1.2 pp | Dec 2024 +14.5 pp | Mar 2025 +9.2 pp | Jun 2025 +8.4 pp | Sep 2025 +4.8 pp | Dec 2025 +7.4 pp | Mar 2026 +6.7 pp | Jun 2026 +6.7 pp
- QNT: 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 2026 −1,316.6 pp | Jun 2026 —
- FIG: 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 +9.4 pp | Jun 2025 +505.5 pp | Sep 2025 −390.8 pp | Dec 2025 −88.2 pp | Mar 2026 −58.6 pp | Jun 2026 —
- DT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.0 pp | Sep 2022 −2.1 pp | Dec 2022 +2.6 pp | Mar 2023 −0.8 pp | Jun 2023 +3.2 pp | Sep 2023 +2.7 pp | Dec 2023 −1.6 pp | Mar 2024 −0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +1.2 pp | Dec 2024 +1.1 pp | Mar 2025 +3.5 pp | Jun 2025 +2.6 pp | Sep 2025 +3.6 pp | Dec 2025 +3.2 pp | Mar 2026 −2.6 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Uber Technologies, Inc. · $8,661 million | 8% versus #2 · Salesforce, Inc. | 6/8 recent comparable periods | 25/30 companies · 531 observations

Definition: 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 profit — largest
1. Uber Technologies, Inc. (UBER): ₹8.7K Cr
2. Salesforce, Inc. (CRM): ₹8.0K Cr
3. SAP SE (SAP): ₹7.6K Cr
4. Adobe Inc. (ADBE): ₹7.2K Cr
5. Intuit Inc. (INTU): ₹4.6K Cr

### Profit growth — fastest growers
1. Guidewire Software, Inc. (GWRE): 100%
2. PTC Inc. (PTC): 100%
3. Zoom Communications, Inc. (ZM): 98%
4. Workday, Inc. (WDAY): 74%
5. Autodesk, Inc. (ADSK): 45%

### 20-quarter Net profit history
- SAP: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹612 Cr | Sep 2022 ₹839 Cr | Dec 2022 ₹599 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹725 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹-824 Cr | Jun 2024 ₹918 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- SHOP: Sep 2021 ₹1.1K Cr | Dec 2021 ₹-371 Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-159 Cr | Dec 2022 ₹-623 Cr | Mar 2023 ₹68 Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹718 Cr | Dec 2023 ₹657 Cr | Mar 2024 ₹-273 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹828 Cr | Dec 2024 ₹465 Cr | Mar 2025 ₹-682 Cr | Jun 2025 ₹906 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹-581 Cr | Jun 2026 —
- CRM: Sep 2021 ₹535 Cr | Dec 2021 ₹468 Cr | Mar 2022 ₹-28 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹-98 Cr | Jun 2023 ₹199 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.1K Cr
- UBER: Sep 2021 ₹-2.4K Cr | Dec 2021 ₹888 Cr | Mar 2022 ₹-5.9K Cr | Jun 2022 ₹-2.6K Cr | Sep 2022 ₹-1.2K Cr | Dec 2022 ₹558 Cr | Mar 2023 ₹-193 Cr | Jun 2023 ₹390 Cr | Sep 2023 ₹216 Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹-659 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹331 Cr | Mar 2026 ₹302 Cr | Jun 2026 —
- NOW: Sep 2021 ₹63 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹242 Cr | Dec 2023 ₹295 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹432 Cr | Dec 2024 ₹384 Cr | Mar 2025 ₹460 Cr | Jun 2025 ₹385 Cr | Sep 2025 ₹502 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹469 Cr | Jun 2026 —
- ADP: Sep 2021 ₹701 Cr | Dec 2021 ₹694 Cr | Mar 2022 ₹929 Cr | Jun 2022 ₹626 Cr | Sep 2022 ₹779 Cr | Dec 2022 ₹813 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹777 Cr | Sep 2023 ₹859 Cr | Dec 2023 ₹878 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹956 Cr | Dec 2024 ₹963 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹911 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ADBE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹620 Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.7K Cr
- CDNS: Sep 2021 ₹156 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹235 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹254 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹230 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹340 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹388 Cr | Mar 2026 ₹336 Cr | Jun 2026 —
- SNOW: Sep 2021 ₹-190 Cr | Dec 2021 ₹-155 Cr | Mar 2022 ₹-132 Cr | Jun 2022 ₹-166 Cr | Sep 2022 ₹-223 Cr | Dec 2022 ₹-201 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-226 Cr | Sep 2023 ₹-227 Cr | Dec 2023 ₹-215 Cr | Mar 2024 ₹-170 Cr | Jun 2024 ₹-318 Cr | Sep 2024 ₹-318 Cr | Dec 2024 ₹-328 Cr | Mar 2025 ₹-326 Cr | Jun 2025 ₹-430 Cr | Sep 2025 ₹-298 Cr | Dec 2025 ₹-292 Cr | Mar 2026 ₹-310 Cr | Jun 2026 ₹-296 Cr
- DDOG: Sep 2021 ₹-5 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-26 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- INTU: Sep 2021 ₹380 Cr | Dec 2021 ₹228 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹-56 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹353 Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹197 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹446 Cr | Mar 2026 ₹693 Cr | Jun 2026 ₹3.1K Cr
- ADSK: Sep 2021 ₹115 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹186 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹282 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹282 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹313 Cr | Dec 2025 ₹343 Cr | Mar 2026 ₹316 Cr | Jun 2026 ₹491 Cr
- PAYX: Sep 2021 ₹334 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹296 Cr | Sep 2022 ₹379 Cr | Dec 2022 ₹360 Cr | Mar 2023 ₹467 Cr | Jun 2023 ₹350 Cr | Sep 2023 ₹419 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹499 Cr | Jun 2024 ₹380 Cr | Sep 2024 ₹427 Cr | Dec 2024 ₹413 Cr | Mar 2025 ₹519 Cr | Jun 2025 ₹297 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹395 Cr | Mar 2026 ₹560 Cr | Jun 2026 ₹421 Cr
- WDAY: Sep 2021 ₹106 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹-74 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-64 Cr | Dec 2022 ₹-75 Cr | Mar 2023 ₹-126 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹145 Cr | Jun 2026 ₹222 Cr
- ROP: Sep 2021 ₹211 Cr | Dec 2021 ₹167 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹361 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹378 Cr | Mar 2024 ₹382 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹462 Cr | Mar 2025 ₹331 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹399 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹509 Cr | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 ₹-90 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-250 Cr | Mar 2023 ₹461 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹-143 Cr | Dec 2023 ₹89 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-103 Cr | Sep 2024 ₹-340 Cr | Dec 2024 ₹-671 Cr | Mar 2025 ₹-4.2K Cr | Jun 2025 ₹10.0K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹-12.4K Cr | Mar 2026 ₹-12.5K Cr | Jun 2026 —
- FICO: Sep 2021 ₹86 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹104 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹101 Cr | Dec 2023 ₹121 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- FISV: Sep 2021 ₹424 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹576 Cr | Jun 2022 ₹481 Cr | Sep 2022 ₹505 Cr | Dec 2022 ₹800 Cr | Mar 2023 ₹588 Cr | Jun 2023 ₹692 Cr | Sep 2023 ₹971 Cr | Dec 2023 ₹893 Cr | Mar 2024 ₹760 Cr | Jun 2024 ₹917 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹991 Cr | Mar 2025 ₹856 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹791 Cr | Dec 2025 ₹760 Cr | Mar 2026 ₹569 Cr | Jun 2026 —
- ZM: Sep 2021 ₹317 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹491 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹-104 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹299 Cr | Jun 2024 ₹216 Cr | Sep 2024 ₹219 Cr | Dec 2024 ₹207 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹359 Cr | Dec 2025 ₹613 Cr | Mar 2026 ₹674 Cr | Jun 2026 ₹426 Cr
- TEAM: Sep 2021 ₹-411 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹-105 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-205 Cr | Mar 2023 ₹-209 Cr | Jun 2023 ₹-59 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-84 Cr | Mar 2024 ₹-92 Cr | Jun 2024 ₹-92 Cr | Sep 2024 ₹-124 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-71 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-52 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-98 Cr | Jun 2026 —
- BSP: 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 ₹-112 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹27 Cr | Jun 2026 —
- SSNC: Sep 2021 ₹185 Cr | Dec 2021 ₹251 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹208 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹131 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹181 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹226 Cr | Jun 2026 —
- PTC: Sep 2021 ₹293 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹127 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹167 Cr | Mar 2026 ₹591 Cr | Jun 2026 —
- GRAB: Sep 2021 ₹-988 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-435 Cr | Jun 2022 ₹-572 Cr | Sep 2022 ₹-342 Cr | Dec 2022 ₹-391 Cr | Mar 2023 ₹-250 Cr | Jun 2023 ₹-148 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹-115 Cr | Jun 2024 ₹-68 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹120 Cr | Jun 2026 —
- TYL: Sep 2021 ₹44 Cr | Dec 2021 ₹55 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹81 Cr | Jun 2026 —
- U: Sep 2021 ₹-115 Cr | Dec 2021 ₹-162 Cr | Mar 2022 ₹-178 Cr | Jun 2022 ₹-204 Cr | Sep 2022 ₹-250 Cr | Dec 2022 ₹-288 Cr | Mar 2023 ₹-254 Cr | Jun 2023 ₹-193 Cr | Sep 2023 ₹-125 Cr | Dec 2023 ₹-254 Cr | Mar 2024 ₹-291 Cr | Jun 2024 ₹-126 Cr | Sep 2024 ₹-125 Cr | Dec 2024 ₹-123 Cr | Mar 2025 ₹-78 Cr | Jun 2025 ₹-107 Cr | Sep 2025 ₹-127 Cr | Dec 2025 ₹-89 Cr | Mar 2026 ₹-347 Cr | Jun 2026 —
- GWRE: Sep 2021 ₹-1 Cr | Dec 2021 ₹-51 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-57 Cr | Sep 2022 ₹-31 Cr | Dec 2022 ₹-69 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹16 Cr
- QNT: 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 ₹-30 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-137 Cr | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 ₹-828 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-227 Cr | Mar 2026 ₹-142 Cr | Jun 2026 —
- DT: Sep 2021 ₹24 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹80 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹362 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹17 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -58% | Sep 2022 -41% | Dec 2022 -58% | Mar 2023 -60% | Jun 2023 18% | Sep 2023 52% | Dec 2023 101% | Mar 2024 -304% | Jun 2024 27% | Sep 2024 13% | Dec 2024 35% | Mar 2025 — | Jun 2025 91% | Sep 2025 42% | Dec 2025 17% | Mar 2026 8.4% | Jun 2026 —
- 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 2024 15% | Dec 2024 -29% | Mar 2025 — | Jun 2025 430% | Sep 2025 -68% | Dec 2025 36% | Mar 2026 — | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -87% | Dec 2022 -55% | Mar 2023 — | Jun 2023 611% | Sep 2023 1,763% | Dec 2023 483% | Mar 2024 — | Jun 2024 670% | Sep 2024 13% | Dec 2024 25% | Mar 2025 18% | Jun 2025 0.5% | Sep 2025 32% | Dec 2025 37% | Mar 2026 14% | Jun 2026 37%
- UBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -335% | Sep 2022 — | Dec 2022 -37% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 204% | Mar 2024 — | Jun 2024 162% | Sep 2024 1,109% | Dec 2024 308% | Mar 2025 — | Jun 2025 34% | Sep 2025 155% | Dec 2025 -95% | Mar 2026 -83% | Jun 2026 —
- NOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -66% | Sep 2022 27% | Dec 2022 477% | Mar 2023 100% | Jun 2023 5,120% | Sep 2023 203% | Dec 2023 97% | Mar 2024 131% | Jun 2024 -75% | Sep 2024 79% | Dec 2024 30% | Mar 2025 33% | Jun 2025 47% | Sep 2025 16% | Dec 2025 4.4% | Mar 2026 2.0% | Jun 2026 —
- ADP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 11% | Dec 2022 17% | Mar 2023 12% | Jun 2023 24% | Sep 2023 10% | Dec 2023 8.0% | Mar 2024 14% | Jun 2024 6.7% | Sep 2024 11% | Dec 2024 9.7% | Mar 2025 5.5% | Jun 2025 9.9% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 8.8% | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.3% | Dec 2022 -4.6% | Mar 2023 -1.5% | Jun 2023 9.9% | Sep 2023 24% | Dec 2023 26% | Mar 2024 -50% | Jun 2024 21% | Sep 2024 20% | Dec 2024 13% | Mar 2025 192% | Jun 2025 7.5% | Sep 2025 5.2% | Dec 2025 10% | Mar 2026 4.3% | Jun 2026 1.2%
- CDNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 5.7% | Mar 2023 37% | Jun 2023 -6.0% | Sep 2023 36% | Dec 2023 74% | Mar 2024 2.5% | Jun 2024 4.1% | Sep 2024 -6.3% | Dec 2024 4.9% | Mar 2025 10% | Jun 2025 -30% | Sep 2025 21% | Dec 2025 14% | Mar 2026 23% | Jun 2026 —
- 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 2024 126% | Dec 2024 -15% | Mar 2025 -42% | Jun 2025 -93% | Sep 2025 -35% | Dec 2025 2.2% | Mar 2026 112% | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -115% | Dec 2022 -82% | Mar 2023 68% | Jun 2023 16% | Sep 2023 — | Dec 2023 503% | Mar 2024 110% | Jun 2024 14% | Sep 2024 -122% | Dec 2024 -18% | Mar 2025 33% | Jun 2025 18% | Sep 2025 — | Dec 2025 126% | Mar 2026 47% | Jun 2026 8.7%
- ADSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 62% | Dec 2022 45% | Mar 2023 229% | Jun 2023 10% | Sep 2023 19% | Dec 2023 22% | Mar 2024 -3.8% | Jun 2024 57% | Sep 2024 27% | Dec 2024 14% | Mar 2025 7.5% | Jun 2025 -40% | Sep 2025 11% | Dec 2025 25% | Mar 2026 4.3% | Jun 2026 223%
- PAYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 8.4% | Mar 2023 8.4% | Jun 2023 18% | Sep 2023 11% | Dec 2023 9.2% | Mar 2024 6.9% | Jun 2024 8.6% | Sep 2024 1.9% | Dec 2024 5.1% | Mar 2025 4.0% | Jun 2025 -22% | Sep 2025 -10% | Dec 2025 -4.4% | Mar 2026 7.9% | Jun 2026 42%
- WDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -160% | Dec 2022 -274% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 67% | Dec 2024 69% | Mar 2025 -92% | Jun 2025 -36% | Sep 2025 73% | Dec 2025 31% | Mar 2026 54% | Jun 2026 226%
- ROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 31% | Dec 2022 48% | Mar 2023 20% | Jun 2023 60% | Sep 2023 25% | Dec 2023 53% | Mar 2024 35% | Jun 2024 -6.7% | Sep 2024 6.4% | Dec 2024 22% | Mar 2025 -13% | Jun 2025 12% | Sep 2025 8.4% | Dec 2025 -7.4% | Mar 2026 54% | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 -3,100% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -112% | Jun 2024 -568% | Sep 2024 — | Dec 2024 -854% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 5.8% | Dec 2022 15% | Mar 2023 -1.9% | Jun 2023 37% | Sep 2023 11% | Dec 2023 23% | Mar 2024 27% | Jun 2024 -2.3% | Sep 2024 35% | Dec 2024 26% | Mar 2025 25% | Jun 2025 44% | Sep 2025 14% | Dec 2025 3.3% | Mar 2026 62% | Jun 2026 —
- FISV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 19% | Dec 2022 139% | Mar 2023 2.1% | Jun 2023 44% | Sep 2023 92% | Dec 2023 12% | Mar 2024 29% | Jun 2024 33% | Sep 2024 23% | Dec 2024 11% | Mar 2025 13% | Jun 2025 14% | Sep 2025 -34% | Dec 2025 -23% | Mar 2026 -34% | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -85% | Dec 2022 -86% | Mar 2023 -121% | Jun 2023 -87% | Sep 2023 296% | Dec 2023 194% | Mar 2024 — | Jun 2024 1,340% | Sep 2024 20% | Dec 2024 47% | Mar 2025 23% | Jun 2025 18% | Sep 2025 64% | Dec 2025 196% | Mar 2026 83% | Jun 2026 67%
- TEAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -4,280% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SSNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -42% | Sep 2022 -14% | Dec 2022 -17% | Mar 2023 -26% | Jun 2023 19% | Sep 2023 -1.9% | Dec 2023 -6.3% | Mar 2024 25% | Jun 2024 46% | Sep 2024 5.1% | Dec 2024 27% | Mar 2025 35% | Jun 2025 -5.2% | Sep 2025 27% | Dec 2025 -22% | Mar 2026 6.1% | Jun 2026 —
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 -63% | Dec 2022 63% | Mar 2023 -29% | Jun 2023 -13% | Sep 2023 -57% | Dec 2023 -12% | Mar 2024 78% | Jun 2024 13% | Sep 2024 176% | Dec 2024 24% | Mar 2025 43% | Jun 2025 104% | Sep 2025 174% | Dec 2025 104% | Mar 2026 263% | Jun 2026 —
- GRAB: 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 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 13% | Dec 2025 1,291% | Mar 2026 1,100% | Jun 2026 —
- TYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 20% | Dec 2022 -44% | Mar 2023 -23% | Jun 2023 23% | Sep 2023 -11% | Dec 2023 26% | Mar 2024 74% | Jun 2024 39% | Sep 2024 62% | Dec 2024 67% | Mar 2025 50% | Jun 2025 25% | Sep 2025 11% | Dec 2025 1.5% | Mar 2026 0.0% | Jun 2026 —
- GWRE: 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 42% | Dec 2024 — | Mar 2025 -470% | Jun 2025 — | Sep 2025 206% | Dec 2025 244% | Mar 2026 — | Jun 2026 -65%
- FIG: 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 221% | Jun 2025 — | Sep 2025 — | Dec 2025 -332% | Mar 2026 -416% | Jun 2026 —
- DT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 -54% | Dec 2022 0.0% | Mar 2023 7,900% | Jun 2023 1,800% | Sep 2023 227% | Dec 2023 187% | Mar 2024 -63% | Jun 2024 2.6% | Sep 2024 22% | Dec 2024 742% | Mar 2025 30% | Jun 2025 23% | Sep 2025 30% | Dec 2025 -89% | Mar 2026 -56% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Fiserv, Inc. · $458 million | 92.4% versus #2 · SAP SE | 8/8 recent comparable periods | 30/30 companies · 534 observations

