# Software - Infrastructure — company-by-company sector analysis > Software - Infrastructure: Microsoft Corporation owns the largest revenue base; CoreWeave, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Software - 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? 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. ### 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. ## Sector relative strength 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-week sector return versus NIFTY 500: 13% 52-week sector return versus NIFTY 500: -3.3% Stocks leading NIFTY: 16/27 Stocks leading sector: 11/27 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 28 Combined market value: ₹47.7 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Corpay, Inc. (CPAY): 64/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 22.8/35 | Capital efficiency 12.3/25 | Valuation 13.5/20 | Relative strength 15.2/20 - 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. 2. NetApp, Inc. (NTAP): 62/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 19.2/35 | Capital efficiency 13.4/25 | Valuation 11.7/20 | Relative strength 17.9/20 - 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. 3. Fortinet, Inc. (FTNT): 60/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 17.9/35 | Capital efficiency 16.5/25 | Valuation 5.4/20 | Relative strength 19.9/20 - 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. 4. Okta, Inc. (OKTA): 59/100 — Mixed-positive evidence; evidence 76% - Growth & earnings 19.1/35 | Capital efficiency 11.3/25 | Valuation 9.4/20 | Relative strength 19.0/20 - 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. 5. CrowdStrike Holdings, Inc. (CRWD): 58/100 — Mixed-positive evidence; evidence 68% - Growth & earnings 22.8/35 | Capital efficiency 9.2/25 | Valuation 8.5/20 | Relative strength 17.8/20 - 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. 6. VeriSign, Inc. (VRSN): 58/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 22.2/35 | Capital efficiency 19.3/25 | Valuation 10.5/20 | Relative strength 6.1/20 - 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. 7. Palantir Technologies Inc. (PLTR): 58/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 29.5/35 | Capital efficiency 17.4/25 | Valuation 8.9/20 | Relative strength 1.8/20 - 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. 8. Toast, Inc. (TOST): 57/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 25.5/35 | Capital efficiency 13.8/25 | Valuation 9.8/20 | Relative strength 7.4/20 - 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. 9. F5, Inc. (FFIV): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 15.2/35 | Capital efficiency 15.6/25 | Valuation 10.6/20 | Relative strength 15.0/20 - 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. 10. Samsara Inc. (IOT): 55/100 — Mixed-positive evidence; evidence 68% - Growth & earnings 24.7/35 | Capital efficiency 10.7/25 | Valuation 8.6/20 | Relative strength 10.7/20 - 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. 11. GoDaddy Inc. (GDDY): 55/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.5/35 | Capital efficiency 11.6/25 | Valuation 16.0/20 | Relative strength 7.4/20 - 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. 12. Microsoft Corporation (MSFT): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 19.2/35 | Capital efficiency 16.7/25 | Valuation 14.7/20 | Relative strength 3.2/20 - 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. 13. Nutanix, Inc. (NTNX): 53/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 19.3/35 | Capital efficiency 11.4/25 | Valuation 9.6/20 | Relative strength 12.5/20 - 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. 14. Rubrik, Inc. (RBRK): 53/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 25.9/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 8.3/20 - 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. 15. Twilio Inc. (TWLO): 51/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 18.8/35 | Capital efficiency 10.9/25 | Valuation 8.8/20 | Relative strength 12.5/20 - 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. 16. DigitalOcean Holdings, Inc. (DOCN): 51/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 17.4/35 | Capital efficiency 9.7/25 | Valuation 10.2/20 | Relative strength 13.3/20 - 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. Check Point Software Technologies Ltd. (CHKP): 50/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 13.2/35 | Capital efficiency 13.8/25 | Valuation 16.2/20 | Relative strength 6.3/20 - 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. 18. Gen Digital Inc. (GEN): 49/100 — Mixed-negative evidence; evidence 75% - Growth & earnings 17.6/35 | Capital efficiency 12.8/25 | Valuation 7.5/20 | Relative strength 10.8/20 - 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. 19. Cloudflare, Inc. (NET): 46/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 18.2/35 | Capital efficiency 3.6/25 | Valuation 10.0/20 | Relative strength 13.9/20 - 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. 20. MongoDB, Inc. (MDB): 45/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 21.4/35 | Capital efficiency 9.5/25 | Valuation 10.0/20 | Relative strength 4.2/20 - 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. Akamai Technologies, Inc. (AKAM): 44/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 9.6/35 | Capital efficiency 10.9/25 | Valuation 14.3/20 | Relative strength 9.3/20 - 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. 22. Palo Alto Networks, Inc. (PANW): 43/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 8.1/35 | Capital efficiency 9.9/25 | Valuation 5.6/20 | Relative strength 19.4/20 - 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. 23. Oracle Corporation (ORCL): 40/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 17.3/35 | Capital efficiency 10.4/25 | Valuation 11.8/20 | Relative strength 0.3/20 - 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. 24. Zscaler, Inc. (ZS): 38/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 16.7/35 | Capital efficiency 6.2/25 | Valuation 10.0/20 | Relative strength 4.8/20 - 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. 25. Block, Inc. (XYZ): 36/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 5.1/35 | Capital efficiency 8.7/25 | Valuation 9.5/20 | Relative strength 12.8/20 - 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. 26. Synopsys, Inc. (SNPS): 32/100 — Adverse evidence; evidence 86% - Growth & earnings 10.3/35 | Capital efficiency 11.3/25 | Valuation 8.2/20 | Relative strength 1.9/20 - 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. 27. CoreWeave, Inc. (CRWV): 31/100 — Adverse evidence; evidence 62% - Growth & earnings 15.8/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 0.5/20 - 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. 28. Cerebras Systems Inc. (CBRS): 52/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 25.6/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 10.0/20 - 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. ## Revenue Scale & Growth Durability 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. 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. Evidence: Microsoft Corporation · $318,273 million | 372.5% versus #2 · Oracle Corporation | 8/8 recent comparable periods | 27/28 companies · 526 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Microsoft Corporation (MSFT): ₹3.2 L Cr 2. Oracle Corporation (ORCL): ₹67.4K Cr 3. Block, Inc. (XYZ): ₹24.5K Cr 4. Palo Alto Networks, Inc. (PANW): ₹10.6K Cr 5. Synopsys, Inc. (SNPS): ₹8.7K Cr ### Revenue growth — fastest growers 1. CoreWeave, Inc. (CRWV): 100% 2. Cerebras Systems Inc. (CBRS): 86% 3. Palantir Technologies Inc. (PLTR): 68% 4. Rubrik, Inc. (RBRK): 46% 5. Synopsys, Inc. (SNPS): 40% ### 20-quarter Revenue history - MSFT: Sep 2021 ₹45.3K Cr | Dec 2021 ₹51.7K Cr | Mar 2022 ₹49.4K Cr | Jun 2022 ₹51.9K Cr | Sep 2022 ₹50.1K Cr | Dec 2022 ₹52.7K Cr | Mar 2023 ₹52.9K Cr | Jun 2023 ₹56.2K Cr | Sep 2023 ₹56.5K Cr | Dec 2023 ₹62.0K Cr | Mar 2024 ₹61.9K Cr | Jun 2024 ₹64.7K Cr | Sep 2024 ₹65.6K Cr | Dec 2024 ₹69.6K Cr | Mar 2025 ₹70.1K Cr | Jun 2025 ₹76.4K Cr | Sep 2025 ₹77.7K Cr | Dec 2025 ₹81.3K Cr | Mar 2026 ₹82.9K Cr | Jun 2026 — - ORCL: Sep 2021 ₹9.7K Cr | Dec 2021 ₹10.4K Cr | Mar 2022 ₹10.5K Cr | Jun 2022 ₹11.8K Cr | Sep 2022 ₹11.4K Cr | Dec 2022 ₹12.3K Cr | Mar 2023 ₹12.4K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹12.9K Cr | Mar 2024 ₹13.3K Cr | Jun 2024 ₹14.3K Cr | Sep 2024 ₹13.3K Cr | Dec 2024 ₹14.1K Cr | Mar 2025 ₹14.1K Cr | Jun 2025 ₹15.9K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹16.1K Cr | Mar 2026 ₹17.2K Cr | Jun 2026 ₹19.2K Cr - PLTR: Sep 2021 ₹392 Cr | Dec 2021 ₹433 Cr | Mar 2022 ₹446 Cr | Jun 2022 ₹473 Cr | Sep 2022 ₹478 Cr | Dec 2022 ₹509 Cr | Mar 2023 ₹525 Cr | Jun 2023 ₹533 Cr | Sep 2023 ₹558 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹634 Cr | Jun 2024 ₹678 Cr | Sep 2024 ₹726 Cr | Dec 2024 ₹828 Cr | Mar 2025 ₹884 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - PANW: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹3.0K Cr - CRWD: Sep 2021 ₹338 Cr | Dec 2021 ₹380 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹488 Cr | Sep 2022 ₹535 Cr | Dec 2022 ₹581 Cr | Mar 2023 ₹637 Cr | Jun 2023 ₹693 Cr | Sep 2023 ₹732 Cr | Dec 2023 ₹786 Cr | Mar 2024 ₹845 Cr | Jun 2024 ₹921 Cr | Sep 2024 ₹964 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.4K Cr - FTNT: Sep 2021 ₹867 Cr | Dec 2021 ₹964 Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 — - NET: Sep 2021 ₹172 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹212 Cr | Jun 2022 ₹235 Cr | Sep 2022 ₹254 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹290 Cr | Jun 2023 ₹308 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹362 Cr | Mar 2024 ₹379 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹430 Cr | Dec 2024 ₹460 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹512 Cr | Sep 2025 ₹562 Cr | Dec 2025 ₹615 Cr | Mar 2026 ₹640 Cr | Jun 2026 — - SNPS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 ₹2.3K Cr - XYZ: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.5K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.0K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.6K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹67 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹103 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹193 Cr | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹116 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹395 Cr | Sep 2024 ₹584 Cr | Dec 2024 ₹747 Cr | Mar 2025 ₹982 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - NTAP: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.9K Cr - TWLO: Sep 2021 ₹740 Cr | Dec 2021 ₹843 Cr | Mar 2022 ₹875 Cr | Jun 2022 ₹943 Cr | Sep 2022 ₹983 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - VRSN: Sep 2021 ₹334 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹347 Cr | Jun 2022 ₹352 Cr | Sep 2022 ₹357 Cr | Dec 2022 ₹369 Cr | Mar 2023 ₹364 Cr | Jun 2023 ₹372 Cr | Sep 2023 ₹376 Cr | Dec 2023 ₹380 Cr | Mar 2024 ₹384 Cr | Jun 2024 ₹387 Cr | Sep 2024 ₹391 Cr | Dec 2024 ₹395 Cr | Mar 2025 ₹402 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹419 Cr | Dec 2025 ₹425 Cr | Mar 2026 ₹429 Cr | Jun 2026 — - CPAY: Sep 2021 ₹755 Cr | Dec 2021 ₹802 Cr | Mar 2022 ₹789 Cr | Jun 2022 ₹861 Cr | Sep 2022 ₹893 Cr | Dec 2022 ₹884 Cr | Mar 2023 ₹901 Cr | Jun 2023 ₹948 Cr | Sep 2023 ₹971 Cr | Dec 2023 ₹937 Cr | Mar 2024 ₹935 Cr | Jun 2024 ₹976 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - MDB: Sep 2021 ₹199 Cr | Dec 2021 ₹227 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹285 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹334 Cr | Mar 2023 ₹361 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹424 Cr | Dec 2023 ₹433 Cr | Mar 2024 ₹458 Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹478 Cr | Dec 2024 ₹529 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹591 Cr | Dec 2025 ₹628 Cr | Mar 2026 ₹695 Cr | Jun 2026 ₹688 Cr - ZS: Sep 2021 ₹197 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹256 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹356 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹497 Cr | Mar 2024 ₹525 Cr | Jun 2024 ₹553 Cr | Sep 2024 ₹593 Cr | Dec 2024 ₹628 Cr | Mar 2025 ₹648 Cr | Jun 2025 ₹678 Cr | Sep 2025 ₹719 Cr | Dec 2025 ₹788 Cr | Mar 2026 ₹816 Cr | Jun 2026 ₹850 Cr - OKTA: Sep 2021 ₹316 Cr | Dec 2021 ₹351 Cr | Mar 2022 ₹383 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹452 Cr | Dec 2022 ₹481 Cr | Mar 2023 ₹510 Cr | Jun 2023 ₹518 Cr | Sep 2023 ₹556 Cr | Dec 2023 ₹584 Cr | Mar 2024 ₹605 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹646 Cr | Dec 2024 ₹665 Cr | Mar 2025 ₹682 Cr | Jun 2025 ₹688 Cr | Sep 2025 ₹728 Cr | Dec 2025 ₹742 Cr | Mar 2026 ₹761 Cr | Jun 2026 ₹765 Cr - FFIV: Sep 2021 ₹682 Cr | Dec 2021 ₹687 Cr | Mar 2022 ₹634 Cr | Jun 2022 ₹674 Cr | Sep 2022 ₹700 Cr | Dec 2022 ₹700 Cr | Mar 2023 ₹703 Cr | Jun 2023 ₹703 Cr | Sep 2023 ₹707 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹695 Cr | Sep 2024 ₹747 Cr | Dec 2024 ₹766 Cr | Mar 2025 ₹731 Cr | Jun 2025 ₹780 Cr | Sep 2025 ₹810 Cr | Dec 2025 ₹822 Cr | Mar 2026 ₹812 Cr | Jun 2026 — - IOT: Sep 2021 ₹101 Cr | Dec 2021 ₹114 Cr | Mar 2022 ₹126 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹238 Cr | Mar 2024 ₹276 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹346 Cr | Jun 2025 ₹367 Cr | Sep 2025 ₹391 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹444 Cr | Jun 2026 ₹479 Cr - TOST: Sep 2021 ₹486 Cr | Dec 2021 ₹512 Cr | Mar 2022 ₹535 Cr | Jun 2022 ₹675 Cr | Sep 2022 ₹752 Cr | Dec 2022 ₹768 Cr | Mar 2023 ₹819 Cr | Jun 2023 ₹978 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - GEN: Sep 2021 ₹686 Cr | Dec 2021 ₹692 Cr | Mar 2022 — | Jun 2022 ₹716 Cr | Sep 2022 ₹707 Cr | Dec 2022 ₹936 Cr | Mar 2023 ₹926 Cr | Jun 2023 ₹943 Cr | Sep 2023 ₹945 Cr | Dec 2023 ₹948 Cr | Mar 2024 ₹964 Cr | Jun 2024 ₹965 Cr | Sep 2024 ₹974 Cr | Dec 2024 ₹986 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 — | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr - AKAM: Sep 2021 ₹860 Cr | Dec 2021 ₹905 Cr | Mar 2022 ₹904 Cr | Jun 2022 ₹903 Cr | Sep 2022 ₹882 Cr | Dec 2022 ₹928 Cr | Mar 2023 ₹916 Cr | Jun 2023 ₹936 Cr | Sep 2023 ₹965 Cr | Dec 2023 ₹995 Cr | Mar 2024 ₹987 Cr | Jun 2024 ₹980 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - NTNX: Sep 2021 ₹391 Cr | Dec 2021 ₹379 Cr | Mar 2022 ₹413 Cr | Jun 2022 ₹404 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹434 Cr | Mar 2023 ₹486 Cr | Jun 2023 ₹449 Cr | Sep 2023 ₹494 Cr | Dec 2023 ₹511 Cr | Mar 2024 ₹565 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹548 Cr | Dec 2024 ₹591 Cr | Mar 2025 ₹655 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹671 Cr | Mar 2026 ₹723 Cr | Jun 2026 ₹365 Cr - RBRK: Sep 2021 — | Dec 2021 ₹126 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹136 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹187 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹258 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹310 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹378 Cr | Jun 2026 ₹387 Cr - CHKP: Sep 2021 ₹534 Cr | Dec 2021 ₹599 Cr | Mar 2022 ₹543 Cr | Jun 2022 ₹571 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹639 Cr | Mar 2023 ₹566 Cr | Jun 2023 ₹589 Cr | Sep 2023 ₹596 Cr | Dec 2023 ₹664 Cr | Mar 2024 ₹599 Cr | Jun 2024 ₹627 Cr | Sep 2024 ₹635 Cr | Dec 2024 ₹704 Cr | Mar 2025 ₹638 Cr | Jun 2025 ₹665 Cr | Sep 2025 ₹678 Cr | Dec 2025 ₹745 Cr | Mar 2026 ₹668 Cr | Jun 2026 — - GDDY: Sep 2021 ₹964 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - DOCN: Sep 2021 ₹111 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹163 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹170 Cr | Sep 2023 ₹177 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹185 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹205 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹230 Cr | Dec 2025 ₹242 Cr | Mar 2026 ₹258 Cr | Jun 2026 — ### 20-quarter Revenue growth history - MSFT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 11% | Dec 2022 2.0% | Mar 2023 7.1% | Jun 2023 8.3% | Sep 2023 13% | Dec 2023 18% | Mar 2024 17% | Jun 2024 15% | Sep 2024 16% | Dec 2024 12% | Mar 2025 13% | Jun 2025 18% | Sep 2025 18% | Dec 2025 17% | Mar 2026 18% | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 18% | Mar 2023 18% | Jun 2023 17% | Sep 2023 8.8% | Dec 2023 5.4% | Mar 2024 7.1% | Jun 2024 3.3% | Sep 2024 6.9% | Dec 2024 8.6% | Mar 2025 6.4% | Jun 2025 11% | Sep 2025 12% | Dec 2025 14% | Mar 2026 22% | Jun 2026 21% - PLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 22% | Dec 2022 18% | Mar 2023 18% | Jun 2023 13% | Sep 2023 17% | Dec 2023 19% | Mar 2024 21% | Jun 2024 27% | Sep 2024 30% | Dec 2024 36% | Mar 2025 39% | Jun 2025 48% | Sep 2025 63% | Dec 2025 70% | Mar 2026 85% | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 25% | Mar 2023 26% | Jun 2023 24% | Sep 2023 26% | Dec 2023 20% | Mar 2024 19% | Jun 2024 15% | Sep 2024 12% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 16% | Dec 2025 16% | Mar 2026 15% | Jun 2026 31% - CRWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 58% | Dec 2022 53% | Mar 2023 48% | Jun 2023 42% | Sep 2023 37% | Dec 2023 35% | Mar 2024 33% | Jun 2024 33% | Sep 2024 32% | Dec 2024 29% | Mar 2025 25% | Jun 2025 20% | Sep 2025 21% | Dec 2025 22% | Mar 2026 23% | Jun 2026 26% - FTNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 33% | Dec 2022 33% | Mar 2023 32% | Jun 2023 26% | Sep 2023 16% | Dec 2023 10% | Mar 2024 7.2% | Jun 2024 11% | Sep 2024 13% | Dec 2024 17% | Mar 2025 14% | Jun 2025 14% | Sep 2025 14% | Dec 2025 15% | Mar 2026 20% | Jun 2026 — - NET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 48% | Dec 2022 42% | Mar 2023 37% | Jun 2023 31% | Sep 2023 32% | Dec 2023 32% | Mar 2024 31% | Jun 2024 30% | Sep 2024 28% | Dec 2024 27% | Mar 2025 26% | Jun 2025 28% | Sep 2025 31% | Dec 2025 34% | Mar 2026 34% | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 11% | Mar 2023 7.2% | Jun 2023 -1.3% | Sep 2023 8.5% | Dec 2023 14% | Mar 2024 11% | Jun 2024 15% | Sep 2024 13% | Dec 2024 12% | Mar 2025 -3.7% | Jun 2025 10% | Sep 2025 14% | Dec 2025 38% | Mar 2026 66% | Jun 2026 42% - XYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.9% | Sep 2022 17% | Dec 2022 14% | Mar 2023 26% | Jun 2023 26% | Sep 2023 24% | Dec 2023 24% | Mar 2024 19% | Jun 2024 11% | Sep 2024 6.4% | Dec 2024 4.5% | Mar 2025 -3.1% | Jun 2025 -1.7% | Sep 2025 2.3% | Dec 2025 3.6% | Mar 2026 4.9% | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2,133% | Jun 2024 1,067% | Sep 2024 106% | Dec 2024 134% | Mar 2025 49% | Jun 2025 47% | Sep 2025 89% | Dec 2025 109% | Mar 2026 93% | Jun 2026 — - 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 544% | Mar 2025 420% | Jun 2025 207% | Sep 2025 134% | Dec 2025 110% | Mar 2026 112% | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.2% | Dec 2022 6.2% | Mar 2023 -5.5% | Jun 2023 -5.9% | Sep 2023 -10% | Dec 2023 -6.1% | Mar 2024 5.2% | Jun 2024 5.5% | Sep 2024 7.6% | Dec 2024 6.2% | Mar 2025 2.2% | Jun 2025 3.8% | Sep 2025 1.2% | Dec 2025 2.8% | Mar 2026 4.4% | Jun 2026 12% - TWLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 33% | Dec 2022 22% | Mar 2023 15% | Jun 2023 10% | Sep 2023 5.2% | Dec 2023 5.0% | Mar 2024 4.0% | Jun 2024 4.3% | Sep 2024 9.7% | Dec 2024 11% | Mar 2025 12% | Jun 2025 13% | Sep 2025 15% | Dec 2025 14% | Mar 2026 20% | Jun 2026 — - VRSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.0% | Sep 2022 6.9% | Dec 2022 8.5% | Mar 2023 4.9% | Jun 2023 5.7% | Sep 2023 5.3% | Dec 2023 3.0% | Mar 2024 5.5% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 4.7% | Jun 2025 5.9% | Sep 2025 7.2% | Dec 2025 7.6% | Mar 2026 6.7% | Jun 2026 — - CPAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 18% | Dec 2022 10% | Mar 2023 14% | Jun 2023 10% | Sep 2023 8.7% | Dec 2023 6.0% | Mar 2024 3.8% | Jun 2024 3.0% | Sep 2024 6.0% | Dec 2024 10% | Mar 2025 7.6% | Jun 2025 13% | Sep 2025 14% | Dec 2025 21% | Mar 2026 25% | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 53% | Dec 2022 47% | Mar 2023 36% | Jun 2023 29% | Sep 2023 39% | Dec 2023 30% | Mar 2024 27% | Jun 2024 23% | Sep 2024 13% | Dec 2024 22% | Mar 2025 20% | Jun 2025 22% | Sep 2025 24% | Dec 2025 19% | Mar 2026 27% | Jun 2026 25% - ZS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 61% | Dec 2022 54% | Mar 2023 52% | Jun 2023 46% | Sep 2023 43% | Dec 2023 40% | Mar 2024 35% | Jun 2024 32% | Sep 2024 30% | Dec 2024 26% | Mar 2025 23% | Jun 2025 23% | Sep 2025 21% | Dec 2025 25% | Mar 2026 26% | Jun 2026 25% - OKTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 37% | Mar 2023 33% | Jun 2023 25% | Sep 2023 23% | Dec 2023 21% | Mar 2024 19% | Jun 2024 19% | Sep 2024 16% | Dec 2024 14% | Mar 2025 13% | Jun 2025 12% | Sep 2025 13% | Dec 2025 12% | Mar 2026 12% | Jun 2026 11% - FFIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.4% | Sep 2022 2.6% | Dec 2022 1.9% | Mar 2023 11% | Jun 2023 4.3% | Sep 2023 1.0% | Dec 2023 -1.0% | Mar 2024 -3.1% | Jun 2024 -1.1% | Sep 2024 5.7% | Dec 2024 11% | Mar 2025 7.3% | Jun 2025 12% | Sep 2025 8.4% | Dec 2025 7.3% | Mar 2026 11% | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 52% | Dec 2022 49% | Mar 2023 48% | Jun 2023 43% | Sep 2023 42% | Dec 2023 40% | Mar 2024 48% | Jun 2024 38% | Sep 2024 37% | Dec 2024 35% | Mar 2025 25% | Jun 2025 31% | Sep 2025 30% | Dec 2025 29% | Mar 2026 28% | Jun 2026 31% - TOST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 55% | Dec 2022 50% | Mar 2023 53% | Jun 2023 45% | Sep 2023 37% | Dec 2023 35% | Mar 2024 31% | Jun 2024 27% | Sep 2024 26% | Dec 2024 29% | Mar 2025 24% | Jun 2025 25% | Sep 2025 25% | Dec 2025 22% | Mar 2026 22% | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.1% | Dec 2022 35% | Mar 2023 — | Jun 2023 32% | Sep 2023 34% | Dec 2023 1.3% | Mar 2024 4.1% | Jun 2024 2.3% | Sep 2024 3.1% | Dec 2024 4.0% | Mar 2025 4.8% | Jun 2025 — | Sep 2025 29% | Dec 2025 24% | Mar 2026 23% | Jun 2026 — - AKAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.9% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 1.3% | Jun 2023 3.7% | Sep 2023 9.4% | Dec 2023 7.2% | Mar 2024 7.8% | Jun 2024 4.7% | Sep 2024 4.2% | Dec 2024 2.5% | Mar 2025 2.8% | Jun 2025 6.4% | Sep 2025 5.0% | Dec 2025 7.4% | Mar 2026 5.8% | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.3% | Dec 2022 15% | Mar 2023 18% | Jun 2023 11% | Sep 2023 28% | Dec 2023 18% | Mar 2024 16% | Jun 2024 17% | Sep 2024 11% | Dec 2024 16% | Mar 2025 16% | Jun 2025 -34% | Sep 2025 -38% | Dec 2025 14% | Mar 2026 10% | Jun 2026 5.8% - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 31% | Mar 2023 -13% | Jun 2023 3.0% | Sep 2023 -9.0% | Dec 2023 0.6% | Mar 2024 29% | Jun 2024 38% | Sep 2024 35% | Dec 2024 42% | Mar 2025 47% | Jun 2025 49% | Sep 2025 51% | Dec 2025 48% | Mar 2026 47% | Jun 2026 39% - CHKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.6% | Sep 2022 8.2% | Dec 2022 6.7% | Mar 2023 4.2% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 3.9% | Mar 2024 5.8% | Jun 2024 6.5% | Sep 2024 6.5% | Dec 2024 6.0% | Mar 2025 6.5% | Jun 2025 6.1% | Sep 2025 6.8% | Dec 2025 5.8% | Mar 2026 4.7% | Jun 2026 — - GDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 7.2% | Dec 2022 2.1% | Mar 2023 3.3% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 5.8% | Mar 2024 7.1% | Jun 2024 7.4% | Sep 2024 7.3% | Dec 2024 8.5% | Mar 2025 7.7% | Jun 2025 8.3% | Sep 2025 10% | Dec 2025 6.8% | Mar 2026 6.1% | Jun 2026 — - DOCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 37% | Dec 2022 36% | Mar 2023 30% | Jun 2023 27% | Sep 2023 16% | Dec 2023 11% | Mar 2024 12% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 14% | Sep 2025 16% | Dec 2025 18% | Mar 2026 22% | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: VeriSign, Inc. leads opm at 68.5%; Palantir Technologies Inc. leads margin change at +26.3 percentage points. 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. Evidence: VeriSign, Inc. · 68.5% | 9.4% versus #2 · Gen Digital Inc. | 4/8 recent comparable periods | 28/28 companies · 525 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. VeriSign, Inc. (VRSN): 69% 2. Gen Digital Inc. (GEN): 63% 3. Corpay, Inc. (CPAY): 50% 4. Microsoft Corporation (MSFT): 46% 5. Palantir Technologies Inc. (PLTR): 46% ### Margin change — fastest expanders 1. Palantir Technologies Inc. (PLTR): +26.3 pp 2. Cerebras Systems Inc. (CBRS): +20.8 pp 3. Rubrik, Inc. (RBRK): +19.8 pp 4. Samsara Inc. (IOT): +10.6 pp 5. CrowdStrike Holdings, Inc. (CRWD): +8.6 pp ### 20-quarter OPM history - MSFT: Sep 2021 45% | Dec 2021 43% | Mar 2022 41% | Jun 2022 40% | Sep 2022 43% | Dec 2022 39% | Mar 2023 42% | Jun 2023 43% | Sep 2023 48% | Dec 2023 44% | Mar 2024 45% | Jun 2024 43% | Sep 2024 47% | Dec 2024 46% | Mar 2025 46% | Jun 2025 45% | Sep 2025 49% | Dec 2025 47% | Mar 2026 46% | Jun 2026 — - ORCL: Sep 2021 35% | Dec 2021 -8.0% | Mar 2022 36% | Jun 2022 38% | Sep 2022 23% | Dec 2022 25% | Mar 2023 26% | Jun 2023 30% | Sep 2023 27% | Dec 2023 28% | Mar 2024 28% | Jun 2024 33% | Sep 2024 30% | Dec 2024 30% | Mar 2025 31% | Jun 2025 32% | Sep 2025 29% | Dec 2025 30% | Mar 2026 32% | Jun 2026 32% - PLTR: Sep 2021 -23% | Dec 2021 -14% | Mar 2022 -8.8% | Jun 2022 -8.8% | Sep 2022 -13% | Dec 2022 -3.5% | Mar 2023 0.8% | Jun 2023 1.9% | Sep 2023 7.2% | Dec 2023 11% | Mar 2024 13% | Jun 2024 16% | Sep 2024 16% | Dec 2024 1.3% | Mar 2025 20% | Jun 2025 27% | Sep 2025 33% | Dec 2025 41% | Mar 2026 46% | Jun 2026 — - PANW: Sep 2021 -5.0% | Dec 2021 -6.6% | Mar 2022 -5.6% | Jun 2022 -3.4% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 2.4% | Jun 2023 4.6% | Sep 2023 13% | Dec 2023 12% | Mar 2024 2.7% | Jun 2024 8.9% | Sep 2024 11% | Dec 2024 13% | Mar 2025 11% | Jun 2025 9.6% | Sep 2025 20% | Dec 2025 13% | Mar 2026 15% | Jun 2026 -6.1% - 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 2023 0.4% | Mar 2024 3.5% | Jun 2024 0.8% | Sep 2024 1.4% | 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% - FTNT: Sep 2021 19% | Dec 2021 22% | Mar 2022 16% | Jun 2022 19% | Sep 2022 23% | Dec 2022 28% | Mar 2023 22% | Jun 2023 22% | Sep 2023 23% | Dec 2023 27% | Mar 2024 24% | Jun 2024 31% | Sep 2024 31% | Dec 2024 35% | Mar 2025 30% | Jun 2025 28% | Sep 2025 32% | Dec 2025 33% | Mar 2026 31% | Jun 2026 — - 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 — - SNPS: Sep 2021 19% | Dec 2021 17% | Mar 2022 27% | Jun 2022 28% | Sep 2022 19% | Dec 2022 17% | Mar 2023 19% | Jun 2023 23% | Sep 2023 22% | Dec 2023 29% | Mar 2024 23% | Jun 2024 23% | Sep 2024 24% | Dec 2024 19% | Mar 2025 17% | Jun 2025 24% | Sep 2025 9.5% | Dec 2025 5.4% | Mar 2026 8.4% | Jun 2026 5.3% - XYZ: Sep 2021 0.6% | 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 2024 4.2% | Jun 2024 5.0% | Sep 2024 5.4% | Dec 2024 0.2% | Mar 2025 5.7% | Jun 2025 8.0% | Sep 2025 6.7% | Dec 2025 7.8% | Mar 2026 -2.8% | Jun 2026 — - 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 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.2% | Mar 2024 8.9% | Jun 2024 20% | Sep 2024 20% | Dec 2024 15% | Mar 2025 -2.7% | Jun 2025 1.6% | Sep 2025 3.8% | Dec 2025 -5.7% | Mar 2026 -6.9% | Jun 2026 — - NTAP: Sep 2021 17% | Dec 2021 19% | Mar 2022 20% | Jun 2022 17% | Sep 2022 16% | Dec 2022 17% | Mar 2023 11% | Jun 2023 20% | Sep 2023 12% | Dec 2023 20% | Mar 2024 23% | Jun 2024 22% | Sep 2024 18% | Dec 2024 21% | Mar 2025 22% | Jun 2025 20% | Sep 2025 20% | Dec 2025 23% | Mar 2026 25% | Jun 2026 27% - TWLO: Sep 2021 -31% | Dec 2021 -34% | Mar 2022 -25% | Jun 2022 -33% | Sep 2022 -47% | Dec 2022 -21% | Mar 2023 -26% | Jun 2023 -14% | Sep 2023 -11% | Dec 2023 -34% | Mar 2024 -4.2% | Jun 2024 -1.8% | Sep 2024 -0.4% | Dec 2024 1.1% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 3.1% | Dec 2025 4.2% | Mar 2026 7.7% | Jun 2026 — - VRSN: Sep 2021 66% | Dec 2021 65% | Mar 2022 65% | Jun 2022 67% | Sep 2022 66% | Dec 2022 67% | Mar 2023 66% | Jun 2023 67% | Sep 2023 68% | Dec 2023 67% | Mar 2024 67% | Jun 2024 69% | Sep 2024 69% | Dec 2024 67% | Mar 2025 67% | Jun 2025 69% | Sep 2025 68% | Dec 2025 67% | Mar 2026 69% | Jun 2026 — - CPAY: Sep 2021 45% | Dec 2021 42% | Mar 2022 40% | Jun 2022 43% | Sep 2022 44% | Dec 2022 42% | Mar 2023 42% | Jun 2023 44% | Sep 2023 46% | Dec 2023 45% | Mar 2024 43% | Jun 2024 44% | Sep 2024 46% | Dec 2024 47% | Mar 2025 43% | Jun 2025 44% | Sep 2025 45% | Dec 2025 45% | Mar 2026 50% | Jun 2026 — - MDB: Sep 2021 -37% | Dec 2021 -34% | Mar 2022 -30% | Jun 2022 -27% | Sep 2022 -38% | Dec 2022 -25% | Mar 2023 -20% | Jun 2023 -19% | Sep 2023 -12% | Dec 2023 -10% | Mar 2024 -16% | Jun 2024 -22% | Sep 2024 -15% | Dec 2024 -5.3% | Mar 2025 -3.4% | Jun 2025 -9.8% | Sep 2025 -11% | Dec 2025 -2.9% | Mar 2026 0.0% | Jun 2026 -3.6% - ZS: Sep 2021 -34% | Dec 2021 -32% | Mar 2022 -33% | Jun 2022 -30% | Sep 2022 -26% | Dec 2022 -19% | Mar 2023 -17% | Jun 2023 -13% | Sep 2023 -9.8% | Dec 2023 -9.3% | Mar 2024 -8.7% | Jun 2024 -0.5% | Sep 2024 -4.5% | Dec 2024 -4.9% | Mar 2025 -6.2% | Jun 2025 -3.7% | Sep 2025 -4.5% | Dec 2025 -4.6% | Mar 2026 -6.3% | Jun 2026 -3.5% - OKTA: Sep 2021 -84% | Dec 2021 -57% | Mar 2022 -56% | Jun 2022 -58% | Sep 2022 -46% | Dec 2022 -43% | Mar 2023 -31% | Jun 2023 -31% | Sep 2023 -29% | Dec 2023 -19% | Mar 2024 71% | Jun 2024 -7.6% | Sep 2024 -2.9% | Dec 2024 -2.4% | Mar 2025 1.2% | Jun 2025 5.7% | Sep 2025 5.6% | Dec 2025 3.1% | Mar 2026 6.0% | Jun 2026 7.3% - FFIV: Sep 2021 19% | Dec 2021 17% | Mar 2022 12% | Jun 2022 16% | Sep 2022 15% | Dec 2022 13% | Mar 2023 15% | Jun 2023 15% | Sep 2023 24% | Dec 2023 24% | Mar 2024 21% | Jun 2024 23% | Sep 2024 26% | Dec 2024 27% | Mar 2025 22% | Jun 2025 25% | Sep 2025 25% | Dec 2025 26% | Mar 2026 22% | Jun 2026 — - IOT: Sep 2021 -31% | Dec 2021 -28% | Mar 2022 -200% | Jun 2022 -49% | Sep 2022 -43% | Dec 2022 -37% | Mar 2023 -32% | Jun 2023 -37% | Sep 2023 -32% | Dec 2023 -23% | Mar 2024 -45% | Jun 2024 -24% | Sep 2024 -19% | Dec 2024 -15% | Mar 2025 -5.3% | Jun 2025 -9.1% | Sep 2025 -6.8% | Dec 2025 -0.4% | Mar 2026 2.0% | Jun 2026 1.5% - TOST: Sep 2021 -11% | Dec 2021 -23% | Mar 2022 -19% | Jun 2022 -15% | Sep 2022 -11% | Dec 2022 -13% | Mar 2023 -11% | Jun 2023 -8.2% | Sep 2023 -5.7% | Dec 2023 -5.4% | Mar 2024 -5.2% | Jun 2024 0.4% | Sep 2024 2.6% | Dec 2024 2.4% | Mar 2025 3.2% | Jun 2025 5.2% | Sep 2025 5.1% | Dec 2025 5.2% | Mar 2026 6.7% | Jun 2026 — - GEN: Sep 2021 42% | Dec 2021 42% | Mar 2022 — | Jun 2022 18% | Sep 2022 37% | Dec 2022 39% | Mar 2023 36% | Jun 2023 38% | Sep 2023 2.3% | Dec 2023 35% | Mar 2024 41% | Jun 2024 43% | Sep 2024 41% | Dec 2024 38% | Mar 2025 41% | Jun 2025 — | Sep 2025 36% | Dec 2025 36% | Mar 2026 35% | Jun 2026 63% - AKAM: Sep 2021 24% | Dec 2021 22% | Mar 2022 19% | Jun 2022 19% | Sep 2022 18% | Dec 2022 18% | Mar 2023 14% | Jun 2023 16% | Sep 2023 18% | Dec 2023 19% | Mar 2024 17% | Jun 2024 15% | Sep 2024 7.0% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 8.7% | Mar 2026 11% | Jun 2026 — - NTNX: Sep 2021 -37% | Dec 2021 -36% | Mar 2022 -23% | Jun 2022 -23% | Sep 2022 -35% | Dec 2022 -19% | Mar 2023 -12% | Jun 2023 -13% | Sep 2023 -2.3% | Dec 2023 -1.1% | Mar 2024 6.6% | Jun 2024 -2.2% | Sep 2024 -2.2% | Dec 2024 4.6% | Mar 2025 10% | Jun 2025 14% | Sep 2025 9.2% | Dec 2025 7.4% | Mar 2026 12% | Jun 2026 19% - RBRK: Sep 2021 — | Dec 2021 -47% | Mar 2022 -35% | Jun 2022 -50% | Sep 2022 -35% | Dec 2022 -36% | Mar 2023 -58% | Jun 2023 -62% | Sep 2023 -49% | Dec 2023 -39% | Mar 2024 -48% | Jun 2024 -387% | Sep 2024 -82% | Dec 2024 -53% | Mar 2025 -45% | Jun 2025 -33% | Sep 2025 -31% | Dec 2025 -22% | Mar 2026 -22% | Jun 2026 -14% - CHKP: Sep 2021 42% | Dec 2021 41% | Mar 2022 37% | Jun 2022 37% | Sep 2022 38% | Dec 2022 40% | Mar 2023 35% | Jun 2023 38% | Sep 2023 38% | Dec 2023 38% | Mar 2024 32% | Jun 2024 33% | Sep 2024 34% | Dec 2024 36% | Mar 2025 31% | Jun 2025 31% | Sep 2025 29% | Dec 2025 31% | Mar 2026 28% | Jun 2026 — - GDDY: Sep 2021 14% | Dec 2021 12% | Mar 2022 11% | Jun 2022 12% | Sep 2022 13% | Dec 2022 13% | Mar 2023 6.8% | Jun 2023 11% | Sep 2023 16% | Dec 2023 17% | Mar 2024 16% | Jun 2024 19% | Sep 2024 22% | Dec 2024 21% | Mar 2025 21% | Jun 2025 22% | Sep 2025 23% | Dec 2025 25% | Mar 2026 25% | Jun 2026 — - DOCN: Sep 2021 -1.5% | Dec 2021 -8.5% | Mar 2022 -11% | Jun 2022 -5.9% | Sep 2022 4.7% | Dec 2022 -7.0% | Mar 2023 -20% | Jun 2023 -0.9% | Sep 2023 20% | Dec 2023 6.1% | Mar 2024 6.2% | Jun 2024 12% | Sep 2024 12% | Dec 2024 16% | Mar 2025 18% | Jun 2025 16% | Sep 2025 20% | Dec 2025 16% | Mar 2026 14% | Jun 2026 — ### 20-quarter Margin change history - 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 — - 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 - 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 — - 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 - 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 - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 - TWLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.9 pp | Sep 2022 −15.1 pp | Dec 2022 +12.4 pp | Mar 2023 −1.3 pp | Jun 2023 +19.4 pp | Sep 2023 +36.0 pp | Dec 2023 −12.3 pp | Mar 2024 +22.0 pp | Jun 2024 +11.9 pp | Sep 2024 +10.1 pp | Dec 2024 +34.7 pp | Mar 2025 +6.2 pp | Jun 2025 +4.8 pp | Sep 2025 +3.5 pp | Dec 2025 +3.1 pp | Mar 2026 +5.7 pp | Jun 2026 — - VRSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +0.1 pp | Dec 2022 +1.2 pp | Mar 2023 +1.4 pp | Jun 2023 −0.2 pp | Sep 2023 +1.3 pp | Dec 2023 +0.9 pp | Mar 2024 +1.2 pp | Jun 2024 +1.9 pp | Sep 2024 +1.3 pp | Dec 2024 −0.7 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −1.1 pp | Dec 2025 +0.3 pp | Mar 2026 +1.1 pp | Jun 2026 — - CPAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.6 pp | Sep 2022 −1.2 pp | Dec 2022 −0.6 pp | Mar 2023 +1.3 pp | Jun 2023 +0.5 pp | Sep 2023 +2.2 pp | Dec 2023 +3.4 pp | Mar 2024 +0.9 pp | Jun 2024 +0.9 pp | Sep 2024 −0.3 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.9 pp | Sep 2025 −0.9 pp | Dec 2025 −2.0 pp | Mar 2026 +7.9 pp | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +8.9 pp | Mar 2023 +9.3 pp | Jun 2023 +8.0 pp | Sep 2023 +26.2 pp | Dec 2023 +14.5 pp | Mar 2024 +4.7 pp | Jun 2024 −3.2 pp | Sep 2024 −3.3 pp | Dec 2024 +5.1 pp | Mar 2025 +12.1 pp | Jun 2025 +12.0 pp | Sep 2025 +3.9 pp | Dec 2025 +2.4 pp | Mar 2026 +3.4 pp | Jun 2026 +6.2 pp - ZS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.3 pp | Dec 2022 +12.9 pp | Mar 2023 +16.0 pp | Jun 2023 +16.9 pp | Sep 2023 +16.1 pp | Dec 2023 +10.1 pp | Mar 2024 +8.1 pp | Jun 2024 +12.8 pp | Sep 2024 +5.3 pp | Dec 2024 +4.4 pp | Mar 2025 +2.5 pp | Jun 2025 −3.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.3 pp | Mar 2026 −0.1 pp | Jun 2026 +0.2 pp - OKTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +37.5 pp | Dec 2022 +13.6 pp | Mar 2023 +25.4 pp | Jun 2023 +26.9 pp | Sep 2023 +16.9 pp | Dec 2023 +24.0 pp | Mar 2024 +102.2 pp | Jun 2024 +23.3 pp | Sep 2024 +26.2 pp | Dec 2024 +16.6 pp | Mar 2025 −70.2 pp | Jun 2025 +13.3 pp | Sep 2025 +8.5 pp | Dec 2025 +5.5 pp | Mar 2026 +4.8 pp | Jun 2026 +1.6 pp - FFIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 −3.1 pp | Dec 2022 −3.6 pp | Mar 2023 +3.3 pp | Jun 2023 −1.2 pp | Sep 2023 +8.9 pp | Dec 2023 +10.8 pp | Mar 2024 +5.4 pp | Jun 2024 +8.7 pp | Sep 2024 +1.3 pp | Dec 2024 +3.0 pp | Mar 2025 +1.2 pp | Jun 2025 +1.8 pp | Sep 2025 −0.2 pp | Dec 2025 −0.8 pp | Mar 2026 +0.4 pp | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.9 pp | Dec 2022 −9.0 pp | Mar 2023 +168.0 pp | Jun 2023 +12.1 pp | Sep 2023 +11.0 pp | Dec 2023 +14.3 pp | Mar 2024 −12.3 pp | Jun 2024 +13.6 pp | Sep 2024 +12.4 pp | Dec 2024 +8.4 pp | Mar 2025 +39.2 pp | Jun 2025 +14.4 pp | Sep 2025 +12.6 pp | Dec 2025 +14.3 pp | Mar 2026 +7.3 pp | Jun 2026 +10.6 pp - TOST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 0.0 pp | Dec 2022 +9.8 pp | Mar 2023 +7.7 pp | Jun 2023 +6.5 pp | Sep 2023 +5.6 pp | Dec 2023 +7.5 pp | Mar 2024 +6.0 pp | Jun 2024 +8.6 pp | Sep 2024 +8.3 pp | Dec 2024 +7.8 pp | Mar 2025 +8.4 pp | Jun 2025 +4.8 pp | Sep 2025 +2.5 pp | Dec 2025 +2.8 pp | Mar 2026 +3.5 pp | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 −2.2 pp | Mar 2023 — | Jun 2023 +20.1 pp | Sep 2023 −34.6 pp | Dec 2023 −4.3 pp | Mar 2024 +4.9 pp | Jun 2024 +5.1 pp | Sep 2024 +39.0 pp | Dec 2024 +2.9 pp | Mar 2025 +0.1 pp | Jun 2025 — | Sep 2025 −5.8 pp | Dec 2025 −2.0 pp | Mar 2026 −6.4 pp | Jun 2026 — - AKAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.0 pp | Sep 2022 −5.7 pp | Dec 2022 −3.6 pp | Mar 2023 −5.4 pp | Jun 2023 −3.4 pp | Sep 2023 0.0 pp | Dec 2023 +0.5 pp | Mar 2024 +3.1 pp | Jun 2024 −0.9 pp | Sep 2024 −11.2 pp | Dec 2024 −4.1 pp | Mar 2025 −1.7 pp | Jun 2025 −0.6 pp | Sep 2025 +8.7 pp | Dec 2025 −5.8 pp | Mar 2026 −4.5 pp | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +17.7 pp | Mar 2023 +11.3 pp | Jun 2023 +9.9 pp | Sep 2023 +32.4 pp | Dec 2023 +17.5 pp | Mar 2024 +18.2 pp | Jun 2024 +10.9 pp | Sep 2024 +0.1 pp | Dec 2024 +5.7 pp | Mar 2025 +3.4 pp | Jun 2025 +16.3 pp | Sep 2025 +11.4 pp | Dec 2025 +2.8 pp | Mar 2026 +1.6 pp | Jun 2026 +5.2 pp - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +11.5 pp | Mar 2023 −22.6 pp | Jun 2023 −12.7 pp | Sep 2023 −13.7 pp | Dec 2023 −3.5 pp | Mar 2024 +10.5 pp | Jun 2024 −324.7 pp | Sep 2024 −33.6 pp | Dec 2024 −13.4 pp | Mar 2025 +2.5 pp | Jun 2025 +353.6 pp | Sep 2025 +51.6 pp | Dec 2025 +31.2 pp | Mar 2026 +23.2 pp | Jun 2026 +19.8 pp - CHKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 −3.7 pp | Dec 2022 −1.2 pp | Mar 2023 −1.6 pp | Jun 2023 +1.0 pp | Sep 2023 −0.4 pp | Dec 2023 −1.8 pp | Mar 2024 −2.9 pp | Jun 2024 −4.2 pp | Sep 2024 −3.5 pp | Dec 2024 −1.9 pp | Mar 2025 −1.7 pp | Jun 2025 −2.8 pp | Sep 2025 −5.0 pp | Dec 2025 −4.8 pp | Mar 2026 −3.0 pp | Jun 2026 — - GDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.9 pp | Sep 2022 −1.0 pp | Dec 2022 +0.8 pp | Mar 2023 −4.1 pp | Jun 2023 −0.9 pp | Sep 2023 +3.0 pp | Dec 2023 +4.3 pp | Mar 2024 +9.1 pp | Jun 2024 +7.1 pp | Sep 2024 +6.5 pp | Dec 2024 +4.1 pp | Mar 2025 +4.8 pp | Jun 2025 +3.4 pp | Sep 2025 +1.3 pp | Dec 2025 +3.5 pp | Mar 2026 +3.8 pp | Jun 2026 — - DOCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 +6.2 pp | Dec 2022 +1.5 pp | Mar 2023 −9.3 pp | Jun 2023 +5.0 pp | Sep 2023 +15.3 pp | Dec 2023 +13.1 pp | Mar 2024 +26.2 pp | Jun 2024 +12.5 pp | Sep 2024 −7.6 pp | Dec 2024 +9.8 pp | Mar 2025 +11.7 pp | Jun 2025 +4.7 pp | Sep 2025 +7.2 pp | Dec 2025 +0.1 pp | Mar 2026 −3.7 pp | Jun 2026 — ## Profit Scale & Acceleration 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. 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. Evidence: Microsoft Corporation · $125,216 million | 632.8% versus #2 · Oracle Corporation | 8/8 recent comparable periods | 27/28 companies · 526 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Microsoft Corporation (MSFT): ₹1.3 L Cr 2. Oracle Corporation (ORCL): ₹17.1K Cr 3. Palantir Technologies Inc. (PLTR): ₹2.3K Cr 4. Fortinet, Inc. (FTNT): ₹2.0K Cr 5. NetApp, Inc. (NTAP): ₹1.3K Cr ### Profit growth — fastest growers 1. DigitalOcean Holdings, Inc. (DOCN): 100% 2. Nutanix, Inc. (NTNX): 100% 3. Palantir Technologies Inc. (PLTR): 100% 4. Toast, Inc. (TOST): 100% 5. Okta, Inc. (OKTA): 90% ### 20-quarter Net profit history - MSFT: Sep 2021 ₹20.5K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹16.7K Cr | Jun 2022 ₹16.7K Cr | Sep 2022 ₹17.6K Cr | Dec 2022 ₹16.4K Cr | Mar 2023 ₹18.3K Cr | Jun 2023 ₹20.1K Cr | Sep 2023 ₹22.3K Cr | Dec 2023 ₹21.9K Cr | Mar 2024 ₹21.9K Cr | Jun 2024 ₹22.0K Cr | Sep 2024 ₹24.7K Cr | Dec 2024 ₹24.1K Cr | Mar 2025 ₹25.8K Cr | Jun 2025 ₹27.2K Cr | Sep 2025 ₹27.7K Cr | Dec 2025 ₹38.5K Cr | Mar 2026 ₹31.8K Cr | Jun 2026 — - ORCL: Sep 2021 ₹2.5K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 ₹4.3K Cr - PLTR: Sep 2021 ₹-102 Cr | Dec 2021 ₹-156 Cr | Mar 2022 ₹-101 Cr | Jun 2022 ₹-179 Cr | Sep 2022 ₹-124 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹106 Cr | Jun 2024 ₹136 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹77 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹329 Cr | Sep 2025 ₹477 Cr | Dec 2025 ₹612 Cr | Mar 2026 ₹876 Cr | Jun 2026 — - PANW: Sep 2021 ₹-119 Cr | Dec 2021 ₹-104 Cr | Mar 2022 ₹-94 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹108 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹279 Cr | Sep 2024 ₹358 Cr | Dec 2024 ₹351 Cr | Mar 2025 ₹267 Cr | Jun 2025 ₹262 Cr | Sep 2025 ₹254 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹432 Cr | Jun 2026 ₹-177 Cr - CRWD: Sep 2021 ₹-57 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹-42 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹-55 Cr | Mar 2023 ₹-49 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹-17 Cr | Mar 2025 ₹-87 Cr | Jun 2025 ₹-105 Cr | Sep 2025 ₹-78 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹46 Cr - FTNT: Sep 2021 ₹160 Cr | Dec 2021 ₹194 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹225 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹226 Cr | Jun 2023 ₹261 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹301 Cr | Mar 2024 ₹293 Cr | Jun 2024 ₹368 Cr | Sep 2024 ₹535 Cr | Dec 2024 ₹521 Cr | Mar 2025 ₹444 Cr | Jun 2025 ₹440 Cr | Sep 2025 ₹474 Cr | Dec 2025 ₹506 Cr | Mar 2026 ₹534 Cr | Jun 2026 — - NET: Sep 2021 ₹-107 Cr | Dec 2021 ₹-78 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-64 Cr | Sep 2022 ₹-43 Cr | Dec 2022 ₹-46 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-94 Cr | Sep 2023 ₹-24 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-36 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-50 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-23 Cr | Jun 2026 — - SNPS: Sep 2021 ₹198 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹313 Cr | Jun 2022 ₹294 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹333 Cr | Dec 2023 ₹343 Cr | Mar 2024 ₹435 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹345 Cr | Sep 2025 ₹242 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹65 Cr | Jun 2026 ₹17 Cr - XYZ: Sep 2021 ₹-3 Cr | Dec 2021 ₹-81 Cr | Mar 2022 ₹-207 Cr | Jun 2022 ₹-209 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-118 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹-105 Cr | Sep 2023 ₹-94 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹189 Cr | Jun 2025 ₹538 Cr | Sep 2025 ₹462 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹-309 Cr | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-52 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-51 Cr | Sep 2024 ₹-309 Cr | Dec 2024 ₹-106 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹-14 Cr | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-171 Cr | Mar 2024 ₹-129 Cr | Jun 2024 ₹-323 Cr | Sep 2024 ₹-360 Cr | Dec 2024 ₹-102 Cr | Mar 2025 ₹-315 Cr | Jun 2025 ₹-291 Cr | Sep 2025 ₹-110 Cr | Dec 2025 ₹-452 Cr | Mar 2026 ₹-740 Cr | Jun 2026 — - NTAP: Sep 2021 ₹202 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹259 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹750 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹245 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹313 Cr | Jun 2024 ₹291 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹299 Cr | Mar 2025 ₹299 Cr | Jun 2025 ₹340 Cr | Sep 2025 ₹233 Cr | Dec 2025 ₹305 Cr | Mar 2026 ₹334 Cr | Jun 2026 ₹404 Cr - TWLO: Sep 2021 ₹-224 Cr | Dec 2021 ₹-291 Cr | Mar 2022 ₹-222 Cr | Jun 2022 ₹-323 Cr | Sep 2022 ₹-482 Cr | Dec 2022 ₹-229 Cr | Mar 2023 ₹-342 Cr | Jun 2023 ₹-166 Cr | Sep 2023 ₹-142 Cr | Dec 2023 ₹-365 Cr | Mar 2024 ₹-55 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹-46 Cr | Mar 2026 ₹90 Cr | Jun 2026 — - VRSN: Sep 2021 ₹157 Cr | Dec 2021 ₹330 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹180 Cr | Mar 2023 ₹179 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹194 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹201 Cr | Dec 2024 ₹192 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹213 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹215 Cr | Jun 2026 — - CPAY: Sep 2021 ₹234 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹262 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹215 Cr | Jun 2023 ₹240 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹252 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹354 Cr | Jun 2026 — - MDB: Sep 2021 ₹-77 Cr | Dec 2021 ₹-81 Cr | Mar 2022 ₹-84 Cr | Jun 2022 ₹-77 Cr | Sep 2022 ₹-119 Cr | Dec 2022 ₹-85 Cr | Mar 2023 ₹-64 Cr | Jun 2023 ₹-54 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹-55 Cr | Jun 2024 ₹-81 Cr | Sep 2024 ₹-55 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹-47 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹4 Cr - ZS: Sep 2021 ₹-81 Cr | Dec 2021 ₹-91 Cr | Mar 2022 ₹-100 Cr | Jun 2022 ₹-101 Cr | Sep 2022 ₹-98 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-57 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-33 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-34 Cr | Jun 2026 ₹-14 Cr - OKTA: Sep 2021 ₹-277 Cr | Dec 2021 ₹-221 Cr | Mar 2022 ₹-241 Cr | Jun 2022 ₹-243 Cr | Sep 2022 ₹-210 Cr | Dec 2022 ₹-209 Cr | Mar 2023 ₹-153 Cr | Jun 2023 ₹-119 Cr | Sep 2023 ₹-111 Cr | Dec 2023 ₹-81 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-40 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹63 Cr | Jun 2026 ₹74 Cr - FFIV: Sep 2021 ₹111 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹89 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹146 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹148 Cr | Jun 2026 — - IOT: Sep 2021 ₹-31 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹-253 Cr | Jun 2022 ₹-71 Cr | Sep 2022 ₹-64 Cr | Dec 2022 ₹-59 Cr | Mar 2023 ₹-54 Cr | Jun 2023 ₹-68 Cr | Sep 2023 ₹-60 Cr | Dec 2023 ₹-46 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹-50 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-22 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹45 Cr - TOST: Sep 2021 ₹-254 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-98 Cr | Dec 2022 ₹-100 Cr | Mar 2023 ₹-81 Cr | Jun 2023 ₹-98 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹-83 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹80 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹101 Cr | Mar 2026 ₹126 Cr | Jun 2026 — - GEN: Sep 2021 ₹181 Cr | Dec 2021 ₹333 Cr | Mar 2022 — | Jun 2022 ₹120 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹900 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹142 Cr | Jun 2025 — | Sep 2025 ₹135 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹192 Cr | Jun 2026 ₹512 Cr - AKAM: Sep 2021 ₹179 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹97 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹106 Cr | Jun 2026 — - NTNX: Sep 2021 ₹-360 Cr | Dec 2021 ₹-420 Cr | Mar 2022 ₹-115 Cr | Jun 2022 ₹-112 Cr | Sep 2022 ₹-151 Cr | Dec 2022 ₹-100 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹-71 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-126 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹103 Cr | Jun 2026 ₹72 Cr - RBRK: Sep 2021 — | Dec 2021 ₹-60 Cr | Mar 2022 ₹-58 Cr | Jun 2022 ₹-67 Cr | Sep 2022 ₹-62 Cr | Dec 2022 ₹-63 Cr | Mar 2023 ₹-86 Cr | Jun 2023 ₹-89 Cr | Sep 2023 ₹-81 Cr | Dec 2023 ₹-86 Cr | Mar 2024 ₹-97 Cr | Jun 2024 ₹-732 Cr | Sep 2024 ₹-177 Cr | Dec 2024 ₹-131 Cr | Mar 2025 ₹-115 Cr | Jun 2025 ₹-102 Cr | Sep 2025 ₹-96 Cr | Dec 2025 ₹-64 Cr | Mar 2026 ₹-87 Cr | Jun 2026 ₹-42 Cr - CHKP: Sep 2021 ₹187 Cr | Dec 2021 ₹260 Cr | Mar 2022 ₹169 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹270 Cr | Mar 2023 ₹184 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹258 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹359 Cr | Dec 2025 ₹305 Cr | Mar 2026 ₹192 Cr | Jun 2026 — - GDDY: Sep 2021 ₹98 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹100 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹191 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹215 Cr | Jun 2026 — - DOCN: Sep 2021 ₹-2 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹-10 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹16 Cr | Jun 2026 — ### 20-quarter Profit growth history - MSFT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.7% | Sep 2022 -14% | Dec 2022 -12% | Mar 2023 9.4% | Jun 2023 20% | Sep 2023 27% | Dec 2023 33% | Mar 2024 20% | Jun 2024 9.7% | Sep 2024 11% | Dec 2024 10% | Mar 2025 18% | Jun 2025 24% | Sep 2025 12% | Dec 2025 60% | Mar 2026 23% | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -37% | Dec 2022 — | Mar 2023 -18% | Jun 2023 4.1% | Sep 2023 56% | Dec 2023 44% | Mar 2024 27% | Jun 2024 -5.3% | Sep 2024 21% | Dec 2024 26% | Mar 2025 22% | Jun 2025 9.0% | Sep 2025 -0.1% | Dec 2025 95% | Mar 2026 27% | Jun 2026 26% - PLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 194% | Mar 2024 458% | Jun 2024 386% | Sep 2024 104% | Dec 2024 -21% | Mar 2025 106% | Jun 2025 142% | Sep 2025 220% | Dec 2025 695% | Mar 2026 302% | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7,500% | Dec 2023 870% | Mar 2024 1,980% | Jun 2024 158% | Sep 2024 57% | Dec 2024 81% | Mar 2025 -85% | Jun 2025 -6.1% | Sep 2025 -29% | Dec 2025 -4.8% | Mar 2026 62% | Jun 2026 -168% - 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 2024 488% | Dec 2024 -163% | Mar 2025 -258% | Jun 2025 -328% | Sep 2025 -266% | Dec 2025 — | Mar 2026 — | Jun 2026 — - FTNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 41% | Dec 2022 39% | Mar 2023 74% | Jun 2023 58% | Sep 2023 41% | Dec 2023 12% | Mar 2024 30% | Jun 2024 41% | Sep 2024 68% | Dec 2024 73% | Mar 2025 52% | Jun 2025 20% | Sep 2025 -11% | Dec 2025 -2.9% | Mar 2026 20% | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 -24% | Mar 2023 -14% | Jun 2023 -7.1% | Sep 2023 51% | Dec 2023 126% | Mar 2024 62% | Jun 2024 8.4% | Sep 2024 27% | Dec 2024 -24% | Mar 2025 -32% | Jun 2025 17% | Sep 2025 -43% | Dec 2025 72% | Mar 2026 -78% | Jun 2026 -95% - XYZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -202% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 391% | Jun 2024 — | Sep 2024 — | Dec 2024 2,248% | Mar 2025 -60% | Jun 2025 183% | Sep 2025 64% | Dec 2025 -94% | Mar 2026 -263% | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 235% | Mar 2023 -74% | Jun 2023 -5.4% | Sep 2023 -30% | Dec 2023 -69% | Mar 2024 382% | Jun 2024 19% | Sep 2024 66% | Dec 2024 28% | Mar 2025 -4.5% | Jun 2025 17% | Sep 2025 -6.1% | Dec 2025 2.0% | Mar 2026 12% | Jun 2026 19% - 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 2026 350% | Jun 2026 — - VRSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 8.3% | Dec 2022 -45% | Mar 2023 13% | Jun 2023 11% | Sep 2023 11% | Dec 2023 47% | Mar 2024 8.4% | Jun 2024 7.0% | Sep 2024 6.4% | Dec 2024 -28% | Mar 2025 2.6% | Jun 2025 4.0% | Sep 2025 6.0% | Dec 2025 7.3% | Mar 2026 8.0% | Jun 2026 — - CPAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 6.4% | Dec 2022 0.0% | Mar 2023 -1.4% | Jun 2023 -8.4% | Sep 2023 8.8% | Dec 2023 14% | Mar 2024 7.0% | Jun 2024 5.0% | Sep 2024 1.9% | Dec 2024 -3.9% | Mar 2025 6.1% | Jun 2025 13% | Sep 2025 0.7% | Dec 2025 8.1% | Mar 2026 45% | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0% | Jun 2026 — - ZS: 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 -121% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - OKTA: 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 131% | Dec 2025 169% | Mar 2026 174% | Jun 2026 19% - FFIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.8% | Sep 2022 -20% | Dec 2022 -23% | Mar 2023 45% | Jun 2023 7.2% | Sep 2023 71% | Dec 2023 92% | Mar 2024 47% | Jun 2024 62% | Sep 2024 8.6% | Dec 2024 20% | Mar 2025 23% | Jun 2025 32% | Sep 2025 15% | Dec 2025 8.4% | Mar 2026 1.4% | Jun 2026 — - TOST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -10,100% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 471% | Sep 2025 88% | Dec 2025 216% | Mar 2026 125% | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 -50% | Mar 2023 — | Jun 2023 56% | Sep 2023 -27% | Dec 2023 -14% | Mar 2024 -85% | Jun 2024 -3.2% | Sep 2024 9.5% | Dec 2024 12% | Mar 2025 8.4% | Jun 2025 — | Sep 2025 -16% | Dec 2025 -16% | Mar 2026 35% | Jun 2026 — - AKAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -12% | Sep 2022 -31% | Dec 2022 -20% | Mar 2023 -27% | Jun 2023 -6.5% | Sep 2023 30% | Dec 2023 25% | Mar 2024 80% | Jun 2024 2.3% | Sep 2024 -64% | Dec 2024 -13% | Mar 2025 -30% | Jun 2025 -21% | Sep 2025 141% | Dec 2025 -39% | Mar 2026 -14% | Jun 2026 — - NTNX: 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 70% | Jun 2025 — | Sep 2025 — | Dec 2025 107% | Mar 2026 84% | Jun 2026 14% - CHKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.5% | Sep 2022 -1.6% | Dec 2022 3.9% | Mar 2023 8.9% | Jun 2023 16% | Sep 2023 11% | Dec 2023 -7.8% | Mar 2024 0.0% | Jun 2024 -2.5% | Sep 2024 1.0% | Dec 2024 3.6% | Mar 2025 3.8% | Jun 2025 3.1% | Sep 2025 73% | Dec 2025 18% | Mar 2026 0.5% | Jun 2026 — - GDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94% | Sep 2022 2.0% | Dec 2022 8.1% | Mar 2023 -32% | Jun 2023 -8.8% | Sep 2023 31% | Dec 2023 1,085% | Mar 2024 755% | Jun 2024 76% | Sep 2024 46% | Dec 2024 -82% | Mar 2025 -45% | Jun 2025 37% | Sep 2025 10% | Dec 2025 23% | Mar 2026 -2.3% | Jun 2026 — - DOCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 138% | Dec 2023 — | Mar 2024 — | Jun 2024 1,800% | Sep 2024 74% | Dec 2024 13% | Mar 2025 171% | Jun 2025 95% | Sep 2025 379% | Dec 2025 44% | Mar 2026 -58% | Jun 2026 — ## Capacity Spending & Returns On It 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. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Microsoft Corporation · $30,876 million | 87.2% versus #2 · Oracle Corporation | 8/8 recent comparable periods | 28/28 companies · 516 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Microsoft Corporation (MSFT): ₹30.9K Cr 2. Oracle Corporation (ORCL): ₹16.5K Cr 3. CoreWeave, Inc. (CRWV): ₹7.7K Cr 4. Cerebras Systems Inc. (CBRS): ₹132 Cr 5. Akamai Technologies, Inc. (AKAM): ₹102 Cr ### CAPEX intensity — highest reinvestment intensity 1. CoreWeave, Inc. (CRWV): 370% 2. Oracle Corporation (ORCL): 86% 3. Cerebras Systems Inc. (CBRS): 68% 4. Microsoft Corporation (MSFT): 37% 5. DigitalOcean Holdings, Inc. (DOCN): 17% ### 20-quarter CAPEX history - MSFT: Sep 2021 ₹5.8K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹8.9K Cr | Sep 2023 ₹9.9K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹13.9K Cr | Sep 2024 ₹14.9K Cr | Dec 2024 ₹15.8K Cr | Mar 2025 ₹16.7K Cr | Jun 2025 ₹17.1K Cr | Sep 2025 ₹19.4K Cr | Dec 2025 ₹29.9K Cr | Mar 2026 ₹30.9K Cr | Jun 2026 — - ORCL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹925 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹12.0K Cr | Mar 2026 ₹18.6K Cr | Jun 2026 ₹16.5K Cr - PLTR: Sep 2021 ₹5 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - PANW: Sep 2021 ₹27 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹170 Cr | Jun 2026 ₹83 Cr - CRWD: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹61 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹83 Cr | Mar 2026 ₹102 Cr | Jun 2026 ₹98 Cr - FTNT: Sep 2021 ₹69 Cr | Dec 2021 ₹151 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹222 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - NET: Sep 2021 ₹29 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹85 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹65 Cr | Jun 2026 — - SNPS: Sep 2021 ₹23 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹35 Cr | Jun 2026 ₹54 Cr - XYZ: Sep 2021 ₹31 Cr | Dec 2021 ₹36 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹31 Cr | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹98 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹132 Cr | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 — - NTAP: Sep 2021 ₹51 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹68 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹46 Cr | Jun 2026 ₹50 Cr - TWLO: Sep 2021 ₹21 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - VRSN: Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹19 Cr - CPAY: Sep 2021 ₹29 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹51 Cr | Jun 2026 — - MDB: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹2 Cr - ZS: Sep 2021 ₹14 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹42 Cr - OKTA: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹1 Cr - FFIV: Sep 2021 ₹7 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹18 Cr | Jun 2026 — - IOT: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹8 Cr | Jun 2026 ₹8 Cr - TOST: Sep 2021 ₹3 Cr | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - GEN: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹4 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹3 Cr - AKAM: Sep 2021 ₹71 Cr | Dec 2021 ₹64 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹134 Cr | Dec 2023 — | Mar 2024 ₹94 Cr | Jun 2024 ₹91 Cr | Sep 2024 ₹113 Cr | Dec 2024 — | Mar 2025 ₹118 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹113 Cr | Dec 2025 — | Mar 2026 ₹102 Cr | Jun 2026 — - NTNX: Sep 2021 ₹18 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹10 Cr - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹4 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹19 Cr | Jun 2026 ₹4 Cr - CHKP: Sep 2021 ₹4 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - GDDY: Sep 2021 ₹13 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - DOCN: Sep 2021 ₹21 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹64 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹45 Cr | Jun 2026 — ### 20-quarter CAPEX intensity history - MSFT: Sep 2021 13% | Dec 2021 11% | Mar 2022 11% | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 13% | Jun 2023 16% | Sep 2023 18% | Dec 2023 16% | Mar 2024 18% | Jun 2024 