20-quarter listed-company comparison

Software - Infrastructure Stocks

Software - Infrastructure: Microsoft Corporation owns the largest revenue base; CoreWeave, Inc. has the fastest current growth.

The industry itself · before any single company

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

The line below covers 5.2 years. Over the most recent two of them this industry is 29% ahead of S&P 500. Earnings across its companies grew 14% on average over the last four reported quarters. It has been ahead of S&P 500 on a rolling three-month view for 14 weeks running.

LEADER · ahead 14w✓Price and the fundamentals both up64 of 114 companies ahead of S&P 500 by 5% or more over three months10 are 20% or more behind over a year while earnings grew 20% or more

RS ↑14w · 62/113 >200d (−4) · 64/114 lead (+2) · EPS 80/112↑

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

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

Together64 of 114 stocks moving

Fresh17 crossed in the last 4 weeks

Backed by scoresmovers score +2 vs the industry average

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

Large 13/23+1

Mid 28/40+4

Small 23/51−3

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 114 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Software - Infrastructure outperforming S&P 500?

Software - Infrastructure has underperformed S&P 500 by 3.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.3%. 16 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Fortinet, Inc. is the strongest against the sector itself at +38.4%.

+13.3%Sector vs S&P 500 · 13 weeks

-3.3%Sector vs S&P 500 · 52 weeks

16/27Stocks leading S&P 500

11/27Stocks leading sector

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

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

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

Bottom line

Software - Infrastructure has underperformed S&P 500 by 3.3% over 52 weeks and 13.3% over 13 weeks. 16 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 27 beat the sector itself. Microsoft Corporation leads with revenue of $318,273 million, based on 27 of 28 comparable companies through Mar 2026.

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

Which Software - Infrastructure company is largest by revenue?

Microsoft Corporation leads with revenue of $318,273 million, based on 27 of 28 comparable companies through Mar 2026.

Which Software - Infrastructure company is growing fastest?

CoreWeave, Inc. has the fastest current revenue growth at 100%, across 27 of 28 comparable companies.

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

Corpay, Inc. ranks first at 63.8/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Software - Infrastructure company reports the most CAPEX?

Microsoft Corporation reports the largest latest CAPEX at $30,876 million, with 28 of 28 companies comparable.

Which Software - Infrastructure company has the least gross debt?

Toast, Inc. has the lowest comparable gross debt at $17 million. Oracle Corporation has the highest at $156,189 million.

Which Software - Infrastructure company has the lowest comparable PEG?

Check Point Software Technologies Ltd. has the lowest comparable Guarded PEG at 0.52, among 12 of 28 companies that pass the metric’s comparability rules.

How much history does this Software - Infrastructure comparison include?

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

How is the 4-Factor Sector Score calculated?

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

Companies

complete canonical membership

Combined market value

$4.8T

Microsoft Corporation

Revenue growing

26/27

positive TTM year-on-year growth

Beating S&P 500

16/27

positive Mansfield relative strength

Global company selection

00 · research priority, made explicit

4-Factor Sector Score

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

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

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

Check Point Software Technologies Ltd. looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

F5, Inc. has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

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

1. Corpay, Inc. · CPAY

63.8/100 · Mixed-positive evidence · 82% evidence

Exact sum: 22.8 + 12.3 + 13.5 + 15.2 = 63.8

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

22.8/35Growth & earnings

Revenue 18.2% · PAT 16.1% · OPM change 7.9 pp

83% evidence

12.3/25Capital efficiency

ROCE 5.8% · debt/equity 2.68×

80% evidence

13.5/20Valuation

P/E 17.4× · PEG 1.01

65% evidence

15.2/20Relative strength

RS sector 6.4% · RS bench 12.4% · 1Y 21.5%

100% evidence

2. NetApp, Inc. · NTAP

62.2/100 · Mixed-positive evidence · 86% evidence

Exact sum: 19.2 + 13.4 + 11.7 + 17.9 = 62.2

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

19.2/35Growth & earnings

Revenue 5.4% · PAT 7.6% · OPM change 7.2 pp

95% evidence

13.4/25Capital efficiency

ROCE 8.3% · debt/equity 1.84×

80% evidence

11.7/20Valuation

P/E 17.1× · PEG 1.43

65% evidence

17.9/20Relative strength

RS sector 29.1% · RS bench 35.4% · 1Y 72.6%

100% evidence

3. Fortinet, Inc. · FTNT

59.7/100 · Mixed-positive evidence · 82% evidence

Exact sum: 17.9 + 16.5 + 5.4 + 19.9 = 59.7

Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

17.9/35Growth & earnings

Revenue 15.8% · PAT 4.6% · OPM change 1.9 pp

83% evidence

16.5/25Capital efficiency

ROCE 10.6% · debt/equity 0.5×

80% evidence

5.4/20Valuation

P/E 31.6× · PEG 4.79

65% evidence

19.9/20Relative strength

RS sector 38.4% · RS bench 45.3% · 1Y 54%

100% evidence

4. Okta, Inc. · OKTA

58.8/100 · Mixed-positive evidence · 76% evidence

Exact sum: 19.1 + 11.3 + 9.4 + 19 = 58.8

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

19.1/35Growth & earnings

Revenue 11.8% · PAT 90% · OPM change 1.6 pp

95% evidence

11.3/25Capital efficiency

ROCE 0.8% · debt/equity 0.06×

80% evidence

9.4/20Valuation

P/E 53.4× · PEG —

15% evidence

19.0/20Relative strength

RS sector 29.8% · RS bench 36.1% · 1Y 43.2%

100% evidence

5. CrowdStrike Holdings, Inc. · CRWD

58.3/100 · Mixed-positive evidence · 68% evidence

Exact sum: 22.8 + 9.2 + 8.5 + 17.8 = 58.3

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

22.8/35Growth & earnings

Revenue 23.2% · PAT — · OPM change 8.6 pp

71% evidence

9.2/25Capital efficiency

ROCE -0.5% · debt/equity 0.18×

80% evidence

8.5/20Valuation

P/E 582.1× · PEG —

15% evidence

17.8/20Relative strength

RS sector 26.3% · RS bench 32.4% · 1Y 62.8%

100% evidence

6. VeriSign, Inc. · VRSN

58.1/100 · Thin evidence · provisional · 53% evidence

Exact sum: 22.2 + 19.3 + 10.5 + 6.1 = 58.1

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

22.2/35Growth & earnings

Revenue — · PAT — · OPM change 1.1 pp

45% evidence

19.3/25Capital efficiency

ROCE 1141.8% · debt/equity —

57% evidence

10.5/20Valuation

P/E 27.3× · PEG —

15% evidence

6.1/20Relative strength

RS sector -4.6% · RS bench 0.5% · 1Y 5.9%

100% evidence

7. Palantir Technologies Inc. · PLTR

57.6/100 · Mixed-positive evidence · 72% evidence

Exact sum: 29.5 + 17.4 + 8.9 + 1.8 = 57.6

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -30.1% and the one-year return is -19.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

29.5/35Growth & earnings

Revenue 67.7% · PAT 100% · OPM change 26.3 pp

83% evidence

17.4/25Capital efficiency

ROCE 10.3% · debt/equity 0.03×

80% evidence

8.9/20Valuation

P/E 164.4× · PEG —

15% evidence

1.8/20Relative strength

RS sector -30.1% · RS bench -26.4% · 1Y -19.9%

100% evidence

8. Toast, Inc. · TOST

56.5/100 · Mixed-positive evidence · 72% evidence

Exact sum: 25.5 + 13.8 + 9.8 + 7.4 = 56.5

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

25.5/35Growth & earnings

Revenue 23.4% · PAT 100% · OPM change 3.5 pp

83% evidence

13.8/25Capital efficiency

ROCE 5.9% · debt/equity 0.01×

80% evidence

9.8/20Valuation

P/E 40.8× · PEG —

15% evidence

7.4/20Relative strength

RS sector -11.7% · RS bench -7.4% · 1Y -30.7%

100% evidence

9. F5, Inc. · FFIV

56.4/100 · Mixed-positive evidence · 82% evidence

Exact sum: 15.2 + 15.6 + 10.6 + 15 = 56.4

Decision use: Price leads the evidence: RS versus the benchmark is 20.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

15.2/35Growth & earnings

Revenue 9.7% · PAT 14% · OPM change 0.4 pp

83% evidence

15.6/25Capital efficiency

ROCE 3.9% · debt/equity 0.06×

80% evidence

10.6/20Valuation

P/E 23.7× · PEG 1.52

65% evidence

15.0/20Relative strength

RS sector 14.8% · RS bench 20.7% · 1Y 31.2%

100% evidence

10. Samsara Inc. · IOT

54.7/100 · Mixed-positive evidence · 68% evidence

Exact sum: 24.7 + 10.7 + 8.6 + 10.7 = 54.7

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

24.7/35Growth & earnings

Revenue 29.6% · PAT — · OPM change 10.6 pp

71% evidence

10.7/25Capital efficiency

ROCE 0.5% · debt/equity 0.05×

80% evidence

8.6/20Valuation

P/E 304.9× · PEG —

15% evidence

10.7/20Relative strength

RS sector -3.6% · RS bench 1.2% · 1Y 4.1%

100% evidence

11. GoDaddy Inc. · GDDY

54.5/100 · Mixed-positive evidence · 82% evidence

Exact sum: 19.5 + 11.6 + 16 + 7.4 = 54.5

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

19.5/35Growth & earnings

Revenue 7.8% · PAT 15.2% · OPM change 3.8 pp

83% evidence

11.6/25Capital efficiency

ROCE 6.1% · debt/equity 16.24×

80% evidence

16.0/20Valuation

P/E 13.1× · PEG 0.61

65% evidence

7.4/20Relative strength

RS sector -16.3% · RS bench -12.4% · 1Y -34.2%

100% evidence

12. Microsoft Corporation · MSFT

53.8/100 · Mixed-positive evidence · 82% evidence

Exact sum: 19.2 + 16.7 + 14.7 + 3.2 = 53.8

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

19.2/35Growth & earnings

Revenue 17.9% · PAT 29.6% · OPM change 0.6 pp

83% evidence

16.7/25Capital efficiency

ROCE 7.6% · debt/equity 0.14×

80% evidence

14.7/20Valuation

P/E 22× · PEG 0.74

65% evidence

3.2/20Relative strength

RS sector -22.4% · RS bench -18.4% · 1Y -24.9%

100% evidence

13. Nutanix, Inc. · NTNX

52.8/100 · Mixed-positive evidence · 71% evidence

Exact sum: 19.3 + 11.4 + 9.6 + 12.5 = 52.8

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

19.3/35Growth & earnings

Revenue -1.9% · PAT 100% · OPM change 5.2 pp

95% evidence

11.4/25Capital efficiency

ROCE 3.7% · debt/equity —

57% evidence

9.6/20Valuation

P/E 43× · PEG —

15% evidence

12.5/20Relative strength

RS sector -2% · RS bench 2% · 1Y -18.1%

100% evidence

14. Rubrik, Inc. · RBRK

52.5/100 · Mixed-positive evidence · 65% evidence

Exact sum: 25.9 + 8.3 + 10 + 8.3 = 52.5

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

25.9/35Growth & earnings

Revenue 45.9% · PAT — · OPM change 19.8 pp

71% evidence

8.3/25Capital efficiency

ROCE -5.3% · debt/equity 0×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

8.3/20Relative strength

RS sector -8.9% · RS bench -4.8% · 1Y -18.5%

100% evidence

15. Twilio Inc. · TWLO

51.0/100 · Mixed-positive evidence · 65% evidence

Exact sum: 18.8 + 10.9 + 8.8 + 12.5 = 51

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

18.8/35Growth & earnings

Revenue 15.6% · PAT — · OPM change 5.7 pp

62% evidence

10.9/25Capital efficiency

ROCE 1.2% · debt/equity 0.14×

80% evidence

8.8/20Valuation

P/E 196.6× · PEG —

15% evidence

12.5/20Relative strength

RS sector 22.6% · RS bench 29.2% · 1Y 60.4%

100% evidence

16. DigitalOcean Holdings, Inc. · DOCN

50.6/100 · Mixed-positive evidence · 72% evidence

Exact sum: 17.4 + 9.7 + 10.2 + 13.3 = 50.6

Decision use: Price leads the evidence: RS versus the benchmark is 39.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

17.4/35Growth & earnings

Revenue 17.7% · PAT 100% · OPM change -3.7 pp

83% evidence

9.7/25Capital efficiency

ROCE 2.2% · debt/equity 1.7×

80% evidence

10.2/20Valuation

P/E 37.5× · PEG —

15% evidence

13.3/20Relative strength

RS sector 32% · RS bench 39.7% · 1Y 337.1%

100% evidence

17. Check Point Software Technologies Ltd. · CHKP

49.5/100 · Mixed-negative evidence · 82% evidence

Exact sum: 13.2 + 13.8 + 16.2 + 6.3 = 49.5

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

13.2/35Growth & earnings

Revenue 5.8% · PAT 24.1% · OPM change -3 pp

83% evidence

13.8/25Capital efficiency

ROCE 3.9% · debt/equity 0.7×

80% evidence

16.2/20Valuation

P/E 14.7× · PEG 0.52

65% evidence

6.3/20Relative strength

RS sector -27% · RS bench -23.2% · 1Y -27%

100% evidence

18. Gen Digital Inc. · GEN

48.7/100 · Mixed-negative evidence · 75% evidence

Exact sum: 17.6 + 12.8 + 7.5 + 10.8 = 48.7

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

17.6/35Growth & earnings

Revenue 27.1% · PAT 51.3% · OPM change -6.4 pp

62% evidence

12.8/25Capital efficiency

ROCE 6.3% · debt/equity 3.14×

80% evidence

7.5/20Valuation

P/E 12× · PEG 2.71

65% evidence

10.8/20Relative strength

RS sector -3.6% · RS bench 1.1% · 1Y -4.2%

100% evidence

19. Cloudflare, Inc. · NET

45.7/100 · Mixed-negative evidence · 62% evidence

Exact sum: 18.2 + 3.6 + 10 + 13.9 = 45.7

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

18.2/35Growth & earnings

Revenue 31.6% · PAT — · OPM change 1.4 pp

62% evidence

3.6/25Capital efficiency

ROCE -1.9% · debt/equity 2.31×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

13.9/20Relative strength

RS sector 10.8% · RS bench 16.4% · 1Y 32%

100% evidence

20. MongoDB, Inc. · MDB

45.1/100 · Mixed-negative evidence · 65% evidence

Exact sum: 21.4 + 9.5 + 10 + 4.2 = 45.1

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

21.4/35Growth & earnings

Revenue 23.7% · PAT — · OPM change 6.2 pp

71% evidence

9.5/25Capital efficiency

ROCE -0.8% · debt/equity 0.01×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

4.2/20Relative strength

RS sector -15.3% · RS bench -10.7% · 1Y 40.6%

100% evidence

21. Akamai Technologies, Inc. · AKAM

44.1/100 · Mixed-negative evidence · 82% evidence

Exact sum: 9.6 + 10.9 + 14.3 + 9.3 = 44.1

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

9.6/35Growth & earnings

Revenue 6.1% · PAT -4% · OPM change -4.5 pp

83% evidence

10.9/25Capital efficiency

ROCE 1.2% · debt/equity 1.2×

80% evidence

14.3/20Valuation

P/E 38.7× · PEG 0.7

65% evidence

9.3/20Relative strength

RS sector -0.6% · RS bench 5.3% · 1Y 50.3%

100% evidence

22. Palo Alto Networks, Inc. · PANW

43.0/100 · Mixed-negative evidence · 86% evidence

Exact sum: 8.1 + 9.9 + 5.6 + 19.4 = 43

Decision use: Price leads the evidence: RS versus the benchmark is 41.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

8.1/35Growth & earnings

Revenue 19.5% · PAT -31.9% · OPM change -15.7 pp

95% evidence

9.9/25Capital efficiency

ROCE -0.7% · debt/equity 0.07×

80% evidence

5.6/20Valuation

P/E 147× · PEG 2.62

65% evidence

19.4/20Relative strength

RS sector 35.6% · RS bench 41.9% · 1Y 84.5%

100% evidence

23. Oracle Corporation · ORCL

39.8/100 · Mixed-negative evidence · 86% evidence

Exact sum: 17.3 + 10.4 + 11.8 + 0.3 = 39.8

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

17.3/35Growth & earnings

Revenue 17.4% · PAT 37.3% · OPM change -0.1 pp

95% evidence

10.4/25Capital efficiency

ROCE 3.4% · debt/equity 3.63×

80% evidence

11.8/20Valuation

P/E 38.7× · PEG 1.13

65% evidence

0.3/20Relative strength

RS sector -46.2% · RS bench -43.8% · 1Y -50.9%

100% evidence

24. Zscaler, Inc. · ZS

37.7/100 · Mixed-negative evidence · 65% evidence

Exact sum: 16.7 + 6.2 + 10 + 4.8 = 37.7

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

16.7/35Growth & earnings

Revenue 24.6% · PAT — · OPM change 0.2 pp

71% evidence

6.2/25Capital efficiency

ROCE -0.9% · debt/equity 0.79×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

4.8/20Relative strength

RS sector -35.3% · RS bench -32.5% · 1Y -45.9%

100% evidence

25. Block, Inc. · XYZ

36.1/100 · Mixed-negative evidence · 72% evidence

Exact sum: 5.1 + 8.7 + 9.5 + 12.8 = 36.1

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

5.1/35Growth & earnings

Revenue 2.3% · PAT -68.8% · OPM change -8.5 pp

83% evidence

8.7/25Capital efficiency

ROCE -0.6% · debt/equity 0.36×

80% evidence

9.5/20Valuation

P/E 47× · PEG —

15% evidence

12.8/20Relative strength

RS sector 6.3% · RS bench 11.6% · 1Y 12.3%

100% evidence

26. Synopsys, Inc. · SNPS

31.7/100 · Adverse evidence · 86% evidence

Exact sum: 10.3 + 11.3 + 8.2 + 1.9 = 31.7

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

10.3/35Growth & earnings

Revenue 39.5% · PAT -41.8% · OPM change -18.2 pp

95% evidence

11.3/25Capital efficiency

ROCE 0.4% · debt/equity 0.36×

80% evidence

8.2/20Valuation

P/E 111.7× · PEG 1.75

65% evidence

1.9/20Relative strength

RS sector -27.1% · RS bench -23.2% · 1Y -38%

100% evidence

27. CoreWeave, Inc. · CRWV

30.8/100 · Adverse evidence · 62% evidence

Exact sum: 15.8 + 4.5 + 10 + 0.5 = 30.8

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

15.8/35Growth & earnings

Revenue 100% · PAT — · OPM change -4.2 pp

62% evidence

4.5/25Capital efficiency

ROCE -0.5% · debt/equity 7.38×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

0.5/20Relative strength

RS sector -39.1% · RS bench -36% · 1Y -35.4%

100% evidence

28. Cerebras Systems Inc. · CBRS

52.3/100 · Thin evidence · provisional · 42% evidence

Exact sum: 25.6 + 6.7 + 10 + 10 = 52.3

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

25.6/35Growth & earnings

Revenue 86.1% · PAT — · OPM change 20.8 pp

62% evidence

6.7/25Capital efficiency

ROCE -0.9% · debt/equity 0.49×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

10.0/20Relative strength

RS sector — · RS bench — · 1Y —

0% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Microsoft Corporation has the highest Revenue among the 28 Software - Infrastructure companies compared here, at $318,273 million. Oracle Corporation is next at $67,358 million. CoreWeave, Inc. has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies. Its Revenue series carries 19 reported observations across the 20-quarter window.