Definition: 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.

### CAPEX — largest spenders
1. Fiserv, Inc. (FISV): ₹458 Cr
2. SAP SE (SAP): ₹238 Cr
3. Salesforce, Inc. (CRM): ₹145 Cr
4. ServiceNow, Inc. (NOW): ₹114 Cr
5. Workday, Inc. (WDAY): ₹80 Cr

### CAPEX intensity — highest reinvestment intensity
1. Quantinuum Inc. (QNT): 460%
2. Fiserv, Inc. (FISV): 9.1%
3. Paychex, Inc. (PAYX): 4.1%
4. ServiceNow, Inc. (NOW): 3.7%
5. Cadence Design Systems, Inc. (CDNS): 3.3%

### 20-quarter CAPEX history
- SAP: Sep 2021 ₹202 Cr | Dec 2021 — | Mar 2022 ₹212 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹277 Cr | Dec 2022 — | Mar 2023 ₹257 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹190 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹269 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹201 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹238 Cr | Jun 2026 —
- SHOP: Sep 2021 ₹11 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- CRM: Sep 2021 ₹213 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹203 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹180 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹163 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹179 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹141 Cr | Jun 2026 ₹145 Cr
- UBER: Sep 2021 ₹90 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹75 Cr | Mar 2026 ₹65 Cr | Jun 2026 —
- NOW: Sep 2021 ₹94 Cr | Dec 2021 ₹100 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹261 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹253 Cr | Mar 2025 ₹205 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹141 Cr | Jun 2026 ₹114 Cr
- ADP: Sep 2021 ₹36 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- ADBE: Sep 2021 ₹95 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹37 Cr | Jun 2026 ₹58 Cr
- CDNS: Sep 2021 ₹14 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- SNOW: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹10 Cr
- DDOG: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- INTU: Sep 2021 ₹48 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹64 Cr
- ADSK: Sep 2021 ₹16 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹17 Cr | Jun 2026 ₹17 Cr
- PAYX: Sep 2021 ₹30 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹51 Cr | Jun 2026 ₹66 Cr
- WDAY: Sep 2021 ₹88 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹59 Cr | Mar 2023 — | Jun 2023 ₹59 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹80 Cr
- ROP: Sep 2021 ₹7 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹11 Cr
- MSTR: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- FICO: Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- FISV: Sep 2021 ₹320 Cr | Dec 2021 ₹346 Cr | Mar 2022 ₹331 Cr | Jun 2022 ₹387 Cr | Sep 2022 ₹430 Cr | Dec 2022 ₹331 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹340 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹420 Cr | Jun 2024 ₹348 Cr | Sep 2024 ₹402 Cr | Dec 2024 ₹399 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹507 Cr | Dec 2025 ₹442 Cr | Mar 2026 ₹458 Cr | Jun 2026 —
- ZM: Sep 2021 ₹13 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹21 Cr
- TEAM: Sep 2021 ₹7 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- BSP: 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 2026 ₹3 Cr | Jun 2026 —
- SSNC: Sep 2021 ₹13 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹13 Cr
- PTC: Sep 2021 ₹13 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- GRAB: Sep 2021 ₹17 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- TYL: Sep 2021 ₹7 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- U: Sep 2021 ₹9 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- GWRE: Sep 2021 ₹7 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹2 Cr
- QNT: 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 ₹15 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹23 Cr | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- DT: Sep 2021 ₹5 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹14 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- SAP: Sep 2021 3.0% | Dec 2021 — | Mar 2022 3.1% | Jun 2022 2.7% | Sep 2022 3.7% | Dec 2022 — | Mar 2023 3.5% | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 2.3% | Jun 2024 2.1% | Sep 2024 1.9% | Dec 2024 2.9% | Mar 2025 1.9% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 1.9% | Mar 2026 2.5% | Jun 2026 —
- SHOP: Sep 2021 1.0% | Dec 2021 1.9% | Mar 2022 1.3% | Jun 2022 0.9% | Sep 2022 1.0% | Dec 2022 0.5% | Mar 2023 0.9% | Jun 2023 1.2% | Sep 2023 0.1% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.1% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.3% | Mar 2026 0.2% | Jun 2026 —
- CRM: Sep 2021 3.4% | Dec 2021 2.4% | Mar 2022 2.3% | Jun 2022 2.4% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 2.6% | Jun 2023 2.9% | Sep 2023 2.1% | Dec 2023 1.9% | Mar 2024 1.6% | Jun 2024 1.8% | Sep 2024 1.5% | Dec 2024 2.2% | Mar 2025 1.5% | Jun 2025 1.8% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 1.3%
- UBER: Sep 2021 1.9% | Dec 2021 1.4% | Mar 2022 0.9% | Jun 2022 0.7% | Sep 2022 0.9% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.6% | Jun 2024 0.9% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.7% | Dec 2025 0.5% | Mar 2026 0.5% | Jun 2026 —
- NOW: Sep 2021 6.2% | Dec 2021 6.2% | Mar 2022 5.4% | Jun 2022 8.6% | Sep 2022 8.8% | Dec 2022 7.4% | Mar 2023 7.9% | Jun 2023 6.1% | Sep 2023 5.9% | Dec 2023 11% | Mar 2024 5.2% | Jun 2024 10% | Sep 2024 7.2% | Dec 2024 8.6% | Mar 2025 6.6% | Jun 2025 5.9% | Sep 2025 6.9% | Dec 2025 6.7% | Mar 2026 3.7% | Jun 2026 —
- ADP: Sep 2021 0.9% | Dec 2021 1.0% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 1.0% | Jun 2023 1.4% | Sep 2023 0.9% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 0.8% | Mar 2025 0.6% | Jun 2025 0.7% | Sep 2025 0.9% | Dec 2025 0.5% | Mar 2026 0.9% | Jun 2026 —
- ADBE: Sep 2021 2.4% | Dec 2021 2.4% | Mar 2022 2.3% | Jun 2022 2.9% | Sep 2022 2.8% | Dec 2022 2.0% | Mar 2023 2.2% | Jun 2023 2.5% | Sep 2023 1.9% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 0.9% | Mar 2025 0.5% | Jun 2025 0.8% | Sep 2025 1.2% | Dec 2025 0.5% | Mar 2026 0.6% | Jun 2026 0.9%
- CDNS: Sep 2021 1.9% | Dec 2021 2.5% | Mar 2022 1.9% | Jun 2022 2.0% | Sep 2022 2.8% | Dec 2022 4.9% | Mar 2023 2.6% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 3.2% | Mar 2024 5.0% | Jun 2024 2.7% | Sep 2024 2.2% | Dec 2024 2.7% | Mar 2025 1.9% | Jun 2025 3.5% | Sep 2025 2.5% | Dec 2025 2.8% | Mar 2026 3.3% | Jun 2026 —
- SNOW: Sep 2021 1.1% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 1.7% | Sep 2022 0.8% | Dec 2022 1.6% | Mar 2023 0.8% | Jun 2023 1.1% | Sep 2023 0.9% | Dec 2023 1.2% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 0.6% | Dec 2024 1.4% | Mar 2025 1.1% | Jun 2025 4.3% | Sep 2025 1.5% | Dec 2025 2.0% | Mar 2026 1.2% | Jun 2026 0.7%
- DDOG: Sep 2021 1.1% | Dec 2021 0.6% | Mar 2022 2.8% | Jun 2022 1.5% | Sep 2022 2.3% | Dec 2022 2.1% | Mar 2023 1.9% | Jun 2023 0.4% | Sep 2023 1.1% | Dec 2023 1.7% | Mar 2024 2.3% | Jun 2024 0.6% | Sep 2024 1.2% | Dec 2024 1.1% | Mar 2025 1.2% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 0.9% | Mar 2026 1.1% | Jun 2026 —
- INTU: Sep 2021 1.9% | Dec 2021 2.1% | Mar 2022 2.4% | Jun 2022 1.1% | Sep 2022 0.5% | Dec 2022 3.0% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 0.4% | Dec 2023 2.8% | Mar 2024 1.9% | Jun 2024 0.9% | Sep 2024 0.5% | Dec 2024 1.0% | Mar 2025 0.8% | Jun 2025 0.5% | Sep 2025 0.4% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 0.7%
- ADSK: Sep 2021 1.5% | Dec 2021 1.2% | Mar 2022 0.5% | Jun 2022 1.0% | Sep 2022 0.9% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.7% | Sep 2023 0.5% | Dec 2023 0.4% | Mar 2024 0.7% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.9% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.9% | Jun 2026 0.9%
- PAYX: Sep 2021 2.8% | Dec 2021 3.1% | Mar 2022 2.7% | Jun 2022 3.1% | Sep 2022 2.6% | Dec 2022 2.9% | Mar 2023 2.2% | Jun 2023 3.7% | Sep 2023 3.0% | Dec 2023 3.3% | Mar 2024 2.8% | Jun 2024 3.2% | Sep 2024 2.7% | Dec 2024 3.6% | Mar 2025 3.2% | Jun 2025 4.3% | Sep 2025 3.6% | Dec 2025 4.0% | Mar 2026 2.8% | Jun 2026 4.1%
- WDAY: Sep 2021 7.0% | Dec 2021 2.5% | Mar 2022 5.3% | Jun 2022 4.1% | Sep 2022 11% | Dec 2022 3.7% | Mar 2023 — | Jun 2023 3.5% | Sep 2023 3.6% | Dec 2023 3.2% | Mar 2024 2.5% | Jun 2024 4.1% | Sep 2024 2.6% | Dec 2024 2.2% | Mar 2025 3.9% | Jun 2025 1.6% | Sep 2025 1.2% | Dec 2025 1.6% | Mar 2026 2.4% | Jun 2026 3.1%
- ROP: Sep 2021 0.6% | Dec 2021 0.7% | Mar 2022 0.4% | Jun 2022 0.6% | Sep 2022 1.2% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 1.0% | Sep 2023 0.8% | Dec 2023 1.9% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 1.3% | Dec 2024 1.4% | Mar 2025 0.5% | Jun 2025 0.9% | Sep 2025 0.6% | Dec 2025 0.5% | Mar 2026 0.7% | Jun 2026 —
- MSTR: Sep 2021 — | Dec 2021 0.7% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.8% | Mar 2023 0.0% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.0% | Mar 2024 1.7% | Jun 2024 0.9% | Sep 2024 0.0% | Dec 2024 9.1% | Mar 2025 8.1% | Jun 2025 16% | Sep 2025 6.2% | Dec 2025 8.9% | Mar 2026 0.8% | Jun 2026 —
- FICO: Sep 2021 0.6% | Dec 2021 0.3% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 0.3% | Dec 2022 0.3% | Mar 2023 0.5% | Jun 2023 0.3% | Sep 2023 0.3% | Dec 2023 0.3% | Mar 2024 0.9% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 0.2% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.8% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- FISV: Sep 2021 7.7% | Dec 2021 8.1% | Mar 2022 8.0% | Jun 2022 8.7% | Sep 2022 9.5% | Dec 2022 7.1% | Mar 2023 7.5% | Jun 2023 7.1% | Sep 2023 7.3% | Dec 2023 7.2% | Mar 2024 8.6% | Jun 2024 6.8% | Sep 2024 7.7% | Dec 2024 7.6% | Mar 2025 6.5% | Jun 2025 8.7% | Sep 2025 9.6% | Dec 2025 8.4% | Mar 2026 9.1% | Jun 2026 —
- ZM: Sep 2021 1.3% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 2.5% | Dec 2022 2.1% | Mar 2023 2.5% | Jun 2023 2.0% | Sep 2023 4.1% | Dec 2023 3.5% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 7.2% | Dec 2024 2.1% | Mar 2025 0.7% | Jun 2025 2.2% | Sep 2025 0.7% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 1.7%
- TEAM: Sep 2021 1.1% | Dec 2021 1.9% | Mar 2022 3.5% | Jun 2022 3.3% | Sep 2022 2.0% | Dec 2022 0.5% | Mar 2023 0.3% | Jun 2023 0.2% | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.9% | Jun 2024 1.2% | Sep 2024 0.5% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 0.6% | Mar 2026 0.3% | Jun 2026 —
- BSP: 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 2026 0.5% | Jun 2026 —
- SSNC: Sep 2021 1.0% | Dec 2021 1.5% | Mar 2022 0.8% | Jun 2022 0.9% | Sep 2022 2.3% | Dec 2022 0.7% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 1.2% | Dec 2023 1.1% | Mar 2024 0.4% | Jun 2024 0.7% | Sep 2024 1.8% | Dec 2024 1.3% | Mar 2025 0.9% | Jun 2025 1.5% | Sep 2025 2.2% | Dec 2025 0.7% | Mar 2026 0.4% | Jun 2026 —
- PTC: Sep 2021 2.7% | Dec 2021 0.7% | Mar 2022 0.4% | Jun 2022 0.9% | Sep 2022 2.0% | Dec 2022 1.9% | Mar 2023 0.7% | Jun 2023 0.9% | Sep 2023 1.1% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 0.4% | Sep 2024 0.8% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.3% | Sep 2025 0.4% | Dec 2025 0.3% | Mar 2026 0.4% | Jun 2026 —
- GRAB: Sep 2021 11% | Dec 2021 30% | Mar 2022 4.4% | Jun 2022 3.1% | Sep 2022 3.4% | Dec 2022 4.8% | Mar 2023 1.0% | Jun 2023 2.5% | Sep 2023 3.7% | Dec 2023 4.3% | Mar 2024 1.7% | Jun 2024 2.0% | Sep 2024 3.2% | Dec 2024 3.9% | Mar 2025 2.1% | Jun 2025 1.1% | Sep 2025 3.1% | Dec 2025 5.1% | Mar 2026 1.0% | Jun 2026 —
- TYL: Sep 2021 1.5% | Dec 2021 3.0% | Mar 2022 1.1% | Jun 2022 1.7% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 0.4% | Jun 2023 0.8% | Sep 2023 1.2% | Dec 2023 1.7% | Mar 2024 1.4% | Jun 2024 1.3% | Sep 2024 0.6% | Dec 2024 0.7% | Mar 2025 0.4% | Jun 2025 0.8% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.5% | Jun 2026 —
- U: Sep 2021 3.1% | Dec 2021 4.4% | Mar 2022 4.7% | Jun 2022 5.1% | Sep 2022 3.7% | Dec 2022 3.3% | Mar 2023 2.8% | Jun 2023 2.6% | Sep 2023 2.9% | Dec 2023 1.8% | Mar 2024 1.5% | Jun 2024 2.0% | Sep 2024 1.6% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 0.8% | Dec 2025 0.6% | Mar 2026 1.0% | Jun 2026 —
- GWRE: Sep 2021 3.1% | Dec 2021 1.8% | Mar 2022 2.0% | Jun 2022 0.5% | Sep 2022 0.8% | Dec 2022 0.5% | Mar 2023 0.4% | Jun 2023 0.5% | Sep 2023 1.1% | Dec 2023 0.5% | Mar 2024 1.2% | Jun 2024 0.4% | Sep 2024 0.7% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.8% | Dec 2025 1.5% | Mar 2026 0.8% | Jun 2026 0.5%
- QNT: 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 79% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 460% | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.5% | Mar 2025 0.4% | Jun 2025 0.4% | Sep 2025 0.7% | Dec 2025 0.3% | Mar 2026 2.4% | Jun 2026 —
- DT: Sep 2021 2.2% | Dec 2021 1.7% | Mar 2022 2.4% | Jun 2022 2.6% | Sep 2022 1.4% | Dec 2022 1.3% | Mar 2023 1.9% | Jun 2023 3.0% | Sep 2023 0.9% | Dec 2023 1.1% | Mar 2024 2.6% | Jun 2024 0.8% | Sep 2024 1.0% | Dec 2024 1.1% | Mar 2025 3.4% | Jun 2025 1.5% | Sep 2025 0.8% | Dec 2025 1.4% | Mar 2026 2.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Quantinuum Inc. · $22 million | 31.3% versus #2 · Zoom Communications, Inc. | 5/5 recent comparable periods | 30/30 companies · 546 observations