21% | Sep 2024 23% | Dec 2024 23% | Mar 2025 24% | Jun 2025 22% | Sep 2025 25% | Dec 2025 37% | Mar 2026 37% | Jun 2026 — - ORCL: Sep 2021 11% | Dec 2021 8.9% | Mar 2022 11% | Jun 2022 12% | Sep 2022 15% | Dec 2022 20% | Mar 2023 21% | Jun 2023 14% | Sep 2023 11% | Dec 2023 8.3% | Mar 2024 13% | Jun 2024 20% | Sep 2024 17% | Dec 2024 28% | Mar 2025 42% | Jun 2025 57% | Sep 2025 57% | Dec 2025 75% | Mar 2026 108% | Jun 2026 86% - PLTR: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 3.4% | Jun 2022 1.1% | Sep 2022 2.9% | Dec 2022 1.0% | Mar 2023 1.0% | Jun 2023 0.8% | Sep 2023 0.4% | Dec 2023 0.8% | Mar 2024 0.5% | Jun 2024 0.4% | Sep 2024 0.6% | Dec 2024 0.4% | Mar 2025 0.7% | Jun 2025 0.8% | Sep 2025 0.6% | Dec 2025 0.9% | Mar 2026 0.4% | Jun 2026 — - PANW: Sep 2021 2.2% | Dec 2021 2.8% | Mar 2022 6.2% | Jun 2022 2.7% | Sep 2022 2.5% | Dec 2022 2.6% | Mar 2023 2.3% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 2.0% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 2.1% | Jun 2025 3.0% | Sep 2025 3.4% | Dec 2025 3.4% | Mar 2026 6.6% | Jun 2026 2.8% - CRWD: Sep 2021 8.9% | Dec 2021 7.9% | Mar 2022 6.3% | Jun 2022 11% | Sep 2022 12% | Dec 2022 11% | Mar 2023 8.6% | Jun 2023 8.9% | Sep 2023 5.5% | Dec 2023 2.7% | Mar 2024 6.3% | Jun 2024 5.4% | Sep 2024 4.0% | Dec 2024 7.8% | Mar 2025 8.2% | Jun 2025 7.8% | Sep 2025 2.6% | Dec 2025 6.7% | Mar 2026 7.8% | Jun 2026 7.1% - FTNT: Sep 2021 8.0% | Dec 2021 16% | Mar 2022 13% | Jun 2022 3.9% | Sep 2022 7.7% | Dec 2022 2.4% | Mar 2023 2.4% | Jun 2023 6.0% | Sep 2023 5.2% | Dec 2023 1.9% | Mar 2024 16% | Jun 2024 1.6% | Sep 2024 2.4% | Dec 2024 5.9% | Mar 2025 4.4% | Jun 2025 10% | Sep 2025 5.1% | Dec 2025 2.3% | Mar 2026 3.8% | Jun 2026 — - NET: Sep 2021 17% | Dec 2021 14% | Mar 2022 11% | Jun 2022 16% | Sep 2022 17% | Dec 2022 15% | Mar 2023 6.2% | Jun 2023 13% | Sep 2023 8.0% | Dec 2023 8.6% | Mar 2024 8.4% | Jun 2024 7.5% | Sep 2024 12% | Dec 2024 16% | Mar 2025 18% | Jun 2025 12% | Sep 2025 15% | Dec 2025 14% | Mar 2026 10% | Jun 2026 — - SNPS: Sep 2021 2.2% | Dec 2021 2.3% | Mar 2022 3.3% | Jun 2022 2.0% | Sep 2022 2.9% | Dec 2022 2.6% | Mar 2023 3.2% | Jun 2023 3.8% | Sep 2023 3.3% | Dec 2023 3.6% | Mar 2024 2.6% | Jun 2024 2.6% | Sep 2024 2.6% | Dec 2024 0.2% | Mar 2025 2.8% | Jun 2025 3.5% | Sep 2025 2.2% | Dec 2025 1.6% | Mar 2026 1.5% | Jun 2026 2.4% - XYZ: Sep 2021 0.8% | Dec 2021 0.9% | Mar 2022 1.0% | Jun 2022 1.0% | Sep 2022 0.8% | Dec 2022 1.1% | Mar 2023 0.6% | Jun 2023 0.5% | Sep 2023 0.7% | Dec 2023 0.9% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 1.0% | Dec 2024 0.4% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.8% | Dec 2025 0.7% | Mar 2026 0.5% | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 8.6% | Dec 2023 8.6% | Mar 2024 9.0% | Jun 2024 8.6% | Sep 2024 8.3% | Dec 2024 7.3% | Mar 2025 98% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 68% | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,017% | Mar 2024 922% | Jun 2024 569% | Sep 2024 208% | Dec 2024 468% | Mar 2025 143% | Jun 2025 202% | Sep 2025 175% | Dec 2025 258% | Mar 2026 370% | Jun 2026 — - NTAP: Sep 2021 3.5% | Dec 2021 2.9% | Mar 2022 3.8% | Jun 2022 4.0% | Sep 2022 4.1% | Dec 2022 4.6% | Mar 2023 3.8% | Jun 2023 2.5% | Sep 2023 2.4% | Dec 2023 2.4% | Mar 2024 2.2% | Jun 2024 2.8% | Sep 2024 2.7% | Dec 2024 2.7% | Mar 2025 2.9% | Jun 2025 2.0% | Sep 2025 3.4% | Dec 2025 2.9% | Mar 2026 2.7% | Jun 2026 2.6% - TWLO: Sep 2021 2.8% | Dec 2021 1.4% | Mar 2022 0.8% | Jun 2022 0.4% | Sep 2022 1.8% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.2% | Sep 2023 0.1% | Dec 2023 0.2% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.1% | Dec 2024 0.3% | Mar 2025 0.1% | Jun 2025 0.1% | Sep 2025 0.2% | Dec 2025 0.1% | Mar 2026 0.3% | Jun 2026 — - VRSN: Sep 2021 4.5% | Dec 2021 4.1% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 2.2% | Mar 2023 1.6% | Jun 2023 1.9% | Sep 2023 7.7% | Dec 2023 1.3% | Mar 2024 1.0% | Jun 2024 2.3% | Sep 2024 1.5% | Dec 2024 2.5% | Mar 2025 1.5% | Jun 2025 2.0% | Sep 2025 1.2% | Dec 2025 1.2% | Mar 2026 1.6% | Jun 2026 — - CPAY: Sep 2021 3.8% | Dec 2021 4.6% | Mar 2022 3.9% | Jun 2022 4.1% | Sep 2022 4.6% | Dec 2022 5.0% | Mar 2023 4.1% | Jun 2023 4.4% | Sep 2023 3.9% | Dec 2023 3.9% | Mar 2024 4.4% | Jun 2024 4.5% | Sep 2024 4.5% | Dec 2024 4.3% | Mar 2025 4.5% | Jun 2025 4.8% | Sep 2025 4.4% | Dec 2025 4.2% | Mar 2026 4.0% | Jun 2026 — - MDB: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.5% | Jun 2022 1.1% | Sep 2022 1.0% | Dec 2022 0.3% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.2% | Dec 2023 0.5% | Mar 2024 0.7% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.4% | Mar 2025 4.7% | Jun 2025 0.4% | Sep 2025 0.2% | Dec 2025 0.3% | Mar 2026 0.1% | Jun 2026 0.3% - ZS: Sep 2021 7.1% | Dec 2021 2.6% | Mar 2022 5.5% | Jun 2022 9.8% | Sep 2022 6.6% | Dec 2022 7.0% | Mar 2023 4.9% | Jun 2023 6.2% | Sep 2023 5.9% | Dec 2023 5.8% | Mar 2024 5.9% | Jun 2024 6.5% | Sep 2024 8.3% | Dec 2024 2.7% | Mar 2025 2.3% | Jun 2025 11% | Sep 2025 8.3% | Dec 2025 2.2% | Mar 2026 2.2% | Jun 2026 4.9% - OKTA: Sep 2021 0.3% | Dec 2021 0.6% | Mar 2022 1.8% | Jun 2022 1.2% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.6% | Jun 2023 — | Sep 2023 0.4% | Dec 2023 0.5% | Mar 2024 0.5% | Jun 2024 0.2% | Sep 2024 0.8% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.1% | Sep 2025 0.3% | Dec 2025 0.5% | Mar 2026 0.3% | Jun 2026 0.1% - FFIV: Sep 2021 1.0% | Dec 2021 1.6% | Mar 2022 0.8% | Jun 2022 1.3% | Sep 2022 1.3% | Dec 2022 1.9% | Mar 2023 1.6% | Jun 2023 2.1% | Sep 2023 2.1% | Dec 2023 1.3% | Mar 2024 1.3% | Jun 2024 0.9% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 1.5% | Jun 2025 1.2% | Sep 2025 2.0% | Dec 2025 1.2% | Mar 2026 2.2% | Jun 2026 — - IOT: Sep 2021 3.0% | Dec 2021 3.5% | Mar 2022 7.1% | Jun 2022 7.7% | Sep 2022 3.9% | Dec 2022 5.9% | Mar 2023 3.2% | Jun 2023 1.0% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 0.7% | Jun 2024 1.8% | Sep 2024 1.7% | Dec 2024 1.6% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 1.5% | Dec 2025 1.9% | Mar 2026 1.8% | Jun 2026 1.7% - TOST: Sep 2021 0.6% | Dec 2021 — | Mar 2022 0.4% | Jun 2022 0.7% | Sep 2022 0.8% | Dec 2022 — | Mar 2023 1.2% | Jun 2023 1.1% | Sep 2023 1.0% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.3% | Sep 2024 0.9% | Dec 2024 1.0% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 0.7% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 — - GEN: Sep 2021 0.1% | Dec 2021 0.1% | Mar 2022 — | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.1% | Mar 2023 0.1% | Jun 2023 0.4% | Sep 2023 0.5% | Dec 2023 0.8% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.8% | Mar 2025 0.3% | Jun 2025 — | Sep 2025 0.3% | Dec 2025 0.7% | Mar 2026 0.5% | Jun 2026 0.2% - AKAM: Sep 2021 8.3% | Dec 2021 7.1% | Mar 2022 5.6% | Jun 2022 8.2% | Sep 2022 5.8% | Dec 2022 7.0% | Mar 2023 16% | Jun 2023 12% | Sep 2023 14% | Dec 2023 — | Mar 2024 9.5% | Jun 2024 9.3% | Sep 2024 11% | Dec 2024 — | Mar 2025 12% | Jun 2025 14% | Sep 2025 11% | Dec 2025 — | Mar 2026 9.5% | Jun 2026 — - NTNX: Sep 2021 4.6% | Dec 2021 2.4% | Mar 2022 2.2% | Jun 2022 4.2% | Sep 2022 3.9% | Dec 2022 4.6% | Mar 2023 2.3% | Jun 2023 4.9% | Sep 2023 2.6% | Dec 2023 2.5% | Mar 2024 4.2% | Jun 2024 3.4% | Sep 2024 3.6% | Dec 2024 1.7% | Mar 2025 5.3% | Jun 2025 4.3% | Sep 2025 3.5% | Dec 2025 3.3% | Mar 2026 0.8% | Jun 2026 2.7% - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 2.4% | Dec 2022 5.5% | Mar 2023 6.6% | Jun 2023 2.2% | Sep 2023 2.6% | Dec 2023 0.6% | Mar 2024 1.7% | Jun 2024 2.1% | Sep 2024 1.5% | Dec 2024 2.1% | Mar 2025 2.3% | Jun 2025 1.1% | Sep 2025 1.0% | Dec 2025 1.4% | Mar 2026 5.0% | Jun 2026 1.0% - CHKP: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 0.7% | Dec 2022 1.1% | Mar 2023 0.7% | Jun 2023 0.7% | Sep 2023 1.0% | Dec 2023 0.8% | Mar 2024 1.2% | Jun 2024 1.0% | Sep 2024 0.8% | Dec 2024 1.0% | Mar 2025 1.1% | Jun 2025 0.9% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 1.3% | Jun 2026 — - GDDY: Sep 2021 1.3% | Dec 2021 1.7% | Mar 2022 1.2% | Jun 2022 1.8% | Sep 2022 1.2% | Dec 2022 1.6% | Mar 2023 2.2% | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.4% | Dec 2024 1.2% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.7% | Dec 2025 0.5% | Mar 2026 0.4% | Jun 2026 — - DOCN: Sep 2021 19% | Dec 2021 28% | Mar 2022 20% | Jun 2022 21% | Sep 2022 22% | Dec 2022 18% | Mar 2023 15% | Jun 2023 15% | Sep 2023 12% | Dec 2023 30% | Mar 2024 24% | Jun 2024 18% | Sep 2024 30% | Dec 2024 23% | Mar 2025 30% | Jun 2025 16% | Sep 2025 4.8% | Dec 2025 12% | Mar 2026 17% | Jun 2026 — ## Debt Load & Balance-Sheet Headroom 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. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Toast, Inc. · $17 million | 43.3% versus #2 · MongoDB, Inc. | 8/8 recent comparable periods | 28/28 companies · 520 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Toast, Inc. (TOST): ₹17 Cr 2. MongoDB, Inc. (MDB): ₹30 Cr 3. Samsara Inc. (IOT): ₹69 Cr 4. Palantir Technologies Inc. (PLTR): ₹212 Cr 5. F5, Inc. (FFIV): ₹227 Cr ### Net debt — lowest net debt 1. Microsoft Corporation (MSFT): ₹-21.3K Cr 2. Palantir Technologies Inc. (PLTR): ₹-7.8K Cr 3. CrowdStrike Holdings, Inc. (CRWD): ₹-3.7K Cr 4. Fortinet, Inc. (FTNT): ₹-2.8K Cr 5. MongoDB, Inc. (MDB): ₹-2.4K Cr ### 20-quarter Gross debt history - MSFT: Sep 2021 ₹63.3K Cr | Dec 2021 ₹64.0K Cr | Mar 2022 ₹61.3K Cr | Jun 2022 ₹61.3K Cr | Sep 2022 ₹60.3K Cr | Dec 2022 ₹60.1K Cr | Mar 2023 ₹60.5K Cr | Jun 2023 ₹60.0K Cr | Sep 2023 ₹85.0K Cr | Dec 2023 ₹88.4K Cr | Mar 2024 ₹79.9K Cr | Jun 2024 ₹67.1K Cr | Sep 2024 ₹61.5K Cr | Dec 2024 ₹62.2K Cr | Mar 2025 ₹60.6K Cr | Jun 2025 ₹60.6K Cr | Sep 2025 ₹60.6K Cr | Dec 2025 ₹57.6K Cr | Mar 2026 ₹57.0K Cr | Jun 2026 — - ORCL: Sep 2021 ₹82.7K Cr | Dec 2021 ₹78.4K Cr | Mar 2022 ₹78.4K Cr | Jun 2022 ₹75.9K Cr | Sep 2022 ₹91.6K Cr | Dec 2022 ₹90.9K Cr | Mar 2023 ₹91.8K Cr | Jun 2023 ₹90.5K Cr | Sep 2023 ₹88.9K Cr | Dec 2023 ₹88.8K Cr | Mar 2024 ₹88.0K Cr | Jun 2024 ₹93.1K Cr | Sep 2024 ₹84.5K Cr | Dec 2024 ₹88.6K Cr | Mar 2025 ₹96.3K Cr | Jun 2025 ₹1.0 L Cr | Sep 2025 ₹1.1 L Cr | Dec 2025 ₹1.2 L Cr | Mar 2026 ₹1.5 L Cr | Jun 2026 ₹1.6 L Cr - PLTR: Sep 2021 ₹263 Cr | Dec 2021 ₹260 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹246 Cr | Sep 2023 ₹236 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹258 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹245 Cr | Jun 2025 ₹238 Cr | Sep 2025 ₹235 Cr | Dec 2025 ₹229 Cr | Mar 2026 ₹212 Cr | Jun 2026 — - PANW: Sep 2021 ₹3.5K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹897 Cr | Jun 2025 ₹729 Cr | Sep 2025 ₹338 Cr | Dec 2025 ₹346 Cr | Mar 2026 ₹372 Cr | Jun 2026 ₹2.1K Cr - CRWD: Sep 2021 ₹778 Cr | Dec 2021 ₹777 Cr | Mar 2022 ₹775 Cr | Jun 2022 ₹772 Cr | Sep 2022 ₹772 Cr | Dec 2022 ₹769 Cr | Mar 2023 ₹784 Cr | Jun 2023 ₹794 Cr | Sep 2023 ₹791 Cr | Dec 2023 ₹795 Cr | Mar 2024 ₹793 Cr | Jun 2024 ₹793 Cr | Sep 2024 ₹792 Cr | Dec 2024 ₹792 Cr | Mar 2025 ₹789 Cr | Jun 2025 ₹785 Cr | Sep 2025 ₹811 Cr | Dec 2025 ₹818 Cr | Mar 2026 ₹820 Cr | Jun 2026 ₹821 Cr - FTNT: Sep 2021 ₹1.0K Cr | Dec 2021 ₹988 Cr | Mar 2022 ₹989 Cr | Jun 2022 ₹989 Cr | Sep 2022 ₹990 Cr | Dec 2022 ₹990 Cr | Mar 2023 ₹991 Cr | Jun 2023 ₹991 Cr | Sep 2023 ₹992 Cr | Dec 2023 ₹992 Cr | Mar 2024 ₹993 Cr | Jun 2024 ₹993 Cr | Sep 2024 ₹994 Cr | Dec 2024 ₹994 Cr | Mar 2025 ₹995 Cr | Jun 2025 ₹995 Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹996 Cr | Mar 2026 ₹497 Cr | Jun 2026 — - NET: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - SNPS: Sep 2021 ₹674 Cr | Dec 2021 ₹667 Cr | Mar 2022 ₹581 Cr | Jun 2022 ₹680 Cr | Sep 2022 ₹669 Cr | Dec 2022 ₹656 Cr | Mar 2023 ₹690 Cr | Jun 2023 ₹690 Cr | Sep 2023 ₹689 Cr | Dec 2023 ₹678 Cr | Mar 2024 ₹670 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹674 Cr | Dec 2024 ₹684 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹15.1K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹10.9K Cr | Jun 2026 ₹10.8K Cr - XYZ: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.4K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹5.3K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.8K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹8.9K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹262 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹6.3K Cr | Dec 2024 ₹10.6K Cr | Mar 2025 ₹11.9K Cr | Jun 2025 ₹14.6K Cr | Sep 2025 ₹18.6K Cr | Dec 2025 ₹29.8K Cr | Mar 2026 ₹35.1K Cr | Jun 2026 — - NTAP: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.5K Cr - TWLO: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - VRSN: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹2.3K Cr - CPAY: Sep 2021 ₹5.7K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹6.7K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹8.2K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.1K Cr | Dec 2025 ₹10.0K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 — - MDB: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹33 Cr | Jun 2026 ₹30 Cr - ZS: Sep 2021 ₹965 Cr | Dec 2021 ₹978 Cr | Mar 2022 ₹990 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹1.9K Cr - OKTA: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹960 Cr | Mar 2025 ₹952 Cr | Jun 2025 ₹947 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹423 Cr | Mar 2026 ₹422 Cr | Jun 2026 ₹411 Cr - FFIV: Sep 2021 ₹666 Cr | Dec 2021 ₹652 Cr | Mar 2022 ₹636 Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹622 Cr | Dec 2022 ₹268 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹240 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹222 Cr | Sep 2024 ₹216 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹231 Cr | Dec 2025 ₹235 Cr | Mar 2026 ₹227 Cr | Jun 2026 — - IOT: Sep 2021 ₹165 Cr | Dec 2021 ₹149 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹105 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹73 Cr | Jun 2026 ₹69 Cr - TOST: Sep 2021 ₹0 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹92 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹17 Cr | Jun 2026 — - GEN: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 — | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹9.6K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹8.6K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹8.5K Cr | Mar 2025 ₹8.3K Cr | Jun 2025 — | Sep 2025 ₹8.9K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 ₹8.2K Cr - AKAM: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹4.6K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 — - NTNX: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹685 Cr | Dec 2024 ₹694 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.5K Cr - RBRK: Sep 2021 — | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹180 Cr | Mar 2023 ₹180 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹317 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr - CHKP: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - GDDY: Sep 2021 ₹4.0K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 — - DOCN: Sep 2021 ₹0 Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — ### 20-quarter Net debt history - MSFT: Sep 2021 ₹-67.3K Cr | Dec 2021 ₹-61.3K Cr | Mar 2022 ₹-43.4K Cr | Jun 2022 ₹-43.5K Cr | Sep 2022 ₹-47.0K Cr | Dec 2022 ₹-39.4K Cr | Mar 2023 ₹-43.9K Cr | Jun 2023 ₹-51.3K Cr | Sep 2023 ₹-59.0K Cr | Dec 2023 ₹7.4K Cr | Mar 2024 ₹-110 Cr | Jun 2024 ₹-8.4K Cr | Sep 2024 ₹-17.0K Cr | Dec 2024 ₹-9.3K Cr | Mar 2025 ₹-19.1K Cr | Jun 2025 ₹-34.0K Cr | Sep 2025 ₹-41.5K Cr | Dec 2025 ₹-31.9K Cr | Mar 2026 ₹-21.3K Cr | Jun 2026 — - ORCL: Sep 2021 ₹43.4K Cr | Dec 2021 ₹55.6K Cr | Mar 2022 ₹55.0K Cr | Jun 2022 ₹54.0K Cr | Sep 2022 ₹80.4K Cr | Dec 2022 ₹83.6K Cr | Mar 2023 ₹83.0K Cr | Jun 2023 ₹80.3K Cr | Sep 2023 ₹76.9K Cr | Dec 2023 ₹80.1K Cr | Mar 2024 ₹78.1K Cr | Jun 2024 ₹82.5K Cr | Sep 2024 ₹73.6K Cr | Dec 2024 ₹77.3K Cr | Mar 2025 ₹78.5K Cr | Jun 2025 ₹92.9K Cr | Sep 2025 ₹94.4K Cr | Dec 2025 ₹1.0 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 ₹1.2 L Cr - PLTR: Sep 2021 ₹-2.2K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.3K Cr | Jun 2022 ₹-2.2K Cr | Sep 2022 ₹-2.2K Cr | Dec 2022 ₹-2.4K Cr | Mar 2023 ₹-2.6K Cr | Jun 2023 ₹-2.9K Cr | Sep 2023 ₹-3.0K Cr | Dec 2023 ₹-3.4K Cr | Mar 2024 ₹-3.7K Cr | Jun 2024 ₹-3.7K Cr | Sep 2024 ₹-4.3K Cr | Dec 2024 ₹-5.0K Cr | Mar 2025 ₹-5.2K Cr | Jun 2025 ₹-5.8K Cr | Sep 2025 ₹-6.2K Cr | Dec 2025 ₹-6.9K Cr | Mar 2026 ₹-7.8K Cr | Jun 2026 — - PANW: Sep 2021 ₹638 Cr | Dec 2021 ₹511 Cr | Mar 2022 ₹616 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹318 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹608 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹-119 Cr | Dec 2023 ₹-1.7K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-2.4K Cr | Mar 2025 ₹-2.3K Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-2.6K Cr | Dec 2025 ₹-3.9K Cr | Mar 2026 ₹-4.2K Cr | Jun 2026 ₹-1.0K Cr - CRWD: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-1.5K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-1.9K Cr | Jun 2023 ₹-2.1K Cr | Sep 2023 ₹-2.4K Cr | Dec 2023 ₹-2.4K Cr | Mar 2024 ₹-2.7K Cr | Jun 2024 ₹-2.9K Cr | Sep 2024 ₹-3.2K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-3.5K Cr | Jun 2025 ₹-3.8K Cr | Sep 2025 ₹-4.2K Cr | Dec 2025 ₹-4.0K Cr | Mar 2026 ₹-4.4K Cr | Jun 2026 ₹-3.7K Cr - FTNT: Sep 2021 ₹-2.1K Cr | Dec 2021 ₹-1.6K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-766 Cr | Sep 2022 ₹-740 Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.9K Cr | Jun 2023 ₹-2.3K Cr | Sep 2023 ₹-2.2K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-2.0K Cr | Jun 2024 ₹-2.3K Cr | Sep 2024 ₹-2.7K Cr | Dec 2024 ₹-3.1K Cr | Mar 2025 ₹-3.8K Cr | Jun 2025 ₹-3.6K Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹-2.6K Cr | Mar 2026 ₹-2.8K Cr | Jun 2026 — - NET: Sep 2021 ₹-566 Cr | Dec 2021 ₹-529 Cr | Mar 2022 ₹-150 Cr | Jun 2022 ₹-74 Cr | Sep 2022 ₹-68 Cr | Dec 2022 ₹-73 Cr | Mar 2023 ₹-135 Cr | Jun 2023 ₹-126 Cr | Sep 2023 ₹-155 Cr | Dec 2023 ₹-239 Cr | Mar 2024 ₹-279 Cr | Jun 2024 ₹-318 Cr | Sep 2024 ₹-373 Cr | Dec 2024 ₹-393 Cr | Mar 2025 ₹-439 Cr | Jun 2025 ₹-498 Cr | Sep 2025 ₹-542 Cr | Dec 2025 ₹-583 Cr | Mar 2026 ₹-639 Cr | Jun 2026 — - SNPS: Sep 2021 ₹-856 Cr | Dec 2021 ₹-914 Cr | Mar 2022 ₹-691 Cr | Jun 2022 ₹-1.0K Cr | Sep 2022 ₹-862 Cr | Dec 2022 ₹-910 Cr | Mar 2023 ₹-612 Cr | Jun 2023 ₹-1.0K Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-908 Cr | Mar 2024 ₹-603 Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-3.4K Cr | Mar 2025 ₹-3.1K Cr | Jun 2025 ₹-3.5K Cr | Sep 2025 ₹12.5K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹8.7K Cr | Jun 2026 ₹8.4K Cr - XYZ: Sep 2021 ₹532 Cr | Dec 2021 ₹139 Cr | Mar 2022 ₹572 Cr | Jun 2022 ₹325 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹-493 Cr | Jun 2023 ₹-618 Cr | Sep 2023 ₹-942 Cr | Dec 2023 ₹170 Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.7K Cr | Dec 2024 ₹-613 Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-569 Cr | Sep 2025 ₹-550 Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹977 Cr | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-224 Cr | Dec 2022 ₹-224 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹-151 Cr | Dec 2023 ₹-151 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-310 Cr | Dec 2024 ₹-310 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-846 Cr | Dec 2025 ₹-846 Cr | Mar 2026 ₹-870 Cr | Jun 2026 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹4.9K Cr | Dec 2024 ₹9.3K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹13.4K Cr | Sep 2025 ₹16.7K Cr | Dec 2025 ₹26.7K Cr | Mar 2026 ₹32.9K Cr | Jun 2026 — - NTAP: Sep 2021 ₹-1.9K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-802 Cr | Dec 2022 ₹-646 Cr | Mar 2023 ₹-753 Cr | Jun 2023 ₹-681 Cr | Sep 2023 ₹-585 Cr | Dec 2023 ₹-229 Cr | Mar 2024 ₹-526 Cr | Jun 2024 ₹-860 Cr | Sep 2024 ₹-624 Cr | Dec 2024 ₹-229 Cr | Mar 2025 ₹-267 Cr | Jun 2025 ₹-611 Cr | Sep 2025 ₹-839 Cr | Dec 2025 ₹-528 Cr | Mar 2026 ₹-522 Cr | Jun 2026 ₹-1.1K Cr - TWLO: Sep 2021 ₹-4.1K Cr | Dec 2021 ₹-4.1K Cr | Mar 2022 ₹-4.0K Cr | Jun 2022 ₹-3.1K Cr | Sep 2022 ₹-3.0K Cr | Dec 2022 ₹-2.9K Cr | Mar 2023 ₹-2.7K Cr | Jun 2023 ₹-2.5K Cr | Sep 2023 ₹-2.7K Cr | Dec 2023 ₹-2.9K Cr | Mar 2024 ₹-2.7K Cr | Jun 2024 ₹-2.0K Cr | Sep 2024 ₹-1.6K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹-1.4K Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 — - VRSN: Sep 2021 ₹587 Cr | Dec 2021 ₹580 Cr | Mar 2022 ₹576 Cr | Jun 2022 ₹790 Cr | Sep 2022 ₹807 Cr | Dec 2022 ₹808 Cr | Mar 2023 ₹774 Cr | Jun 2023 ₹853 Cr | Sep 2023 ₹846 Cr | Dec 2023 ₹864 Cr | Mar 2024 ₹866 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr - CPAY: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.5K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 — - MDB: Sep 2021 ₹-628 Cr | Dec 2021 ₹-619 Cr | Mar 2022 ₹-643 Cr | Jun 2022 ₹-643 Cr | Sep 2022 ₹-608 Cr | Dec 2022 ₹-603 Cr | Mar 2023 ₹-652 Cr | Jun 2023 ₹-718 Cr | Sep 2023 ₹-713 Cr | Dec 2023 ₹-740 Cr | Mar 2024 ₹-831 Cr | Jun 2024 ₹-892 Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-2.3K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-2.3K Cr | Dec 2025 ₹-2.3K Cr | Mar 2026 ₹-2.4K Cr | Jun 2026 ₹-2.4K Cr - ZS: Sep 2021 ₹-538 Cr | Dec 2021 ₹-607 Cr | Mar 2022 ₹-631 Cr | Jun 2022 ₹-653 Cr | Sep 2022 ₹-685 Cr | Dec 2022 ₹-606 Cr | Mar 2023 ₹-689 Cr | Jun 2023 ₹-753 Cr | Sep 2023 ₹-889 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.0K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.8K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.5K Cr | Mar 2026 ₹-1.6K Cr | Jun 2026 ₹-1.7K Cr - OKTA: Sep 2021 ₹-510 Cr | Dec 2021 ₹-493 Cr | Mar 2022 ₹-499 Cr | Jun 2022 ₹-129 Cr | Sep 2022 ₹-123 Cr | Dec 2022 ₹-127 Cr | Mar 2023 ₹-245 Cr | Jun 2023 ₹-405 Cr | Sep 2023 ₹-533 Cr | Dec 2023 ₹-709 Cr | Mar 2024 ₹-936 Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.8K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-2.1K Cr | Jun 2026 ₹-2.2K Cr - FFIV: Sep 2021 ₹-245 Cr | Dec 2021 ₹-207 Cr | Mar 2022 ₹-251 Cr | Jun 2022 ₹-118 Cr | Sep 2022 ₹-263 Cr | Dec 2022 ₹-392 Cr | Mar 2023 ₹-495 Cr | Jun 2023 ₹-441 Cr | Sep 2023 ₹-563 Cr | Dec 2023 ₹-591 Cr | Mar 2024 ₹-675 Cr | Jun 2024 ₹-714 Cr | Sep 2024 ₹-859 Cr | Dec 2024 ₹-908 Cr | Mar 2025 ₹-1.0K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-965 Cr | Mar 2026 ₹-1.2K Cr | Jun 2026 — - IOT: Sep 2021 ₹-145 Cr | Dec 2021 ₹-119 Cr | Mar 2022 ₹-776 Cr | Jun 2022 ₹-721 Cr | Sep 2022 ₹-692 Cr | Dec 2022 ₹-611 Cr | Mar 2023 ₹-567 Cr | Jun 2023 ₹-621 Cr | Sep 2023 ₹-619 Cr | Dec 2023 ₹-556 Cr | Mar 2024 ₹-449 Cr | Jun 2024 ₹-500 Cr | Sep 2024 ₹-585 Cr | Dec 2024 ₹-586 Cr | Mar 2025 ₹-615 Cr | Jun 2025 ₹-616 Cr | Sep 2025 ₹-625 Cr | Dec 2025 ₹-686 Cr | Mar 2026 ₹-761 Cr | Jun 2026 ₹-735 Cr - TOST: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-959 Cr | Dec 2022 ₹-941 Cr | Mar 2023 ₹-858 Cr | Jun 2023 ₹-957 Cr | Sep 2023 ₹-998 Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 — - GEN: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹9.0K Cr | Jun 2023 ₹9.0K Cr | Sep 2023 ₹8.9K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.8K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 — | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.0K Cr | Mar 2026 ₹7.8K Cr | Jun 2026 ₹7.8K Cr - AKAM: Sep 2021 ₹928 Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.1K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.9K Cr | Jun 2026 — - NTNX: Sep 2021 ₹-29 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-120 Cr | Dec 2023 ₹-230 Cr | Mar 2024 ₹-291 Cr | Jun 2024 ₹-276 Cr | Sep 2024 ₹-309 Cr | Dec 2024 ₹-381 Cr | Mar 2025 ₹-286 Cr | Jun 2025 ₹-394 Cr | Sep 2025 ₹-510 Cr | Dec 2025 ₹-581 Cr | Mar 2026 ₹-331 Cr | Jun 2026 ₹-489 Cr - RBRK: Sep 2021 — | Dec 2021 ₹-139 Cr | Mar 2022 ₹-139 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-116 Cr | Mar 2023 ₹-116 Cr | Jun 2023 ₹-76 Cr | Sep 2023 ₹-76 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹-309 Cr | Sep 2024 ₹-294 Cr | Dec 2024 ₹-315 Cr | Mar 2025 ₹-383 Cr | Jun 2025 ₹-439 Cr | Sep 2025 ₹-394 Cr | Dec 2025 ₹-473 Cr | Mar 2026 ₹-545 Cr | Jun 2026 ₹-617 Cr - CHKP: Sep 2021 ₹-1.7K Cr | Dec 2021 ₹-1.7K Cr | Mar 2022 ₹-1.7K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-1.6K Cr | Dec 2022 ₹-1.6K Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹-1.6K Cr | Sep 2023 ₹-1.5K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.7K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.5K Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-1.0K Cr | Mar 2026 ₹-795 Cr | Jun 2026 — - GDDY: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - DOCN: Sep 2021 ₹-590 Cr | Dec 2021 ₹-250 Cr | Mar 2022 ₹-90 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹643 Cr | Dec 2022 ₹771 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹767 Cr | Jun 2026 — ## Return On Capital Employed 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. 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. Evidence: VeriSign, Inc. · 1141.8% | 108× versus #2 · Fortinet, Inc. | 7/8 recent comparable periods | 28/28 companies · 509 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. VeriSign, Inc. (VRSN): 1,142% 2. Fortinet, Inc. (FTNT): 11% 3. Palantir Technologies Inc. (PLTR): 10% 4. NetApp, Inc. (NTAP): 8.3% 5. Microsoft Corporation (MSFT): 7.6% ### ROCE change — fastest improvers 1. VeriSign, Inc. (VRSN): +1,020.3 pp 2. Cerebras Systems Inc. (CBRS): +71.9 pp 3. Rubrik, Inc. (RBRK): +14.5 pp 4. Palantir Technologies Inc. (PLTR): +6.7 pp 5. Samsara Inc. (IOT): +3.2 pp ### 20-quarter ROCE history - MSFT: Sep 2021 8.3% | Dec 2021 8.9% | Mar 2022 8.1% | Jun 2022 8.0% | Sep 2022 8.2% | Dec 2022 7.5% | Mar 2023 8.0% | Jun 2023 8.4% | Sep 2023 9.1% | Dec 2023 8.5% | Mar 2024 8.4% | Jun 2024 8.0% | Sep 2024 8.4% | Dec 2024 8.2% | Mar 2025 7.9% | Jun 2025 7.9% | Sep 2025 8.4% | Dec 2025 8.0% | Mar 2026 7.6% | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 -0.9% | Mar 2022 4.1% | Jun 2022 4.6% | Sep 2022 2.7% | Dec 2022 3.2% | Mar 2023 3.3% | Jun 2023 4.1% | Sep 2023 3.2% | Dec 2023 3.4% | Mar 2024 3.4% | Jun 2024 4.2% | Sep 2024 3.6% | Dec 2024 3.7% | Mar 2025 3.6% | Jun 2025 4.2% | Sep 2025 3.4% | Dec 2025 3.3% | Mar 2026 3.2% | Jun 2026 3.4% - 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 2023 0.1% | Jun 2023 0.3% | Sep 2023 1.3% | Dec 2023 2.0% | Mar 2024 2.3% | Jun 2024 2.7% | Sep 2024 2.7% | Dec 2024 0.2% | Mar 2025 3.6% | Jun 2025 5.1% | Sep 2025 6.7% | Dec 2025 8.8% | Mar 2026 10% | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 -1.8% | Mar 2022 -1.8% | Jun 2022 -1.0% | Sep 2022 0.3% | Dec 2022 0.4% | Mar 2023 1.0% | Jun 2023 1.8% | Sep 2023 4.7% | Dec 2023 3.7% | Mar 2024 0.7% | Jun 2024 2.2% | Sep 2024 2.5% | Dec 2024 2.8% | Mar 2025 2.0% | Jun 2025 1.7% | Sep 2025 3.6% | Dec 2025 2.1% | Mar 2026 2.6% | Jun 2026 -0.7% - 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 2023 0.1% | Mar 2024 0.9% | Jun 2024 0.2% | Sep 2024 0.4% | 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% - FTNT: Sep 2021 5.8% | Dec 2021 7.4% | Mar 2022 4.6% | Jun 2022 6.3% | Sep 2022 8.4% | Dec 2022 11% | Mar 2023 8.2% | Jun 2023 8.4% | Sep 2023 9.5% | Dec 2023 12% | Mar 2024 8.6% | Jun 2024 11% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.5% | Jun 2025 9.0% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11% | Jun 2026 — - 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 — - SNPS: Sep 2021 — | Dec 2021 3.1% | Mar 2022 5.7% | Jun 2022 5.7% | Sep 2022 3.6% | Dec 2022 3.3% | Mar 2023 3.9% | Jun 2023 4.2% | Sep 2023 4.3% | Dec 2023 6.1% | Mar 2024 4.8% | Jun 2024 4.3% | Sep 2024 4.4% | Dec 2024 3.5% | Mar 2025 2.7% | Jun 2025 2.5% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 0.8% | Jun 2026 0.4% - XYZ: Sep 2021 0.4% | Dec 2021 -0.8% | Mar 2022 -1.6% | Jun 2022 -1.4% | Sep 2022 -0.3% | Dec 2022 -0.9% | Mar 2023 0.0% | Jun 2023 -0.6% | Sep 2023 0.0% | Dec 2023 -0.6% | Mar 2024 1.1% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 0.0% | Mar 2025 1.3% | Jun 2025 1.9% | Sep 2025 1.5% | Dec 2025 1.7% | Mar 2026 -0.6% | Jun 2026 — - CBRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | 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 — - CRWV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 -0.1% | Mar 2024 — | Jun 2024 — | Sep 2024 1.7% | Dec 2024 1.3% | Mar 2025 -0.4% | Jun 2025 0.2% | Sep 2025 0.3% | Dec 2025 -0.4% | Mar 2026 -0.5% | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 5.1% | Mar 2022 5.5% | Jun 2022 4.9% | Sep 2022 4.2% | Dec 2022 4.5% | Mar 2023 2.8% | Jun 2023 5.0% | Sep 2023 3.0% | Dec 2023 5.2% | Mar 2024 6.1% | Jun 2024 6.0% | Sep 2024 5.2% | Dec 2024 6.9% | Mar 2025 7.0% | Jun 2025 5.8% | Sep 2025 5.7% | Dec 2025 7.4% | Mar 2026 7.8% | Jun 2026 8.3% - TWLO: Sep 2021 -2.5% | Dec 2021 -2.7% | Mar 2022 -1.8% | Jun 2022 -2.6% | Sep 2022 -3.8% | Dec 2022 -1.8% | Mar 2023 -2.2% | Jun 2023 -1.2% | Sep 2023 -1.0% | Dec 2023 -3.2% | Mar 2024 -0.4% | Jun 2024 -0.2% | Sep 2024 0.0% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.6% | Mar 2026 1.2% | Jun 2026 — - VRSN: Sep 2021 29% | Dec 2021 26% | Mar 2022 27% | Jun 2022 33% | Sep 2022 34% | Dec 2022 32% | Mar 2023 33% | Jun 2023 40% | Sep 2023 43% | Dec 2023 44% | Mar 2024 47% | Jun 2024 63% | Sep 2024 118% | Dec 2024 121% | Mar 2025 80% | Jun 2025 122% | Sep 2025 1,755% | Dec 2025 -432% | Mar 2026 569% | Jun 2026 1,142% - CPAY: Sep 2021 4.6% | Dec 2021 4.4% | Mar 2022 4.2% | Jun 2022 4.5% | Sep 2022 5.0% | Dec 2022 4.6% | Mar 2023 4.5% | Jun 2023 4.8% | Sep 2023 5.4% | Dec 2023 5.1% | Mar 2024 4.6% | Jun 2024 5.1% | Sep 2024 5.3% | Dec 2024 5.5% | Mar 2025 4.5% | Jun 2025 5.0% | Sep 2025 5.2% | Dec 2025 5.3% | Mar 2026 5.8% | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 -5.1% | Mar 2022 -5.3% | Jun 2022 -5.1% | Sep 2022 -6.0% | Dec 2022 -4.3% | Mar 2023 -3.7% | Jun 2023 -3.4% | Sep 2023 -2.4% | Dec 2023 -2.2% | Mar 2024 -3.3% | Jun 2024 -4.3% | Sep 2024 -3.0% | Dec 2024 -1.5% | Mar 2025 -0.7% | Jun 2025 -1.9% | Sep 2025 -2.3% | Dec 2025 -0.8% | Mar 2026 0.0% | Jun 2026 -0.8% - ZS: Sep 2021 — | Dec 2021 -5.0% | Mar 2022 -5.5% | Jun 2022 -5.6% | Sep 2022 -5.1% | Dec 2022 -4.2% | Mar 2023 -3.8% | Jun 2023 -3.2% | Sep 2023 -2.4% | Dec 2023 -2.4% | Mar 2024 -2.2% | Jun 2024 -0.1% | Sep 2024 -1.5% | Dec 2024 -1.6% | Mar 2025 -1.9% | Jun 2025 -1.1% | Sep 2025 -1.2% | Dec 2025 -1.2% | Mar 2026 -1.6% | Jun 2026 -0.9% - OKTA: Sep 2021 — | Dec 2021 -3.7% | Mar 2022 -4.4% | Jun 2022 -4.6% | Sep 2022 -2.6% | Dec 2022 -2.6% | Mar 2023 -2.0% | Jun 2023 -2.1% | Sep 2023 -2.1% | Dec 2023 -1.5% | Mar 2024 5.7% | Jun 2024 -0.6% | Sep 2024 -0.3% | Dec 2024 -0.2% | Mar 2025 0.1% | Jun 2025 0.5% | Sep 2025 0.6% | Dec 2025 0.3% | Mar 2026 0.7% | Jun 2026 0.8% - FFIV: Sep 2021 3.6% | Dec 2021 3.2% | Mar 2022 2.3% | Jun 2022 3.2% | Sep 2022 3.1% | Dec 2022 2.5% | Mar 2023 3.0% | Jun 2023 3.0% | Sep 2023 4.8% | Dec 2023 4.5% | Mar 2024 3.7% | Jun 2024 4.3% | Sep 2024 4.8% | Dec 2024 5.0% | Mar 2025 3.8% | Jun 2025 4.6% | Sep 2025 4.7% | Dec 2025 4.8% | Mar 2026 3.9% | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 -5.3% | Mar 2022 -26% | Jun 2022 -7.8% | Sep 2022 -7.4% | Dec 2022 -7.4% | Mar 2023 -5.0% | Jun 2023 -6.5% | Sep 2023 -5.9% | Dec 2023 -4.7% | Mar 2024 -11% | Jun 2024 -5.7% | Sep 2024 -5.0% | Dec 2024 -4.0% | Mar 2025 -1.5% | Jun 2025 -2.7% | Sep 2025 -2.1% | Dec 2025 -0.1% | Mar 2026 0.6% | Jun 2026 0.5% - TOST: Sep 2021 -5.5% | Dec 2021 -12% | Mar 2022 -11% | Jun 2022 -11% | Sep 2022 -6.4% | Dec 2022 -7.5% | Mar 2023 -7.1% | Jun 2023 -6.4% | Sep 2023 -4.6% | Dec 2023 -4.4% | Mar 2024 -4.3% | Jun 2024 0.4% | Sep 2024 2.5% | Dec 2024 2.2% | Mar 2025 2.8% | Jun 2025 4.9% | Sep 2025 4.7% | Dec 2025 4.5% | Mar 2026 5.9% | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 6.8% | Mar 2022 — | Jun 2022 3.2% | Sep 2022 6.6% | Dec 2022 4.4% | Mar 2023 4.0% | Jun 2023 4.3% | Sep 2023 0.2% | Dec 2023 2.5% | Mar 2024 3.0% | Jun 2024 3.4% | Sep 2024 3.1% | Dec 2024 3.0% | Mar 2025 3.2% | Jun 2025 — | Sep 2025 3.5% | Dec 2025 3.5% | Mar 2026 3.5% | Jun 2026 6.3% - AKAM: Sep 2021 2.9% | Dec 2021 2.7% | Mar 2022 2.4% | Jun 2022 2.4% | Sep 2022 2.2% | Dec 2022 2.3% | Mar 2023 1.7% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 2.2% | Mar 2024 2.0% | Jun 2024 1.9% | Sep 2024 0.8% | Dec 2024 1.7% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 1.8% | Dec 2025 1.0% | Mar 2026 1.2% | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 -9.5% | Mar 2022 -7.2% | Jun 2022 -7.1% | Sep 2022 -11% | Dec 2022 -6.3% | Mar 2023 -4.6% | Jun 2023 -4.7% | Sep 2023 -0.9% | Dec 2023 -0.4% | Mar 2024 2.6% | Jun 2024 -0.8% | Sep 2024 -1.1% | Dec 2024 2.2% | Mar 2025 4.0% | Jun 2025 2.9% | Sep 2025 2.3% | Dec 2025 3.4% | Mar 2026 4.9% | Jun 2026 3.7% - RBRK: Sep 2021 — | Dec 2021 -26% | Mar 2022 -24% | Jun 2022 — | Sep 2022 — | Dec 2022 -23% | Mar 2023 -31% | Jun 2023 -76% | Sep 2023 -66% | Dec 2023 -24% | Mar 2024 -30% | Jun 2024 -222% | Sep 2024 -51% | Dec 2024 -37% | Mar 2025 -34% | Jun 2025 -20% | Sep 2025 -11% | Dec 2025 -8.2% | Mar 2026 -8.6% | Jun 2026 -5.3% - CHKP: Sep 2021 5.4% | Dec 2021 5.8% | Mar 2022 4.8% | Jun 2022 5.2% | Sep 2022 5.5% | Dec 2022 6.3% | Mar 2023 5.1% | Jun 2023 5.8% | Sep 2023 6.0% | Dec 2023 6.6% | Mar 2024 5.2% | Jun 2024 5.6% | Sep 2024 5.8% | Dec 2024 6.7% | Mar 2025 5.2% | Jun 2025 5.3% | Sep 2025 5.1% | Dec 2025 4.8% | Mar 2026 3.9% | Jun 2026 — - GDDY: Sep 2021 3.0% | Dec 2021 2.7% | Mar 2022 2.4% | Jun 2022 2.7% | Sep 2022 2.8% | Dec 2022 2.8% | Mar 2023 1.6% | Jun 2023 2.8% | Sep 2023 4.0% | Dec 2023 4.0% | Mar 2024 3.6% | Jun 2024 4.5% | Sep 2024 5.6% | Dec 2024 4.9% | Mar 2025 4.8% | Jun 2025 5.2% | Sep 2025 5.8% | Dec 2025 6.0% | Mar 2026 6.1% | Jun 2026 — - DOCN: Sep 2021 -0.3% | Dec 2021 -0.8% | Mar 2022 -1.0% | Jun 2022 -0.7% | Sep 2022 0.6% | Dec 2022 -0.6% | Mar 2023 -2.0% | Jun 2023 -0.1% | Sep 2023 2.6% | Dec 2023 0.8% | Mar 2024 0.9% | Jun 2024 1.7% | Sep 2024 1.9% | Dec 2024 2.4% | Mar 2025 2.7% | Jun 2025 2.5% | Sep 2025 3.3% | Dec 2025 2.9% | Mar 2026 2.2% | Jun 2026 — ### 20-quarter ROCE change history - 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 2025 0.0 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 — - 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 2025 0.0 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 −0.4 pp | Jun 2026 −0.8 pp - 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 — - 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 - 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 - 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 — - 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 — - 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 - 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 — - 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 — - 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 — - 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 - TWLO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 +0.9 pp | Mar 2023 −0.4 pp | Jun 2023 +1.4 pp | Sep 2023 +2.8 pp | Dec 2023 −1.4 pp | Mar 2024 +1.8 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +3.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.6 pp | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +1.0 pp | Jun 2026 — - VRSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.0 pp | Dec 2022 +5.9 pp | Mar 2023 +5.7 pp | Jun 2023 +7.6 pp | Sep 2023 +9.9 pp | Dec 2023 +11.4 pp | Mar 2024 +14.3 pp | Jun 2024 +22.3 pp | Sep 2024 +74.2 pp | Dec 2024 +77.4 pp | Mar 2025 +33.3 pp | Jun 2025 +58.8 pp | Sep 2025 +1,637.3 pp | Dec 2025 −553.2 pp | Mar 2026 +488.6 pp | Jun 2026 +1,020.3 pp - CPAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.2 pp | Mar 2023 +0.3 pp | Jun 2023 +0.3 pp | Sep 2023 +0.4 pp | Dec 2023 +0.5 pp | Mar 2024 +0.1 pp | Jun 2024 +0.3 pp | Sep 2024 −0.1 pp | Dec 2024 +0.4 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +1.3 pp | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +1.6 pp | Jun 2023 +1.7 pp | Sep 2023 +3.6 pp | Dec 2023 +2.1 pp | Mar 2024 +0.4 pp | Jun 2024 −0.9 pp | Sep 2024 −0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +2.6 pp | Jun 2025 +2.4 pp | Sep 2025 +0.7 pp | Dec 2025 +0.7 pp | Mar 2026 +0.7 pp | Jun 2026 +1.1 pp - ZS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +1.7 pp | Jun 2023 +2.4 pp | Sep 2023 +2.7 pp | Dec 2023 +1.8 pp | Mar 2024 +1.6 pp | Jun 2024 +3.1 pp | Sep 2024 +0.9 pp | Dec 2024 +0.8 pp | Mar 2025 +0.3 pp | Jun 2025 −1.0 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 +0.2 pp - OKTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.1 pp | Mar 2023 +2.4 pp | Jun 2023 +2.5 pp | Sep 2023 +0.5 pp | Dec 2023 +1.1 pp | Mar 2024 +7.7 pp | Jun 2024 +1.5 pp | Sep 2024 +1.8 pp | Dec 2024 +1.3 pp | Mar 2025 −5.6 pp | Jun 2025 +1.1 pp | Sep 2025 +0.9 pp | Dec 2025 +0.5 pp | Mar 2026 +0.6 pp | Jun 2026 +0.3 pp - FFIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.7 pp | Mar 2023 +0.7 pp | Jun 2023 −0.2 pp | Sep 2023 +1.7 pp | Dec 2023 +2.0 pp | Mar 2024 +0.7 pp | Jun 2024 +1.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.5 pp | Mar 2025 +0.1 pp | Jun 2025 +0.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 +0.1 pp | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.1 pp | Mar 2023 +21.4 pp | Jun 2023 +1.3 pp | Sep 2023 +1.5 pp | Dec 2023 +2.7 pp | Mar 2024 −5.6 pp | Jun 2024 +0.8 pp | Sep 2024 +0.9 pp | Dec 2024 +0.7 pp | Mar 2025 +9.1 pp | Jun 2025 +3.0 pp | Sep 2025 +2.9 pp | Dec 2025 +3.9 pp | Mar 2026 +2.1 pp | Jun 2026 +3.2 pp - TOST: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +4.0 pp | Mar 2023 +4.3 pp | Jun 2023 +5.0 pp | Sep 2023 +1.8 pp | Dec 2023 +3.1 pp | Mar 2024 +2.8 pp | Jun 2024 +6.8 pp | Sep 2024 +7.1 pp | Dec 2024 +6.6 pp | Mar 2025 +7.1 pp | Jun 2025 +4.5 pp | Sep 2025 +2.2 pp | Dec 2025 +2.3 pp | Mar 2026 +3.1 pp | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.4 pp | Mar 2023 — | Jun 2023 +1.1 pp | Sep 2023 −6.4 pp | Dec 2023 −1.9 pp | Mar 2024 −1.0 pp | Jun 2024 −0.9 pp | Sep 2024 +2.9 pp | Dec 2024 +0.5 pp | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 +0.4 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp | Jun 2026 — - AKAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.4 pp | Mar 2023 −0.7 pp | Jun 2023 −0.4 pp | Sep 2023 0.0 pp | Dec 2023 −0.1 pp | Mar 2024 +0.3 pp | Jun 2024 −0.1 pp | Sep 2024 −1.4 pp | Dec 2024 −0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +1.0 pp | Dec 2025 −0.7 pp | Mar 2026 −0.6 pp | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.2 pp | Mar 2023 +2.6 pp | Jun 2023 +2.4 pp | Sep 2023 +9.6 pp | Dec 2023 +5.9 pp | Mar 2024 +7.2 pp | Jun 2024 +3.9 pp | Sep 2024 −0.2 pp | Dec 2024 +2.6 pp | Mar 2025 +1.4 pp | Jun 2025 +3.7 pp | Sep 2025 +3.4 pp | Dec 2025 +1.2 pp | Mar 2026 +0.9 pp | Jun 2026 +0.8 pp - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.0 pp | Mar 2023 −6.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 −146.7 pp | Sep 2024 +15.2 pp | Dec 2024 −13.6 pp | Mar 2025 −3.5 pp | Jun 2025 +202.6 pp | Sep 2025 +39.9 pp | Dec 2025 +29.1 pp | Mar 2026 +25.1 pp | Jun 2026 +14.5 pp - CHKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.5 pp | Mar 2023 +0.3 pp | Jun 2023 +0.6 pp | Sep 2023 +0.5 pp | Dec 2023 +0.3 pp | Mar 2024 +0.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 −0.3 pp | Sep 2025 −0.7 pp | Dec 2025 −1.9 pp | Mar 2026 −1.3 pp | Jun 2026 — - GDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.1 pp | Mar 2023 −0.8 pp | Jun 2023 +0.1 pp | Sep 2023 +1.2 pp | Dec 2023 +1.2 pp | Mar 2024 +2.0 pp | Jun 2024 +1.7 pp | Sep 2024 +1.6 pp | Dec 2024 +0.9 pp | Mar 2025 +1.2 pp | Jun 2025 +0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +1.1 pp | Mar 2026 +1.3 pp | Jun 2026 — - DOCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.2 pp | Mar 2023 −1.0 pp | Jun 2023 +0.6 pp | Sep 2023 +2.0 pp | Dec 2023 +1.4 pp | Mar 2024 +2.9 pp | Jun 2024 +1.8 pp | Sep 2024 −0.7 pp | Dec 2024 +1.6 pp | Mar 2025 +1.8 pp | Jun 2025 +0.8 pp | Sep 2025 +1.4 pp | Dec 2025 +0.5 pp | Mar 2026 −0.5 pp | Jun 2026 — ## Valuation Against Growth & Quality 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. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Check Point Software Technologies Ltd. · 0.52× | 14.8% versus #2 · GoDaddy Inc. | 0/8 recent comparable periods | 12/28 companies · 98 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Check Point Software Technologies Ltd. (CHKP): 0.5 2. GoDaddy Inc. (GDDY): 0.6 3. Akamai Technologies, Inc. (AKAM): 0.7 4. Microsoft Corporation (MSFT): 0.7 5. Corpay, Inc. (CPAY): 1.0 ### P/E — lowest P/E 1. Gen Digital Inc. (GEN): 12.0 2. GoDaddy Inc. (GDDY): 13.1 3. Check Point Software Technologies Ltd. (CHKP): 14.7 4. NetApp, Inc. (NTAP): 17.1 5. Corpay, Inc. (CPAY): 17.4 ### 20-quarter Guarded PEG history - MSFT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.7 | Dec 2023 1.5 | Mar 2024 1.5 | Jun 2024 1.7 | Sep 2024 2.1 | Dec 2024 2.8 | Mar 2025 2.4 | Jun 2025 2.4 | Sep 2025 2.3 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.6 | Dec 2023 2.4 | Mar 2024 1.2 | Jun 2024 1.5 | Sep 2024 2.4 | Dec 2024 3.5 | Mar 2025 3.1 | Jun 2025 2.3 | Sep 2025 4.6 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 1.1 - FTNT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 0.7 | Dec 2023 1.1 | Mar 2024 1.7 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.9 | Sep 2025 1.5 | Dec 2025 4.4 | Mar 2026 4.8 | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.3 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.3 | Dec 2024 — | Mar 2025 0.8 | Jun 2025 1.0 | Sep 2025 1.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.0 | Jun 2025 0.7 | Sep 2025 1.8 | Dec 2025 3.6 | Mar 2026 1.5 | Jun 2026 1.4 - VRSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.7 | Mar 2026 2.6 | Jun 2026 — - CPAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 3.1 | Sep 2023 3.9 | Dec 2023 3.4 | Mar 2024 3.2 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 4.1 | Mar 2025 4.0 | Jun 2025 3.2 | Sep 2025 3.9 | Dec 2025 2.6 | Mar 2026 1.0 | Jun 2026 — - FFIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.0 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 — | Sep 2024 0.5 | Dec 2024 0.8 | Mar 2025 1.0 | Jun 2025 1.2 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.5 | Jun 2026 — - 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 2025 2.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AKAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2 | Mar 2024 0.9 | Jun 2024 0.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CHKP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.5 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.7 | Mar 2024 2.3 | Jun 2024 4.5 | Sep 2024 — | Dec 2024 — | Mar 2025 5.7 | Jun 2025 4.7 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 — - GDDY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.1 | Jun 2023 — | Sep 2023 3.