What the numbers say: Microsoft Corporation is the scale leader at $318,273 million, 372.5% ahead of Oracle Corporation. CoreWeave, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 130% from a $6,228 million base, with 10 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderMicrosoft Corporation · $318,273 million

Gap372.5% versus #2 · Oracle Corporation

Persistence8/8 recent comparable periods

Coverage27/28 companies · 526 observations

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

This conclusion weakens if: Microsoft Corporation's growth falls below CoreWeave, Inc.'s for two consecutive comparable reports while operating margin also compresses.

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

Revenuelargest

1Microsoft Corporation MSFT$318.3B

2Oracle Corporation ORCL$67.4B

3Block, Inc. XYZ$24.5B

4Palo Alto Networks, Inc. PANW$10.6B

5Synopsys, Inc. SNPS$8.7B

Revenue growthfastest growers

1CoreWeave, Inc. CRWV100%

2Cerebras Systems Inc. CBRS86%

3Palantir Technologies Inc. PLTR68%

4Rubrik, Inc. RBRK46%

5Synopsys, Inc. SNPS40%

Revenue · company comparison

27/28 level · 27/28 change

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

All-company data · latest reported quarter

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

Company	Revenue	Revenue growth	Reported
Microsoft Corporation MSFT	$82.9B	18%	Mar 2026
Oracle Corporation ORCL	$19.2B	21%	Jun 2026
Block, Inc. XYZ	$6.1B	4.9%	Mar 2026
Palo Alto Networks, Inc. PANW	$3.0B	31%	Jun 2026
Synopsys, Inc. SNPS	$2.3B	42%	Jun 2026
CoreWeave, Inc. CRWV	$2.1B	112%	Mar 2026
NetApp, Inc. NTAP	$1.9B	12%	Jun 2026
Fortinet, Inc. FTNT	$1.9B	20%	Mar 2026
Palantir Technologies Inc. PLTR	$1.6B	85%	Mar 2026
Toast, Inc. TOST	$1.6B	22%	Mar 2026
Twilio Inc. TWLO	$1.4B	20%	Mar 2026
CrowdStrike Holdings, Inc. CRWD	$1.4B	26%	Jun 2026
Gen Digital Inc. GEN	$1.3B	23%	Jun 2026
GoDaddy Inc. GDDY	$1.3B	6.1%	Mar 2026
Corpay, Inc. CPAY	$1.3B	25%	Mar 2026
Akamai Technologies, Inc. AKAM	$1.1B	5.8%	Mar 2026
Zscaler, Inc. ZS	$850M	25%	Jun 2026
F5, Inc. FFIV	$812M	11%	Mar 2026
Okta, Inc. OKTA	$765M	11%	Jun 2026
MongoDB, Inc. MDB	$688M	25%	Jun 2026
Check Point Software Technologies Ltd. CHKP	$668M	4.7%	Mar 2026
Cloudflare, Inc. NET	$640M	34%	Mar 2026
Samsara Inc. IOT	$479M	31%	Jun 2026
VeriSign, Inc. VRSN	$429M	6.7%	Jun 2026
Rubrik, Inc. RBRK	$387M	39%	Jun 2026
Nutanix, Inc. NTNX	$365M	5.8%	Jun 2026
DigitalOcean Holdings, Inc. DOCN	$258M	22%	Mar 2026
Cerebras Systems Inc. CBRS	$193M	93%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

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

Block, Inc. · XYZ

Sep 2021$3.8B

Dec 2021$4.1B

Mar 2022$4.0B

Jun 2022$4.4B

Sep 2022$4.5B

Dec 2022$4.7B

Mar 2023$5.0B

Jun 2023$5.5B

Sep 2023$5.6B

Dec 2023$5.8B

Mar 2024$6.0B

Jun 2024$6.2B

Sep 2024$6.0B

Dec 2024$6.0B

Mar 2025$5.8B

Jun 2025$6.1B

Sep 2025$6.1B

Dec 2025$6.3B

Mar 2026$6.1B

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023$3M

Jun 2023$6M

Sep 2023$35M

Dec 2023$35M

Mar 2024$67M

Jun 2024$70M

Sep 2024$72M

Dec 2024$82M

Mar 2025$100M

Jun 2025$103M

Sep 2025$136M

Dec 2025$171M

Mar 2026$193M

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021$172M

Dec 2021$194M

Mar 2022$212M

Jun 2022$235M

Sep 2022$254M

Dec 2022$275M

Mar 2023$290M

Jun 2023$308M

Sep 2023$336M

Dec 2023$362M

Mar 2024$379M

Jun 2024$401M

Sep 2024$430M

Dec 2024$460M

Mar 2025$479M

Jun 2025$512M

Sep 2025$562M

Dec 2025$615M

Mar 2026$640M

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023$116M

Mar 2024$189M

Jun 2024$395M

Sep 2024$584M

Dec 2024$747M

Mar 2025$982M

Jun 2025$1.2B

Sep 2025$1.4B

Dec 2025$1.6B

Mar 2026$2.1B

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021$338M

Dec 2021$380M

Mar 2022$431M

Jun 2022$488M

Sep 2022$535M

Dec 2022$581M

Mar 2023$637M

Jun 2023$693M

Sep 2023$732M

Dec 2023$786M

Mar 2024$845M

Jun 2024$921M

Sep 2024$964M

Dec 2024$1.0B

Mar 2025$1.1B

Jun 2025$1.1B

Sep 2025$1.2B

Dec 2025$1.2B

Mar 2026$1.3B

Jun 2026$1.4B

Fortinet, Inc. · FTNT

Sep 2021$867M

Dec 2021$964M

Mar 2022$955M

Jun 2022$1.0B

Sep 2022$1.2B

Dec 2022$1.3B

Mar 2023$1.3B

Jun 2023$1.3B

Sep 2023$1.3B

Dec 2023$1.4B

Mar 2024$1.4B

Jun 2024$1.4B

Sep 2024$1.5B

Dec 2024$1.7B

Mar 2025$1.5B

Jun 2025$1.6B

Sep 2025$1.7B

Dec 2025$1.9B

Mar 2026$1.9B

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021$45.3B

Dec 2021$51.7B

Mar 2022$49.4B

Jun 2022$51.9B

Sep 2022$50.1B

Dec 2022$52.7B

Mar 2023$52.9B

Jun 2023$56.2B

Sep 2023$56.5B

Dec 2023$62.0B

Mar 2024$61.9B

Jun 2024$64.7B

Sep 2024$65.6B

Dec 2024$69.6B

Mar 2025$70.1B

Jun 2025$76.4B

Sep 2025$77.7B

Dec 2025$81.3B

Mar 2026$82.9B

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021$1.5B

Dec 2021$1.6B

Mar 2022$1.6B

Jun 2022$1.7B

Sep 2022$1.6B

Dec 2022$1.7B

Mar 2023$1.5B

Jun 2023$1.6B

Sep 2023$1.4B

Dec 2023$1.6B

Mar 2024$1.6B

Jun 2024$1.7B

Sep 2024$1.5B

Dec 2024$1.7B

Mar 2025$1.6B

Jun 2025$1.7B

Sep 2025$1.6B

Dec 2025$1.7B

Mar 2026$1.7B

Jun 2026$1.9B

Oracle Corporation · ORCL

Sep 2021$9.7B

Dec 2021$10.4B

Mar 2022$10.5B

Jun 2022$11.8B

Sep 2022$11.4B

Dec 2022$12.3B

Mar 2023$12.4B

Jun 2023$13.8B

Sep 2023$12.5B

Dec 2023$12.9B

Mar 2024$13.3B

Jun 2024$14.3B

Sep 2024$13.3B

Dec 2024$14.1B

Mar 2025$14.1B

Jun 2025$15.9B

Sep 2025$14.9B

Dec 2025$16.1B

Mar 2026$17.2B

Jun 2026$19.2B

Palantir Technologies Inc. · PLTR

Sep 2021$392M

Dec 2021$433M

Mar 2022$446M

Jun 2022$473M

Sep 2022$478M

Dec 2022$509M

Mar 2023$525M

Jun 2023$533M

Sep 2023$558M

Dec 2023$608M

Mar 2024$634M

Jun 2024$678M

Sep 2024$726M

Dec 2024$828M

Mar 2025$884M

Jun 2025$1.0B

Sep 2025$1.2B

Dec 2025$1.4B

Mar 2026$1.6B

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021$1.2B

Dec 2021$1.2B

Mar 2022$1.3B

Jun 2022$1.4B

Sep 2022$1.6B

Dec 2022$1.6B

Mar 2023$1.7B

Jun 2023$1.7B

Sep 2023$2.0B

Dec 2023$1.9B

Mar 2024$2.0B

Jun 2024$2.0B

Sep 2024$2.2B

Dec 2024$2.1B

Mar 2025$2.3B

Jun 2025$2.3B

Sep 2025$2.5B

Dec 2025$2.5B

Mar 2026$2.6B

Jun 2026$3.0B

Synopsys, Inc. · SNPS

Sep 2021$1.1B

Dec 2021$1.2B

Mar 2022$1.3B

Jun 2022$1.3B

Sep 2022$1.2B

Dec 2022$1.3B

Mar 2023$1.4B

Jun 2023$1.3B

Sep 2023$1.4B

Dec 2023$1.5B

Mar 2024$1.5B

Jun 2024$1.5B

Sep 2024$1.5B

Dec 2024$1.6B

Mar 2025$1.5B

Jun 2025$1.6B

Sep 2025$1.7B

Dec 2025$2.3B

Mar 2026$2.4B

Jun 2026$2.3B

Revenue growth · reported quarter history

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

Block, Inc. · XYZ

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-5.9%

Sep 202217%

Dec 202214%

Mar 202326%

Jun 202326%

Sep 202324%

Dec 202324%

Mar 202419%

Jun 202411%

Sep 20246.4%

Dec 20244.5%

Mar 2025-3.1%

Jun 2025-1.7%

Sep 20252.3%

Dec 20253.6%

Mar 20264.9%

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 20242,133%

Jun 20241,067%

Sep 2024106%

Dec 2024134%

Mar 202549%

Jun 202547%

Sep 202589%

Dec 2025109%

Mar 202693%

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202255%

Sep 202248%

Dec 202242%

Mar 202337%

Jun 202331%

Sep 202332%

Dec 202332%

Mar 202431%

Jun 202430%

Sep 202428%

Dec 202427%

Mar 202526%

Jun 202528%

Sep 202531%

Dec 202534%

Mar 202634%

Jun 2026—

CoreWeave, Inc. · CRWV

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 2024544%

Mar 2025420%

Jun 2025207%

Sep 2025134%

Dec 2025110%

Mar 2026112%

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202258%

Dec 202253%

Mar 202348%

Jun 202342%

Sep 202337%

Dec 202335%

Mar 202433%

Jun 202433%

Sep 202432%

Dec 202429%

Mar 202525%

Jun 202520%

Sep 202521%

Dec 202522%

Mar 202623%

Jun 202626%

Fortinet, Inc. · FTNT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202229%

Sep 202233%

Dec 202233%

Mar 202332%

Jun 202326%

Sep 202316%

Dec 202310%

Mar 20247.2%

Jun 202411%

Sep 202413%

Dec 202417%

Mar 202514%

Jun 202514%

Sep 202514%

Dec 202515%

Mar 202620%

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202212%

Sep 202211%

Dec 20222.0%

Mar 20237.1%

Jun 20238.3%

Sep 202313%

Dec 202318%

Mar 202417%

Jun 202415%

Sep 202416%

Dec 202412%

Mar 202513%

Jun 202518%

Sep 202518%

Dec 202517%

Mar 202618%

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20229.2%

Dec 20226.2%

Mar 2023-5.5%

Jun 2023-5.9%

Sep 2023-10%

Dec 2023-6.1%

Mar 20245.2%

Jun 20245.5%

Sep 20247.6%

Dec 20246.2%

Mar 20252.2%

Jun 20253.8%

Sep 20251.2%

Dec 20252.8%

Mar 20264.4%

Jun 202612%

Oracle Corporation · ORCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202218%

Dec 202218%

Mar 202318%

Jun 202317%

Sep 20238.8%

Dec 20235.4%

Mar 20247.1%

Jun 20243.3%

Sep 20246.9%

Dec 20248.6%

Mar 20256.4%

Jun 202511%

Sep 202512%

Dec 202514%

Mar 202622%

Jun 202621%

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202226%

Sep 202222%

Dec 202218%

Mar 202318%

Jun 202313%

Sep 202317%

Dec 202319%

Mar 202421%

Jun 202427%

Sep 202430%

Dec 202436%

Mar 202539%

Jun 202548%

Sep 202563%

Dec 202570%

Mar 202685%

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202227%

Dec 202225%

Mar 202326%

Jun 202324%

Sep 202326%

Dec 202320%

Mar 202419%

Jun 202415%

Sep 202412%

Dec 202414%

Mar 202514%

Jun 202515%

Sep 202516%

Dec 202516%

Mar 202615%

Jun 202631%

Synopsys, Inc. · SNPS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202218%

Dec 202211%

Mar 20237.2%

Jun 2023-1.3%

Sep 20238.5%

Dec 202314%

Mar 202411%

Jun 202415%

Sep 202413%

Dec 202412%

Mar 2025-3.7%

Jun 202510%

Sep 202514%

Dec 202538%

Mar 202666%

Jun 202642%

02 · compare level, then change

Operating Economics & Margin Trend

VeriSign, Inc. has the highest OPM among the 28 Software - Infrastructure companies compared here, at 68.5%. Gen Digital Inc. is next at 62.6%. Palantir Technologies Inc. has the highest Margin change at +26.3 percentage points, so level and change sit with different companies. 28 of 28 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: VeriSign, Inc. leads opm at 68.5%; Palantir Technologies Inc. leads margin change at +26.3 percentage points.

LeaderVeriSign, Inc. · 68.5%

Gap9.4% versus #2 · Gen Digital Inc.

Persistence4/8 recent comparable periods

Coverage28/28 companies · 525 observations

Investor read: VeriSign, 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 margin change signal.

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

OPMhighest

1VeriSign, Inc. VRSN69%

2Gen Digital Inc. GEN63%

3Corpay, Inc. CPAY50%

4Microsoft Corporation MSFT46%

5Palantir Technologies Inc. PLTR46%

Margin changefastest expanders

1Palantir Technologies Inc. PLTR+26.3 pp

2Cerebras Systems Inc. CBRS+20.8 pp

3Rubrik, Inc. RBRK+19.8 pp

4Samsara Inc. IOT+10.6 pp

5CrowdStrike Holdings, Inc. CRWD+8.6 pp

Operating margin · company comparison

28/28 level · 28/28 change

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

All-company data · latest reported quarter

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

Company	OPM	Margin change	Reported
VeriSign, Inc. VRSN	69%	+1.1 pp	Jun 2026
Gen Digital Inc. GEN	63%	−6.4 pp	Jun 2026
Corpay, Inc. CPAY	50%	+7.9 pp	Mar 2026
Microsoft Corporation MSFT	46%	+0.6 pp	Mar 2026
Palantir Technologies Inc. PLTR	46%	+26.3 pp	Mar 2026
Oracle Corporation ORCL	32%	−0.1 pp	Jun 2026
Fortinet, Inc. FTNT	31%	+1.9 pp	Mar 2026
Check Point Software Technologies Ltd. CHKP	28%	−3.0 pp	Mar 2026
NetApp, Inc. NTAP	27%	+7.2 pp	Jun 2026
GoDaddy Inc. GDDY	25%	+3.8 pp	Mar 2026
F5, Inc. FFIV	22%	+0.4 pp	Mar 2026
Nutanix, Inc. NTNX	19%	+5.2 pp	Jun 2026
DigitalOcean Holdings, Inc. DOCN	14%	−3.7 pp	Mar 2026
Akamai Technologies, Inc. AKAM	11%	−4.5 pp	Mar 2026
Twilio Inc. TWLO	7.7%	+5.7 pp	Mar 2026
Okta, Inc. OKTA	7.3%	+1.6 pp	Jun 2026
Toast, Inc. TOST	6.7%	+3.5 pp	Mar 2026
Synopsys, Inc. SNPS	5.3%	−18.2 pp	Jun 2026
Samsara Inc. IOT	1.5%	+10.6 pp	Jun 2026
CrowdStrike Holdings, Inc. CRWD	-2.2%	+8.6 pp	Jun 2026
Block, Inc. XYZ	-2.8%	−8.5 pp	Mar 2026
Zscaler, Inc. ZS	-3.5%	+0.2 pp	Jun 2026
MongoDB, Inc. MDB	-3.6%	+6.2 pp	Jun 2026
Palo Alto Networks, Inc. PANW	-6.1%	−15.7 pp	Jun 2026
CoreWeave, Inc. CRWV	-6.9%	−4.2 pp	Mar 2026
Cerebras Systems Inc. CBRS	-7.8%	+20.8 pp	Mar 2026
Cloudflare, Inc. NET	-9.7%	+1.4 pp	Mar 2026
Rubrik, Inc. RBRK	-14%	+19.8 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