Definition: 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 debt — lowest gross debt
1. Quantinuum Inc. (QNT): ₹22 Cr
2. Zoom Communications, Inc. (ZM): ₹32 Cr
3. Tyler Technologies, Inc. (TYL): ₹48 Cr
4. Figma, Inc. (FIG): ₹56 Cr
5. Dynatrace, Inc. (DT): ₹164 Cr

### Net debt — lowest net debt
1. Zoom Communications, Inc. (ZM): ₹-7.7K Cr
2. Shopify Inc. (SHOP): ₹-5.6K Cr
3. Grab Holdings Limited (GRAB): ₹-4.3K Cr
4. Datadog, Inc. (DDOG): ₹-3.5K Cr
5. SAP SE (SAP): ₹-2.2K Cr

### 20-quarter Gross debt history
- SAP: Sep 2021 ₹15.5K Cr | Dec 2021 ₹15.6K Cr | Mar 2022 ₹17.2K Cr | Jun 2022 ₹17.7K Cr | Sep 2022 ₹18.1K Cr | Dec 2022 ₹14.4K Cr | Mar 2023 ₹12.9K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹10.9K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹9.6K Cr | Sep 2024 ₹10.9K Cr | Dec 2024 ₹11.4K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹9.4K Cr | Sep 2025 ₹9.1K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹7.9K Cr | Jun 2026 —
- SHOP: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹188 Cr | Mar 2026 ₹179 Cr | Jun 2026 —
- CRM: Sep 2021 ₹15.5K Cr | Dec 2021 ₹14.0K Cr | Mar 2022 ₹14.0K Cr | Jun 2022 ₹14.0K Cr | Sep 2022 ₹13.8K Cr | Dec 2022 ₹14.0K Cr | Mar 2023 ₹14.1K Cr | Jun 2023 ₹13.1K Cr | Sep 2023 ₹12.8K Cr | Dec 2023 ₹12.7K Cr | Mar 2024 ₹12.6K Cr | Jun 2024 ₹12.5K Cr | Sep 2024 ₹11.4K Cr | Dec 2024 ₹11.4K Cr | Mar 2025 ₹11.4K Cr | Jun 2025 ₹11.4K Cr | Sep 2025 ₹11.2K Cr | Dec 2025 ₹11.1K Cr | Mar 2026 ₹17.2K Cr | Jun 2026 ₹41.9K Cr
- UBER: Sep 2021 ₹10.9K Cr | Dec 2021 ₹11.1K Cr | Mar 2022 ₹11.2K Cr | Jun 2022 ₹11.2K Cr | Sep 2022 ₹11.1K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹11.0K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹11.2K Cr | Mar 2024 ₹11.2K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹12.7K Cr | Dec 2024 ₹10.0K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹11.2K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.1K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 —
- NOW: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹8.5K Cr
- ADP: Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹9.4K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 —
- ADBE: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹6.1K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹7.1K Cr
- CDNS: Sep 2021 ₹347 Cr | Dec 2021 ₹347 Cr | Mar 2022 ₹348 Cr | Jun 2022 ₹348 Cr | Sep 2022 ₹348 Cr | Dec 2022 ₹798 Cr | Mar 2023 ₹678 Cr | Jun 2023 ₹649 Cr | Sep 2023 ₹649 Cr | Dec 2023 ₹649 Cr | Mar 2024 ₹649 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- SNOW: Sep 2021 ₹195 Cr | Dec 2021 ₹204 Cr | Mar 2022 ₹206 Cr | Jun 2022 ₹207 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹254 Cr | Mar 2023 ₹252 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹297 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹288 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.8K Cr
- DDOG: Sep 2021 ₹73 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹902 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹962 Cr | Sep 2024 ₹969 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- INTU: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 ₹6.8K Cr
- ADSK: Sep 2021 ₹2.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹435 Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹396 Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.7K Cr
- PAYX: Sep 2021 ₹897 Cr | Dec 2021 ₹893 Cr | Mar 2022 ₹886 Cr | Jun 2022 ₹881 Cr | Sep 2022 ₹879 Cr | Dec 2022 ₹875 Cr | Mar 2023 ₹871 Cr | Jun 2023 ₹866 Cr | Sep 2023 ₹867 Cr | Dec 2023 ₹866 Cr | Mar 2024 ₹869 Cr | Jun 2024 ₹866 Cr | Sep 2024 ₹867 Cr | Dec 2024 ₹863 Cr | Mar 2025 ₹864 Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 ₹4.6K Cr
- WDAY: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 ₹3.8K Cr
- ROP: Sep 2021 ₹8.3K Cr | Dec 2021 ₹7.9K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.7K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹9.5K Cr | Dec 2025 ₹9.3K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 ₹11.3K Cr
- MSTR: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 — | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹8.3K Cr | Jun 2026 —
- FICO: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- FISV: Sep 2021 ₹21.0K Cr | Dec 2021 ₹21.2K Cr | Mar 2022 ₹21.1K Cr | Jun 2022 ₹21.5K Cr | Sep 2022 ₹21.4K Cr | Dec 2022 ₹21.4K Cr | Mar 2023 ₹22.4K Cr | Jun 2023 ₹23.2K Cr | Sep 2023 ₹23.3K Cr | Dec 2023 ₹23.1K Cr | Mar 2024 ₹24.4K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹25.3K Cr | Dec 2024 ₹24.8K Cr | Mar 2025 ₹28.3K Cr | Jun 2025 ₹29.6K Cr | Sep 2025 ₹30.2K Cr | Dec 2025 ₹29.0K Cr | Mar 2026 ₹29.2K Cr | Jun 2026 —
- ZM: Sep 2021 ₹83 Cr | Dec 2021 ₹79 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹74 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹32 Cr
- TEAM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- BSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹389 Cr | Dec 2023 ₹389 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹867 Cr | Dec 2024 ₹867 Cr | Mar 2025 ₹884 Cr | Jun 2025 — | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹4.4K Cr | Jun 2026 —
- SSNC: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹6.9K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 ₹7.8K Cr
- PTC: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- GRAB: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹781 Cr | Jun 2023 ₹772 Cr | Sep 2023 ₹778 Cr | Dec 2023 ₹793 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹295 Cr | Sep 2024 ₹328 Cr | Dec 2024 ₹364 Cr | Mar 2025 ₹385 Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- TYL: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹926 Cr | Jun 2023 ₹925 Cr | Sep 2023 ₹789 Cr | Dec 2023 ₹697 Cr | Mar 2024 ₹645 Cr | Jun 2024 ₹644 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹638 Cr | Mar 2025 ₹640 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹643 Cr | Dec 2025 ₹643 Cr | Mar 2026 ₹48 Cr | Jun 2026 —
- U: Sep 2021 ₹122 Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- GWRE: Sep 2021 ₹459 Cr | Dec 2021 ₹460 Cr | Mar 2022 ₹460 Cr | Jun 2022 ₹460 Cr | Sep 2022 ₹463 Cr | Dec 2022 ₹497 Cr | Mar 2023 ₹495 Cr | Jun 2023 ₹433 Cr | Sep 2023 ₹440 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹437 Cr | Jun 2024 ₹436 Cr | Sep 2024 ₹434 Cr | Dec 2024 ₹983 Cr | Mar 2025 ₹886 Cr | Jun 2025 ₹707 Cr | Sep 2025 ₹705 Cr | Dec 2025 ₹705 Cr | Mar 2026 ₹705 Cr | Jun 2026 ₹704 Cr
- QNT: 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 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- DT: Sep 2021 ₹398 Cr | Dec 2021 ₹368 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹304 Cr | Sep 2022 ₹282 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹164 Cr | Jun 2026 —

### 20-quarter Net debt history
- SAP: Sep 2021 ₹6.0K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹9.3K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹-2.4K Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-4.0K Cr | Jun 2024 ₹-2.1K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹-2.9K Cr | Jun 2025 ₹-797 Cr | Sep 2025 ₹-813 Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- SHOP: Sep 2021 ₹-6.4K Cr | Dec 2021 ₹-6.6K Cr | Mar 2022 ₹-6.1K Cr | Jun 2022 ₹-5.8K Cr | Sep 2022 ₹-3.6K Cr | Dec 2022 ₹-3.7K Cr | Mar 2023 ₹-3.5K Cr | Jun 2023 ₹-3.6K Cr | Sep 2023 ₹-3.8K Cr | Dec 2023 ₹-3.9K Cr | Mar 2024 ₹-4.0K Cr | Jun 2024 ₹-3.9K Cr | Sep 2024 ₹-3.8K Cr | Dec 2024 ₹-4.4K Cr | Mar 2025 ₹-4.4K Cr | Jun 2025 ₹-4.7K Cr | Sep 2025 ₹-5.2K Cr | Dec 2025 ₹-5.6K Cr | Mar 2026 ₹-5.6K Cr | Jun 2026 —
- CRM: Sep 2021 ₹5.9K Cr | Dec 2021 ₹4.6K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹482 Cr | Sep 2022 ₹272 Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹-904 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹849 Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-5.2K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-2.6K Cr | Jun 2025 ₹-6.0K Cr | Sep 2025 ₹-4.1K Cr | Dec 2025 ₹-184 Cr | Mar 2026 ₹7.6K Cr | Jun 2026 ₹30.0K Cr
- UBER: Sep 2021 ₹4.5K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.9K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 —
- NOW: Sep 2021 ₹-804 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.8K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-2.0K Cr | Mar 2023 ₹-2.7K Cr | Jun 2023 ₹-2.5K Cr | Sep 2023 ₹-1.8K Cr | Dec 2023 ₹-2.6K Cr | Mar 2024 ₹-2.8K Cr | Jun 2024 ₹-3.2K Cr | Sep 2024 ₹-3.1K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-4.2K Cr | Jun 2025 ₹-3.7K Cr | Sep 2025 ₹-3.0K Cr | Dec 2025 ₹-3.9K Cr | Mar 2026 ₹-2.8K Cr | Jun 2026 ₹3.8K Cr
- ADP: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹408 Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- ADBE: Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-36 Cr | Jun 2022 ₹-641 Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹-1.5K Cr | Jun 2023 ₹-2.5K Cr | Sep 2023 ₹-3.4K Cr | Dec 2023 ₹-3.8K Cr | Mar 2024 ₹-2.7K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.8K Cr | Mar 2025 ₹-872 Cr | Jun 2025 ₹850 Cr | Sep 2025 ₹696 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹-234 Cr | Jun 2026 ₹1.4K Cr
- CDNS: Sep 2021 ₹-500 Cr | Dec 2021 ₹-667 Cr | Mar 2022 ₹-741 Cr | Jun 2022 ₹-787 Cr | Sep 2022 ₹-682 Cr | Dec 2022 ₹-228 Cr | Mar 2023 ₹-239 Cr | Jun 2023 ₹-225 Cr | Sep 2023 ₹-313 Cr | Dec 2023 ₹-359 Cr | Mar 2024 ₹-363 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹-168 Cr | Mar 2025 ₹-301 Cr | Jun 2025 ₹-345 Cr | Sep 2025 ₹-274 Cr | Dec 2025 ₹-521 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- SNOW: Sep 2021 ₹-3.9K Cr | Dec 2021 ₹-3.7K Cr | Mar 2022 ₹-3.6K Cr | Jun 2022 ₹-3.6K Cr | Sep 2022 ₹-3.7K Cr | Dec 2022 ₹-3.7K Cr | Mar 2023 ₹-3.8K Cr | Jun 2023 ₹-3.7K Cr | Sep 2023 ₹-3.5K Cr | Dec 2023 ₹-3.3K Cr | Mar 2024 ₹-3.6K Cr | Jun 2024 ₹-3.3K Cr | Sep 2024 ₹-2.9K Cr | Dec 2024 ₹-1.6K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-895 Cr | Dec 2025 ₹-667 Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 ₹-183 Cr
- DDOG: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.5K Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-1.6K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.8K Cr | Mar 2023 ₹-1.9K Cr | Jun 2023 ₹-2.0K Cr | Sep 2023 ₹-2.2K Cr | Dec 2023 ₹-1.7K Cr | Mar 2024 ₹-2.6K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-2.2K Cr | Dec 2024 ₹-2.3K Cr | Mar 2025 ₹-2.6K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.9K Cr | Dec 2025 ₹-3.2K Cr | Mar 2026 ₹-3.5K Cr | Jun 2026 —
- INTU: Sep 2021 ₹-1.5K Cr | Dec 2021 ₹-810 Cr | Mar 2022 ₹5.7K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹846 Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 ₹37 Cr
- ADSK: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹594 Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹592 Cr | Dec 2023 ₹-1.6K Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹625 Cr | Sep 2024 ₹725 Cr | Dec 2024 ₹865 Cr | Mar 2025 ₹673 Cr | Jun 2025 ₹504 Cr | Sep 2025 ₹498 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹137 Cr | Jun 2026 ₹-200 Cr
- PAYX: Sep 2021 ₹-245 Cr | Dec 2021 ₹-119 Cr | Mar 2022 ₹-468 Cr | Jun 2022 ₹-343 Cr | Sep 2022 ₹-351 Cr | Dec 2022 ₹-387 Cr | Mar 2023 ₹-686 Cr | Jun 2023 ₹-729 Cr | Sep 2023 ₹-825 Cr | Dec 2023 ₹-532 Cr | Mar 2024 ₹-861 Cr | Jun 2024 ₹-637 Cr | Sep 2024 ₹-631 Cr | Dec 2024 ₹-377 Cr | Mar 2025 ₹-737 Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.5K Cr
- WDAY: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.9K Cr | Sep 2022 ₹-1.9K Cr | Dec 2022 ₹-2.2K Cr | Mar 2023 ₹-2.9K Cr | Jun 2023 ₹-3.1K Cr | Sep 2023 ₹-3.4K Cr | Dec 2023 ₹-3.6K Cr | Mar 2024 ₹-4.5K Cr | Jun 2024 ₹-3.8K Cr | Sep 2024 ₹-4.0K Cr | Dec 2024 ₹-3.8K Cr | Mar 2025 ₹-4.7K Cr | Jun 2025 ₹-4.6K Cr | Sep 2025 ₹-4.4K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 ₹-548 Cr
- ROP: Sep 2021 ₹8.0K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹7.5K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹7.4K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹8.6K Cr | Sep 2025 ₹9.1K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹10.1K Cr | Jun 2026 ₹11.0K Cr
- MSTR: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 — | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹8.2K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- FICO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 —
- FISV: Sep 2021 ₹20.1K Cr | Dec 2021 ₹20.4K Cr | Mar 2022 ₹20.2K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹20.5K Cr | Dec 2022 ₹20.5K Cr | Mar 2023 ₹21.4K Cr | Jun 2023 ₹22.1K Cr | Sep 2023 ₹22.0K Cr | Dec 2023 ₹21.9K Cr | Mar 2024 ₹23.2K Cr | Jun 2024 ₹24.3K Cr | Sep 2024 ₹24.1K Cr | Dec 2024 ₹23.6K Cr | Mar 2025 ₹27.1K Cr | Jun 2025 ₹28.6K Cr | Sep 2025 ₹29.1K Cr | Dec 2025 ₹28.2K Cr | Mar 2026 ₹28.4K Cr | Jun 2026 —
- ZM: Sep 2021 ₹-5.0K Cr | Dec 2021 ₹-5.3K Cr | Mar 2022 ₹-5.3K Cr | Jun 2022 ₹-5.6K Cr | Sep 2022 ₹-5.4K Cr | Dec 2022 ₹-5.1K Cr | Mar 2023 ₹-5.3K Cr | Jun 2023 ₹-5.5K Cr | Sep 2023 ₹-6.0K Cr | Dec 2023 ₹-6.4K Cr | Mar 2024 ₹-6.9K Cr | Jun 2024 ₹-7.3K Cr | Sep 2024 ₹-7.5K Cr | Dec 2024 ₹-7.7K Cr | Mar 2025 ₹-7.8K Cr | Jun 2025 ₹-7.8K Cr | Sep 2025 ₹-7.7K Cr | Dec 2025 ₹-7.9K Cr | Mar 2026 ₹-7.8K Cr | Jun 2026 ₹-7.7K Cr
- TEAM: Sep 2021 ₹-347 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹-145 Cr | Sep 2022 ₹-211 Cr | Dec 2022 ₹-369 Cr | Mar 2023 ₹-692 Cr | Jun 2023 ₹-831 Cr | Sep 2023 ₹-964 Cr | Dec 2023 ₹-340 Cr | Mar 2024 ₹-866 Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-972 Cr | Dec 2024 ₹-1.2K Cr | Mar 2025 ₹-1.7K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-1.6K Cr | Dec 2025 ₹-351 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- BSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹100 Cr | Dec 2023 ₹100 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹628 Cr | Dec 2024 ₹628 Cr | Mar 2025 ₹642 Cr | Jun 2025 — | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- SSNC: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.5K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹7.2K Cr | Mar 2026 ₹7.2K Cr | Jun 2026 ₹7.3K Cr
- PTC: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹942 Cr | Jun 2026 —
- GRAB: Sep 2021 ₹-6.1K Cr | Dec 2021 ₹-6.1K Cr | Mar 2022 ₹-5.2K Cr | Jun 2022 ₹-4.6K Cr | Sep 2022 ₹-4.4K Cr | Dec 2022 ₹-3.7K Cr | Mar 2023 ₹-4.1K Cr | Jun 2023 ₹-3.8K Cr | Sep 2023 ₹-4.0K Cr | Dec 2023 ₹-4.3K Cr | Mar 2024 ₹-3.7K Cr | Jun 2024 ₹-4.3K Cr | Sep 2024 ₹-5.3K Cr | Dec 2024 ₹-5.3K Cr | Mar 2025 ₹-5.5K Cr | Jun 2025 ₹-5.2K Cr | Sep 2025 ₹-4.8K Cr | Dec 2025 ₹-4.8K Cr | Mar 2026 ₹-4.3K Cr | Jun 2026 —
- TYL: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹912 Cr | Dec 2022 ₹835 Cr | Mar 2023 ₹766 Cr | Jun 2023 ₹787 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹521 Cr | Mar 2024 ₹448 Cr | Jun 2024 ₹386 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹-130 Cr | Mar 2025 ₹-167 Cr | Jun 2025 ₹-250 Cr | Sep 2025 ₹-308 Cr | Dec 2025 ₹-454 Cr | Mar 2026 ₹-298 Cr | Jun 2026 —
- U: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹969 Cr | Sep 2024 ₹833 Cr | Dec 2024 ₹721 Cr | Mar 2025 ₹691 Cr | Jun 2025 ₹542 Cr | Sep 2025 ₹335 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- GWRE: Sep 2021 ₹-660 Cr | Dec 2021 ₹-382 Cr | Mar 2022 ₹-360 Cr | Jun 2022 ₹-348 Cr | Sep 2022 ₹-513 Cr | Dec 2022 ₹-208 Cr | Mar 2023 ₹-220 Cr | Jun 2023 ₹-255 Cr | Sep 2023 ₹-359 Cr | Dec 2023 ₹-275 Cr | Mar 2024 ₹-341 Cr | Jun 2024 ₹-346 Cr | Sep 2024 ₹-570 Cr | Dec 2024 ₹-355 Cr | Mar 2025 ₹-283 Cr | Jun 2025 ₹-213 Cr | Sep 2025 ₹-444 Cr | Dec 2025 ₹-307 Cr | Mar 2026 ₹-214 Cr | Jun 2026 ₹-46 Cr
- QNT: 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 ₹-172 Cr | Dec 2024 ₹-172 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-756 Cr | Dec 2025 ₹-756 Cr | Mar 2026 ₹-655 Cr | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-1.6K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 —
- DT: Sep 2021 ₹28 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹-124 Cr | Jun 2022 ₹-267 Cr | Sep 2022 ₹-281 Cr | Dec 2022 ₹-347 Cr | Mar 2023 ₹-480 Cr | Jun 2023 ₹-622 Cr | Sep 2023 ₹-626 Cr | Dec 2023 ₹-709 Cr | Mar 2024 ₹-767 Cr | Jun 2024 ₹-932 Cr | Sep 2024 ₹-924 Cr | Dec 2024 ₹-933 Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.2K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.0K Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Fair Isaac Corporation · 25.7% | 65.8% versus #2 · Automatic Data Processing, Inc. | 7/8 recent comparable periods | 30/30 companies · 535 observations

Definition: 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.

### ROCE — highest
1. Fair Isaac Corporation (FICO): 26%
2. Automatic Data Processing, Inc. (ADP): 16%
3. Intuit Inc. (INTU): 15%
4. Adobe Inc. (ADBE): 12%
5. Autodesk, Inc. (ADSK): 8.8%

### ROCE change — fastest improvers
1. Fair Isaac Corporation (FICO): +8.6 pp
2. Autodesk, Inc. (ADSK): +4.7 pp
3. Workday, Inc. (WDAY): +2.8 pp
4. Snowflake Inc. (SNOW): +2.3 pp
5. Adobe Inc. (ADBE): +1.4 pp