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

Block, Inc. · XYZ

Sep 20210.6%

Dec 2021-1.3%

Mar 2022-5.7%

Jun 2022-4.9%

Sep 2022-1.1%

Dec 2022-2.9%

Mar 2023-0.1%

Jun 2023-2.4%

Sep 2023-0.2%

Dec 2023-2.3%

Mar 20244.2%

Jun 20245.0%

Sep 20245.4%

Dec 20240.2%

Mar 20255.7%

Jun 20258.0%

Sep 20256.7%

Dec 20257.8%

Mar 2026-2.8%

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023-490%

Sep 2023-59%

Dec 2023-92%

Mar 2024-27%

Jun 2024-34%

Sep 2024-27%

Dec 2024-49%

Mar 2025-29%

Jun 2025-55%

Sep 2025-20%

Dec 2025-20%

Mar 2026-7.8%

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021-15%

Dec 2021-21%

Mar 2022-19%

Jun 2022-28%

Sep 2022-18%

Dec 2022-19%

Mar 2023-16%

Jun 2023-18%

Sep 2023-12%

Dec 2023-12%

Mar 2024-14%

Jun 2024-8.7%

Sep 2024-7.2%

Dec 2024-7.5%

Mar 2025-11%

Jun 2025-13%

Sep 2025-6.7%

Dec 2025-8.0%

Mar 2026-9.7%

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-1.2%

Mar 20248.9%

Jun 202420%

Sep 202420%

Dec 202415%

Mar 2025-2.7%

Jun 20251.6%

Sep 20253.8%

Dec 2025-5.7%

Mar 2026-6.9%

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021-14%

Dec 2021-11%

Mar 2022-5.5%

Jun 2022-4.9%

Sep 2022-9.0%

Dec 2022-9.7%

Mar 2023-9.6%

Jun 2023-2.8%

Sep 2023-2.1%

Dec 20230.4%

Mar 20243.5%

Jun 20240.8%

Sep 20241.4%

Dec 2024-5.5%

Mar 2025-7.5%

Jun 2025-11%

Sep 2025-9.7%

Dec 2025-5.6%

Mar 2026-0.5%

Jun 2026-2.2%

Fortinet, Inc. · FTNT

Sep 202119%

Dec 202122%

Mar 202216%

Jun 202219%

Sep 202223%

Dec 202228%

Mar 202322%

Jun 202322%

Sep 202323%

Dec 202327%

Mar 202424%

Jun 202431%

Sep 202431%

Dec 202435%

Mar 202530%

Jun 202528%

Sep 202532%

Dec 202533%

Mar 202631%

Jun 2026—

Microsoft Corporation · MSFT

Sep 202145%

Dec 202143%

Mar 202241%

Jun 202240%

Sep 202243%

Dec 202239%

Mar 202342%

Jun 202343%

Sep 202348%

Dec 202344%

Mar 202445%

Jun 202443%

Sep 202447%

Dec 202446%

Mar 202546%

Jun 202545%

Sep 202549%

Dec 202547%

Mar 202646%

Jun 2026—

NetApp, Inc. · NTAP

Sep 202117%

Dec 202119%

Mar 202220%

Jun 202217%

Sep 202216%

Dec 202217%

Mar 202311%

Jun 202320%

Sep 202312%

Dec 202320%

Mar 202423%

Jun 202422%

Sep 202418%

Dec 202421%

Mar 202522%

Jun 202520%

Sep 202520%

Dec 202523%

Mar 202625%

Jun 202627%

Oracle Corporation · ORCL

Sep 202135%

Dec 2021-8.0%

Mar 202236%

Jun 202238%

Sep 202223%

Dec 202225%

Mar 202326%

Jun 202330%

Sep 202327%

Dec 202328%

Mar 202428%

Jun 202433%

Sep 202430%

Dec 202430%

Mar 202531%

Jun 202532%

Sep 202529%

Dec 202530%

Mar 202632%

Jun 202632%

Palantir Technologies Inc. · PLTR

Sep 2021-23%

Dec 2021-14%

Mar 2022-8.8%

Jun 2022-8.8%

Sep 2022-13%

Dec 2022-3.5%

Mar 20230.8%

Jun 20231.9%

Sep 20237.2%

Dec 202311%

Mar 202413%

Jun 202416%

Sep 202416%

Dec 20241.3%

Mar 202520%

Jun 202527%

Sep 202533%

Dec 202541%

Mar 202646%

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021-5.0%

Dec 2021-6.6%

Mar 2022-5.6%

Jun 2022-3.4%

Sep 20221.0%

Dec 20221.0%

Mar 20232.4%

Jun 20234.6%

Sep 202313%

Dec 202312%

Mar 20242.7%

Jun 20248.9%

Sep 202411%

Dec 202413%

Mar 202511%

Jun 20259.6%

Sep 202520%

Dec 202513%

Mar 202615%

Jun 2026-6.1%

Synopsys, Inc. · SNPS

Sep 202119%

Dec 202117%

Mar 202227%

Jun 202228%

Sep 202219%

Dec 202217%

Mar 202319%

Jun 202323%

Sep 202322%

Dec 202329%

Mar 202423%

Jun 202423%

Sep 202424%

Dec 202419%

Mar 202517%

Jun 202524%

Sep 20259.5%

Dec 20255.4%

Mar 20268.4%

Jun 20265.3%

Margin change · reported quarter history

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

Block, Inc. · XYZ

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−7.6 pp

Sep 2022−1.7 pp

Dec 2022−1.6 pp

Mar 2023+5.6 pp

Jun 2023+2.5 pp

Sep 2023+0.9 pp

Dec 2023+0.6 pp

Mar 2024+4.3 pp

Jun 2024+7.4 pp

Sep 2024+5.6 pp

Dec 2024+2.5 pp

Mar 2025+1.5 pp

Jun 2025+3.0 pp

Sep 2025+1.3 pp

Dec 2025+7.6 pp

Mar 2026−8.5 pp

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024+1,776.4 pp

Jun 2024+455.6 pp

Sep 2024+32.0 pp

Dec 2024+42.9 pp

Mar 2025−1.5 pp

Jun 2025−21.2 pp

Sep 2025+7.3 pp

Dec 2025+29.7 pp

Mar 2026+20.8 pp

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−8.6 pp

Sep 2022−2.7 pp

Dec 2022+2.7 pp

Mar 2023+2.6 pp

Jun 2023+9.3 pp

Sep 2023+6.4 pp

Dec 2023+6.7 pp

Mar 2024+1.9 pp

Jun 2024+9.5 pp

Sep 2024+4.5 pp

Dec 2024+4.3 pp

Mar 2025+3.3 pp

Jun 2025−4.4 pp

Sep 2025+0.5 pp

Dec 2025−0.5 pp

Mar 2026+1.4 pp

Jun 2026—

CoreWeave, Inc. · CRWV

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+16.3 pp

Mar 2025−11.6 pp

Jun 2025−18.1 pp

Sep 2025−16.3 pp

Dec 2025−20.8 pp

Mar 2026−4.2 pp

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+5.0 pp

Dec 2022+0.9 pp

Mar 2023−4.1 pp

Jun 2023+2.1 pp

Sep 2023+6.9 pp

Dec 2023+10.1 pp

Mar 2024+13.1 pp

Jun 2024+3.6 pp

Sep 2024+3.5 pp

Dec 2024−5.9 pp

Mar 2025−11.0 pp

Jun 2025−11.6 pp

Sep 2025−11.1 pp

Dec 2025−0.1 pp

Mar 2026+7.0 pp

Jun 2026+8.6 pp

Fortinet, Inc. · FTNT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+0.6 pp

Sep 2022+3.9 pp

Dec 2022+5.6 pp

Mar 2023+5.9 pp

Jun 2023+2.6 pp

Sep 2023−0.4 pp

Dec 2023−0.7 pp

Mar 2024+2.0 pp

Jun 2024+8.9 pp

Sep 2024+8.5 pp

Dec 2024+7.4 pp

Mar 2025+5.8 pp

Jun 2025−2.4 pp

Sep 2025+0.5 pp

Dec 2025−1.8 pp

Mar 2026+1.9 pp

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022−1.8 pp

Sep 2022−1.8 pp

Dec 2022−4.3 pp

Mar 2023+1.0 pp

Jun 2023+3.6 pp

Sep 2023+4.7 pp

Dec 2023+4.9 pp

Mar 2024+2.3 pp

Jun 2024−0.1 pp

Sep 2024−1.0 pp

Dec 2024+1.9 pp

Mar 2025+1.1 pp

Jun 2025+1.8 pp

Sep 2025+2.3 pp

Dec 2025+1.6 pp

Mar 2026+0.6 pp

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−1.1 pp

Dec 2022−1.8 pp

Mar 2023−8.6 pp

Jun 2023+2.1 pp

Sep 2023−3.6 pp

Dec 2023+2.5 pp

Mar 2024+11.5 pp

Jun 2024+2.4 pp

Sep 2024+5.9 pp

Dec 2024+1.3 pp

Mar 2025−0.7 pp

Jun 2025−1.8 pp

Sep 2025+1.5 pp

Dec 2025+2.6 pp

Mar 2026+3.2 pp

Jun 2026+7.2 pp

Oracle Corporation · ORCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−12.3 pp

Dec 2022+33.0 pp

Mar 2023−10.1 pp

Jun 2023−8.1 pp

Sep 2023+3.6 pp

Dec 2023+3.0 pp

Mar 2024+1.9 pp

Jun 2024+2.9 pp

Sep 2024+3.5 pp

Dec 2024+2.0 pp

Mar 2025+2.6 pp

Jun 2025−0.7 pp

Sep 2025−1.3 pp

Dec 2025−0.5 pp

Mar 2026+1.0 pp

Jun 2026−0.1 pp

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022+30.1 pp

Sep 2022+10.4 pp

Dec 2022+10.1 pp

Mar 2023+9.6 pp

Jun 2023+10.7 pp

Sep 2023+20.2 pp

Dec 2023+14.3 pp

Mar 2024+12.0 pp

Jun 2024+13.6 pp

Sep 2024+8.4 pp

Dec 2024−9.5 pp

Mar 2025+7.1 pp

Jun 2025+11.3 pp

Sep 2025+17.7 pp

Dec 2025+39.6 pp

Mar 2026+26.3 pp

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+6.0 pp

Dec 2022+7.6 pp

Mar 2023+8.0 pp

Jun 2023+8.0 pp

Sep 2023+12.0 pp

Dec 2023+10.5 pp

Mar 2024+0.3 pp

Jun 2024+4.3 pp

Sep 2024−2.1 pp

Dec 2024+1.9 pp

Mar 2025+8.0 pp

Jun 2025+0.7 pp

Sep 2025+8.7 pp

Dec 2025−0.9 pp

Mar 2026+4.6 pp

Jun 2026−15.7 pp

Synopsys, Inc. · SNPS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.4 pp

Dec 2022+0.4 pp

Mar 2023−8.5 pp

Jun 2023−5.2 pp

Sep 2023+3.5 pp

Dec 2023+12.0 pp

Mar 2024+4.5 pp

Jun 2024−0.4 pp

Sep 2024+1.4 pp

Dec 2024−9.9 pp

Mar 2025−6.0 pp

Jun 2025+0.7 pp

Sep 2025−14.1 pp

Dec 2025−13.6 pp

Mar 2026−8.9 pp

Jun 2026−18.2 pp

03 · compare level, then change

Profit Scale & Acceleration

Microsoft Corporation has the highest Net profit among the 28 Software - Infrastructure companies compared here, at $125,216 million. Oracle Corporation is next at $17,087 million. DigitalOcean Holdings, Inc. has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Microsoft Corporation leads with $125,216 million of TTM profit, 632.8% above Oracle Corporation. DigitalOcean Holdings, Inc. shows ≥100% on the scoring scale (119.4% uncapped) growth from a $237 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderMicrosoft Corporation · $125,216 million

Gap632.8% versus #2 · Oracle Corporation

Persistence8/8 recent comparable periods

Coverage27/28 companies · 526 observations

Investor read: Microsoft 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 profit growth signal.

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

Net profitlargest

1Microsoft Corporation MSFT$125.2B

2Oracle Corporation ORCL$17.1B

3Palantir Technologies Inc. PLTR$2.3B

4Fortinet, Inc. FTNT$2.0B

5NetApp, Inc. NTAP$1.3B

Profit growthfastest growers

1DigitalOcean Holdings, Inc. DOCN100%

2Nutanix, Inc. NTNX100%

3Palantir Technologies Inc. PLTR100%

4Toast, Inc. TOST100%

5Okta, Inc. OKTA90%

Net profit · company comparison

27/28 level · 17/28 change

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

All-company data · latest reported quarter

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

Company	Net profit	Profit growth	Reported
Microsoft Corporation MSFT	$31.8B	23%	Mar 2026
Oracle Corporation ORCL	$4.3B	26%	Jun 2026
Palantir Technologies Inc. PLTR	$876M	302%	Mar 2026
Fortinet, Inc. FTNT	$534M	20%	Mar 2026
Gen Digital Inc. GEN	$512M	35%	Jun 2026
NetApp, Inc. NTAP	$404M	19%	Jun 2026
Corpay, Inc. CPAY	$354M	45%	Mar 2026
VeriSign, Inc. VRSN	$215M	8.0%	Jun 2026
GoDaddy Inc. GDDY	$215M	-2.3%	Mar 2026
Check Point Software Technologies Ltd. CHKP	$192M	0.5%	Mar 2026
F5, Inc. FFIV	$148M	1.4%	Mar 2026
Toast, Inc. TOST	$126M	125%	Mar 2026
Akamai Technologies, Inc. AKAM	$106M	-14%	Mar 2026
Twilio Inc. TWLO	$90M	350%	Mar 2026
Okta, Inc. OKTA	$74M	19%	Jun 2026
Nutanix, Inc. NTNX	$72M	14%	Jun 2026
CrowdStrike Holdings, Inc. CRWD	$46M	-266%	Jun 2026
Samsara Inc. IOT	$45M	—	Jun 2026
Synopsys, Inc. SNPS	$17M	-95%	Jun 2026
DigitalOcean Holdings, Inc. DOCN	$16M	-58%	Mar 2026
MongoDB, Inc. MDB	$4M	0.0%	Jun 2026
Cerebras Systems Inc. CBRS	$-14M	—	Mar 2026
Zscaler, Inc. ZS	$-14M	-121%	Jun 2026
Cloudflare, Inc. NET	$-23M	—	Mar 2026
Rubrik, Inc. RBRK	$-42M	—	Jun 2026
Palo Alto Networks, Inc. PANW	$-177M	-168%	Jun 2026
Block, Inc. XYZ	$-309M	-263%	Mar 2026
CoreWeave, Inc. CRWV	$-740M	—	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

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

Block, Inc. · XYZ

Sep 2021$-3M

Dec 2021$-81M

Mar 2022$-207M

Jun 2022$-209M

Sep 2022$-19M

Dec 2022$-118M

Mar 2023$96M

Jun 2023$-105M

Sep 2023$-94M

Dec 2023$82M

Mar 2024$471M

Jun 2024$190M

Sep 2024$281M

Dec 2024$1.9B

Mar 2025$189M

Jun 2025$538M

Sep 2025$462M

Dec 2025$116M

Mar 2026$-309M

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023$-52M

Jun 2023$-26M

Sep 2023$-18M

Dec 2023$-31M

Mar 2024$-16M

Jun 2024$-51M

Sep 2024$-309M

Dec 2024$-106M

Mar 2025$-24M

Jun 2025$310M

Sep 2025$-22M

Dec 2025$-26M

Mar 2026$-14M

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021$-107M

Dec 2021$-78M

Mar 2022$-41M

Jun 2022$-64M

Sep 2022$-43M

Dec 2022$-46M

Mar 2023$-38M

Jun 2023$-94M

Sep 2023$-24M

Dec 2023$-28M

Mar 2024$-36M

Jun 2024$-15M

Sep 2024$-15M

Dec 2024$-13M

Mar 2025$-38M

Jun 2025$-50M

Sep 2025$-1M

Dec 2025$-12M

Mar 2026$-23M

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023$-171M

Mar 2024$-129M

Jun 2024$-323M

Sep 2024$-360M

Dec 2024$-102M

Mar 2025$-315M

Jun 2025$-291M

Sep 2025$-110M

Dec 2025$-452M

Mar 2026$-740M

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021$-57M

Dec 2021$-50M

Mar 2022$-42M

Jun 2022$-30M

Sep 2022$-48M

Dec 2022$-55M

Mar 2023$-49M

Jun 2023$0M

Sep 2023$8M

Dec 2023$27M

Mar 2024$55M

Jun 2024$46M

Sep 2024$47M

Dec 2024$-17M

Mar 2025$-87M

Jun 2025$-105M

Sep 2025$-78M

Dec 2025$-34M

Mar 2026$41M

Jun 2026$46M

Fortinet, Inc. · FTNT

Sep 2021$160M

Dec 2021$194M

Mar 2022$130M

Jun 2022$165M

Sep 2022$225M

Dec 2022$269M

Mar 2023$226M

Jun 2023$261M

Sep 2023$318M

Dec 2023$301M

Mar 2024$293M

Jun 2024$368M

Sep 2024$535M

Dec 2024$521M

Mar 2025$444M

Jun 2025$440M

Sep 2025$474M

Dec 2025$506M

Mar 2026$534M

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021$20.5B

Dec 2021$18.8B

Mar 2022$16.7B

Jun 2022$16.7B

Sep 2022$17.6B

Dec 2022$16.4B

Mar 2023$18.3B

Jun 2023$20.1B

Sep 2023$22.3B

Dec 2023$21.9B

Mar 2024$21.9B

Jun 2024$22.0B

Sep 2024$24.7B

Dec 2024$24.1B

Mar 2025$25.8B

Jun 2025$27.2B

Sep 2025$27.7B

Dec 2025$38.5B

Mar 2026$31.8B

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021$202M

Dec 2021$224M

Mar 2022$252M

Jun 2022$259M

Sep 2022$214M

Dec 2022$750M

Mar 2023$65M

Jun 2023$245M

Sep 2023$149M

Dec 2023$233M

Mar 2024$313M

Jun 2024$291M

Sep 2024$248M

Dec 2024$299M

Mar 2025$299M

Jun 2025$340M

Sep 2025$233M

Dec 2025$305M

Mar 2026$334M

Jun 2026$404M

Oracle Corporation · ORCL

Sep 2021$2.5B

Dec 2021$-1.2B

Mar 2022$2.3B

Jun 2022$3.2B

Sep 2022$1.5B

Dec 2022$1.7B

Mar 2023$1.9B

Jun 2023$3.3B

Sep 2023$2.4B

Dec 2023$2.5B

Mar 2024$2.4B

Jun 2024$3.1B

Sep 2024$2.9B

Dec 2024$3.2B

Mar 2025$2.9B

Jun 2025$3.4B

Sep 2025$2.9B

Dec 2025$6.1B

Mar 2026$3.7B

Jun 2026$4.3B

Palantir Technologies Inc. · PLTR

Sep 2021$-102M

Dec 2021$-156M

Mar 2022$-101M

Jun 2022$-179M

Sep 2022$-124M

Dec 2022$33M

Mar 2023$19M

Jun 2023$28M

Sep 2023$73M

Dec 2023$97M

Mar 2024$106M

Jun 2024$136M

Sep 2024$149M

Dec 2024$77M

Mar 2025$218M

Jun 2025$329M

Sep 2025$477M

Dec 2025$612M

Mar 2026$876M

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021$-119M

Dec 2021$-104M

Mar 2022$-94M

Jun 2022$-73M

Sep 2022$3M

Dec 2022$20M

Mar 2023$84M

Jun 2023$108M

Sep 2023$228M

Dec 2023$194M

Mar 2024$1.7B

Jun 2024$279M

Sep 2024$358M

Dec 2024$351M

Mar 2025$267M

Jun 2025$262M

Sep 2025$254M

Dec 2025$334M

Mar 2026$432M

Jun 2026$-177M

Synopsys, Inc. · SNPS

Sep 2021$198M

Dec 2021$201M

Mar 2022$313M

Jun 2022$294M

Sep 2022$220M

Dec 2022$152M

Mar 2023$269M

Jun 2023$273M

Sep 2023$333M

Dec 2023$343M

Mar 2024$435M

Jun 2024$296M

Sep 2024$423M

Dec 2024$261M

Mar 2025$297M

Jun 2025$345M

Sep 2025$242M

Dec 2025$448M

Mar 2026$65M

Jun 2026$17M

Profit growth · reported quarter history

Showing the 12 largest of 23 companies with a series here. The remaining 11 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Block, Inc. · XYZ

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-202%

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024391%

Jun 2024—

Sep 2024—

Dec 20242,248%

Mar 2025-60%

Jun 2025183%

Sep 202564%

Dec 2025-94%

Mar 2026-263%

Jun 2026—

Corpay, Inc. · CPAY

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202234%

Sep 20226.4%

Dec 20220.0%

Mar 2023-1.4%

Jun 2023-8.4%

Sep 20238.8%

Dec 202314%

Mar 20247.0%

Jun 20245.0%

Sep 20241.9%

Dec 2024-3.9%

Mar 20256.1%

Jun 202513%

Sep 20250.7%

Dec 20258.1%

Mar 202645%

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

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 2024488%

Dec 2024-163%

Mar 2025-258%

Jun 2025-328%

Sep 2025-266%

Dec 2025—

Mar 2026—

Jun 2026—

Fortinet, Inc. · FTNT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202220%

Sep 202241%

Dec 202239%

Mar 202374%

Jun 202358%

Sep 202341%

Dec 202312%

Mar 202430%

Jun 202441%

Sep 202468%

Dec 202473%

Mar 202552%

Jun 202520%

Sep 2025-11%

Dec 2025-2.9%

Mar 202620%

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.7%

Sep 2022-14%

Dec 2022-12%

Mar 20239.4%

Jun 202320%

Sep 202327%

Dec 202333%

Mar 202420%

Jun 20249.7%

Sep 202411%

Dec 202410%

Mar 202518%

Jun 202524%

Sep 202512%

Dec 202560%

Mar 202623%

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20225.9%

Dec 2022235%

Mar 2023-74%

Jun 2023-5.4%

Sep 2023-30%

Dec 2023-69%

Mar 2024382%

Jun 202419%

Sep 202466%

Dec 202428%

Mar 2025-4.5%

Jun 202517%

Sep 2025-6.1%

Dec 20252.0%

Mar 202612%

Jun 202619%

Oracle Corporation · ORCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-37%

Dec 2022—

Mar 2023-18%

Jun 20234.1%

Sep 202356%

Dec 202344%

Mar 202427%

Jun 2024-5.3%

Sep 202421%

Dec 202426%

Mar 202522%

Jun 20259.0%

Sep 2025-0.1%

Dec 202595%

Mar 202627%

Jun 202626%

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023194%

Mar 2024458%

Jun 2024386%

Sep 2024104%

Dec 2024-21%

Mar 2025106%

Jun 2025142%

Sep 2025220%

Dec 2025695%

Mar 2026302%

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20237,500%

Dec 2023870%

Mar 20241,980%

Jun 2024158%

Sep 202457%

Dec 202481%

Mar 2025-85%

Jun 2025-6.1%

Sep 2025-29%

Dec 2025-4.8%

Mar 202662%

Jun 2026-168%

Synopsys, Inc. · SNPS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202211%

Dec 2022-24%

Mar 2023-14%

Jun 2023-7.1%

Sep 202351%

Dec 2023126%

Mar 202462%

Jun 20248.4%

Sep 202427%

Dec 2024-24%

Mar 2025-32%

Jun 202517%

Sep 2025-43%

Dec 202572%

Mar 2026-78%

Jun 2026-95%

Twilio Inc. · TWLO

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 2026350%

Jun 2026—

VeriSign, Inc. · VRSN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202213%

Sep 20228.3%

Dec 2022-45%

Mar 202313%

Jun 202311%

Sep 202311%

Dec 202347%

Mar 20248.4%

Jun 20247.0%

Sep 20246.4%

Dec 2024-28%

Mar 20252.6%

Jun 20254.0%

Sep 20256.0%

Dec 20257.3%

Mar 20268.0%

Jun 2026—

04 · compare level, then change

Capacity Spending & Returns On It

Microsoft Corporation has the highest CAPEX among the 28 Software - Infrastructure companies compared here, at $30,876 million. Oracle Corporation is next at $16,493 million. CoreWeave, Inc. has the highest CAPEX intensity at 370.3%, so level and change sit with different companies. 28 of 28 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Microsoft Corporation reports $30,876 million of CAPEX; CoreWeave, Inc. has the highest covered intensity at 370.3%. Coverage is only 28 of 28 companies and 516 reported observations, so this is partial evidence—not a complete sector rank.

LeaderMicrosoft Corporation · $30,876 million

Gap87.2% versus #2 · Oracle Corporation

Persistence8/8 recent comparable periods

Coverage28/28 companies · 516 observations

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

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

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

CAPEXlargest spenders

1Microsoft Corporation MSFT$30.9B

2Oracle Corporation ORCL$16.5B

3CoreWeave, Inc. CRWV$7.7B

4Cerebras Systems Inc. CBRS$132M

5Akamai Technologies, Inc. AKAM$102M

CAPEX intensityhighest reinvestment intensity

1CoreWeave, Inc. CRWV370%

2Oracle Corporation ORCL86%

3Cerebras Systems Inc. CBRS68%

4Microsoft Corporation MSFT37%

5DigitalOcean Holdings, Inc. DOCN17%

Capital expenditure · company comparison

28/28 level · 28/28 change

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

All-company data · latest reported quarter

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

Company	CAPEX	CAPEX intensity	Reported
Microsoft Corporation MSFT	$30.9B	37%	Mar 2026
Oracle Corporation ORCL	$16.5B	86%	Jun 2026
CoreWeave, Inc. CRWV	$7.7B	370%	Mar 2026
Cerebras Systems Inc. CBRS	$132M	68%	Mar 2026
Akamai Technologies, Inc. AKAM	$102M	9.5%	Mar 2026
CrowdStrike Holdings, Inc. CRWD	$98M	7.1%	Jun 2026
Palo Alto Networks, Inc. PANW	$83M	2.8%	Jun 2026
Fortinet, Inc. FTNT	$71M	3.8%	Mar 2026
Cloudflare, Inc. NET	$65M	10%	Mar 2026
Synopsys, Inc. SNPS	$54M	2.4%	Jun 2026
Corpay, Inc. CPAY	$51M	4.0%	Mar 2026
NetApp, Inc. NTAP	$50M	2.6%	Jun 2026
DigitalOcean Holdings, Inc. DOCN	$45M	17%	Mar 2026
Zscaler, Inc. ZS	$42M	4.9%	Jun 2026
Block, Inc. XYZ	$31M	0.5%	Mar 2026
VeriSign, Inc. VRSN	$19M	1.6%	Jun 2026
F5, Inc. FFIV	$18M	2.2%	Mar 2026
Toast, Inc. TOST	$17M	1.0%	Mar 2026
Nutanix, Inc. NTNX	$10M	2.7%	Jun 2026
Check Point Software Technologies Ltd. CHKP	$9M	1.3%	Mar 2026
Samsara Inc. IOT	$8M	1.7%	Jun 2026
Palantir Technologies Inc. PLTR	$7M	0.4%	Mar 2026
GoDaddy Inc. GDDY	$5M	0.4%	Mar 2026
Twilio Inc. TWLO	$4M	0.3%	Mar 2026
Rubrik, Inc. RBRK	$4M	1.0%	Jun 2026
Gen Digital Inc. GEN	$3M	0.2%	Jun 2026
MongoDB, Inc. MDB	$2M	0.3%	Jun 2026
Okta, Inc. OKTA	$1M	0.1%	Jun 2026

Full 20-quarter history · every available company

CAPEX · reported quarter history

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

Block, Inc. · XYZ

Sep 2021$31M

Dec 2021$36M

Mar 2022$41M

Jun 2022$44M

Sep 2022$36M

Dec 2022$49M

Mar 2023$32M

Jun 2023$30M

Sep 2023$38M

Dec 2023$52M

Mar 2024$32M

Jun 2024$38M

Sep 2024$57M

Dec 2024$27M

Mar 2025$32M

Jun 2025$31M

Sep 2025$51M

Dec 2025$41M

Mar 2026$31M

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023$0M

Jun 2023$0M

Sep 2023$3M

Dec 2023$3M

Mar 2024$6M

Jun 2024$6M

Sep 2024$6M

Dec 2024$6M

Mar 2025$98M

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026$132M

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021$29M

Dec 2021$28M

Mar 2022$24M

Jun 2022$37M

Sep 2022$42M

Dec 2022$40M

Mar 2023$18M

Jun 2023$39M

Sep 2023$27M

Dec 2023$31M

Mar 2024$32M

Jun 2024$30M

Sep 2024$50M

Dec 2024$73M

Mar 2025$86M

Jun 2025$60M

Sep 2025$85M

Dec 2025$85M

Mar 2026$65M

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023$1.2B

Mar 2024$1.7B

Jun 2024$2.2B

Sep 2024$1.2B

Dec 2024$3.5B

Mar 2025$1.4B

Jun 2025$2.5B

Sep 2025$2.4B

Dec 2025$4.1B

Mar 2026$7.7B

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021$30M

Dec 2021$30M

Mar 2022$27M

Jun 2022$52M

Sep 2022$66M

Dec 2022$61M

Mar 2023$55M

Jun 2023$62M

Sep 2023$40M

Dec 2023$21M

Mar 2024$53M

Jun 2024$50M

Sep 2024$39M

Dec 2024$79M

Mar 2025$87M

Jun 2025$86M

Sep 2025$30M

Dec 2025$83M

Mar 2026$102M

Jun 2026$98M

Fortinet, Inc. · FTNT

Sep 2021$69M

Dec 2021$151M

Mar 2022$123M

Jun 2022$40M

Sep 2022$88M

Dec 2022$31M

Mar 2023$30M

Jun 2023$77M

Sep 2023$70M

Dec 2023$27M

Mar 2024$222M

Jun 2024$23M

Sep 2024$36M

Dec 2024$98M

Mar 2025$67M

Jun 2025$168M

Sep 2025$88M

Dec 2025$43M

Mar 2026$71M

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021$5.8B

Dec 2021$5.9B

Mar 2022$5.3B

Jun 2022$6.9B

Sep 2022$6.3B

Dec 2022$6.3B

Mar 2023$6.6B

Jun 2023$8.9B

Sep 2023$9.9B

Dec 2023$9.7B

Mar 2024$11.0B

Jun 2024$13.9B

Sep 2024$14.9B

Dec 2024$15.8B

Mar 2025$16.7B

Jun 2025$17.1B

Sep 2025$19.4B

Dec 2025$29.9B

Mar 2026$30.9B

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021$51M

Dec 2021$46M

Mar 2022$61M

Jun 2022$68M

Sep 2022$65M

Dec 2022$77M

Mar 2023$58M

Jun 2023$39M

Sep 2023$35M

Dec 2023$38M

Mar 2024$36M

Jun 2024$46M

Sep 2024$41M

Dec 2024$45M

Mar 2025$47M

Jun 2025$35M

Sep 2025$53M

Dec 2025$49M

Mar 2026$46M

Jun 2026$50M

Oracle Corporation · ORCL

Sep 2021$1.1B

Dec 2021$925M

Mar 2022$1.1B

Jun 2022$1.4B

Sep 2022$1.7B

Dec 2022$2.4B

Mar 2023$2.6B

Jun 2023$1.9B

Sep 2023$1.3B

Dec 2023$1.1B

Mar 2024$1.7B

Jun 2024$2.8B

Sep 2024$2.3B

Dec 2024$4.0B

Mar 2025$5.9B

Jun 2025$9.1B

Sep 2025$8.5B

Dec 2025$12.0B

Mar 2026$18.6B

Jun 2026$16.5B

Palantir Technologies Inc. · PLTR

Sep 2021$5M

Dec 2021$6M

Mar 2022$15M

Jun 2022$5M

Sep 2022$14M

Dec 2022$5M

Mar 2023$5M

Jun 2023$4M

Sep 2023$2M

Dec 2023$5M

Mar 2024$3M

Jun 2024$3M

Sep 2024$4M

Dec 2024$3M

Mar 2025$6M

Jun 2025$8M

Sep 2025$7M

Dec 2025$13M

Mar 2026$7M

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021$27M

Dec 2021$35M

Mar 2022$81M

Jun 2022$38M

Sep 2022$39M

Dec 2022$40M

Mar 2023$38M

Jun 2023$31M

Sep 2023$37M

Dec 2023$37M

Mar 2024$35M

Jun 2024$37M

Sep 2024$47M

Dec 2024$44M

Mar 2025$48M

Jun 2025$68M

Sep 2025$86M

Dec 2025$84M

Mar 2026$170M

Jun 2026$83M

Synopsys, Inc. · SNPS

Sep 2021$23M

Dec 2021$27M

Mar 2022$42M

Jun 2022$26M

Sep 2022$36M

Dec 2022$34M

Mar 2023$44M

Jun 2023$48M

Sep 2023$45M

Dec 2023$53M

Mar 2024$40M

Jun 2024$38M

Sep 2024$40M

Dec 2024$4M

Mar 2025$41M

Jun 2025$56M

Sep 2025$39M

Dec 2025$35M

Mar 2026$35M

Jun 2026$54M

CAPEX intensity · reported quarter history

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

Block, Inc. · XYZ

Sep 20210.8%

Dec 20210.9%

Mar 20221.0%

Jun 20221.0%

Sep 20220.8%

Dec 20221.1%

Mar 20230.6%

Jun 20230.5%

Sep 20230.7%

Dec 20230.9%

Mar 20240.5%

Jun 20240.6%

Sep 20241.0%

Dec 20240.4%

Mar 20250.6%

Jun 20250.5%

Sep 20250.8%

Dec 20250.7%

Mar 20260.5%

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.0%

Jun 20230.0%

Sep 20238.6%

Dec 20238.6%

Mar 20249.0%

Jun 20248.6%

Sep 20248.3%

Dec 20247.3%

Mar 202598%

Jun 2025—

Sep 2025—

Dec 2025—

Mar 202668%

Jun 2026—

Cloudflare, Inc. · NET

Sep 202117%

Dec 202114%

Mar 202211%

Jun 202216%

Sep 202217%

Dec 202215%

Mar 20236.2%

Jun 202313%

Sep 20238.0%

Dec 20238.6%

Mar 20248.4%

Jun 20247.5%

Sep 202412%

Dec 202416%

Mar 202518%

Jun 202512%

Sep 202515%

Dec 202514%

Mar 202610%

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231,017%

Mar 2024922%

Jun 2024569%

Sep 2024208%

Dec 2024468%

Mar 2025143%

Jun 2025202%

Sep 2025175%

Dec 2025258%

Mar 2026370%

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 20218.9%

Dec 20217.9%

Mar 20226.3%

Jun 202211%

Sep 202212%

Dec 202211%

Mar 20238.6%

Jun 20238.9%

Sep 20235.5%

Dec 20232.7%

Mar 20246.3%

Jun 20245.4%

Sep 20244.0%

Dec 20247.8%

Mar 20258.2%

Jun 20257.8%

Sep 20252.6%

Dec 20256.7%

Mar 20267.8%

Jun 20267.1%

Fortinet, Inc. · FTNT

Sep 20218.0%

Dec 202116%

Mar 202213%

Jun 20223.9%

Sep 20227.7%

Dec 20222.4%

Mar 20232.4%

Jun 20236.0%

Sep 20235.2%

Dec 20231.9%

Mar 202416%

Jun 20241.6%

Sep 20242.4%

Dec 20245.9%

Mar 20254.4%

Jun 202510%

Sep 20255.1%

Dec 20252.3%

Mar 20263.8%

Jun 2026—

Microsoft Corporation · MSFT

Sep 202113%

Dec 202111%

Mar 202211%

Jun 202213%

Sep 202213%

Dec 202212%

Mar 202313%

Jun 202316%

Sep 202318%

Dec 202316%

Mar 202418%

Jun 202421%

Sep 202423%

Dec 202423%

Mar 202524%

Jun 202522%

Sep 202525%

Dec 202537%

Mar 202637%

Jun 2026—

NetApp, Inc. · NTAP

Sep 20213.5%

Dec 20212.9%

Mar 20223.8%

Jun 20224.0%

Sep 20224.1%

Dec 20224.6%

Mar 20233.8%

Jun 20232.5%

Sep 20232.4%

Dec 20232.4%

Mar 20242.2%

Jun 20242.8%

Sep 20242.7%

Dec 20242.7%

Mar 20252.9%

Jun 20252.0%

Sep 20253.4%

Dec 20252.9%

Mar 20262.7%

Jun 20262.6%

Oracle Corporation · ORCL

Sep 202111%

Dec 20218.9%

Mar 202211%

Jun 202212%

Sep 202215%

Dec 202220%

Mar 202321%

Jun 202314%

Sep 202311%

Dec 20238.3%

Mar 202413%

Jun 202420%

Sep 202417%

Dec 202428%

Mar 202542%

Jun 202557%

Sep 202557%

Dec 202575%

Mar 2026108%

Jun 202686%

Palantir Technologies Inc. · PLTR

Sep 20211.3%

Dec 20211.4%

Mar 20223.4%

Jun 20221.1%

Sep 20222.9%

Dec 20221.0%

Mar 20231.0%

Jun 20230.8%

Sep 20230.4%

Dec 20230.8%

Mar 20240.5%

Jun 20240.4%

Sep 20240.6%

Dec 20240.4%

Mar 20250.7%

Jun 20250.8%

Sep 20250.6%

Dec 20250.9%

Mar 20260.4%

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 20212.2%

Dec 20212.8%

Mar 20226.2%

Jun 20222.7%

Sep 20222.5%

Dec 20222.6%

Mar 20232.3%

Jun 20231.8%

Sep 20231.9%

Dec 20232.0%

Mar 20241.8%

Jun 20241.9%

Sep 20242.1%

Dec 20242.1%

Mar 20252.1%

Jun 20253.0%

Sep 20253.4%

Dec 20253.4%

Mar 20266.6%

Jun 20262.8%

Synopsys, Inc. · SNPS

Sep 20212.2%

Dec 20212.3%

Mar 20223.3%

Jun 20222.0%

Sep 20222.9%

Dec 20222.6%

Mar 20233.2%

Jun 20233.8%

Sep 20233.3%

Dec 20233.6%

Mar 20242.6%

Jun 20242.6%

Sep 20242.6%

Dec 20240.2%

Mar 20252.8%

Jun 20253.5%

Sep 20252.2%

Dec 20251.6%

Mar 20261.5%

Jun 20262.4%

Annual capital allocation · 6-year view

28/28 capacity base · 28/28 OCF · 28/28 CAPEX · 28/28 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