### 20-quarter ROCE history
- SAP: Sep 2021 2.6% | Dec 2021 2.9% | Mar 2022 2.8% | Jun 2022 2.1% | Sep 2022 2.8% | Dec 2022 3.7% | Mar 2023 1.5% | Jun 2023 2.5% | Sep 2023 3.1% | Dec 2023 3.5% | Mar 2024 -1.5% | Jun 2024 2.3% | Sep 2024 4.2% | Dec 2024 3.7% | Mar 2025 4.3% | Jun 2025 4.9% | Sep 2025 4.9% | Dec 2025 4.7% | Mar 2026 5.1% | Jun 2026 —
- SHOP: Sep 2021 0.0% | Dec 2021 0.1% | Mar 2022 -0.9% | Jun 2022 -1.8% | Sep 2022 -3.0% | Dec 2022 -1.7% | Mar 2023 -1.8% | Jun 2023 -17% | Sep 2023 1.2% | Dec 2023 2.8% | Mar 2024 0.8% | Jun 2024 2.5% | Sep 2024 2.7% | Dec 2024 4.2% | Mar 2025 1.9% | Jun 2025 2.5% | Sep 2025 2.8% | Dec 2025 4.9% | Mar 2026 3.2% | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 0.1% | Mar 2022 -0.3% | Jun 2022 0.0% | Sep 2022 0.3% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 0.6% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 2.2% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.6% | Mar 2025 2.5% | Jun 2025 2.6% | Sep 2025 3.2% | Dec 2025 3.0% | Mar 2026 2.5% | Jun 2026 3.1%
- 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 2023 1.4% | Sep 2023 1.6% | Dec 2023 2.5% | Mar 2024 0.6% | Jun 2024 2.8% | Sep 2024 3.4% | Dec 2024 2.2% | Mar 2025 3.5% | Jun 2025 3.9% | Sep 2025 2.6% | Dec 2025 4.0% | Mar 2026 4.3% | Jun 2026 —
- NOW: Sep 2021 1.4% | Dec 2021 0.6% | Mar 2022 1.5% | Jun 2022 0.4% | Sep 2022 1.5% | Dec 2022 2.4% | Mar 2023 2.1% | Jun 2023 1.5% | Sep 2023 2.9% | Dec 2023 3.1% | Mar 2024 3.6% | Jun 2024 2.4% | Sep 2024 4.0% | Dec 2024 3.4% | Mar 2025 3.9% | Jun 2025 2.9% | Sep 2025 4.5% | Dec 2025 3.2% | Mar 2026 3.7% | Jun 2026 1.0%
- ADP: Sep 2021 8.7% | Dec 2021 8.9% | Mar 2022 13% | Jun 2022 8.9% | Sep 2022 12% | Dec 2022 12% | Mar 2023 16% | Jun 2023 13% | Sep 2023 15% | Dec 2023 14% | Mar 2024 18% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 16% | Jun 2025 11% | Sep 2025 12% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 7.7% | Mar 2022 8.3% | Jun 2022 8.0% | Sep 2022 7.6% | Dec 2022 7.7% | Mar 2023 8.3% | Jun 2023 8.4% | Sep 2023 8.5% | Dec 2023 8.6% | Mar 2024 4.7% | Jun 2024 9.3% | Sep 2024 9.7% | Dec 2024 9.5% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 12% | Mar 2026 12% | Jun 2026 12%
- CDNS: Sep 2021 — | Dec 2021 6.1% | Mar 2022 6.0% | Jun 2022 9.6% | Sep 2022 8.7% | Dec 2022 7.4% | Mar 2023 8.7% | Jun 2023 8.2% | Sep 2023 7.4% | Dec 2023 8.6% | Mar 2024 6.1% | Jun 2024 6.1% | Sep 2024 6.0% | Dec 2024 7.8% | Mar 2025 6.0% | Jun 2025 3.5% | Sep 2025 5.4% | Dec 2025 5.7% | Mar 2026 4.9% | Jun 2026 —
- 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%
- DDOG: Sep 2021 -0.3% | Dec 2021 0.5% | Mar 2022 0.6% | 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 2023 1.1% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 0.7% | Dec 2024 0.3% | Mar 2025 -0.3% | Jun 2025 -1.0% | Sep 2025 -0.2% | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 1.9% | Mar 2022 0.3% | Jun 2022 13% | Sep 2022 -0.4% | Dec 2022 0.4% | Mar 2023 1.2% | Jun 2023 11% | Sep 2023 0.1% | Dec 2023 1.3% | Mar 2024 1.6% | Jun 2024 12% | Sep 2024 -0.6% | Dec 2024 1.1% | Mar 2025 2.5% | Jun 2025 14% | Sep 2025 1.3% | Dec 2025 2.1% | Mar 2026 3.4% | Jun 2026 15%
- ADSK: Sep 2021 — | Dec 2021 4.6% | Mar 2022 3.3% | Jun 2022 5.0% | Sep 2022 5.4% | Dec 2022 5.1% | Mar 2023 5.5% | Jun 2023 4.5% | Sep 2023 5.3% | Dec 2023 6.6% | Mar 2024 5.7% | Jun 2024 5.5% | Sep 2024 6.3% | Dec 2024 6.3% | Mar 2025 6.5% | Jun 2025 4.1% | Sep 2025 7.5% | Dec 2025 7.8% | Mar 2026 7.0% | Jun 2026 8.8%
- PAYX: Sep 2021 — | Dec 2021 10% | Mar 2022 13% | Jun 2022 9.1% | Sep 2022 11% | Dec 2022 11% | Mar 2023 13% | Jun 2023 10% | Sep 2023 12% | Dec 2023 11% | Mar 2024 13% | Jun 2024 9.8% | Sep 2024 11% | Dec 2024 11% | Mar 2025 13% | Jun 2025 5.9% | Sep 2025 7.4% | Dec 2025 7.8% | Mar 2026 11% | Jun 2026 6.4%
- WDAY: Sep 2021 — | Dec 2021 0.5% | Mar 2022 -2.0% | Jun 2022 -1.2% | Sep 2022 -0.5% | Dec 2022 -0.4% | Mar 2023 -1.2% | Jun 2023 -0.2% | Sep 2023 0.4% | Dec 2023 0.9% | Mar 2024 0.8% | Jun 2024 0.6% | Sep 2024 1.0% | Dec 2024 1.5% | Mar 2025 0.6% | Jun 2025 0.3% | Sep 2025 2.0% | Dec 2025 2.1% | Mar 2026 1.4% | Jun 2026 3.1%
- ROP: Sep 2021 1.6% | Dec 2021 1.2% | Mar 2022 1.6% | Jun 2022 1.7% | Sep 2022 1.9% | Dec 2022 1.8% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 2.0% | Mar 2025 1.9% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 2.0% | Mar 2026 1.9% | Jun 2026 1.9%
- MSTR: Sep 2021 0.0% | Dec 2021 -6.2% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 -7.3% | Mar 2023 -0.7% | Jun 2023 -2.3% | Sep 2023 -0.9% | Dec 2023 -1.3% | Mar 2024 -4.7% | Jun 2024 -6.1% | Sep 2024 -7.8% | Dec 2024 -6.8% | Mar 2025 -24% | Jun 2025 40% | Sep 2025 9.6% | Dec 2025 -40% | Mar 2026 -30% | Jun 2026 —
- FICO: Sep 2021 11% | Dec 2021 9.9% | Mar 2022 14% | Jun 2022 13% | Sep 2022 13% | Dec 2022 13% | Mar 2023 14% | Jun 2023 16% | Sep 2023 14% | Dec 2023 13% | Mar 2024 16% | Jun 2024 15% | Sep 2024 16% | Dec 2024 14% | Mar 2025 17% | Jun 2025 21% | Sep 2025 20% | Dec 2025 19% | Mar 2026 26% | Jun 2026 —
- FISV: Sep 2021 1.1% | Dec 2021 0.9% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 1.6% | Jun 2023 2.0% | Sep 2023 2.6% | Dec 2023 2.5% | Mar 2024 2.0% | Jun 2024 2.5% | Sep 2024 2.8% | Dec 2024 3.0% | Mar 2025 2.4% | Jun 2025 3.0% | Sep 2025 2.5% | Dec 2025 2.3% | Mar 2026 1.6% | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 8.4% | Mar 2022 5.0% | Jun 2022 3.6% | Sep 2022 2.2% | Dec 2022 1.2% | Mar 2023 -2.1% | Jun 2023 0.2% | Sep 2023 2.7% | Dec 2023 2.5% | Mar 2024 2.3% | Jun 2024 2.7% | Sep 2024 2.6% | Dec 2024 2.2% | Mar 2025 2.6% | Jun 2025 2.8% | Sep 2025 3.6% | Dec 2025 3.4% | Mar 2026 2.6% | Jun 2026 3.2%
- TEAM: Sep 2021 5.6% | Dec 2021 2.3% | Mar 2022 2.7% | Jun 2022 -5.3% | Sep 2022 -2.4% | Dec 2022 -5.7% | Mar 2023 -8.8% | Jun 2023 -2.6% | Sep 2023 -0.9% | Dec 2023 -2.3% | Mar 2024 0.8% | Jun 2024 39% | Sep 2024 -1.4% | Dec 2024 -2.3% | Mar 2025 -0.5% | Jun 2025 -1.0% | Sep 2025 -3.6% | Dec 2025 -1.6% | Mar 2026 -2.2% | Jun 2026 —
- BSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- SSNC: Sep 2021 2.5% | Dec 2021 2.4% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 2.2% | Dec 2022 2.2% | Mar 2023 1.9% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 2.5% | Mar 2025 2.5% | Jun 2025 2.4% | Sep 2025 2.4% | Dec 2025 2.4% | Mar 2026 2.6% | Jun 2026 2.8%
- PTC: Sep 2021 3.6% | Dec 2021 1.9% | Mar 2022 4.5% | Jun 2022 2.2% | Sep 2022 3.8% | Dec 2022 2.7% | Mar 2023 3.0% | Jun 2023 2.6% | Sep 2023 2.8% | Dec 2023 2.5% | Mar 2024 3.8% | Jun 2024 2.1% | Sep 2024 4.1% | Dec 2024 2.3% | Mar 2025 4.6% | Jun 2025 4.4% | Sep 2025 8.5% | Dec 2025 4.5% | Mar 2026 5.7% | Jun 2026 —
- GRAB: Sep 2021 -5.4% | Dec 2021 -7.5% | Mar 2022 -5.3% | Jun 2022 -4.8% | Sep 2022 -3.0% | Dec 2022 -2.8% | Mar 2023 -2.4% | Jun 2023 -2.1% | Sep 2023 -1.1% | Dec 2023 -0.6% | Mar 2024 -1.1% | Jun 2024 -0.8% | Sep 2024 -0.5% | Dec 2024 0.0% | Mar 2025 -0.3% | Jun 2025 0.1% | Sep 2025 0.4% | Dec 2025 0.7% | Mar 2026 0.3% | Jun 2026 —
- TYL: Sep 2021 1.9% | Dec 2021 1.6% | Mar 2022 1.7% | Jun 2022 1.5% | Sep 2022 1.6% | Dec 2022 1.1% | Mar 2023 1.2% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 1.3% | Mar 2024 1.8% | Jun 2024 2.0% | Sep 2024 2.2% | Dec 2024 1.8% | Mar 2025 2.4% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 1.9% | Mar 2026 2.7% | Jun 2026 —
- U: Sep 2021 -5.9% | Dec 2021 -4.5% | Mar 2022 -5.3% | Jun 2022 -6.3% | Sep 2022 -7.7% | Dec 2022 -5.0% | Mar 2023 -4.6% | Jun 2023 -3.5% | Sep 2023 -2.4% | Dec 2023 -3.9% | Mar 2024 -5.9% | Jun 2024 -2.1% | Sep 2024 -2.1% | Dec 2024 -2.0% | Mar 2025 -2.2% | Jun 2025 -2.0% | Sep 2025 -2.2% | Dec 2025 -1.9% | Mar 2026 -6.5% | Jun 2026 —
- GWRE: Sep 2021 — | Dec 2021 -3.2% | Mar 2022 -1.9% | Jun 2022 -3.2% | Sep 2022 -1.6% | Dec 2022 -4.1% | Mar 2023 -1.3% | Jun 2023 -3.2% | Sep 2023 0.3% | Dec 2023 -2.0% | Mar 2024 -0.7% | Jun 2024 -1.1% | Sep 2024 0.7% | Dec 2024 -0.3% | Mar 2025 0.6% | Jun 2025 0.3% | Sep 2025 1.7% | Dec 2025 0.9% | Mar 2026 1.8% | Jun 2026 1.5%
- QNT: 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 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -9.0% | Jun 2026 —
- FIG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -3.9% | Dec 2024 4.3% | Mar 2025 5.6% | Jun 2025 0.3% | Sep 2025 -81% | Dec 2025 -13% | Mar 2026 -9.3% | Jun 2026 —
- DT: Sep 2021 1.3% | Dec 2021 1.3% | Mar 2022 1.1% | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 2.1% | Mar 2023 1.1% | Jun 2023 2.0% | Sep 2023 1.9% | Dec 2023 2.0% | Mar 2024 1.2% | Jun 2024 2.1% | Sep 2024 2.2% | Dec 2024 2.0% | Mar 2025 1.7% | Jun 2025 2.5% | Sep 2025 2.8% | Dec 2025 2.6% | Mar 2026 1.3% | Jun 2026 —

### 20-quarter ROCE change history
- 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 —
- 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 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.7 pp | Mar 2026 +1.3 pp | Jun 2026 —
- 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 2026 0.0 pp | Jun 2026 +0.5 pp
- 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 —
- 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
- 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 —
- ADBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 0.0 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
- 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 —
- 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 2025 0.0 pp | Dec 2025 +0.5 pp | Mar 2026 +0.8 pp | Jun 2026 +2.3 pp
- 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 —
- 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
- 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
- PAYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 +0.6 pp | Jun 2023 +0.9 pp | Sep 2023 +0.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.2 pp | Sep 2024 −0.7 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 −3.9 pp | Sep 2025 −3.5 pp | Dec 2025 −2.9 pp | Mar 2026 −2.7 pp | Jun 2026 +0.5 pp
- WDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.9 pp | Mar 2023 +0.8 pp | Jun 2023 +1.0 pp | Sep 2023 +0.9 pp | Dec 2023 +1.3 pp | Mar 2024 +2.0 pp | Jun 2024 +0.8 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 −0.2 pp | Jun 2025 −0.3 pp | Sep 2025 +1.0 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 +2.8 pp
- ROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.6 pp | Mar 2023 +0.1 pp | Jun 2023 +0.2 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- MSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −1.1 pp | Mar 2023 −0.7 pp | Jun 2023 −2.3 pp | Sep 2023 −0.9 pp | Dec 2023 +6.0 pp | Mar 2024 −4.0 pp | Jun 2024 −3.8 pp | Sep 2024 −6.9 pp | Dec 2024 −5.5 pp | Mar 2025 −19.2 pp | Jun 2025 +45.6 pp | Sep 2025 +17.4 pp | Dec 2025 −33.5 pp | Mar 2026 −5.8 pp | Jun 2026 —
- FICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +2.6 pp | Mar 2023 +0.4 pp | Jun 2023 +2.3 pp | Sep 2023 +1.6 pp | Dec 2023 +0.9 pp | Mar 2024 +1.2 pp | Jun 2024 −0.8 pp | Sep 2024 +1.2 pp | Dec 2024 +0.8 pp | Mar 2025 +1.6 pp | Jun 2025 +6.5 pp | Sep 2025 +4.6 pp | Dec 2025 +4.7 pp | Mar 2026 +8.6 pp | Jun 2026 —
- FISV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.1 pp | Mar 2023 +0.1 pp | Jun 2023 +0.5 pp | Sep 2023 +1.1 pp | Dec 2023 +0.5 pp | Mar 2024 +0.4 pp | Jun 2024 +0.5 pp | Sep 2024 +0.2 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +0.5 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −0.8 pp | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −7.2 pp | Mar 2023 −7.1 pp | Jun 2023 −3.4 pp | Sep 2023 +0.5 pp | Dec 2023 +1.3 pp | Mar 2024 +4.4 pp | Jun 2024 +2.5 pp | Sep 2024 −0.1 pp | Dec 2024 −0.3 pp | Mar 2025 +0.3 pp | Jun 2025 +0.1 pp | Sep 2025 +1.0 pp | Dec 2025 +1.2 pp | Mar 2026 0.0 pp | Jun 2026 +0.4 pp
- TEAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 −8.0 pp | Mar 2023 −11.5 pp | Jun 2023 +2.7 pp | Sep 2023 +1.5 pp | Dec 2023 +3.4 pp | Mar 2024 +9.6 pp | Jun 2024 +41.7 pp | Sep 2024 −0.5 pp | Dec 2024 0.0 pp | Mar 2025 −1.3 pp | Jun 2025 −40.1 pp | Sep 2025 −2.2 pp | Dec 2025 +0.7 pp | Mar 2026 −1.7 pp | Jun 2026 —
- BSP: 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 0.0 pp | Dec 2024 0.0 pp | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- SSNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 +0.1 pp | Mar 2024 +0.4 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 +0.2 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −0.1 pp | Mar 2026 +0.1 pp | Jun 2026 +0.4 pp
- PTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.8 pp | Mar 2023 −1.5 pp | Jun 2023 +0.4 pp | Sep 2023 −1.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.8 pp | Jun 2024 −0.5 pp | Sep 2024 +1.3 pp | Dec 2024 −0.2 pp | Mar 2025 +0.8 pp | Jun 2025 +2.3 pp | Sep 2025 +4.4 pp | Dec 2025 +2.2 pp | Mar 2026 +1.1 pp | Jun 2026 —
- GRAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +4.7 pp | Mar 2023 +2.9 pp | Jun 2023 +2.7 pp | Sep 2023 +1.9 pp | Dec 2023 +2.2 pp | Mar 2024 +1.3 pp | Jun 2024 +1.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.9 pp | Sep 2025 +0.9 pp | Dec 2025 +0.7 pp | Mar 2026 +0.6 pp | Jun 2026 —
- TYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.5 pp | Mar 2023 −0.5 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.2 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.6 pp | Jun 2025 +0.5 pp | Sep 2025 +0.3 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 —
- U: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.5 pp | Mar 2023 +0.7 pp | Jun 2023 +2.8 pp | Sep 2023 +5.3 pp | Dec 2023 +1.1 pp | Mar 2024 −1.3 pp | Jun 2024 +1.4 pp | Sep 2024 +0.3 pp | Dec 2024 +1.9 pp | Mar 2025 +3.7 pp | Jun 2025 +0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −4.3 pp | Jun 2026 —
- GWRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.9 pp | Mar 2023 +0.6 pp | Jun 2023 0.0 pp | Sep 2023 +1.9 pp | Dec 2023 +2.1 pp | Mar 2024 +0.6 pp | Jun 2024 +2.1 pp | Sep 2024 +0.4 pp | Dec 2024 +1.7 pp | Mar 2025 +1.3 pp | Jun 2025 +1.4 pp | Sep 2025 +1.0 pp | Dec 2025 +1.2 pp | Mar 2026 +1.2 pp | Jun 2026 +1.2 pp
- QNT: 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 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- FIG: 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 −3.9 pp | Dec 2024 +4.3 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −77.4 pp | Dec 2025 −17.7 pp | Mar 2026 −14.9 pp | Jun 2026 —
- DT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.8 pp | Mar 2023 0.0 pp | Jun 2023 +0.8 pp | Sep 2023 +0.7 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 0.0 pp | Mar 2025 +0.5 pp | Jun 2025 +0.4 pp | Sep 2025 +0.6 pp | Dec 2025 +0.6 pp | Mar 2026 −0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Zoom Communications, Inc. · 0.55× | 5.2% versus #2 · Salesforce, Inc. | 0/8 recent comparable periods | 16/30 companies · 129 observations

Definition: 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 PEG — lowest PEG
1. Zoom Communications, Inc. (ZM): 0.6
2. Salesforce, Inc. (CRM): 0.6
3. Fiserv, Inc. (FISV): 0.6
4. Intuit Inc. (INTU): 0.7
5. Autodesk, Inc. (ADSK): 0.7

### P/E — lowest P/E
1. Fiserv, Inc. (FISV): 9.5
2. PTC Inc. (PTC): 13.6
3. Roper Technologies, Inc. (ROP): 14.0
4. Zoom Communications, Inc. (ZM): 14.3
5. Adobe Inc. (ADBE): 14.8