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

Block, Inc. · XYZ

Jun 2021—

Dec 2021$732M

Dec 2022$702M

Dec 2023$541M

Dec 2024$534M

Dec 2025$538M

Cerebras Systems Inc. · CBRS

Jun 2021—

Dec 2021—

Dec 2022$28M

Dec 2023$13M

Dec 2024$80M

Dec 2025$686M

Cloudflare, Inc. · NET

Jun 2021—

Dec 2021$314M

Dec 2022$419M

Dec 2023$461M

Dec 2024$636M

Dec 2025$856M

CoreWeave, Inc. · CRWV

Jun 2021—

Dec 2021—

Dec 2022—

Dec 2023$3.9B

Dec 2024$14.5B

Dec 2025$38.8B

CrowdStrike Holdings, Inc. · CRWD

Jun 2021—

Dec 2021$292M

Dec 2022$532M

Dec 2023$668M

Dec 2024$831M

Dec 2025$1.0B

Fortinet, Inc. · FTNT

Jun 2021—

Dec 2021$688M

Dec 2022$899M

Dec 2023$1.0B

Dec 2024$1.4B

Dec 2025$1.6B

Microsoft Corporation · MSFT

Jun 2021$70.8B

Dec 2021$87.5B

Dec 2022$110.0B

Dec 2023$154.6B

Dec 2024$229.8B

Dec 2025—

NetApp, Inc. · NTAP

Jun 2021—

Dec 2021$602M

Dec 2022$650M

Dec 2023$604M

Dec 2024$563M

Dec 2025$592M

Oracle Corporation · ORCL

Jun 2021—

Dec 2021$9.7B

Dec 2022$17.1B

Dec 2023$21.5B

Dec 2024$56.7B

Dec 2025$129.6B

Palantir Technologies Inc. · PLTR

Jun 2021—

Dec 2021$248M

Dec 2022$269M

Dec 2023$231M

Dec 2024$240M

Dec 2025$252M

Palo Alto Networks, Inc. · PANW

Jun 2021—

Dec 2021$581M

Dec 2022$600M

Dec 2023$618M

Dec 2024$747M

Dec 2025$734M

Synopsys, Inc. · SNPS

Jun 2021—

Dec 2021$966M

Dec 2022$1.0B

Dec 2023$1.1B

Dec 2024$1.1B

Dec 2025$1.4B

Operating cash flow · fiscal-year history

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

Block, Inc. · XYZ

Jun 2021—

Dec 2021$848M

Dec 2022$176M

Dec 2023$101M

Dec 2024$1.7B

Dec 2025$2.6B

Cerebras Systems Inc. · CBRS

Jun 2021—

Dec 2021—

Dec 2022$-164M

Dec 2023$-79M

Dec 2024$452M

Dec 2025$-10M

Cloudflare, Inc. · NET

Jun 2021—

Dec 2021$65M

Dec 2022$124M

Dec 2023$254M

Dec 2024$380M

Dec 2025$603M

CoreWeave, Inc. · CRWV

Jun 2021—

Dec 2021—

Dec 2022$1M

Dec 2023$1.8B

Dec 2024$2.7B

Dec 2025$3.1B

CrowdStrike Holdings, Inc. · CRWD

Jun 2021—

Dec 2021$575M

Dec 2022$941M

Dec 2023$1.2B

Dec 2024$1.4B

Dec 2025$1.6B

Fortinet, Inc. · FTNT

Jun 2021—

Dec 2021$1.5B

Dec 2022$1.7B

Dec 2023$1.9B

Dec 2024$2.3B

Dec 2025$2.6B

Microsoft Corporation · MSFT

Jun 2021$76.7B

Dec 2021$89.0B

Dec 2022$87.6B

Dec 2023$118.5B

Dec 2024$136.2B

Dec 2025—

NetApp, Inc. · NTAP

Jun 2021—

Dec 2021$1.2B

Dec 2022$1.1B

Dec 2023$1.7B

Dec 2024$1.5B

Dec 2025$2.1B

Oracle Corporation · ORCL

Jun 2021—

Dec 2021$9.5B

Dec 2022$17.2B

Dec 2023$18.7B

Dec 2024$20.8B

Dec 2025$32.0B

Palantir Technologies Inc. · PLTR

Jun 2021—

Dec 2021$334M

Dec 2022$224M

Dec 2023$712M

Dec 2024$1.2B

Dec 2025$2.1B

Palo Alto Networks, Inc. · PANW

Jun 2021—

Dec 2021$1.5B

Dec 2022$2.0B

Dec 2023$2.8B

Dec 2024$3.3B

Dec 2025$3.7B

Synopsys, Inc. · SNPS

Jun 2021—

Dec 2021$1.5B

Dec 2022$1.7B

Dec 2023$1.7B

Dec 2024$1.4B

Dec 2025$1.5B

CAPEX · reported cash flow · fiscal-year history

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

Block, Inc. · XYZ

Jun 2021—

Dec 2021$134M

Dec 2022$171M

Dec 2023$151M

Dec 2024$154M

Dec 2025$155M

Cerebras Systems Inc. · CBRS

Jun 2021—

Dec 2021—

Dec 2022$10M

Dec 2023$7M

Dec 2024$23M

Dec 2025$383M

Cloudflare, Inc. · NET

Jun 2021—

Dec 2021$93M

Dec 2022$144M

Dec 2023$114M

Dec 2024$185M

Dec 2025$316M

CoreWeave, Inc. · CRWV

Jun 2021—

Dec 2021—

Dec 2022$72M

Dec 2023$2.9B

Dec 2024$8.7B

Dec 2025$10.3B

CrowdStrike Holdings, Inc. · CRWD

Jun 2021—

Dec 2021$112M

Dec 2022$235M

Dec 2023$177M

Dec 2024$255M

Dec 2025$302M

Fortinet, Inc. · FTNT

Jun 2021—

Dec 2021$296M

Dec 2022$281M

Dec 2023$204M

Dec 2024$379M

Dec 2025$365M

Microsoft Corporation · MSFT

Jun 2021$20.6B

Dec 2021$23.9B

Dec 2022$28.1B

Dec 2023$44.5B

Dec 2024$64.6B

Dec 2025—

NetApp, Inc. · NTAP

Jun 2021—

Dec 2021$226M

Dec 2022$239M

Dec 2023$155M

Dec 2024$168M

Dec 2025$198M

Oracle Corporation · ORCL

Jun 2021—

Dec 2021$4.5B

Dec 2022$8.7B

Dec 2023$6.9B

Dec 2024$21.2B

Dec 2025$55.7B

Palantir Technologies Inc. · PLTR

Jun 2021—

Dec 2021$13M

Dec 2022$40M

Dec 2023$15M

Dec 2024$13M

Dec 2025$34M

Palo Alto Networks, Inc. · PANW

Jun 2021—

Dec 2021$116M

Dec 2022$193M

Dec 2023$146M

Dec 2024$157M

Dec 2025$246M

Synopsys, Inc. · SNPS

Jun 2021—

Dec 2021$94M

Dec 2022$137M

Dec 2023$190M

Dec 2024$140M

Dec 2025$169M

Free cash flow · fiscal-year history

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

Block, Inc. · XYZ

Jun 2021—

Dec 2021$714M

Dec 2022$5M

Dec 2023$-50M

Dec 2024$1.6B

Dec 2025$2.4B

Cerebras Systems Inc. · CBRS

Jun 2021—

Dec 2021—

Dec 2022$-175M

Dec 2023$-86M

Dec 2024$429M

Dec 2025$-393M

Cloudflare, Inc. · NET

Jun 2021—

Dec 2021$-28M

Dec 2022$-20M

Dec 2023$140M

Dec 2024$195M

Dec 2025$287M

CoreWeave, Inc. · CRWV

Jun 2021—

Dec 2021—

Dec 2022$-71M

Dec 2023$-1.1B

Dec 2024$-6.0B

Dec 2025$-7.3B

CrowdStrike Holdings, Inc. · CRWD

Jun 2021—

Dec 2021$463M

Dec 2022$706M

Dec 2023$990M

Dec 2024$1.1B

Dec 2025$1.3B

Fortinet, Inc. · FTNT

Jun 2021—

Dec 2021$1.2B

Dec 2022$1.4B

Dec 2023$1.7B

Dec 2024$1.9B

Dec 2025$2.2B

Microsoft Corporation · MSFT

Jun 2021$56.1B

Dec 2021$65.1B

Dec 2022$59.5B

Dec 2023$74.1B

Dec 2024$71.6B

Dec 2025—

NetApp, Inc. · NTAP

Jun 2021—

Dec 2021$985M

Dec 2022$868M

Dec 2023$1.5B

Dec 2024$1.3B

Dec 2025$1.9B

Oracle Corporation · ORCL

Jun 2021—

Dec 2021$5.0B

Dec 2022$8.5B

Dec 2023$11.8B

Dec 2024$-394M

Dec 2025$-23.7B

Palantir Technologies Inc. · PLTR

Jun 2021—

Dec 2021$321M

Dec 2022$184M

Dec 2023$697M

Dec 2024$1.1B

Dec 2025$2.1B

Palo Alto Networks, Inc. · PANW

Jun 2021—

Dec 2021$1.4B

Dec 2022$1.8B

Dec 2023$2.6B

Dec 2024$3.1B

Dec 2025$3.5B

Synopsys, Inc. · SNPS

Jun 2021—

Dec 2021$1.4B

Dec 2022$1.6B

Dec 2023$1.5B

Dec 2024$1.3B

Dec 2025$1.3B

05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Toast, Inc. has the lowest Gross debt among the 28 Software - Infrastructure companies compared here, at $17 million. MongoDB, Inc. is next at $30 million. Microsoft Corporation has the lowest Net debt at $21,307 million net cash, so level and change sit with different companies. 28 of 28 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Microsoft Corporation has the clearest covered balance-sheet capacity with $21,307 million net cash and gross debt of $56,965 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderToast, Inc. · $17 million

Gap43.3% versus #2 · MongoDB, Inc.

Persistence8/8 recent comparable periods

Coverage28/28 companies · 520 observations

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

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

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

Gross debtlowest gross debt

1Toast, Inc. TOST$17M

2MongoDB, Inc. MDB$30M

3Samsara Inc. IOT$69M

4Palantir Technologies Inc. PLTR$212M

5F5, Inc. FFIV$227M

Net debtlowest net debt

1Microsoft Corporation MSFT$-21.3B

2Palantir Technologies Inc. PLTR$-7.8B

3CrowdStrike Holdings, Inc. CRWD$-3.7B

4Fortinet, Inc. FTNT$-2.8B

5MongoDB, Inc. MDB$-2.4B

Debt and balance-sheet capacity · company comparison

28/28 level · 28/28 change

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

All-company data · latest reported quarter

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

Company	Gross debt	Net debt	Reported
Oracle Corporation ORCL	$156.2B	$124.3B	Jun 2026
Microsoft Corporation MSFT	$57.0B	$-21.3B	Mar 2026
CoreWeave, Inc. CRWV	$35.1B	$32.9B	Mar 2026
Synopsys, Inc. SNPS	$10.8B	$8.4B	Jun 2026
Corpay, Inc. CPAY	$10.4B	$7.8B	Mar 2026
Gen Digital Inc. GEN	$8.2B	$7.8B	Jun 2026
Block, Inc. XYZ	$7.8B	$977M	Mar 2026
Akamai Technologies, Inc. AKAM	$5.9B	$4.9B	Mar 2026
GoDaddy Inc. GDDY	$3.8B	$2.6B	Mar 2026
Cloudflare, Inc. NET	$3.5B	$-639M	Mar 2026
NetApp, Inc. NTAP	$2.5B	$-1.1B	Jun 2026
VeriSign, Inc. VRSN	$2.3B	$1.3B	Jun 2026
Palo Alto Networks, Inc. PANW	$2.1B	$-1.0B	Jun 2026
Check Point Software Technologies Ltd. CHKP	$2.0B	$-795M	Mar 2026
Zscaler, Inc. ZS	$1.9B	$-1.7B	Jun 2026
Nutanix, Inc. NTNX	$1.5B	$-489M	Jun 2026
DigitalOcean Holdings, Inc. DOCN	$1.5B	$767M	Mar 2026
Cerebras Systems Inc. CBRS	$1.4B	$-870M	Mar 2026
Rubrik, Inc. RBRK	$1.1B	$-617M	Jun 2026
Twilio Inc. TWLO	$1.1B	$-1.3B	Mar 2026
CrowdStrike Holdings, Inc. CRWD	$821M	$-3.7B	Jun 2026
Fortinet, Inc. FTNT	$497M	$-2.8B	Mar 2026
Okta, Inc. OKTA	$411M	$-2.2B	Jun 2026
F5, Inc. FFIV	$227M	$-1.2B	Mar 2026
Palantir Technologies Inc. PLTR	$212M	$-7.8B	Mar 2026
Samsara Inc. IOT	$69M	$-735M	Jun 2026
MongoDB, Inc. MDB	$30M	$-2.4B	Jun 2026
Toast, Inc. TOST	$17M	$-1.8B	Mar 2026

Full 20-quarter history · every available company

Gross debt · reported quarter history

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

Block, Inc. · XYZ

Sep 2021$5.9B

Dec 2021$5.5B

Mar 2022$5.4B

Jun 2022$5.3B

Sep 2022$5.5B

Dec 2022$6.3B

Mar 2023$5.6B

Jun 2023$5.3B

Sep 2023$5.3B

Dec 2023$6.0B

Mar 2024$5.1B

Jun 2024$7.0B

Sep 2024$7.1B

Dec 2024$7.9B

Mar 2025$5.7B

Jun 2025$5.8B

Sep 2025$7.8B

Dec 2025$8.9B

Mar 2026$7.8B

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022$1M

Dec 2022$1M

Mar 2023—

Jun 2023—

Sep 2023$1M

Dec 2023$1M

Mar 2024—

Jun 2024—

Sep 2024$27M

Dec 2024$27M

Mar 2025—

Jun 2025—

Sep 2025$262M

Dec 2025$262M

Mar 2026$1.4B

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021$1.2B

Dec 2021$1.3B

Mar 2022$1.6B

Jun 2022$1.6B

Sep 2022$1.6B

Dec 2022$1.6B

Mar 2023$1.6B

Jun 2023$1.5B

Sep 2023$1.4B

Dec 2023$1.4B

Mar 2024$1.4B

Jun 2024$1.4B

Sep 2024$1.5B

Dec 2024$1.5B

Mar 2025$1.5B

Jun 2025$3.5B

Sep 2025$3.5B

Dec 2025$3.5B

Mar 2026$3.5B

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023$2.0B

Dec 2023$2.0B

Mar 2024—

Jun 2024—

Sep 2024$6.3B

Dec 2024$10.6B

Mar 2025$11.9B

Jun 2025$14.6B

Sep 2025$18.6B

Dec 2025$29.8B

Mar 2026$35.1B

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021$778M

Dec 2021$777M

Mar 2022$775M

Jun 2022$772M

Sep 2022$772M

Dec 2022$769M

Mar 2023$784M

Jun 2023$794M

Sep 2023$791M

Dec 2023$795M

Mar 2024$793M

Jun 2024$793M

Sep 2024$792M

Dec 2024$792M

Mar 2025$789M

Jun 2025$785M

Sep 2025$811M

Dec 2025$818M

Mar 2026$820M

Jun 2026$821M

Fortinet, Inc. · FTNT

Sep 2021$1.0B

Dec 2021$988M

Mar 2022$989M

Jun 2022$989M

Sep 2022$990M

Dec 2022$990M

Mar 2023$991M

Jun 2023$991M

Sep 2023$992M

Dec 2023$992M

Mar 2024$993M

Jun 2024$993M

Sep 2024$994M

Dec 2024$994M

Mar 2025$995M

Jun 2025$995M

Sep 2025$996M

Dec 2025$996M

Mar 2026$497M

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021$63.3B

Dec 2021$64.0B

Mar 2022$61.3B

Jun 2022$61.3B

Sep 2022$60.3B

Dec 2022$60.1B

Mar 2023$60.5B

Jun 2023$60.0B

Sep 2023$85.0B

Dec 2023$88.4B

Mar 2024$79.9B

Jun 2024$67.1B

Sep 2024$61.5B

Dec 2024$62.2B

Mar 2025$60.6B

Jun 2025$60.6B

Sep 2025$60.6B

Dec 2025$57.6B

Mar 2026$57.0B

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021$2.6B

Dec 2021$2.6B

Mar 2022$2.6B

Jun 2022$2.6B

Sep 2022$2.6B

Dec 2022$2.4B

Mar 2023$2.4B

Jun 2023$2.4B

Sep 2023$2.4B

Dec 2023$2.4B

Mar 2024$2.4B

Jun 2024$2.4B

Sep 2024$2.4B

Dec 2024$2.0B

Mar 2025$2.0B

Jun 2025$3.2B

Sep 2025$2.5B

Dec 2025$2.5B

Mar 2026$2.5B

Jun 2026$2.5B

Oracle Corporation · ORCL

Sep 2021$82.7B

Dec 2021$78.4B

Mar 2022$78.4B

Jun 2022$75.9B

Sep 2022$91.6B

Dec 2022$90.9B

Mar 2023$91.8B

Jun 2023$90.5B

Sep 2023$88.9B

Dec 2023$88.8B

Mar 2024$88.0B

Jun 2024$93.1B

Sep 2024$84.5B

Dec 2024$88.6B

Mar 2025$96.3B

Jun 2025$104.1B

Sep 2025$105.4B

Dec 2025$124.4B

Mar 2026$153.1B

Jun 2026$156.2B

Palantir Technologies Inc. · PLTR

Sep 2021$263M

Dec 2021$260M

Mar 2022$268M

Jun 2022$257M

Sep 2022$245M

Dec 2022$249M

Mar 2023$259M

Jun 2023$246M

Sep 2023$236M

Dec 2023$229M

Mar 2024$217M

Jun 2024$258M

Sep 2024$255M

Dec 2024$239M

Mar 2025$245M

Jun 2025$238M

Sep 2025$235M

Dec 2025$229M

Mar 2026$212M

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021$3.5B

Dec 2021$4.0B

Mar 2022$4.0B

Jun 2022$4.0B

Sep 2022$4.0B

Dec 2022$4.0B

Mar 2023$4.0B

Jun 2023$3.9B

Sep 2023$2.3B

Dec 2023$2.2B

Mar 2024$2.2B

Jun 2024$1.5B

Sep 2024$1.3B

Dec 2024$1.0B

Mar 2025$897M

Jun 2025$729M

Sep 2025$338M

Dec 2025$346M

Mar 2026$372M

Jun 2026$2.1B

Synopsys, Inc. · SNPS

Sep 2021$674M

Dec 2021$667M

Mar 2022$581M

Jun 2022$680M

Sep 2022$669M

Dec 2022$656M

Mar 2023$690M

Jun 2023$690M

Sep 2023$689M

Dec 2023$678M

Mar 2024$670M

Jun 2024$645M

Sep 2024$674M

Dec 2024$684M

Mar 2025$665M

Jun 2025$10.7B

Sep 2025$15.1B

Dec 2025$14.3B

Mar 2026$10.9B

Jun 2026$10.8B

Net debt · reported quarter history

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

Block, Inc. · XYZ

Sep 2021$532M

Dec 2021$139M

Mar 2022$572M

Jun 2022$325M

Sep 2022$133M

Dec 2022$640M

Mar 2023$-493M

Jun 2023$-618M

Sep 2023$-942M

Dec 2023$170M

Mar 2024$-1.3B

Jun 2024$-1.4B

Sep 2024$-1.7B

Dec 2024$-613M

Mar 2025$-1.4B

Jun 2025$-569M

Sep 2025$-550M

Dec 2025$1.8B

Mar 2026$977M

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022$-224M

Dec 2022$-224M

Mar 2023—

Jun 2023—

Sep 2023$-151M

Dec 2023$-151M

Mar 2024—

Jun 2024—

Sep 2024$-310M

Dec 2024$-310M

Mar 2025—

Jun 2025—

Sep 2025$-846M

Dec 2025$-846M

Mar 2026$-870M

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021$-566M

Dec 2021$-529M

Mar 2022$-150M

Jun 2022$-74M

Sep 2022$-68M

Dec 2022$-73M

Mar 2023$-135M

Jun 2023$-126M

Sep 2023$-155M

Dec 2023$-239M

Mar 2024$-279M

Jun 2024$-318M

Sep 2024$-373M

Dec 2024$-393M

Mar 2025$-439M

Jun 2025$-498M

Sep 2025$-542M

Dec 2025$-583M

Mar 2026$-639M

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023$1.8B

Dec 2023$1.8B

Mar 2024—

Jun 2024—

Sep 2024$4.9B

Dec 2024$9.3B

Mar 2025$10.6B

Jun 2025$13.4B

Sep 2025$16.7B

Dec 2025$26.7B

Mar 2026$32.9B

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021$-1.0B

Dec 2021$-1.1B

Mar 2022$-1.2B

Jun 2022$-1.4B

Sep 2022$-1.5B

Dec 2022$-1.7B

Mar 2023$-1.9B

Jun 2023$-2.1B

Sep 2023$-2.4B

Dec 2023$-2.4B

Mar 2024$-2.7B

Jun 2024$-2.9B

Sep 2024$-3.2B

Dec 2024$-3.5B

Mar 2025$-3.5B

Jun 2025$-3.8B

Sep 2025$-4.2B

Dec 2025$-4.0B

Mar 2026$-4.4B

Jun 2026$-3.7B

Fortinet, Inc. · FTNT

Sep 2021$-2.1B

Dec 2021$-1.6B

Mar 2022$-1.2B

Jun 2022$-766M

Sep 2022$-740M

Dec 2022$-1.2B

Mar 2023$-1.9B

Jun 2023$-2.3B

Sep 2023$-2.2B

Dec 2023$-1.4B

Mar 2024$-2.0B

Jun 2024$-2.3B

Sep 2024$-2.7B

Dec 2024$-3.1B

Mar 2025$-3.8B

Jun 2025$-3.6B

Sep 2025$-2.1B

Dec 2025$-2.6B

Mar 2026$-2.8B

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021$-67.3B

Dec 2021$-61.3B

Mar 2022$-43.4B

Jun 2022$-43.5B

Sep 2022$-47.0B

Dec 2022$-39.4B

Mar 2023$-43.9B

Jun 2023$-51.3B

Sep 2023$-59.0B

Dec 2023$7.4B

Mar 2024$-110M

Jun 2024$-8.4B

Sep 2024$-17.0B

Dec 2024$-9.3B

Mar 2025$-19.1B

Jun 2025$-34.0B

Sep 2025$-41.5B

Dec 2025$-31.9B

Mar 2026$-21.3B

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021$-1.9B

Dec 2021$-1.9B

Mar 2022$-1.6B

Jun 2022$-1.5B

Sep 2022$-802M

Dec 2022$-646M

Mar 2023$-753M

Jun 2023$-681M

Sep 2023$-585M

Dec 2023$-229M

Mar 2024$-526M

Jun 2024$-860M

Sep 2024$-624M

Dec 2024$-229M

Mar 2025$-267M

Jun 2025$-611M

Sep 2025$-839M

Dec 2025$-528M

Mar 2026$-522M

Jun 2026$-1.1B

Oracle Corporation · ORCL

Sep 2021$43.4B

Dec 2021$55.6B

Mar 2022$55.0B

Jun 2022$54.0B

Sep 2022$80.4B

Dec 2022$83.6B

Mar 2023$83.0B

Jun 2023$80.3B

Sep 2023$76.9B

Dec 2023$80.1B

Mar 2024$78.1B

Jun 2024$82.5B

Sep 2024$73.6B

Dec 2024$77.3B

Mar 2025$78.5B

Jun 2025$92.9B

Sep 2025$94.4B

Dec 2025$104.6B

Mar 2026$114.0B

Jun 2026$124.3B

Palantir Technologies Inc. · PLTR

Sep 2021$-2.2B

Dec 2021$-2.3B

Mar 2022$-2.3B

Jun 2022$-2.2B

Sep 2022$-2.2B

Dec 2022$-2.4B

Mar 2023$-2.6B

Jun 2023$-2.9B

Sep 2023$-3.0B

Dec 2023$-3.4B

Mar 2024$-3.7B

Jun 2024$-3.7B

Sep 2024$-4.3B

Dec 2024$-5.0B

Mar 2025$-5.2B

Jun 2025$-5.8B

Sep 2025$-6.2B

Dec 2025$-6.9B

Mar 2026$-7.8B

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021$638M

Dec 2021$511M

Mar 2022$616M

Jun 2022$76M

Sep 2022$318M

Dec 2022$158M

Mar 2023$608M

Jun 2023$-11M

Sep 2023$-119M

Dec 2023$-1.7B

Mar 2024$-1.2B

Jun 2024$-1.4B

Sep 2024$-1.2B

Dec 2024$-2.4B

Mar 2025$-2.3B

Jun 2025$-2.6B

Sep 2025$-2.6B

Dec 2025$-3.9B

Mar 2026$-4.2B

Jun 2026$-1.0B

Synopsys, Inc. · SNPS

Sep 2021$-856M

Dec 2021$-914M

Mar 2022$-691M

Jun 2022$-1.0B

Sep 2022$-862M

Dec 2022$-910M

Mar 2023$-612M

Jun 2023$-1.0B

Sep 2023$-1.1B

Dec 2023$-908M

Mar 2024$-603M

Jun 2024$-1.0B

Sep 2024$-1.3B

Dec 2024$-3.4B

Mar 2025$-3.1B

Jun 2025$-3.5B

Sep 2025$12.5B

Dec 2025$11.3B

Mar 2026$8.7B

Jun 2026$8.4B

06 · compare level, then change

Return On Capital Employed

VeriSign, Inc. has the highest ROCE among the 28 Software - Infrastructure companies compared here, at 1141.8%. Fortinet, Inc. is next at 10.6%. The same company also holds the highest ROCE change, at +1020.3 percentage points. 28 of 28 companies report a comparable reading, the latest through Jun 2026. Its ROCE series carries 20 reported observations across the 20-quarter window.

What the numbers say: VeriSign, Inc. leads ROCE at 1141.8%, 1131.2 percentage points above Fortinet, Inc.. VeriSign, Inc. has the strongest latest improvement at +1020.3 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.

LeaderVeriSign, Inc. · 1141.8%

Gap108× versus #2 · Fortinet, Inc.

Persistence7/8 recent comparable periods

Coverage28/28 companies · 509 observations

Investor read: VeriSign, 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 roce change signal.

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

ROCEhighest

1VeriSign, Inc. VRSN1,142%

2Fortinet, Inc. FTNT11%

3Palantir Technologies Inc. PLTR10%

4NetApp, Inc. NTAP8.3%

5Microsoft Corporation MSFT7.6%

ROCE changefastest improvers

1VeriSign, Inc. VRSN+1,020.3 pp

2Cerebras Systems Inc. CBRS+71.9 pp

3Rubrik, Inc. RBRK+14.5 pp

4Palantir Technologies Inc. PLTR+6.7 pp

5Samsara Inc. IOT+3.2 pp

Return on capital · company comparison

28/28 level · 28/28 change

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

All-company data · latest reported quarter

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

Company	ROCE	ROCE change	Reported
VeriSign, Inc. VRSN	1,142%	+1,020.3 pp	Jun 2026
Fortinet, Inc. FTNT	11%	+1.1 pp	Mar 2026
Palantir Technologies Inc. PLTR	10%	+6.7 pp	Mar 2026
NetApp, Inc. NTAP	8.3%	+2.5 pp	Jun 2026
Microsoft Corporation MSFT	7.6%	−0.3 pp	Mar 2026
Gen Digital Inc. GEN	6.3%	+0.3 pp	Jun 2026
GoDaddy Inc. GDDY	6.1%	+1.3 pp	Mar 2026
Toast, Inc. TOST	5.9%	+3.1 pp	Mar 2026
Corpay, Inc. CPAY	5.8%	+1.3 pp	Mar 2026
F5, Inc. FFIV	3.9%	+0.1 pp	Mar 2026
Check Point Software Technologies Ltd. CHKP	3.9%	−1.3 pp	Mar 2026
Nutanix, Inc. NTNX	3.7%	+0.8 pp	Jun 2026
Oracle Corporation ORCL	3.4%	−0.8 pp	Jun 2026
DigitalOcean Holdings, Inc. DOCN	2.2%	−0.5 pp	Mar 2026
Twilio Inc. TWLO	1.2%	+1.0 pp	Mar 2026
Akamai Technologies, Inc. AKAM	1.2%	−0.6 pp	Mar 2026
Okta, Inc. OKTA	0.8%	+0.3 pp	Jun 2026
Samsara Inc. IOT	0.5%	+3.2 pp	Jun 2026
Synopsys, Inc. SNPS	0.4%	−2.1 pp	Jun 2026
CrowdStrike Holdings, Inc. CRWD	-0.5%	+2.0 pp	Jun 2026
CoreWeave, Inc. CRWV	-0.5%	−0.1 pp	Mar 2026
Block, Inc. XYZ	-0.6%	−1.9 pp	Mar 2026
Palo Alto Networks, Inc. PANW	-0.7%	−2.4 pp	Jun 2026
MongoDB, Inc. MDB	-0.8%	+1.1 pp	Jun 2026
Cerebras Systems Inc. CBRS	-0.9%	+71.9 pp	Mar 2026
Zscaler, Inc. ZS	-0.9%	+0.2 pp	Jun 2026
Cloudflare, Inc. NET	-1.9%	+0.2 pp	Mar 2026
Rubrik, Inc. RBRK	-5.3%	+14.5 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

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

Block, Inc. · XYZ

Sep 20210.4%

Dec 2021-0.8%

Mar 2022-1.6%

Jun 2022-1.4%

Sep 2022-0.3%

Dec 2022-0.9%

Mar 20230.0%

Jun 2023-0.6%

Sep 20230.0%

Dec 2023-0.6%

Mar 20241.1%

Jun 20241.3%

Sep 20241.3%

Dec 20240.0%

Mar 20251.3%

Jun 20251.9%

Sep 20251.5%

Dec 20251.7%

Mar 2026-0.6%

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0%

Dec 20220.0%

Mar 2023—

Jun 2023—

Sep 2023-9.6%

Dec 2023-15%

Mar 2024—

Jun 2024—

Sep 2024-37%

Dec 2024-76%

Mar 2025—

Jun 2025—

Sep 2025-3.4%

Dec 2025-4.4%

Mar 2026-0.9%

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021-1.6%

Dec 2021-2.5%

Mar 2022-2.4%

Jun 2022-3.8%

Sep 2022-2.2%

Dec 2022-2.4%

Mar 2023-2.2%

Jun 2023-2.7%

Sep 2023-1.8%

Dec 2023-2.0%

Mar 2024-2.5%

Jun 2024-1.6%

Sep 2024-1.4%

Dec 2024-1.5%

Mar 2025-2.1%

Jun 2025-1.9%

Sep 2025-1.3%

Dec 2025-1.6%

Mar 2026-1.9%

Jun 2026—

CoreWeave, Inc. · CRWV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20230.0%

Dec 2023-0.1%

Mar 2024—

Jun 2024—

Sep 20241.7%

Dec 20241.3%

Mar 2025-0.4%

Jun 20250.2%

Sep 20250.3%

Dec 2025-0.4%

Mar 2026-0.5%

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021-2.6%

Mar 2022-1.2%

Jun 2022-1.1%

Sep 2022-2.1%

Dec 2022-2.4%

Mar 2023-2.4%

Jun 2023-0.7%

Sep 2023-0.5%

Dec 20230.1%

Mar 20240.9%

Jun 20240.2%

Sep 20240.4%

Dec 2024-1.3%

Mar 2025-1.7%

Jun 2025-2.5%

Sep 2025-2.2%

Dec 2025-1.2%

Mar 2026-0.1%

Jun 2026-0.5%

Fortinet, Inc. · FTNT

Sep 20215.8%

Dec 20217.4%

Mar 20224.6%

Jun 20226.3%

Sep 20228.4%

Dec 202211%

Mar 20238.2%

Jun 20238.4%

Sep 20239.5%

Dec 202312%

Mar 20248.6%

Jun 202411%

Sep 202411%

Dec 202412%

Mar 20259.5%

Jun 20259.0%

Sep 202512%

Dec 202511%

Mar 202611%

Jun 2026—

Microsoft Corporation · MSFT

Sep 20218.3%

Dec 20218.9%

Mar 20228.1%

Jun 20228.0%

Sep 20228.2%

Dec 20227.5%

Mar 20238.0%

Jun 20238.4%

Sep 20239.1%

Dec 20238.5%

Mar 20248.4%

Jun 20248.0%

Sep 20248.4%

Dec 20248.2%

Mar 20257.9%

Jun 20257.9%

Sep 20258.4%

Dec 20258.0%

Mar 20267.6%

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 20215.1%

Mar 20225.5%

Jun 20224.9%

Sep 20224.2%

Dec 20224.5%

Mar 20232.8%

Jun 20235.0%

Sep 20233.0%

Dec 20235.2%

Mar 20246.1%

Jun 20246.0%

Sep 20245.2%

Dec 20246.9%

Mar 20257.0%

Jun 20255.8%

Sep 20255.7%

Dec 20257.4%

Mar 20267.8%

Jun 20268.3%

Oracle Corporation · ORCL

Sep 2021—

Dec 2021-0.9%

Mar 20224.1%

Jun 20224.6%

Sep 20222.7%

Dec 20223.2%

Mar 20233.3%

Jun 20234.1%

Sep 20233.2%

Dec 20233.4%

Mar 20243.4%

Jun 20244.2%

Sep 20243.6%

Dec 20243.7%

Mar 20253.6%

Jun 20254.2%

Sep 20253.4%

Dec 20253.3%

Mar 20263.2%

Jun 20263.4%

Palantir Technologies Inc. · PLTR

Sep 2021-4.4%

Dec 2021-2.5%

Mar 2022-1.6%

Jun 2022-1.7%

Sep 2022-2.4%

Dec 2022-0.7%

Mar 20230.1%

Jun 20230.3%

Sep 20231.3%

Dec 20232.0%

Mar 20242.3%

Jun 20242.7%

Sep 20242.7%

Dec 20240.2%

Mar 20253.6%

Jun 20255.1%

Sep 20256.7%

Dec 20258.8%

Mar 202610%

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021-1.8%

Mar 2022-1.8%

Jun 2022-1.0%

Sep 20220.3%

Dec 20220.4%

Mar 20231.0%

Jun 20231.8%

Sep 20234.7%

Dec 20233.7%

Mar 20240.7%

Jun 20242.2%

Sep 20242.5%

Dec 20242.8%

Mar 20252.0%

Jun 20251.7%

Sep 20253.6%

Dec 20252.1%

Mar 20262.6%

Jun 2026-0.7%

Synopsys, Inc. · SNPS

Sep 2021—

Dec 20213.1%

Mar 20225.7%

Jun 20225.7%

Sep 20223.6%

Dec 20223.3%

Mar 20233.9%

Jun 20234.2%

Sep 20234.3%

Dec 20236.1%

Mar 20244.8%

Jun 20244.3%

Sep 20244.4%

Dec 20243.5%

Mar 20252.7%

Jun 20252.5%

Sep 20250.6%

Dec 20250.4%

Mar 20260.8%

Jun 20260.4%

ROCE change · reported quarter history

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

Block, Inc. · XYZ

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.7 pp

Dec 2022−0.1 pp

Mar 2023+1.6 pp

Jun 2023+0.8 pp

Sep 2023+0.3 pp

Dec 2023+0.3 pp

Mar 2024+1.1 pp

Jun 2024+1.9 pp

Sep 2024+1.3 pp

Dec 2024+0.6 pp

Mar 2025+0.2 pp

Jun 2025+0.6 pp

Sep 2025+0.2 pp

Dec 2025+1.7 pp

Mar 2026−1.9 pp

Jun 2026—

Cerebras Systems Inc. · CBRS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023−9.6 pp