### 20-quarter Guarded PEG history
- SAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- 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 2025 4.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- 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 2025 1.0 | Jun 2025 2.8 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 1.2 | Jun 2026 0.6
- 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 2025 3.0 | Sep 2025 3.9 | Dec 2025 4.2 | Mar 2026 4.6 | Jun 2026 —
- ADP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 2.4 | Sep 2024 2.6 | Dec 2024 2.6 | Mar 2025 3.5 | Jun 2025 3.2 | Sep 2025 3.6 | Dec 2025 2.9 | Mar 2026 2.0 | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 5.2 | Dec 2023 3.1 | Mar 2024 — | Jun 2024 6.5 | Sep 2024 7.4 | Dec 2024 8.4 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 1.2 | Jun 2026 1.3
- CDNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.9 | Sep 2023 3.6 | Dec 2023 2.1 | Mar 2024 3.4 | Jun 2024 3.0 | Sep 2024 4.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 14.9 | Mar 2026 7.5 | Jun 2026 —
- 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 2025 4.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.7 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 — | Dec 2024 4.7 | Mar 2025 6.0 | Jun 2025 3.7 | Sep 2025 1.8 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 0.7
- ADSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 5.3 | Jun 2024 2.3 | Sep 2024 2.4 | Dec 2024 3.0 | Mar 2025 2.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 0.7
- PAYX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.0 | Sep 2023 2.5 | Dec 2023 2.4 | Mar 2024 2.5 | Jun 2024 3.0 | Sep 2024 4.4 | Dec 2024 5.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.8
- 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 2026 2.1 | Jun 2026 —
- ROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.4 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 2.9 | Mar 2025 — | Jun 2025 6.4 | Sep 2025 4.9 | Dec 2025 — | Mar 2026 1.4 | Jun 2026 —
- FICO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.4 | Sep 2023 2.7 | Dec 2023 3.3 | Mar 2024 2.4 | Jun 2024 5.1 | Sep 2024 4.6 | Dec 2024 4.2 | Mar 2025 3.6 | Jun 2025 2.1 | Sep 2025 1.9 | Dec 2025 2.6 | Mar 2026 0.9 | Jun 2026 —
- FISV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 1.1 | Sep 2023 0.5 | Dec 2023 1.0 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 3.9 | Dec 2024 4.9 | Mar 2025 6.7 | Jun 2025 — | Sep 2025 0.8 | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- ZM: 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 0.7 | Jun 2025 1.0 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SSNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.3 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 5.2 | Mar 2026 — | Jun 2026 —
- PTC: 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 1.1 | Dec 2024 — | Mar 2025 0.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TYL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.6 | Jun 2024 4.1 | Sep 2024 2.2 | Dec 2024 1.7 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 2.3 | Dec 2025 3.4 | Mar 2026 5.2 | Jun 2026 —
- DT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.2 | Jun 2024 14.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SAP: Sep 2021 24.1 | Dec 2021 27.6 | Mar 2022 23.9 | Jun 2022 26.0 | Sep 2022 30.6 | Dec 2022 49.6 | Mar 2023 67.7 | Jun 2023 31.0 | Sep 2023 26.9 | Dec 2023 26.9 | Mar 2024 45.1 | Jun 2024 87.1 | Sep 2024 88.7 | Dec 2024 89.3 | Mar 2025 51.1 | Jun 2025 46.5 | Sep 2025 37.8 | Dec 2025 33.9 | Mar 2026 23.2 | Jun 2026 —
- SHOP: Sep 2021 50.5 | Dec 2021 60.2 | Mar 2022 563.3 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 779.0 | Mar 2024 — | Jun 2024 67.4 | Sep 2024 74.9 | Dec 2024 68.6 | Mar 2025 77.6 | Jun 2025 64.4 | Sep 2025 110.1 | Dec 2025 171.3 | Mar 2026 117.5 | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 165.6 | Mar 2022 157.2 | Jun 2022 170.8 | Sep 2022 340.8 | Dec 2022 580.7 | Mar 2023 799.9 | Jun 2023 522.0 | Sep 2023 141.5 | Dec 2023 76.4 | Mar 2024 66.9 | Jun 2024 48.4 | Sep 2024 45.0 | Dec 2024 47.9 | Mar 2025 53.7 | Jun 2025 42.1 | Sep 2025 37.6 | Dec 2025 34.8 | Mar 2026 27.2 | Jun 2026 20.4
- UBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 93.9 | Dec 2023 70.8 | Mar 2024 124.2 | Jun 2024 79.9 | Sep 2024 37.4 | Dec 2024 13.2 | Mar 2025 12.8 | Jun 2025 15.9 | Sep 2025 12.6 | Dec 2025 17.3 | Mar 2026 17.9 | Jun 2026 —
- NOW: Sep 2021 570.9 | Dec 2021 574.4 | Mar 2022 506.3 | Jun 2022 522.6 | Sep 2022 381.4 | Dec 2022 242.7 | Mar 2023 237.1 | Jun 2023 81.0 | Sep 2023 72.4 | Dec 2023 84.1 | Mar 2024 81.5 | Jun 2024 142.3 | Sep 2024 139.1 | Dec 2024 154.8 | Mar 2025 107.9 | Jun 2025 129.0 | Sep 2025 110.9 | Dec 2025 91.7 | Mar 2026 62.2 | Jun 2026 62.1
- ADP: Sep 2021 31.6 | Dec 2021 38.2 | Mar 2022 33.6 | Jun 2022 30.0 | Sep 2022 31.3 | Dec 2022 31.7 | Mar 2023 28.4 | Jun 2023 26.8 | Sep 2023 28.6 | Dec 2023 27.1 | Mar 2024 27.9 | Jun 2024 26.2 | Sep 2024 29.5 | Dec 2024 30.5 | Mar 2025 31.3 | Jun 2025 30.9 | Sep 2025 29.0 | Dec 2025 24.7 | Mar 2026 19.0 | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 61.5 | Mar 2022 44.9 | Jun 2022 42.0 | Sep 2022 36.3 | Dec 2022 33.8 | Mar 2023 33.9 | Jun 2023 41.6 | Sep 2023 50.7 | Dec 2023 51.8 | Mar 2024 54.6 | Jun 2024 40.0 | Sep 2024 48.5 | Dec 2024 41.7 | Mar 2025 28.9 | Jun 2025 26.6 | Sep 2025 22.2 | Dec 2025 19.2 | Mar 2026 15.3 | Jun 2026 14.8
- CDNS: Sep 2021 — | Dec 2021 61.7 | Mar 2022 74.5 | Jun 2022 62.0 | Sep 2022 53.6 | Dec 2022 57.6 | Mar 2023 67.1 | Jun 2023 71.9 | Sep 2023 66.8 | Dec 2023 71.3 | Mar 2024 81.1 | Jun 2024 79.5 | Sep 2024 71.1 | Dec 2024 78.0 | Mar 2025 64.4 | Jun 2025 83.3 | Sep 2025 90.5 | Dec 2025 77.0 | Mar 2026 64.8 | Jun 2026 —
- DDOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9,524.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 867.0 | Mar 2024 386.3 | Jun 2024 288.2 | Sep 2024 217.1 | Dec 2024 274.8 | Mar 2025 215.7 | Jun 2025 383.8 | Sep 2025 459.4 | Dec 2025 438.7 | Mar 2026 302.7 | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 82.8 | Mar 2022 70.8 | Jun 2022 47.5 | Sep 2022 62.7 | Dec 2022 65.1 | Mar 2023 62.0 | Jun 2023 56.1 | Sep 2023 60.8 | Dec 2023 54.1 | Mar 2024 64.4 | Jun 2024 57.7 | Sep 2024 62.1 | Dec 2024 59.3 | Mar 2025 56.1 | Jun 2025 50.9 | Sep 2025 57.4 | Dec 2025 45.6 | Mar 2026 32.3 | Jun 2026 23.5
- ADSK: Sep 2021 — | Dec 2021 53.5 | Mar 2022 111.5 | Jun 2022 85.7 | Sep 2022 85.2 | Dec 2022 75.7 | Mar 2023 56.9 | Jun 2023 50.5 | Sep 2023 52.5 | Dec 2023 46.5 | Mar 2024 60.6 | Jun 2024 46.1 | Sep 2024 50.6 | Dec 2024 56.3 | Mar 2025 60.8 | Jun 2025 58.7 | Sep 2025 62.8 | Dec 2025 58.4 | Mar 2026 48.4 | Jun 2026 34.6
- PAYX: Sep 2021 — | Dec 2021 33.8 | Mar 2022 31.8 | Jun 2022 32.3 | Sep 2022 31.1 | Dec 2022 30.6 | Mar 2023 26.6 | Jun 2023 24.4 | Sep 2023 27.7 | Dec 2023 27.1 | Mar 2024 26.7 | Jun 2024 25.7 | Sep 2024 28.0 | Dec 2024 30.8 | Mar 2025 31.6 | Jun 2025 34.5 | Sep 2025 31.3 | Dec 2025 25.3 | Mar 2026 20.6 | Jun 2026 19.8
- WDAY: Sep 2021 — | Dec 2021 3,222.0 | Mar 2022 2,108.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 882.1 | Mar 2024 55.9 | Jun 2024 44.1 | Sep 2024 39.6 | Dec 2024 38.8 | Mar 2025 134.4 | Jun 2025 135.4 | Sep 2025 106.2 | Dec 2025 100.8 | Mar 2026 67.8 | Jun 2026 38.3
- ROP: Sep 2021 42.3 | Dec 2021 65.1 | Mar 2022 17.5 | Jun 2022 14.7 | Sep 2022 13.2 | Dec 2022 10.2 | Mar 2023 41.8 | Jun 2023 42.2 | Sep 2023 41.9 | Dec 2023 42.3 | Mar 2024 41.2 | Jun 2024 42.1 | Sep 2024 41.0 | Dec 2024 36.2 | Mar 2025 42.5 | Jun 2025 39.8 | Sep 2025 34.4 | Dec 2025 31.4 | Mar 2026 22.1 | Jun 2026 14.0
- MSTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 38.1 | Sep 2023 256.5 | Dec 2023 23.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 35.6 | Sep 2025 15.0 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FICO: Sep 2021 29.7 | Dec 2021 31.9 | Mar 2022 30.7 | Jun 2022 29.4 | Sep 2022 29.1 | Dec 2022 40.0 | Mar 2023 46.9 | Jun 2023 49.1 | Sep 2023 51.3 | Dec 2023 65.1 | Mar 2024 65.6 | Jun 2024 78.3 | Sep 2024 95.0 | Dec 2024 91.4 | Mar 2025 79.4 | Jun 2025 71.5 | Sep 2025 56.4 | Dec 2025 62.6 | Mar 2026 33.8 | Jun 2026 —
- FISV: Sep 2021 54.0 | Dec 2021 52.2 | Mar 2022 38.4 | Jun 2022 28.9 | Sep 2022 29.3 | Dec 2022 25.9 | Mar 2023 29.8 | Jun 2023 31.8 | Sep 2023 23.6 | Dec 2023 26.7 | Mar 2024 29.9 | Jun 2024 25.8 | Sep 2024 34.6 | Dec 2024 38.2 | Mar 2025 39.0 | Jun 2025 28.8 | Sep 2025 19.9 | Dec 2025 10.6 | Mar 2026 9.5 | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 73.1 | Mar 2022 34.3 | Jun 2022 24.2 | Sep 2022 32.2 | Dec 2022 36.6 | Mar 2023 220.6 | Jun 2023 — | Sep 2023 166.7 | Dec 2023 82.2 | Mar 2024 31.2 | Jun 2024 22.8 | Sep 2024 21.7 | Dec 2024 24.9 | Mar 2025 42.6 | Jun 2025 23.3 | Sep 2025 19.5 | Dec 2025 17.0 | Mar 2026 33.1 | Jun 2026 14.3
- SSNC: Sep 2021 24.9 | Dec 2021 27.4 | Mar 2022 25.2 | Jun 2022 21.6 | Sep 2022 18.3 | Dec 2022 21.0 | Mar 2023 24.2 | Jun 2023 25.0 | Sep 2023 21.7 | Dec 2023 25.6 | Mar 2024 25.7 | Jun 2024 22.8 | Sep 2024 26.6 | Dec 2024 25.3 | Mar 2025 25.9 | Jun 2025 26.0 | Sep 2025 26.3 | Dec 2025 27.8 | Mar 2026 20.9 | Jun 2026 17.8
- PTC: Sep 2021 29.7 | Dec 2021 28.9 | Mar 2022 26.7 | Jun 2022 25.3 | Sep 2022 39.5 | Dec 2022 41.5 | Mar 2023 48.2 | Jun 2023 55.4 | Sep 2023 68.8 | Dec 2023 88.8 | Mar 2024 79.1 | Jun 2024 74.2 | Sep 2024 57.9 | Dec 2024 56.8 | Mar 2025 42.6 | Jun 2025 40.7 | Sep 2025 33.4 | Dec 2025 25.4 | Mar 2026 13.6 | Jun 2026 —
- GRAB: 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 226.5 | Jun 2025 125.8 | Sep 2025 150.5 | Dec 2025 83.2 | Mar 2026 366.0 | Jun 2026 —
- TYL: Sep 2021 120.1 | Dec 2021 140.8 | Mar 2022 114.7 | Jun 2022 79.0 | Sep 2022 78.4 | Dec 2022 83.3 | Mar 2023 96.9 | Jun 2023 107.6 | Sep 2023 104.1 | Dec 2023 107.8 | Mar 2024 96.2 | Jun 2024 103.9 | Sep 2024 106.5 | Dec 2024 95.3 | Mar 2025 87.6 | Jun 2025 84.7 | Sep 2025 72.8 | Dec 2025 63.1 | Mar 2026 47.3 | Jun 2026 —
- GWRE: 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 517.4 | Mar 2025 — | Jun 2025 511.9 | Sep 2025 279.3 | Dec 2025 222.5 | Mar 2026 64.0 | Jun 2026 74.8
- DT: Sep 2021 253.5 | Dec 2021 223.5 | Mar 2022 261.7 | Jun 2022 281.7 | Sep 2022 348.1 | Dec 2022 383.0 | Mar 2023 114.3 | Jun 2023 105.0 | Sep 2023 82.0 | Dec 2023 82.9 | Mar 2024 89.3 | Jun 2024 86.0 | Sep 2024 97.2 | Dec 2024 34.0 | Mar 2025 29.7 | Jun 2025 33.9 | Sep 2025 29.0 | Dec 2025 71.1 | Mar 2026 68.5 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Fiserv, Inc. · 6.76× | 30.1% versus #2 · Strategy Inc | 0/8 recent comparable periods | 25/30 companies · 407 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Fiserv, Inc. (FISV): 6.8
2. Strategy Inc (MSTR): 9.7
3. SS&C Technologies Holdings, Inc. (SSNC): 9.9
4. Adobe Inc. (ADBE): 10.6
5. Salesforce, Inc. (CRM): 11.8

### P/BV — lowest P/BV
1. Fiserv, Inc. (FISV): 1.1
2. Strategy Inc (MSTR): 1.2
3. Roper Technologies, Inc. (ROP): 1.8
4. SS&C Technologies Holdings, Inc. (SSNC): 2.3
5. Grab Holdings Limited (GRAB): 2.3