Dec 2023−15.0 pp

Mar 2024—

Jun 2024—

Sep 2024−27.1 pp

Dec 2024−61.3 pp

Mar 2025—

Jun 2025—

Sep 2025+33.3 pp

Dec 2025+71.9 pp

Mar 2026—

Jun 2026—

Cloudflare, Inc. · NET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.6 pp

Dec 2022+0.1 pp

Mar 2023+0.2 pp

Jun 2023+1.1 pp

Sep 2023+0.4 pp

Dec 2023+0.4 pp

Mar 2024−0.3 pp

Jun 2024+1.1 pp

Sep 2024+0.4 pp

Dec 2024+0.5 pp

Mar 2025+0.4 pp

Jun 2025−0.3 pp

Sep 2025+0.1 pp

Dec 2025−0.1 pp

Mar 2026+0.2 pp

Jun 2026—

CoreWeave, Inc. · CRWV

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+1.7 pp

Dec 2024+1.4 pp

Mar 2025—

Jun 2025—

Sep 2025−1.4 pp

Dec 2025−1.7 pp

Mar 2026−0.1 pp

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.2 pp

Mar 2023−1.2 pp

Jun 2023+0.4 pp

Sep 2023+1.6 pp

Dec 2023+2.5 pp

Mar 2024+3.3 pp

Jun 2024+0.9 pp

Sep 2024+0.9 pp

Dec 2024−1.4 pp

Mar 2025−2.6 pp

Jun 2025−2.7 pp

Sep 2025−2.6 pp

Dec 2025+0.1 pp

Mar 2026+1.6 pp

Jun 2026+2.0 pp

Fortinet, Inc. · FTNT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.6 pp

Dec 2022+3.2 pp

Mar 2023+3.6 pp

Jun 2023+2.1 pp

Sep 2023+1.1 pp

Dec 2023+0.9 pp

Mar 2024+0.4 pp

Jun 2024+2.1 pp

Sep 2024+1.2 pp

Dec 2024+0.9 pp

Mar 2025+0.9 pp

Jun 2025−1.5 pp

Sep 2025+0.8 pp

Dec 2025−1.1 pp

Mar 2026+1.1 pp

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−0.1 pp

Dec 2022−1.4 pp

Mar 2023−0.1 pp

Jun 2023+0.4 pp

Sep 2023+0.9 pp

Dec 2023+1.0 pp

Mar 2024+0.4 pp

Jun 2024−0.4 pp

Sep 2024−0.7 pp

Dec 2024−0.3 pp

Mar 2025−0.5 pp

Jun 2025−0.1 pp

Sep 20250.0 pp

Dec 2025−0.2 pp

Mar 2026−0.3 pp

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022−0.6 pp

Mar 2023−2.7 pp

Jun 2023+0.1 pp

Sep 2023−1.2 pp

Dec 2023+0.7 pp

Mar 2024+3.3 pp

Jun 2024+1.0 pp

Sep 2024+2.2 pp

Dec 2024+1.7 pp

Mar 2025+0.9 pp

Jun 2025−0.2 pp

Sep 2025+0.5 pp

Dec 2025+0.5 pp

Mar 2026+0.8 pp

Jun 2026+2.5 pp

Oracle Corporation · ORCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+4.1 pp

Mar 2023−0.8 pp

Jun 2023−0.5 pp

Sep 2023+0.5 pp

Dec 2023+0.2 pp

Mar 2024+0.1 pp

Jun 2024+0.1 pp

Sep 2024+0.4 pp

Dec 2024+0.3 pp

Mar 2025+0.2 pp

Jun 20250.0 pp

Sep 2025−0.2 pp

Dec 2025−0.4 pp

Mar 2026−0.4 pp

Jun 2026−0.8 pp

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+2.0 pp

Dec 2022+1.8 pp

Mar 2023+1.7 pp

Jun 2023+2.0 pp

Sep 2023+3.7 pp

Dec 2023+2.7 pp

Mar 2024+2.2 pp

Jun 2024+2.4 pp

Sep 2024+1.4 pp

Dec 2024−1.8 pp

Mar 2025+1.3 pp

Jun 2025+2.4 pp

Sep 2025+4.0 pp

Dec 2025+8.6 pp

Mar 2026+6.7 pp

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+2.2 pp

Mar 2023+2.8 pp

Jun 2023+2.8 pp

Sep 2023+4.4 pp

Dec 2023+3.3 pp

Mar 2024−0.3 pp

Jun 2024+0.4 pp

Sep 2024−2.2 pp

Dec 2024−0.9 pp

Mar 2025+1.3 pp

Jun 2025−0.5 pp

Sep 2025+1.1 pp

Dec 2025−0.7 pp

Mar 2026+0.6 pp

Jun 2026−2.4 pp

Synopsys, Inc. · SNPS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022+0.2 pp

Mar 2023−1.8 pp

Jun 2023−1.5 pp

Sep 2023+0.7 pp

Dec 2023+2.8 pp

Mar 2024+0.9 pp

Jun 2024+0.1 pp

Sep 2024+0.1 pp

Dec 2024−2.6 pp

Mar 2025−2.1 pp

Jun 2025−1.8 pp

Sep 2025−3.8 pp

Dec 2025−3.1 pp

Mar 2026−1.9 pp

Jun 2026−2.1 pp

07 · compare level, then change

Valuation Against Growth & Quality

Check Point Software Technologies Ltd. has the lowest Guarded PEG among the 28 Software - Infrastructure companies compared here, at 0.52×. GoDaddy Inc. is next at 0.61×. Gen Digital Inc. has the lowest P/E at 12×, so level and change sit with different companies. 12 of 28 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Check Point Software Technologies Ltd. has the lowest comparable Guarded PEG at 0.52×, 14.8% below GoDaddy Inc.. Only 12 of 28 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderCheck Point Software Technologies Ltd. · 0.52×

Gap14.8% versus #2 · GoDaddy Inc.

Persistence0/8 recent comparable periods

Coverage12/28 companies · 98 observations

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

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

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

Guarded PEGlowest PEG

1Check Point Software Technologies Ltd. CHKP0.5

2GoDaddy Inc. GDDY0.6

3Akamai Technologies, Inc. AKAM0.7

4Microsoft Corporation MSFT0.7

5Corpay, Inc. CPAY1.0

P/Elowest P/E

1Gen Digital Inc. GEN12.0

2GoDaddy Inc. GDDY13.1

3Check Point Software Technologies Ltd. CHKP14.7

4NetApp, Inc. NTAP17.1

5Corpay, Inc. CPAY17.4

Valuation · company comparison

12/28 level · 22/28 change

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

All-company data · latest reported quarter

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

Company	Guarded PEG	P/E	Reported
Fortinet, Inc. FTNT	4.8	31.6	Mar 2026
Gen Digital Inc. GEN	2.7	12.0	Jun 2026
VeriSign, Inc. VRSN	2.6	27.3	Jun 2026
Synopsys, Inc. SNPS	1.8	111.7	Jun 2026
F5, Inc. FFIV	1.5	23.7	Mar 2026
NetApp, Inc. NTAP	1.4	17.1	Jun 2026
Oracle Corporation ORCL	1.1	38.7	Jun 2026
Corpay, Inc. CPAY	1.0	17.4	Mar 2026
Microsoft Corporation MSFT	0.7	22.0	Mar 2026
Akamai Technologies, Inc. AKAM	0.7	38.7	Mar 2026
GoDaddy Inc. GDDY	0.6	13.1	Mar 2026
Check Point Software Technologies Ltd. CHKP	0.5	14.7	Mar 2026
Palantir Technologies Inc. PLTR	—	164.4	Mar 2026
Palo Alto Networks, Inc. PANW	—	147.0	Jun 2026
CrowdStrike Holdings, Inc. CRWD	—	582.1	Jun 2026
Block, Inc. XYZ	—	47.0	Mar 2026
Twilio Inc. TWLO	—	196.6	Mar 2026
Okta, Inc. OKTA	—	53.4	Jun 2026
Samsara Inc. IOT	—	304.9	Jun 2026
Toast, Inc. TOST	—	40.8	Mar 2026
Nutanix, Inc. NTNX	—	43.0	Jun 2026
DigitalOcean Holdings, Inc. DOCN	—	37.5	Mar 2026

Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Akamai Technologies, Inc. · AKAM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20234.2

Mar 20240.9

Jun 20240.7

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Check Point Software Technologies Ltd. · CHKP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232.5

Jun 20231.3

Sep 20231.1

Dec 20231.7

Mar 20242.3

Jun 20244.5

Sep 2024—

Dec 2024—

Mar 20255.7

Jun 20254.7

Sep 20250.9

Dec 20250.7

Mar 20260.5

Jun 2026—

Corpay, Inc. · CPAY

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.9

Jun 20233.1

Sep 20233.9

Dec 20233.4

Mar 20243.2

Jun 20241.8

Sep 20242.2

Dec 20244.1

Mar 20254.0

Jun 20253.2

Sep 20253.9

Dec 20252.6

Mar 20261.0

Jun 2026—

F5, Inc. · FFIV

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20231.0

Dec 20230.4

Mar 20240.4

Jun 2024—

Sep 20240.5

Dec 20240.8

Mar 20251.0

Jun 20251.2

Sep 20251.2

Dec 20251.1

Mar 20261.5

Jun 2026—

Fortinet, Inc. · FTNT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.9

Jun 2023—

Sep 20230.7

Dec 20231.1

Mar 20241.7

Jun 20241.3

Sep 20241.1

Dec 20240.8

Mar 20250.7

Jun 20250.9

Sep 20251.5

Dec 20254.4

Mar 20264.8

Jun 2026—

Gen Digital Inc. · GEN

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 20252.7

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

GoDaddy Inc. · GDDY

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232.1

Jun 2023—

Sep 20233.2

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20260.6

Jun 2026—

Microsoft Corporation · MSFT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 20232.7

Dec 20231.5

Mar 20241.5

Jun 20241.7

Sep 20242.1

Dec 20242.8

Mar 20252.4

Jun 20252.4

Sep 20252.3

Dec 20251.1

Mar 20260.7

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20230.3

Sep 20230.4

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.0

Jun 20250.7

Sep 20251.8

Dec 20253.6

Mar 20261.5

Jun 20261.4

Oracle Corporation · ORCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 20231.3

Sep 20230.6

Dec 20232.4

Mar 20241.2

Jun 20241.5

Sep 20242.4

Dec 20243.5

Mar 20253.1

Jun 20252.3

Sep 20254.6

Dec 20251.3

Mar 20260.9

Jun 20261.1

Synopsys, Inc. · SNPS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20232.3

Mar 20241.2

Jun 20241.1

Sep 20241.3

Dec 2024—

Mar 20250.8

Jun 20251.0

Sep 20251.8

Dec 2025—

Mar 2026—

Jun 2026—

VeriSign, Inc. · VRSN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231.0

Mar 20240.9

Jun 20240.9

Sep 20241.0

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 20252.7

Mar 20262.6

Jun 2026—

P/E · reported quarter history

Showing the 12 largest of 22 companies with a series here. The remaining 10 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Block, Inc. · XYZ

Sep 2021224.2

Dec 2021489.4

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20233,867.5

Mar 2024120.8

Jun 202454.7

Sep 202437.7

Dec 202418.6

Mar 202513.2

Jun 202514.5

Sep 202514.5

Dec 202531.0

Mar 202647.0

Jun 2026—

Corpay, Inc. · CPAY

Sep 202127.0

Dec 202122.4

Mar 202223.5

Jun 202218.1

Sep 202214.5

Dec 202214.8

Mar 202316.8

Jun 202320.3

Sep 202320.0

Dec 202321.4

Mar 202423.0

Jun 202419.4

Sep 202422.3

Dec 202424.2

Mar 202524.5

Jun 202522.5

Sep 202519.6

Dec 202520.0

Mar 202617.4

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024975.0

Jun 2024552.0

Sep 2024336.2

Dec 2024582.1

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Fortinet, Inc. · FTNT

Sep 202189.0

Dec 202198.5

Mar 202289.9

Jun 202269.9

Sep 202254.0

Dec 202246.1

Mar 202354.9

Jun 202356.8

Sep 202340.5

Dec 202340.1

Mar 202444.7

Jun 202435.7

Sep 202439.2

Dec 202441.8

Mar 202539.6

Jun 202542.1

Sep 202534.6

Dec 202532.8

Mar 202631.6

Jun 2026—

Microsoft Corporation · MSFT

Sep 202131.5

Dec 202135.8

Mar 202232.2

Jun 202226.6

Sep 202225.1

Dec 202226.7

Mar 202331.2

Jun 202335.2

Sep 202330.6

Dec 202334.0

Mar 202436.4

Jun 202437.9

Sep 202435.5

Dec 202433.9

Mar 202529.0

Jun 202536.5

Sep 202536.8

Dec 202530.3

Mar 202622.0

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 202121.7

Mar 202219.5

Jun 202217.9

Sep 202217.1

Dec 202210.5

Mar 202311.3

Jun 202310.9

Sep 202314.0

Dec 202322.3

Mar 202420.0

Jun 202421.9

Sep 202424.6

Dec 202422.0

Mar 202523.3

Jun 202515.6

Sep 202518.5

Dec 202520.3

Mar 202616.3

Jun 202617.1

Oracle Corporation · ORCL

Sep 2021—

Dec 202126.3

Mar 202229.1

Jun 202229.8

Sep 202235.3

Dec 202226.0

Mar 202328.8

Jun 202334.5

Sep 202335.8

Dec 202332.1

Mar 202429.5

Jun 202431.6

Sep 202436.4

Dec 202445.2

Mar 202539.0

Jun 202538.1

Sep 202552.3

Dec 202538.0

Mar 202626.1

Jun 202638.7

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023266.7

Dec 2023190.8

Mar 2024191.8

Jun 2024149.0

Sep 2024186.0

Dec 2024398.1

Mar 2025367.0

Jun 2025454.4

Sep 2025434.3

Dec 2025282.1

Mar 2026164.4

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20232,266.3

Jun 2023289.6

Sep 2023195.3

Dec 2023138.1

Mar 202453.0

Jun 202442.4

Sep 202444.6

Dec 202447.0

Mar 2025104.2

Jun 2025106.8

Sep 2025108.5

Dec 2025139.4

Mar 202697.8

Jun 2026147.0

Synopsys, Inc. · SNPS

Sep 2021—

Dec 202169.3

Mar 202253.7

Jun 202244.6

Sep 202255.8

Dec 202246.5

Mar 202358.4

Jun 202362.6

Sep 202367.7

Dec 202359.3

Mar 202458.7

Jun 202457.7

Sep 202457.9

Dec 202417.7

Mar 202538.5

Jun 202552.9

Sep 202558.8

Dec 202556.5

Mar 202672.2

Jun 2026111.7

Twilio Inc. · TWLO

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 20251,036.3

Sep 2025244.1

Dec 2025677.3

Mar 2026196.6

Jun 2026—

VeriSign, Inc. · VRSN

Sep 202137.8

Dec 202136.3

Mar 202231.3

Jun 202222.8

Sep 202223.1

Dec 202232.9

Mar 202332.4

Jun 202333.4

Sep 202328.9

Dec 202326.1

Mar 202423.3

Jun 202421.3

Sep 202422.1

Dec 202425.9

Mar 202531.0

Jun 202534.5

Sep 202532.6

Dec 202527.6

Mar 202627.4

Jun 202627.3

08 · compare level, then change

Enterprise Value & Book Value

Gen Digital Inc. has the lowest EV/EBITDA among the 28 Software - Infrastructure companies compared here, at 7.3×. Corpay, Inc. is next at 10.4×. Block, Inc. has the lowest P/BV at 1.65×, so level and change sit with different companies. 25 of 28 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Gen Digital Inc. leads ev/ebitda at 7.3×; Block, Inc. leads p/bv at 1.65×.

LeaderGen Digital Inc. · 7.3×

Gap29.8% versus #2 · Corpay, Inc.