### 20-quarter EV/EBITDA history
- SAP: Sep 2021 19.1 | Dec 2021 16.6 | Mar 2022 19.7 | Jun 2022 17.6 | Sep 2022 16.0 | Dec 2022 13.8 | Mar 2023 21.8 | Jun 2023 21.7 | Sep 2023 20.4 | Dec 2023 22.6 | Mar 2024 37.6 | Jun 2024 40.7 | Sep 2024 41.0 | Dec 2024 46.5 | Mar 2025 31.5 | Jun 2025 29.0 | Sep 2025 24.9 | Dec 2025 22.0 | Mar 2026 14.9 | Jun 2026 —
- SHOP: Sep 2021 382.1 | Dec 2021 498.0 | Mar 2022 664.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 104.1 | Sep 2024 106.5 | Dec 2024 120.0 | Mar 2025 97.5 | Jun 2025 114.0 | Sep 2025 141.0 | Dec 2025 136.3 | Mar 2026 88.7 | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 55.1 | Mar 2022 45.0 | Jun 2022 34.0 | Sep 2022 34.8 | Dec 2022 28.3 | Mar 2023 25.7 | Jun 2023 26.4 | Sep 2023 25.5 | Dec 2023 20.2 | Mar 2024 24.9 | Jun 2024 21.6 | Sep 2024 20.2 | Dec 2024 22.0 | Mar 2025 25.5 | Jun 2025 19.3 | Sep 2025 18.0 | Dec 2025 17.9 | Mar 2026 14.5 | Jun 2026 11.8
- UBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 324.3 | Sep 2023 87.5 | Dec 2023 69.7 | Mar 2024 71.1 | Jun 2024 56.8 | Sep 2024 47.5 | Dec 2024 37.1 | Mar 2025 34.4 | Jun 2025 38.2 | Sep 2025 39.3 | Dec 2025 27.6 | Mar 2026 21.9 | Jun 2026 —
- NOW: Sep 2021 129.1 | Dec 2021 125.6 | Mar 2022 107.2 | Jun 2022 94.0 | Sep 2022 73.1 | Dec 2022 67.0 | Mar 2023 73.6 | Jun 2023 80.0 | Sep 2023 70.2 | Dec 2023 79.7 | Mar 2024 76.9 | Jun 2024 74.1 | Sep 2024 77.1 | Dec 2024 86.9 | Mar 2025 60.8 | Jun 2025 74.6 | Sep 2025 61.9 | Dec 2025 49.2 | Mar 2026 31.3 | Jun 2026 31.1
- ADP: Sep 2021 22.3 | Dec 2021 26.6 | Mar 2022 23.2 | Jun 2022 20.7 | Sep 2022 21.6 | Dec 2022 21.7 | Mar 2023 19.3 | Jun 2023 18.2 | Sep 2023 19.6 | Dec 2023 18.5 | Mar 2024 18.8 | Jun 2024 17.8 | Sep 2024 20.3 | Dec 2024 19.4 | Mar 2025 21.4 | Jun 2025 21.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 44.3 | Mar 2022 31.7 | Jun 2022 29.4 | Sep 2022 24.6 | Dec 2022 22.5 | Mar 2023 22.5 | Jun 2023 27.8 | Sep 2023 34.8 | Dec 2023 36.6 | Mar 2024 37.4 | Jun 2024 27.9 | Sep 2024 34.4 | Dec 2024 29.7 | Mar 2025 21.4 | Jun 2025 19.6 | Sep 2025 16.3 | Dec 2025 13.9 | Mar 2026 10.9 | Jun 2026 10.7
- CDNS: Sep 2021 — | Dec 2021 45.7 | Mar 2022 55.2 | Jun 2022 43.4 | Sep 2022 35.7 | Dec 2022 37.4 | Mar 2023 47.2 | Jun 2023 51.7 | Sep 2023 50.1 | Dec 2023 52.7 | Mar 2024 63.5 | Jun 2024 63.3 | Sep 2024 52.7 | Dec 2024 53.1 | Mar 2025 41.3 | Jun 2025 51.4 | Sep 2025 56.0 | Dec 2025 49.1 | Mar 2026 42.9 | Jun 2026 —
- DDOG: Sep 2021 — | Dec 2021 14,365.8 | Mar 2022 1,535.8 | Jun 2022 723.1 | Sep 2022 1,648.5 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3,500.2 | Mar 2024 638.9 | Jun 2024 429.2 | Sep 2024 297.1 | Dec 2024 426.1 | Mar 2025 380.5 | Jun 2025 1,247.2 | Sep 2025 4,484.3 | Dec 2025 3,930.8 | Mar 2026 1,019.5 | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 58.4 | Mar 2022 52.2 | Jun 2022 32.9 | Sep 2022 40.0 | Dec 2022 38.0 | Mar 2023 35.5 | Jun 2023 32.9 | Sep 2023 37.1 | Dec 2023 34.3 | Mar 2024 42.8 | Jun 2024 38.6 | Sep 2024 41.6 | Dec 2024 39.7 | Mar 2025 37.3 | Jun 2025 33.6 | Sep 2025 38.6 | Dec 2025 31.5 | Mar 2026 22.8 | Jun 2026 16.3
- ADSK: Sep 2021 — | Dec 2021 88.4 | Mar 2022 72.9 | Jun 2022 50.0 | Sep 2022 51.1 | Dec 2022 47.4 | Mar 2023 36.7 | Jun 2023 35.2 | Sep 2023 39.9 | Dec 2023 33.0 | Mar 2024 38.9 | Jun 2024 30.9 | Sep 2024 33.5 | Dec 2024 37.4 | Mar 2025 38.6 | Jun 2025 34.0 | Sep 2025 33.8 | Dec 2025 30.0 | Mar 2026 23.3 | Jun 2026 18.5
- PAYX: Sep 2021 — | Dec 2021 20.2 | Mar 2022 19.2 | Jun 2022 19.5 | Sep 2022 19.0 | Dec 2022 18.9 | Mar 2023 16.4 | Jun 2023 15.2 | Sep 2023 17.5 | Dec 2023 17.3 | Mar 2024 17.0 | Jun 2024 16.6 | Sep 2024 18.0 | Dec 2024 20.0 | Mar 2025 20.2 | Jun 2025 22.5 | Sep 2025 19.5 | Dec 2025 15.3 | Mar 2026 12.2 | Jun 2026 11.9
- WDAY: Sep 2021 — | Dec 2021 294.6 | Mar 2022 271.8 | Jun 2022 252.1 | Sep 2022 215.1 | Dec 2022 291.6 | Mar 2023 309.4 | Jun 2023 260.1 | Sep 2023 263.0 | Dec 2023 165.4 | Mar 2024 155.5 | Jun 2024 110.1 | Sep 2024 88.6 | Dec 2024 80.1 | Mar 2025 88.0 | Jun 2025 83.9 | Sep 2025 65.8 | Dec 2025 63.4 | Mar 2026 41.1 | Jun 2026 21.8
- ROP: Sep 2021 27.3 | Dec 2021 31.8 | Mar 2022 28.4 | Jun 2022 23.7 | Sep 2022 21.4 | Dec 2022 23.7 | Mar 2023 23.2 | Jun 2023 23.9 | Sep 2023 23.8 | Dec 2023 25.7 | Mar 2024 26.0 | Jun 2024 25.2 | Sep 2024 24.7 | Dec 2024 22.4 | Mar 2025 24.4 | Jun 2025 23.5 | Sep 2025 20.5 | Dec 2025 18.0 | Mar 2026 14.4 | Jun 2026 13.9
- MSTR: Sep 2021 — | Dec 2021 — | Mar 2022 695.1 | Jun 2022 417.5 | Sep 2022 — | Dec 2022 — | Mar 2023 510.9 | Jun 2023 377.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 18.6 | Sep 2025 9.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FICO: Sep 2021 22.8 | Dec 2021 23.7 | Mar 2022 23.0 | Jun 2022 22.0 | Sep 2022 21.5 | Dec 2022 28.8 | Mar 2023 32.7 | Jun 2023 35.0 | Sep 2023 35.4 | Dec 2023 46.1 | Mar 2024 46.9 | Jun 2024 53.9 | Sep 2024 66.2 | Dec 2024 65.6 | Mar 2025 57.2 | Jun 2025 51.9 | Sep 2025 41.0 | Dec 2025 43.5 | Mar 2026 24.6 | Jun 2026 —
- FISV: Sep 2021 16.7 | Dec 2021 16.1 | Mar 2022 14.7 | Jun 2022 12.9 | Sep 2022 12.8 | Dec 2022 12.2 | Mar 2023 13.1 | Jun 2023 13.7 | Sep 2023 11.5 | Dec 2023 12.4 | Mar 2024 14.0 | Jun 2024 12.8 | Sep 2024 14.4 | Dec 2024 15.5 | Mar 2025 16.3 | Jun 2025 12.9 | Sep 2025 10.5 | Dec 2025 7.1 | Mar 2026 6.8 | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 68.8 | Mar 2022 36.7 | Jun 2022 22.4 | Sep 2022 27.9 | Dec 2022 27.7 | Mar 2023 51.0 | Jun 2023 80.0 | Sep 2023 73.1 | Dec 2023 36.0 | Mar 2024 20.6 | Jun 2024 14.0 | Sep 2024 13.0 | Dec 2024 17.5 | Mar 2025 20.1 | Jun 2025 16.0 | Sep 2025 13.1 | Dec 2025 14.6 | Mar 2026 15.5 | Jun 2026 15.7
- TEAM: Sep 2021 427.8 | Dec 2021 450.1 | Mar 2022 554.5 | Jun 2022 319.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 386.7 | Dec 2024 566.3 | Mar 2025 677.3 | Jun 2025 — | Sep 2025 495.5 | Dec 2025 454.7 | Mar 2026 — | Jun 2026 —
- SSNC: Sep 2021 12.7 | Dec 2021 14.0 | Mar 2022 13.7 | Jun 2022 11.8 | Sep 2022 10.5 | Dec 2022 11.0 | Mar 2023 11.6 | Jun 2023 11.8 | Sep 2023 10.6 | Dec 2023 11.5 | Mar 2024 11.6 | Jun 2024 11.0 | Sep 2024 12.6 | Dec 2024 12.5 | Mar 2025 13.2 | Jun 2025 12.9 | Sep 2025 13.2 | Dec 2025 13.2 | Mar 2026 10.7 | Jun 2026 9.9
- PTC: Sep 2021 30.5 | Dec 2021 32.5 | Mar 2022 25.8 | Jun 2022 25.5 | Sep 2022 23.8 | Dec 2022 25.1 | Mar 2023 29.3 | Jun 2023 30.1 | Sep 2023 31.0 | Dec 2023 37.5 | Mar 2024 36.6 | Jun 2024 36.0 | Sep 2024 32.1 | Dec 2024 32.6 | Mar 2025 25.9 | Jun 2025 24.8 | Sep 2025 22.8 | Dec 2025 17.9 | Mar 2026 13.4 | Jun 2026 —
- GRAB: Sep 2021 3.7 | 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 376.4 | Jun 2025 144.0 | Sep 2025 109.1 | Dec 2025 65.0 | Mar 2026 35.8 | Jun 2026 —
- TYL: Sep 2021 66.7 | Dec 2021 73.5 | Mar 2022 55.6 | Jun 2022 40.4 | Sep 2022 40.9 | Dec 2022 38.3 | Mar 2023 43.1 | Jun 2023 49.8 | Sep 2023 46.0 | Dec 2023 48.9 | Mar 2024 46.6 | Jun 2024 53.3 | Sep 2024 59.1 | Dec 2024 55.6 | Mar 2025 54.2 | Jun 2025 53.2 | Sep 2025 45.0 | Dec 2025 38.6 | Mar 2026 27.9 | Jun 2026 —
- GWRE: 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 733.2 | Mar 2025 364.3 | Jun 2025 234.6 | Sep 2025 220.1 | Dec 2025 166.4 | Mar 2026 79.8 | Jun 2026 66.6
- DT: Sep 2021 138.1 | Dec 2021 120.9 | Mar 2022 96.6 | Jun 2022 81.7 | Sep 2022 72.7 | Dec 2022 73.4 | Mar 2023 80.1 | Jun 2023 88.8 | Sep 2023 73.8 | Dec 2023 86.1 | Mar 2024 71.0 | Jun 2024 64.8 | Sep 2024 73.8 | Dec 2024 71.3 | Mar 2025 57.6 | Jun 2025 64.1 | Sep 2025 51.9 | Dec 2025 43.1 | Mar 2026 36.7 | Jun 2026 —

### 20-quarter P/BV history
- SAP: Sep 2021 3.9 | Dec 2021 3.7 | Mar 2022 3.0 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.8 | Mar 2023 3.4 | Jun 2023 3.5 | Sep 2023 3.3 | Dec 2023 3.8 | Mar 2024 4.9 | Jun 2024 5.3 | Sep 2024 5.8 | Dec 2024 6.1 | Mar 2025 6.3 | Jun 2025 7.3 | Sep 2025 6.2 | Dec 2025 5.4 | Mar 2026 3.9 | Jun 2026 —
- SHOP: Sep 2021 15.0 | Dec 2021 15.6 | Mar 2022 8.7 | Jun 2022 4.5 | Sep 2022 3.9 | Dec 2022 5.4 | Mar 2023 7.3 | Jun 2023 11.1 | Sep 2023 8.5 | Dec 2023 11.1 | Mar 2024 11.2 | Jun 2024 9.3 | Sep 2024 10.2 | Dec 2024 11.9 | Mar 2025 11.2 | Jun 2025 12.4 | Sep 2025 15.5 | Dec 2025 15.6 | Mar 2026 12.3 | Jun 2026 —
- CRM: Sep 2021 — | Dec 2021 5.2 | Mar 2022 4.0 | Jun 2022 3.0 | Sep 2022 3.1 | Dec 2022 2.7 | Mar 2023 2.8 | Jun 2023 3.4 | Sep 2023 3.8 | Dec 2023 3.4 | Mar 2024 4.6 | Jun 2024 4.4 | Sep 2024 4.3 | Dec 2024 4.8 | Mar 2025 5.4 | Jun 2025 4.2 | Sep 2025 4.0 | Dec 2025 4.1 | Mar 2026 3.3 | Jun 2026 4.2
- UBER: Sep 2021 6.2 | Dec 2021 5.7 | Mar 2022 7.8 | Jun 2022 6.1 | Sep 2022 8.4 | Dec 2022 6.8 | Mar 2023 8.5 | Jun 2023 10.2 | Sep 2023 10.1 | Dec 2023 11.3 | Mar 2024 14.5 | Jun 2024 12.4 | Sep 2024 10.7 | Dec 2024 5.9 | Mar 2025 6.9 | Jun 2025 8.6 | Sep 2025 7.2 | Dec 2025 6.3 | Mar 2026 5.9 | Jun 2026 —
- NOW: Sep 2021 35.0 | Dec 2021 35.1 | Mar 2022 27.9 | Jun 2022 22.9 | Sep 2022 16.9 | Dec 2022 15.7 | Mar 2023 16.9 | Jun 2023 16.6 | Sep 2023 15.9 | Dec 2023 19.0 | Mar 2024 19.3 | Jun 2024 18.7 | Sep 2024 19.9 | Dec 2024 22.8 | Mar 2025 16.3 | Jun 2025 19.5 | Sep 2025 16.9 | Dec 2025 12.4 | Mar 2026 9.2 | Jun 2026 8.2
- ADP: Sep 2021 15.8 | Dec 2021 20.5 | Mar 2022 22.7 | Jun 2022 27.1 | Sep 2022 36.5 | Dec 2022 33.1 | Mar 2023 24.9 | Jun 2023 25.8 | Sep 2023 28.5 | Dec 2023 22.2 | Mar 2024 22.1 | Jun 2024 21.4 | Sep 2024 21.1 | Dec 2024 23.5 | Mar 2025 21.2 | Jun 2025 20.2 | Sep 2025 18.6 | Dec 2025 16.2 | Mar 2026 12.8 | Jun 2026 —
- ADBE: Sep 2021 — | Dec 2021 19.8 | Mar 2022 15.5 | Jun 2022 14.5 | Sep 2022 12.0 | Dec 2022 11.2 | Mar 2023 11.1 | Jun 2023 13.4 | Sep 2023 16.3 | Dec 2023 16.9 | Mar 2024 16.7 | Jun 2024 13.5 | Sep 2024 17.6 | Dec 2024 16.1 | Mar 2025 14.6 | Jun 2025 15.5 | Sep 2025 12.7 | Dec 2025 11.4 | Mar 2026 9.3 | Jun 2026 9.0
- CDNS: Sep 2021 — | Dec 2021 16.1 | Mar 2022 18.8 | Jun 2022 16.6 | Sep 2022 15.6 | Dec 2022 16.6 | Mar 2023 19.5 | Jun 2023 21.9 | Sep 2023 20.5 | Dec 2023 21.7 | Mar 2024 23.7 | Jun 2024 19.8 | Sep 2024 16.3 | Dec 2024 17.6 | Mar 2025 14.5 | Jun 2025 16.8 | Sep 2025 18.4 | Dec 2025 15.5 | Mar 2026 11.7 | Jun 2026 —
- SNOW: Sep 2021 — | Dec 2021 21.6 | Mar 2022 17.1 | Jun 2022 10.0 | Sep 2022 8.8 | Dec 2022 9.5 | Mar 2023 9.3 | Jun 2023 9.1 | Sep 2023 11.1 | Dec 2023 9.7 | Mar 2024 12.6 | Jun 2024 11.4 | Sep 2024 10.6 | Dec 2024 12.9 | Mar 2025 20.2 | Jun 2025 22.1 | Sep 2025 31.9 | Dec 2025 44.1 | Mar 2026 34.4 | Jun 2026 24.4
- DDOG: Sep 2021 46.1 | Dec 2021 53.6 | Mar 2022 42.7 | Jun 2022 24.8 | Sep 2022 21.9 | Dec 2022 16.6 | Mar 2023 15.5 | Jun 2023 19.4 | Sep 2023 16.6 | Dec 2023 19.8 | Mar 2024 18.7 | Jun 2024 18.1 | Sep 2024 14.9 | Dec 2024 18.0 | Mar 2025 11.7 | Jun 2025 14.7 | Sep 2025 14.5 | Dec 2025 12.9 | Mar 2026 10.5 | Jun 2026 —
- INTU: Sep 2021 — | Dec 2021 17.6 | Mar 2022 10.1 | Jun 2022 7.0 | Sep 2022 7.8 | Dec 2022 7.5 | Mar 2023 7.5 | Jun 2023 7.1 | Sep 2023 8.3 | Dec 2023 8.2 | Mar 2024 10.5 | Jun 2024 9.3 | Sep 2024 9.8 | Dec 2024 9.4 | Mar 2025 9.4 | Jun 2025 8.7 | Sep 2025 11.1 | Dec 2025 9.6 | Mar 2026 7.3 | Jun 2026 5.2
- ADSK: Sep 2021 — | Dec 2021 54.6 | Mar 2022 64.2 | Jun 2022 60.3 | Sep 2022 63.1 | Dec 2022 51.1 | Mar 2023 40.4 | Jun 2023 46.5 | Sep 2023 37.6 | Dec 2023 28.4 | Mar 2024 29.3 | Jun 2024 21.2 | Sep 2024 21.5 | Dec 2024 23.3 | Mar 2025 25.4 | Jun 2025 22.4 | Sep 2025 23.8 | Dec 2025 22.1 | Mar 2026 17.6 | Jun 2026 15.7
- PAYX: Sep 2021 — | Dec 2021 13.8 | Mar 2022 13.1 | Jun 2022 14.4 | Sep 2022 14.2 | Dec 2022 14.0 | Mar 2023 11.7 | Jun 2023 10.9 | Sep 2023 12.3 | Dec 2023 12.5 | Mar 2024 11.8 | Jun 2024 11.4 | Sep 2024 12.3 | Dec 2024 13.4 | Mar 2025 13.3 | Jun 2025 13.8 | Sep 2025 12.6 | Dec 2025 10.3 | Mar 2026 8.4 | Jun 2026 9.2
- WDAY: Sep 2021 — | Dec 2021 17.2 | Mar 2022 14.0 | Jun 2022 11.0 | Sep 2022 7.7 | Dec 2022 7.4 | Mar 2023 8.4 | Jun 2023 8.2 | Sep 2023 9.9 | Dec 2023 8.4 | Mar 2024 9.5 | Jun 2024 7.9 | Sep 2024 7.2 | Dec 2024 7.2 | Mar 2025 7.7 | Jun 2025 7.3 | Sep 2025 6.7 | Dec 2025 7.2 | Mar 2026 5.8 | Jun 2026 4.6
- ROP: Sep 2021 4.2 | Dec 2021 4.5 | Mar 2022 3.7 | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 2.9 | Mar 2023 2.9 | Jun 2023 3.1 | Sep 2023 3.0 | Dec 2023 3.3 | Mar 2024 3.4 | Jun 2024 3.3 | Sep 2024 3.2 | Dec 2024 3.0 | Mar 2025 3.3 | Jun 2025 3.1 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 1.9 | Jun 2026 1.8
- MSTR: Sep 2021 13.0 | Dec 2021 6.3 | Mar 2022 6.4 | Jun 2022 -9.9 | Sep 2022 -12.0 | Dec 2022 -4.3 | Mar 2023 8.6 | Jun 2023 — | Sep 2023 5.7 | Dec 2023 4.9 | Mar 2024 13.2 | Jun 2024 9.7 | Sep 2024 9.1 | Dec 2024 3.9 | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 1.8 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- FICO: Sep 2021 -98.9 | Dec 2021 -21.4 | Mar 2022 -18.3 | Jun 2022 -12.0 | Sep 2022 -12.9 | Dec 2022 -18.8 | Mar 2023 -22.8 | Jun 2023 -28.6 | Sep 2023 -31.3 | Dec 2023 -39.9 | Mar 2024 -42.1 | Jun 2024 -44.1 | Sep 2024 -49.2 | Dec 2024 -42.8 | Mar 2025 -40.0 | Jun 2025 -31.5 | Sep 2025 -20.4 | Dec 2025 -22.2 | Mar 2026 -11.8 | Jun 2026 —
- FISV: Sep 2021 2.3 | Dec 2021 2.2 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.3 | Jun 2023 2.6 | Sep 2023 2.3 | Dec 2023 2.6 | Mar 2024 3.3 | Jun 2024 3.1 | Sep 2024 3.7 | Dec 2024 4.3 | Mar 2025 4.7 | Jun 2025 3.7 | Sep 2025 2.8 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —
- ZM: Sep 2021 — | Dec 2021 16.0 | Mar 2022 8.0 | Jun 2022 5.0 | Sep 2022 5.2 | Dec 2022 4.2 | Mar 2023 3.6 | Jun 2023 2.8 | Sep 2023 3.2 | Dec 2023 2.5 | Mar 2024 2.5 | Jun 2024 2.3 | Sep 2024 2.2 | Dec 2024 2.6 | Mar 2025 3.0 | Jun 2025 2.6 | Sep 2025 2.5 | Dec 2025 2.8 | Mar 2026 2.8 | Jun 2026 2.9
- TEAM: Sep 2021 -3,620.4 | Dec 2021 777.0 | Mar 2022 244.3 | Jun 2022 145.9 | Sep 2022 112.0 | Dec 2022 57.1 | Mar 2023 75.6 | Jun 2023 66.0 | Sep 2023 67.0 | Dec 2023 67.8 | Mar 2024 44.6 | Jun 2024 44.6 | Sep 2024 40.1 | Dec 2024 52.3 | Mar 2025 40.8 | Jun 2025 39.7 | Sep 2025 30.4 | Dec 2025 27.1 | Mar 2026 19.9 | Jun 2026 —
- SSNC: Sep 2021 3.0 | Dec 2021 3.4 | Mar 2022 3.1 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.1 | Dec 2023 2.4 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 2.7 | Dec 2024 2.8 | Mar 2025 3.0 | Jun 2025 2.9 | Sep 2025 3.1 | Dec 2025 3.1 | Mar 2026 2.4 | Jun 2026 2.3
- PTC: Sep 2021 6.9 | Dec 2021 7.3 | Mar 2022 6.1 | Jun 2022 5.8 | Sep 2022 5.4 | Dec 2022 5.9 | Mar 2023 6.0 | Jun 2023 6.5 | Sep 2023 6.3 | Dec 2023 7.5 | Mar 2024 7.7 | Jun 2024 7.2 | Sep 2024 6.8 | Dec 2024 6.8 | Mar 2025 5.5 | Jun 2025 5.9 | Sep 2025 6.3 | Dec 2025 5.4 | Mar 2026 4.3 | Jun 2026 —
- GRAB: Sep 2021 0.3 | Dec 2021 3.5 | Mar 2022 1.8 | Jun 2022 1.4 | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 1.8 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.3 | Sep 2024 2.4 | Dec 2024 3.0 | Mar 2025 2.9 | Jun 2025 3.2 | Sep 2025 3.8 | Dec 2025 3.0 | Mar 2026 2.3 | Jun 2026 —
- TYL: Sep 2021 8.5 | Dec 2021 9.6 | Mar 2022 7.7 | Jun 2022 5.6 | Sep 2022 5.7 | Dec 2022 5.1 | Mar 2023 5.5 | Jun 2023 6.3 | Sep 2023 5.7 | Dec 2023 6.0 | Mar 2024 6.0 | Jun 2024 6.8 | Sep 2024 7.6 | Dec 2024 7.3 | Mar 2025 7.1 | Jun 2025 7.1 | Sep 2025 6.3 | Dec 2025 5.3 | Mar 2026 4.1 | Jun 2026 —
- U: Sep 2021 11.5 | Dec 2021 17.5 | Mar 2022 7.6 | Jun 2022 2.8 | Sep 2022 2.3 | Dec 2022 3.0 | Mar 2023 3.6 | Jun 2023 4.8 | Sep 2023 3.7 | Dec 2023 4.9 | Mar 2024 3.3 | Jun 2024 2.0 | Sep 2024 2.9 | Dec 2024 2.9 | Mar 2025 2.6 | Jun 2025 3.2 | Sep 2025 5.4 | Dec 2025 5.9 | Mar 2026 3.2 | Jun 2026 —
- GWRE: Sep 2021 — | Dec 2021 7.0 | Mar 2022 5.7 | Jun 2022 5.0 | Sep 2022 4.5 | Dec 2022 4.1 | Mar 2023 4.9 | Jun 2023 5.2 | Sep 2023 5.8 | Dec 2023 6.1 | Mar 2024 7.3 | Jun 2024 7.1 | Sep 2024 9.3 | Dec 2024 12.3 | Mar 2025 14.0 | Jun 2025 12.7 | Sep 2025 13.1 | Dec 2025 13.0 | Mar 2026 7.9 | Jun 2026 8.9
- FIG: 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 18.4 | Dec 2025 12.7 | Mar 2026 7.6 | Jun 2026 —
- DT: Sep 2021 16.6 | Dec 2021 13.5 | Mar 2022 10.3 | Jun 2022 8.4 | Sep 2022 7.2 | Dec 2022 7.5 | Mar 2023 7.7 | Jun 2023 8.9 | Sep 2023 7.6 | Dec 2023 8.5 | Mar 2024 6.8 | Jun 2024 6.5 | Sep 2024 7.5 | Dec 2024 6.4 | Mar 2025 5.4 | Jun 2025 6.2 | Sep 2025 5.3 | Dec 2025 4.7 | Mar 2026 4.2 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Datadog, Inc. (DDOG): 85%
2. Snowflake Inc. (SNOW): 32%
3. Zoom Communications, Inc. (ZM): 29%
4. Shopify Inc. (SHOP): 9.8%
5. Unity Software Inc. (U): 0.0%

### Strongest relative strength versus NIFTY 500
1. Datadog, Inc. (DDOG): 46%
2. Snowflake Inc. (SNOW): 19%
3. Paychex, Inc. (PAYX): 0.6%
4. Automatic Data Processing, Inc. (ADP): -1.1%
5. Zoom Communications, Inc. (ZM): -1.4%

## What can make this comparison misleading?
- 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.

## Every company
- SAP SE (SAP) — market value ₹2.1 L Cr; latest fundamentals Mar 2026
- Shopify Inc. (SHOP) — market value ₹1.7 L Cr; latest fundamentals Mar 2026
- Salesforce, Inc. (CRM) — market value ₹1.5 L Cr; latest fundamentals Jun 2026
- Uber Technologies, Inc. (UBER) — market value ₹1.4 L Cr; latest fundamentals Mar 2026
- ServiceNow, Inc. (NOW) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Automatic Data Processing, Inc. (ADP) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Adobe Inc. (ADBE) — market value ₹99.0K Cr; latest fundamentals Jun 2026
- Cadence Design Systems, Inc. (CDNS) — market value ₹95.1K Cr; latest fundamentals Mar 2026
- Snowflake Inc. (SNOW) — market value ₹93.7K Cr; latest fundamentals Jun 2026
- Datadog, Inc. (DDOG) — market value ₹89.3K Cr; latest fundamentals Mar 2026
- Intuit Inc. (INTU) — market value ₹85.6K Cr; latest fundamentals Jun 2026
- Autodesk, Inc. (ADSK) — market value ₹50.1K Cr; latest fundamentals Jun 2026
- Paychex, Inc. (PAYX) — market value ₹42.3K Cr; latest fundamentals Jun 2026
- Workday, Inc. (WDAY) — market value ₹39.4K Cr; latest fundamentals Jun 2026
- Roper Technologies, Inc. (ROP) — market value ₹38.7K Cr; latest fundamentals Jun 2026
- Strategy Inc (MSTR) — market value ₹34.5K Cr; latest fundamentals Mar 2026
- Fair Isaac Corporation (FICO) — market value ₹31.0K Cr; latest fundamentals Mar 2026
- Fiserv, Inc. (FISV) — market value ₹28.9K Cr; latest fundamentals Mar 2026
- Zoom Communications, Inc. (ZM) — market value ₹26.8K Cr; latest fundamentals Jun 2026
- Atlassian Corporation (TEAM) — market value ₹25.4K Cr; latest fundamentals Mar 2026
- Bending Spoons S.p.A. (BSP) — market value ₹20.8K Cr; latest fundamentals Mar 2026
- SS&C Technologies Holdings, Inc. (SSNC) — market value ₹18.8K Cr; latest fundamentals Jun 2026
- PTC Inc. (PTC) — market value ₹14.7K Cr; latest fundamentals Mar 2026
- Grab Holdings Limited (GRAB) — market value ₹14.1K Cr; latest fundamentals Mar 2026
- Tyler Technologies, Inc. (TYL) — market value ₹14.1K Cr; latest fundamentals Mar 2026
- Unity Software Inc. (U) — market value ₹13.9K Cr; latest fundamentals Mar 2026
- Guidewire Software, Inc. (GWRE) — market value ₹13.3K Cr; latest fundamentals Jun 2026
- Quantinuum Inc. (QNT) — market value ₹13.0K Cr; latest fundamentals Mar 2026
- Figma, Inc. (FIG) — market value ₹12.9K Cr; latest fundamentals Mar 2026
- Dynatrace, Inc. (DT) — market value ₹12.7K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/software-application