Persistence0/8 recent comparable periods

Coverage25/28 companies · 355 observations

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

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

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

EV/EBITDAlowest EV/EBITDA

1Gen Digital Inc. GEN7.3

2Corpay, Inc. CPAY10.4

3GoDaddy Inc. GDDY10.4

4NetApp, Inc. NTAP10.8

5Microsoft Corporation MSFT14.2

P/BVlowest P/BV

1Block, Inc. XYZ1.7

2Okta, Inc. OKTA1.9

3Twilio Inc. TWLO2.5

4Synopsys, Inc. SNPS3.0

5Akamai Technologies, Inc. AKAM3.4

Enterprise and book valuation · company comparison

25/28 level · 24/28 change

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

All-company data · latest reported quarter

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

Company	EV/EBITDA	P/BV	Reported
CrowdStrike Holdings, Inc. CRWD	1,285.4	24.5	Jun 2026
Samsara Inc. IOT	1,158.0	11.8	Jun 2026
Cloudflare, Inc. NET	673.1	47.8	Mar 2026
Palantir Technologies Inc. PLTR	169.9	41.5	Mar 2026
Zscaler, Inc. ZS	90.2	8.9	Jun 2026
Palo Alto Networks, Inc. PANW	66.5	5.3	Jun 2026
Synopsys, Inc. SNPS	44.0	3.0	Jun 2026
Twilio Inc. TWLO	42.3	2.5	Mar 2026
Okta, Inc. OKTA	40.8	1.9	Jun 2026
Nutanix, Inc. NTNX	33.9	-15.0	Jun 2026
Toast, Inc. TOST	32.9	7.7	Mar 2026
DigitalOcean Holdings, Inc. DOCN	31.4	10.1	Mar 2026
Oracle Corporation ORCL	26.1	15.3	Jun 2026
CoreWeave, Inc. CRWV	24.4	8.7	Mar 2026
Block, Inc. XYZ	23.2	1.7	Mar 2026
Fortinet, Inc. FTNT	21.0	60.6	Mar 2026
VeriSign, Inc. VRSN	20.3	-10.1	Jun 2026
Akamai Technologies, Inc. AKAM	17.4	3.4	Mar 2026
F5, Inc. FFIV	17.1	4.5	Mar 2026
Check Point Software Technologies Ltd. CHKP	15.5	5.3	Mar 2026
Microsoft Corporation MSFT	14.2	6.6	Mar 2026
NetApp, Inc. NTAP	10.8	15.8	Jun 2026
GoDaddy Inc. GDDY	10.4	46.2	Mar 2026
Corpay, Inc. CPAY	10.4	5.5	Mar 2026
Gen Digital Inc. GEN	7.3	4.3	Jun 2026
MongoDB, Inc. MDB	—	6.9	Jun 2026
Rubrik, Inc. RBRK	—	-22.7	Jun 2026

Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

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

Block, Inc. · XYZ

Sep 2021293.2

Dec 2021254.4

Mar 20221,876.6

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023885.6

Sep 2023236.5

Dec 2023368.5

Mar 2024130.6

Jun 202446.2

Sep 202434.7

Dec 202441.0

Mar 202524.0

Jun 202527.0

Sep 202527.2

Dec 202519.7

Mar 202623.2

Jun 2026—

Cloudflare, Inc. · NET

Sep 20212,158.7

Dec 20212,926.1

Mar 20226,269.8

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231,717.1

Mar 20242,531.0

Jun 2024822.6

Sep 2024650.7

Dec 2024671.2

Mar 2025527.7

Jun 20251,093.9

Sep 2025919.4

Dec 2025754.1

Mar 2026673.1

Jun 2026—

CoreWeave, Inc. · CRWV

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 202522.7

Jun 202555.3

Sep 202539.5

Dec 202526.1

Mar 202624.4

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20231,067.6

Mar 2024540.0

Jun 2024363.6

Sep 2024227.8

Dec 2024360.3

Mar 2025975.6

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 20261,285.4

Fortinet, Inc. · FTNT

Sep 202154.0

Dec 202162.2

Mar 202255.8

Jun 202242.7

Sep 202232.9

Dec 202228.5

Mar 202335.1

Jun 202337.3

Sep 202327.5

Dec 202326.6

Mar 202429.8

Jun 202423.7

Sep 202428.0

Dec 202431.3

Mar 202529.7

Jun 202532.2

Sep 202524.1

Dec 202521.9

Mar 202621.0

Jun 2026—

Microsoft Corporation · MSFT

Sep 202123.7

Dec 202126.9

Mar 202223.6

Jun 202219.2

Sep 202217.1

Dec 202218.0

Mar 202321.3

Jun 202324.2

Sep 202321.0

Dec 202323.8

Mar 202424.9

Jun 202425.2

Sep 202422.9

Dec 202421.8

Mar 202518.6

Jun 202522.5

Sep 202521.9

Dec 202519.4

Mar 202614.2

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 202112.4

Mar 202211.7

Jun 202210.8

Sep 202210.8

Dec 202210.5

Mar 202310.8

Jun 202310.0

Sep 202313.0

Dec 202311.9

Mar 202412.5

Jun 202413.6

Sep 202416.1

Dec 202414.9

Mar 202515.7

Jun 202510.9

Sep 202512.6

Dec 202513.8

Mar 202611.1

Jun 202610.8

Oracle Corporation · ORCL

Sep 2021—

Dec 202121.3

Mar 202218.4

Jun 202217.5

Sep 202220.1

Dec 202216.6

Mar 202317.0

Jun 202319.2

Sep 202320.5

Dec 202319.7

Mar 202418.4

Jun 202418.9

Sep 202421.0

Dec 202426.2

Mar 202523.4

Jun 202523.4

Sep 202530.1

Dec 202526.8

Mar 202619.4

Jun 202626.1

Palantir Technologies Inc. · PLTR

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023460.8

Dec 2023224.5

Mar 2024207.1

Jun 2024163.1

Sep 2024201.7

Dec 2024502.9

Mar 2025445.8

Jun 2025531.4

Sep 2025489.5

Dec 2025290.4

Mar 2026169.9

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 2021121.4

Mar 2022121.7

Jun 2022119.0

Sep 202294.2

Dec 202281.4

Mar 202365.1

Jun 202364.7

Sep 202370.8

Dec 202358.6

Mar 202483.4

Jun 202465.7

Sep 202473.9

Dec 202476.8

Mar 202569.2

Jun 202567.7

Sep 202554.2

Dec 202569.2

Mar 202652.5

Jun 202666.5

Synopsys, Inc. · SNPS

Sep 2021—

Dec 202146.0

Mar 202236.1

Jun 202229.1

Sep 202236.6

Dec 202228.4

Mar 202336.4

Jun 202339.4

Sep 202345.7

Dec 202341.5

Mar 202444.8

Jun 202443.2

Sep 202444.7

Dec 202442.0

Mar 202545.9

Jun 202539.2

Sep 202581.7

Dec 202554.8

Mar 202646.1

Jun 202644.0

Twilio Inc. · TWLO

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 2024100.0

Mar 202563.5

Jun 202565.7

Sep 202544.4

Dec 202557.4

Mar 202642.3

Jun 2026—

P/BV · reported quarter history

Showing the 12 largest of 27 companies with a series here. The remaining 15 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Block, Inc. · XYZ

Sep 202137.4

Dec 202122.9

Mar 20224.5

Jun 20222.1

Sep 20222.0

Dec 20222.2

Mar 20232.4

Jun 20232.3

Sep 20231.5

Dec 20232.6

Mar 20242.8

Jun 20242.1

Sep 20242.1

Dec 20242.5

Mar 20251.6

Jun 20251.9

Sep 20252.0

Dec 20251.8

Mar 20261.7

Jun 2026—

Cloudflare, Inc. · NET

Sep 202142.5

Dec 202152.5

Mar 202275.6

Jun 202224.7

Sep 202230.6

Dec 202223.9

Mar 202331.4

Jun 202334.0

Sep 202330.3

Dec 202336.8

Mar 202441.3

Jun 202432.1

Sep 202428.5

Dec 202435.5

Mar 202527.4

Jun 202555.0

Sep 202555.8

Dec 202547.6

Mar 202647.8

Jun 2026—

CoreWeave, Inc. · CRWV

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 20259.1

Jun 202528.1

Sep 202517.6

Dec 202510.8

Mar 20268.7

Jun 2026—

CrowdStrike Holdings, Inc. · CRWD

Sep 2021—

Dec 202168.2

Mar 202240.6

Jun 202241.8

Sep 202235.0

Dec 202228.7

Mar 202317.1

Jun 202317.7

Sep 202321.0

Dec 202320.9

Mar 202430.7

Jun 202428.1

Sep 202419.9

Dec 202423.9

Mar 202530.1

Jun 202531.0

Sep 202530.4

Dec 202534.1

Mar 202625.3

Jun 202624.5

Fortinet, Inc. · FTNT

Sep 202142.7

Dec 202174.5

Mar 2022251.6

Jun 2022-113.5

Sep 2022-60.4

Dec 2022-135.7

Mar 20234,572.9

Jun 2023184.9

Sep 2023614.8

Dec 2023-96.1

Mar 2024-379.2

Jun 2024159.8

Sep 202465.4

Dec 202448.5

Mar 202537.7

Jun 202539.3

Sep 202585.0

Dec 202547.7

Mar 202660.6

Jun 2026—

Microsoft Corporation · MSFT

Sep 202113.9

Dec 202115.8

Mar 202214.2

Jun 202211.5

Sep 202210.0

Dec 20229.8

Mar 202311.0

Jun 202312.3

Sep 202310.6

Dec 202311.7

Mar 202412.4

Jun 202412.4

Sep 202411.1

Dec 202410.4

Mar 20258.7

Jun 202510.8

Sep 202510.6

Dec 20259.2

Mar 20266.6

Jun 2026—

NetApp, Inc. · NTAP

Sep 2021—

Dec 202126.2

Mar 202221.8

Jun 202219.2

Sep 202223.7

Dec 202212.5

Mar 202312.7

Jun 202311.5

Sep 202318.5

Dec 202319.2

Mar 202418.3

Jun 202418.2

Sep 202427.8

Dec 202427.2

Mar 202525.7

Jun 202517.1

Sep 202521.5

Dec 202523.4

Mar 202616.7

Jun 202615.8

Oracle Corporation · ORCL

Sep 2021—

Dec 2021-24.0

Mar 2022-23.3

Jun 2022-30.8

Sep 2022-34.0

Dec 2022-53.1

Mar 2023-97.5

Jun 2023267.9

Sep 2023139.1

Dec 202383.4

Mar 202454.6

Jun 202437.1

Sep 202436.2

Dec 202437.6

Mar 202527.8

Jun 202522.7

Sep 202526.6

Dec 202519.4

Mar 202610.9

Jun 202615.3

Palantir Technologies Inc. · PLTR

Sep 202121.3

Dec 202116.1

Mar 202211.9

Jun 20228.0

Sep 20227.1

Dec 20225.3

Mar 20236.6

Jun 202311.2

Sep 202310.9

Dec 202310.9

Mar 202413.6

Jun 202414.0

Sep 202418.8

Dec 202435.4

Mar 202536.7

Jun 202554.5

Sep 202566.0

Dec 202557.5

Mar 202641.5

Jun 2026—

Palo Alto Networks, Inc. · PANW

Sep 2021—

Dec 202196.8

Mar 2022432.5

Jun 2022165.7

Sep 2022236.7

Dec 2022102.1

Mar 202365.8

Jun 202345.2

Sep 202344.1

Dec 202335.1

Mar 202425.1

Jun 202421.1

Sep 202420.4

Dec 202420.0

Mar 202519.1

Jun 202517.2

Sep 202514.8

Dec 202517.6

Mar 202613.2

Jun 20265.3

Synopsys, Inc. · SNPS

Sep 2021—

Dec 20219.6

Mar 20228.8

Jun 20227.9

Sep 202210.1

Dec 20228.1

Mar 20239.5

Jun 20239.7

Sep 202311.5

Dec 202311.6

Mar 202412.2

Jun 202411.3

Sep 202411.1

Dec 20248.9

Mar 20258.7

Jun 20257.2

Sep 20254.3

Dec 20253.0

Mar 20262.9

Jun 20263.0

Twilio Inc. · TWLO

Sep 20215.1

Dec 20214.3

Mar 20222.7

Jun 20221.4

Sep 20221.2

Dec 20220.9

Mar 20231.2

Jun 20231.2

Sep 20231.1

Dec 20231.4

Mar 20241.2

Jun 20241.1

Sep 20241.2

Dec 20242.1

Mar 20251.9

Jun 20252.4

Sep 20251.9

Dec 20252.8

Mar 20262.5

Jun 2026—

09 · let price answer last

Market action

DigitalOcean Holdings, Inc. has the strongest one-year price move in Software - Infrastructure at +337.1%. Fortinet, Inc. leads on Mansfield relative strength against the S&P 500 at +45.3%. 16 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

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

Price and relative strength

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

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Software - Infrastructure comparison names 4 specific ways its own evidence can mislead, all listed below. All 28 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

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

10 · the complete set

Which companies are included?

All 28 companies in the canonical Software - Infrastructure membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

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

Company	Market value	Price	Priced to	Latest fundamentals
Microsoft Corporation MSFTLAGGING, FUNDAMENTALS UP	$2.9T	$393	2026-07-28	Mar 2026
Oracle Corporation ORCLLAGGING, FUNDAMENTALS UP	$345.5B	$120	2026-07-28	Jun 2026
Palantir Technologies Inc. PLTRLAGGING, FUNDAMENTALS UP	$296.1B	$124	2026-07-28	Mar 2026
Palo Alto Networks, Inc. PANWAHEAD	$260.0B	$319	2026-07-28	Jun 2026
CrowdStrike Holdings, Inc. CRWDAHEAD	$185.1B	$182	2026-07-28	Jun 2026
Fortinet, Inc. FTNTAHEAD20/26 WEEKS	$109.9B	$150	2026-07-28	Mar 2026
Cloudflare, Inc. NETAHEAD	$93.7B	$264	2026-07-28	Mar 2026
Synopsys, Inc. SNPS	$73.5B	$384	2026-07-28	Jun 2026
Block, Inc. XYZAHEAD	$49.9B	$83.1	2026-07-28	Mar 2026
Cerebras Systems Inc. CBRS	$43.7B	$193	2026-07-28	Mar 2026
CoreWeave, Inc. CRWV19/26 WEEKS	$36.7B	$67.3	2026-07-28	Mar 2026
NetApp, Inc. NTAPAHEAD	$34.2B	$175	2026-07-28	Jun 2026
Twilio Inc. TWLO	$29.5B	$194	2026-07-28	Mar 2026
VeriSign, Inc. VRSN	$25.4B	$281	2026-07-28	Jun 2026
Corpay, Inc. CPAYAHEAD19/26 WEEKS	$25.1B	$384	2026-07-28	Mar 2026
MongoDB, Inc. MDBAHEAD	$25.0B	$311	2026-07-28	Jun 2026
Zscaler, Inc. ZS	$24.5B	$152	2026-07-28	Jun 2026
Okta, Inc. OKTAAHEAD	$23.7B	$136	2026-07-28	Jun 2026
F5, Inc. FFIVAHEAD26/26 WEEKS	$22.9B	$403	2026-07-28	Mar 2026
Samsara Inc. IOTAHEAD	$21.9B	$37.5	2026-07-28	Jun 2026
Toast, Inc. TOSTLAGGING, FUNDAMENTALS UP	$18.7B	$32.3	2026-07-28	Mar 2026
Gen Digital Inc. GENAHEADLAGGING, FUNDAMENTALS UP	$16.5B	$27.6	2026-07-28	Jun 2026
Akamai Technologies, Inc. AKAMAHEAD21/26 WEEKS	$16.3B	$112	2026-07-28	Mar 2026
Nutanix, Inc. NTNXAHEAD	$16.0B	$59.1	2026-07-28	Jun 2026
Rubrik, Inc. RBRKAHEAD	$14.7B	$71.5	2026-07-28	Jun 2026
Check Point Software Technologies Ltd. CHKPAHEADLAGGING, FUNDAMENTALS UP	$14.1B	$138	2026-07-28	Mar 2026
GoDaddy Inc. GDDYAHEADLAGGING, FUNDAMENTALS UP	$13.6B	$103	2026-07-28	Mar 2026
DigitalOcean Holdings, Inc. DOCNAHEAD26/26 WEEKS	$13.2B	$113	2026-07-28	Mar 2026

Evidence and freshness

How was this comparison built?

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

FundamentalsThrough Jun 2026 · up to 20 quarters per company

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

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

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

Questions investors ask · short, speakable answers

Software - Infrastructure company comparison FAQs

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

Which Software - Infrastructure company is the biggest?

Microsoft Corporation is the largest, with trailing-twelve-month revenue of $318,273 million, ahead of Oracle Corporation at $67,358 million. That covers 27 of 28 companies with comparable reporting through Mar 2026.

Which Software - Infrastructure company is growing fastest?

CoreWeave, Inc. has the fastest revenue growth at 100% year on year, across 27 of 28 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 - Infrastructure company has the best profit margins?

VeriSign, Inc. has the highest operating margin at 68.5%, from 28 of 28 comparable companies. Palantir Technologies Inc. shows the biggest recent improvement, at +26.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Software - Infrastructure company makes the most profit?

Microsoft Corporation earns the most, at $125,216 million of trailing-twelve-month net profit, from 27 of 28 comparable companies. DigitalOcean Holdings, 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 - Infrastructure company earns the highest return on capital?

VeriSign, Inc. leads on return on capital employed at 1141.8%, across 28 of 28 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 - Infrastructure stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Check Point Software Technologies Ltd. screens cheapest at 0.52×. Only 12 of 28 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 - Infrastructure company has the strongest balance sheet?

Toast, Inc. carries the lowest comparable gross debt at $17 million, from 28 of 28 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 - Infrastructure company is investing most in new capacity?

Microsoft Corporation reports the largest capital spending at $30,876 million, across 28 of 28 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 - Infrastructure sector beating the market?

Software - Infrastructure has underperformed S&P 500 by 3.3% over the last 52 weeks and 13.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 16 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Software - Infrastructure stock has the strongest price momentum?

Fortinet, 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 - Infrastructure company scores highest for research priority?

Corpay, Inc. scores 63.8 out of 100 with 82% evidence confidence, from 22.8 points on growth and earnings, 12.3 on capital efficiency, 13.5 on valuation and 15.2 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 - Infrastructure companies does this comparison cover, and over what period?

It compares 28 listed companies over up to 20 reported quarters of fundamentals and 6 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 - Infrastructure sector?

The 28 Software - Infrastructure companies on this page carry $4,771,339 million of combined market value. Microsoft Corporation is the largest at $2,921,975 million, about 61% 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 - Infrastructure sector's P/E ratio?

The median price-to-earnings ratio across the 28 Software - Infrastructure companies on this page is 38.7×, measured on the 22 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 - Infrastructure sector performing?

16 of the 27 covered Software - Infrastructure companies are beating S&P 500 on Mansfield relative strength. The sector itself is 3.3% 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 - Infrastructure stocks are listed in the US?

This comparison covers 28 listed Software - Infrastructure 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.