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.6 | Jun 2026 — ### 20-quarter P/E history - MSFT: Sep 2021 31.5 | Dec 2021 35.8 | Mar 2022 32.2 | Jun 2022 26.6 | Sep 2022 25.1 | Dec 2022 26.7 | Mar 2023 31.2 | Jun 2023 35.2 | Sep 2023 30.6 | Dec 2023 34.0 | Mar 2024 36.4 | Jun 2024 37.9 | Sep 2024 35.5 | Dec 2024 33.9 | Mar 2025 29.0 | Jun 2025 36.5 | Sep 2025 36.8 | Dec 2025 30.3 | Mar 2026 22.0 | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 26.3 | Mar 2022 29.1 | Jun 2022 29.8 | Sep 2022 35.3 | Dec 2022 26.0 | Mar 2023 28.8 | Jun 2023 34.5 | Sep 2023 35.8 | Dec 2023 32.1 | Mar 2024 29.5 | Jun 2024 31.6 | Sep 2024 36.4 | Dec 2024 45.2 | Mar 2025 39.0 | Jun 2025 38.1 | Sep 2025 52.3 | Dec 2025 38.0 | Mar 2026 26.1 | Jun 2026 38.7 - PLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 266.7 | Dec 2023 190.8 | Mar 2024 191.8 | Jun 2024 149.0 | Sep 2024 186.0 | Dec 2024 398.1 | Mar 2025 367.0 | Jun 2025 454.4 | Sep 2025 434.3 | Dec 2025 282.1 | Mar 2026 164.4 | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2,266.3 | Jun 2023 289.6 | Sep 2023 195.3 | Dec 2023 138.1 | Mar 2024 53.0 | Jun 2024 42.4 | Sep 2024 44.6 | Dec 2024 47.0 | Mar 2025 104.2 | Jun 2025 106.8 | Sep 2025 108.5 | Dec 2025 139.4 | Mar 2026 97.8 | Jun 2026 147.0 - CRWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 975.0 | Jun 2024 552.0 | Sep 2024 336.2 | Dec 2024 582.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - FTNT: Sep 2021 89.0 | Dec 2021 98.5 | Mar 2022 89.9 | Jun 2022 69.9 | Sep 2022 54.0 | Dec 2022 46.1 | Mar 2023 54.9 | Jun 2023 56.8 | Sep 2023 40.5 | Dec 2023 40.1 | Mar 2024 44.7 | Jun 2024 35.7 | Sep 2024 39.2 | Dec 2024 41.8 | Mar 2025 39.6 | Jun 2025 42.1 | Sep 2025 34.6 | Dec 2025 32.8 | Mar 2026 31.6 | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 69.3 | Mar 2022 53.7 | Jun 2022 44.6 | Sep 2022 55.8 | Dec 2022 46.5 | Mar 2023 58.4 | Jun 2023 62.6 | Sep 2023 67.7 | Dec 2023 59.3 | Mar 2024 58.7 | Jun 2024 57.7 | Sep 2024 57.9 | Dec 2024 17.7 | Mar 2025 38.5 | Jun 2025 52.9 | Sep 2025 58.8 | Dec 2025 56.5 | Mar 2026 72.2 | Jun 2026 111.7 - XYZ: Sep 2021 224.2 | Dec 2021 489.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3,867.5 | Mar 2024 120.8 | Jun 2024 54.7 | Sep 2024 37.7 | Dec 2024 18.6 | Mar 2025 13.2 | Jun 2025 14.5 | Sep 2025 14.5 | Dec 2025 31.0 | Mar 2026 47.0 | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 21.7 | Mar 2022 19.5 | Jun 2022 17.9 | Sep 2022 17.1 | Dec 2022 10.5 | Mar 2023 11.3 | Jun 2023 10.9 | Sep 2023 14.0 | Dec 2023 22.3 | Mar 2024 20.0 | Jun 2024 21.9 | Sep 2024 24.6 | Dec 2024 22.0 | Mar 2025 23.3 | Jun 2025 15.6 | Sep 2025 18.5 | Dec 2025 20.3 | Mar 2026 16.3 | Jun 2026 17.1 - 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 1,036.3 | Sep 2025 244.1 | Dec 2025 677.3 | Mar 2026 196.6 | Jun 2026 — - VRSN: Sep 2021 37.8 | Dec 2021 36.3 | Mar 2022 31.3 | Jun 2022 22.8 | Sep 2022 23.1 | Dec 2022 32.9 | Mar 2023 32.4 | Jun 2023 33.4 | Sep 2023 28.9 | Dec 2023 26.1 | Mar 2024 23.3 | Jun 2024 21.3 | Sep 2024 22.1 | Dec 2024 25.9 | Mar 2025 31.0 | Jun 2025 34.5 | Sep 2025 32.6 | Dec 2025 27.6 | Mar 2026 27.4 | Jun 2026 27.3 - CPAY: Sep 2021 27.0 | Dec 2021 22.4 | Mar 2022 23.5 | Jun 2022 18.1 | Sep 2022 14.5 | Dec 2022 14.8 | Mar 2023 16.8 | Jun 2023 20.3 | Sep 2023 20.0 | Dec 2023 21.4 | Mar 2024 23.0 | Jun 2024 19.4 | Sep 2024 22.3 | Dec 2024 24.2 | Mar 2025 24.5 | Jun 2025 22.5 | Sep 2025 19.6 | Dec 2025 20.0 | Mar 2026 17.4 | Jun 2026 — - OKTA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1,570.3 | Jun 2025 178.0 | Sep 2025 115.1 | Dec 2025 84.0 | Mar 2026 64.5 | Jun 2026 53.4 - FFIV: Sep 2021 37.2 | Dec 2021 44.7 | Mar 2022 36.7 | Jun 2022 27.3 | Sep 2022 27.5 | Dec 2022 28.8 | Mar 2023 27.0 | Jun 2023 26.5 | Sep 2023 24.6 | Dec 2023 23.3 | Mar 2024 22.7 | Jun 2024 18.5 | Sep 2024 23.1 | Dec 2024 25.0 | Mar 2025 25.3 | Jun 2025 25.9 | Sep 2025 27.4 | Dec 2025 21.1 | Mar 2026 23.7 | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 304.9 - TOST: 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 1,215.0 | Mar 2025 144.2 | Jun 2025 130.3 | Sep 2025 84.9 | Dec 2025 63.4 | Mar 2026 40.8 | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 17.2 | Mar 2022 — | Jun 2022 19.1 | Sep 2022 15.6 | Dec 2022 23.8 | Mar 2023 8.0 | Jun 2023 8.9 | Sep 2023 8.1 | Dec 2023 10.6 | Mar 2024 23.6 | Jun 2024 26.3 | Sep 2024 28.0 | Dec 2024 27.1 | Mar 2025 25.7 | Jun 2025 — | Sep 2025 31.4 | Dec 2025 30.2 | Mar 2026 26.9 | Jun 2026 12.0 - AKAM: Sep 2021 26.4 | Dec 2021 29.8 | Mar 2022 31.3 | Jun 2022 24.6 | Sep 2022 23.5 | Dec 2022 25.9 | Mar 2023 25.5 | Jun 2023 29.4 | Sep 2023 32.1 | Dec 2023 33.6 | Mar 2024 27.1 | Jun 2024 22.3 | Sep 2024 29.9 | Dec 2024 29.3 | Mar 2025 27.1 | Jun 2025 28.3 | Sep 2025 22.2 | Dec 2025 28.4 | Mar 2026 38.7 | Jun 2026 — - NTNX: 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 115.7 | Dec 2025 95.0 | Mar 2026 42.8 | Jun 2026 43.0 - CHKP: Sep 2021 18.7 | Dec 2021 19.2 | Mar 2022 22.8 | Jun 2022 20.2 | Sep 2022 18.3 | Dec 2022 20.0 | Mar 2023 19.9 | Jun 2023 18.2 | Sep 2023 18.6 | Dec 2023 21.5 | Mar 2024 22.8 | Jun 2024 22.8 | Sep 2024 26.3 | Dec 2024 25.0 | Mar 2025 30.1 | Jun 2025 28.8 | Sep 2025 22.7 | Dec 2025 19.3 | Mar 2026 14.7 | Jun 2026 — - GDDY: Sep 2021 52.8 | Dec 2021 59.8 | Mar 2022 47.0 | Jun 2022 33.6 | Sep 2022 33.4 | Dec 2022 34.2 | Mar 2023 37.2 | Jun 2023 36.3 | Sep 2023 32.0 | Dec 2023 11.7 | Mar 2024 10.0 | Jun 2024 11.3 | Sep 2024 12.2 | Dec 2024 30.6 | Mar 2025 34.6 | Jun 2025 32.2 | Sep 2025 23.6 | Dec 2025 20.0 | Mar 2026 13.1 | Jun 2026 — - DOCN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 183.5 | Mar 2024 72.0 | Jun 2024 48.3 | Sep 2024 47.5 | Dec 2024 38.3 | Mar 2025 30.1 | Jun 2025 22.0 | Sep 2025 13.8 | Dec 2025 19.1 | Mar 2026 37.5 | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Gen Digital Inc. leads ev/ebitda at 7.3×; Block, Inc. leads p/bv at 1.65×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Gen Digital Inc. · 7.3× | 29.8% versus #2 · Corpay, Inc. | 0/8 recent comparable periods | 25/28 companies · 355 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Gen Digital Inc. (GEN): 7.3 2. Corpay, Inc. (CPAY): 10.4 3. GoDaddy Inc. (GDDY): 10.4 4. NetApp, Inc. (NTAP): 10.8 5. Microsoft Corporation (MSFT): 14.2 ### P/BV — lowest P/BV 1. Block, Inc. (XYZ): 1.7 2. Okta, Inc. (OKTA): 1.9 3. Twilio Inc. (TWLO): 2.5 4. Synopsys, Inc. (SNPS): 3.0 5. Akamai Technologies, Inc. (AKAM): 3.4 ### 20-quarter EV/EBITDA history - MSFT: Sep 2021 23.7 | Dec 2021 26.9 | Mar 2022 23.6 | Jun 2022 19.2 | Sep 2022 17.1 | Dec 2022 18.0 | Mar 2023 21.3 | Jun 2023 24.2 | Sep 2023 21.0 | Dec 2023 23.8 | Mar 2024 24.9 | Jun 2024 25.2 | Sep 2024 22.9 | Dec 2024 21.8 | Mar 2025 18.6 | Jun 2025 22.5 | Sep 2025 21.9 | Dec 2025 19.4 | Mar 2026 14.2 | Jun 2026 — - ORCL: Sep 2021 — | Dec 2021 21.3 | Mar 2022 18.4 | Jun 2022 17.5 | Sep 2022 20.1 | Dec 2022 16.6 | Mar 2023 17.0 | Jun 2023 19.2 | Sep 2023 20.5 | Dec 2023 19.7 | Mar 2024 18.4 | Jun 2024 18.9 | Sep 2024 21.0 | Dec 2024 26.2 | Mar 2025 23.4 | Jun 2025 23.4 | Sep 2025 30.1 | Dec 2025 26.8 | Mar 2026 19.4 | Jun 2026 26.1 - PLTR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 460.8 | Dec 2023 224.5 | Mar 2024 207.1 | Jun 2024 163.1 | Sep 2024 201.7 | Dec 2024 502.9 | Mar 2025 445.8 | Jun 2025 531.4 | Sep 2025 489.5 | Dec 2025 290.4 | Mar 2026 169.9 | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 121.4 | Mar 2022 121.7 | Jun 2022 119.0 | Sep 2022 94.2 | Dec 2022 81.4 | Mar 2023 65.1 | Jun 2023 64.7 | Sep 2023 70.8 | Dec 2023 58.6 | Mar 2024 83.4 | Jun 2024 65.7 | Sep 2024 73.9 | Dec 2024 76.8 | Mar 2025 69.2 | Jun 2025 67.7 | Sep 2025 54.2 | Dec 2025 69.2 | Mar 2026 52.5 | Jun 2026 66.5 - CRWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,067.6 | Mar 2024 540.0 | Jun 2024 363.6 | Sep 2024 227.8 | Dec 2024 360.3 | Mar 2025 975.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1,285.4 - FTNT: Sep 2021 54.0 | Dec 2021 62.2 | Mar 2022 55.8 | Jun 2022 42.7 | Sep 2022 32.9 | Dec 2022 28.5 | Mar 2023 35.1 | Jun 2023 37.3 | Sep 2023 27.5 | Dec 2023 26.6 | Mar 2024 29.8 | Jun 2024 23.7 | Sep 2024 28.0 | Dec 2024 31.3 | Mar 2025 29.7 | Jun 2025 32.2 | Sep 2025 24.1 | Dec 2025 21.9 | Mar 2026 21.0 | Jun 2026 — - NET: Sep 2021 2,158.7 | Dec 2021 2,926.1 | Mar 2022 6,269.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,717.1 | Mar 2024 2,531.0 | Jun 2024 822.6 | Sep 2024 650.7 | Dec 2024 671.2 | Mar 2025 527.7 | Jun 2025 1,093.9 | Sep 2025 919.4 | Dec 2025 754.1 | Mar 2026 673.1 | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 46.0 | Mar 2022 36.1 | Jun 2022 29.1 | Sep 2022 36.6 | Dec 2022 28.4 | Mar 2023 36.4 | Jun 2023 39.4 | Sep 2023 45.7 | Dec 2023 41.5 | Mar 2024 44.8 | Jun 2024 43.2 | Sep 2024 44.7 | Dec 2024 42.0 | Mar 2025 45.9 | Jun 2025 39.2 | Sep 2025 81.7 | Dec 2025 54.8 | Mar 2026 46.1 | Jun 2026 44.0 - XYZ: Sep 2021 293.2 | Dec 2021 254.4 | Mar 2022 1,876.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 885.6 | Sep 2023 236.5 | Dec 2023 368.5 | Mar 2024 130.6 | Jun 2024 46.2 | Sep 2024 34.7 | Dec 2024 41.0 | Mar 2025 24.0 | Jun 2025 27.0 | Sep 2025 27.2 | Dec 2025 19.7 | Mar 2026 23.2 | Jun 2026 — - 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 2025 22.7 | Jun 2025 55.3 | Sep 2025 39.5 | Dec 2025 26.1 | Mar 2026 24.4 | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 12.4 | Mar 2022 11.7 | Jun 2022 10.8 | Sep 2022 10.8 | Dec 2022 10.5 | Mar 2023 10.8 | Jun 2023 10.0 | Sep 2023 13.0 | Dec 2023 11.9 | Mar 2024 12.5 | Jun 2024 13.6 | Sep 2024 16.1 | Dec 2024 14.9 | Mar 2025 15.7 | Jun 2025 10.9 | Sep 2025 12.6 | Dec 2025 13.8 | Mar 2026 11.1 | Jun 2026 10.8 - 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 100.0 | Mar 2025 63.5 | Jun 2025 65.7 | Sep 2025 44.4 | Dec 2025 57.4 | Mar 2026 42.3 | Jun 2026 — - VRSN: Sep 2021 26.1 | Dec 2021 31.3 | Mar 2022 26.9 | Jun 2022 19.8 | Sep 2022 19.9 | Dec 2022 22.7 | Mar 2023 22.7 | Jun 2023 23.8 | Sep 2023 20.9 | Dec 2023 20.8 | Mar 2024 18.7 | Jun 2024 17.2 | Sep 2024 17.9 | Dec 2024 19.0 | Mar 2025 22.6 | Jun 2025 25.2 | Sep 2025 24.0 | Dec 2025 20.4 | Mar 2026 20.4 | Jun 2026 20.3 - CPAY: Sep 2021 17.4 | Dec 2021 14.5 | Mar 2022 15.3 | Jun 2022 12.8 | Sep 2022 11.0 | Dec 2022 10.8 | Mar 2023 11.5 | Jun 2023 12.8 | Sep 2023 12.5 | Dec 2023 12.8 | Mar 2024 13.7 | Jun 2024 12.0 | Sep 2024 13.7 | Dec 2024 14.1 | Mar 2025 14.4 | Jun 2025 13.2 | Sep 2025 11.5 | Dec 2025 11.8 | Mar 2026 10.4 | Jun 2026 — - ZS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 430.2 | Sep 2024 292.2 | Dec 2024 214.2 | Mar 2025 202.2 | Jun 2025 230.6 | Sep 2025 273.1 | Dec 2025 288.4 | Mar 2026 157.8 | Jun 2026 90.2 - OKTA: 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 29.2 | Mar 2025 615.5 | Jun 2025 163.8 | Sep 2025 91.8 | Dec 2025 68.2 | Mar 2026 52.5 | Jun 2026 40.8 - FFIV: Sep 2021 23.2 | Dec 2021 28.8 | Mar 2022 23.3 | Jun 2022 16.6 | Sep 2022 16.2 | Dec 2022 16.7 | Mar 2023 15.9 | Jun 2023 15.9 | Sep 2023 15.3 | Dec 2023 15.0 | Mar 2024 15.0 | Jun 2024 12.4 | Sep 2024 15.6 | Dec 2024 17.2 | Mar 2025 17.7 | Jun 2025 18.8 | Sep 2025 20.4 | Dec 2025 15.6 | Mar 2026 17.1 | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1,158.0 - TOST: 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 313.8 | Mar 2025 105.2 | Jun 2025 97.4 | Sep 2025 65.8 | Dec 2025 53.2 | Mar 2026 32.9 | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 13.8 | Mar 2022 — | Jun 2022 15.4 | Sep 2022 13.4 | Dec 2022 18.7 | Mar 2023 13.0 | Jun 2023 12.1 | Sep 2023 12.8 | Dec 2023 15.1 | Mar 2024 13.6 | Jun 2024 14.2 | Sep 2024 12.4 | Dec 2024 12.2 | Mar 2025 11.6 | Jun 2025 — | Sep 2025 12.9 | Dec 2025 11.8 | Mar 2026 10.7 | Jun 2026 7.3 - AKAM: Sep 2021 14.2 | Dec 2021 15.4 | Mar 2022 16.4 | Jun 2022 12.9 | Sep 2022 11.6 | Dec 2022 12.0 | Mar 2023 11.9 | Jun 2023 13.7 | Sep 2023 16.5 | Dec 2023 17.9 | Mar 2024 15.4 | Jun 2024 13.0 | Sep 2024 15.2 | Dec 2024 14.7 | Mar 2025 12.7 | Jun 2025 13.0 | Sep 2025 11.4 | Dec 2025 13.4 | Mar 2026 17.4 | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 388.4 | Jun 2024 182.3 | Sep 2024 162.0 | Dec 2024 142.9 | Mar 2025 127.0 | Jun 2025 89.4 | Sep 2025 80.4 | Dec 2025 69.9 | Mar 2026 35.4 | Jun 2026 33.9 - CHKP: Sep 2021 14.6 | Dec 2021 14.2 | Mar 2022 17.4 | Jun 2022 15.4 | Sep 2022 14.1 | Dec 2022 14.8 | Mar 2023 15.2 | Jun 2023 14.6 | Sep 2023 15.6 | Dec 2023 16.6 | Mar 2024 17.8 | Jun 2024 17.9 | Sep 2024 21.4 | Dec 2024 19.7 | Mar 2025 24.1 | Jun 2025 23.3 | Sep 2025 22.0 | Dec 2025 20.1 | Mar 2026 15.5 | Jun 2026 — - GDDY: Sep 2021 26.3 | Dec 2021 29.1 | Mar 2022 25.8 | Jun 2022 20.5 | Sep 2022 20.8 | Dec 2022 21.2 | Mar 2023 22.9 | Jun 2023 22.5 | Sep 2023 21.0 | Dec 2023 25.7 | Mar 2024 24.8 | Jun 2024 26.1 | Sep 2024 25.9 | Dec 2024 29.8 | Mar 2025 26.3 | Jun 2025 24.2 | Sep 2025 18.1 | Dec 2025 15.7 | Mar 2026 10.4 | Jun 2026 — - DOCN: Sep 2021 90.0 | Dec 2021 108.3 | Mar 2022 95.4 | Jun 2022 70.9 | Sep 2022 56.6 | Dec 2022 58.8 | Mar 2023 46.2 | Jun 2023 65.0 | Sep 2023 31.9 | Dec 2023 35.1 | Mar 2024 26.6 | Jun 2024 21.2 | Sep 2024 24.5 | Dec 2024 20.0 | Mar 2025 18.1 | Jun 2025 15.5 | Sep 2025 16.2 | Dec 2025 19.9 | Mar 2026 31.4 | Jun 2026 — ### 20-quarter P/BV history - MSFT: Sep 2021 13.9 | Dec 2021 15.8 | Mar 2022 14.2 | Jun 2022 11.5 | Sep 2022 10.0 | Dec 2022 9.8 | Mar 2023 11.0 | Jun 2023 12.3 | Sep 2023 10.6 | Dec 2023 11.7 | Mar 2024 12.4 | Jun 2024 12.4 | Sep 2024 11.1 | Dec 2024 10.4 | Mar 2025 8.7 | Jun 2025 10.8 | Sep 2025 10.6 | Dec 2025 9.2 | Mar 2026 6.6 | Jun 2026 — - 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 2023 267.9 | Sep 2023 139.1 | Dec 2023 83.4 | Mar 2024 54.6 | Jun 2024 37.1 | Sep 2024 36.2 | Dec 2024 37.6 | Mar 2025 27.8 | Jun 2025 22.7 | Sep 2025 26.6 | Dec 2025 19.4 | Mar 2026 10.9 | Jun 2026 15.3 - PLTR: Sep 2021 21.3 | Dec 2021 16.1 | Mar 2022 11.9 | Jun 2022 8.0 | Sep 2022 7.1 | Dec 2022 5.3 | Mar 2023 6.6 | Jun 2023 11.2 | Sep 2023 10.9 | Dec 2023 10.9 | Mar 2024 13.6 | Jun 2024 14.0 | Sep 2024 18.8 | Dec 2024 35.4 | Mar 2025 36.7 | Jun 2025 54.5 | Sep 2025 66.0 | Dec 2025 57.5 | Mar 2026 41.5 | Jun 2026 — - PANW: Sep 2021 — | Dec 2021 96.8 | Mar 2022 432.5 | Jun 2022 165.7 | Sep 2022 236.7 | Dec 2022 102.1 | Mar 2023 65.8 | Jun 2023 45.2 | Sep 2023 44.1 | Dec 2023 35.1 | Mar 2024 25.1 | Jun 2024 21.1 | Sep 2024 20.4 | Dec 2024 20.0 | Mar 2025 19.1 | Jun 2025 17.2 | Sep 2025 14.8 | Dec 2025 17.6 | Mar 2026 13.2 | Jun 2026 5.3 - CRWD: Sep 2021 — | Dec 2021 68.2 | Mar 2022 40.6 | Jun 2022 41.8 | Sep 2022 35.0 | Dec 2022 28.7 | Mar 2023 17.1 | Jun 2023 17.7 | Sep 2023 21.0 | Dec 2023 20.9 | Mar 2024 30.7 | Jun 2024 28.1 | Sep 2024 19.9 | Dec 2024 23.9 | Mar 2025 30.1 | Jun 2025 31.0 | Sep 2025 30.4 | Dec 2025 34.1 | Mar 2026 25.3 | Jun 2026 24.5 - FTNT: Sep 2021 42.7 | Dec 2021 74.5 | Mar 2022 251.6 | Jun 2022 -113.5 | Sep 2022 -60.4 | Dec 2022 -135.7 | Mar 2023 4,572.9 | Jun 2023 184.9 | Sep 2023 614.8 | Dec 2023 -96.1 | Mar 2024 -379.2 | Jun 2024 159.8 | Sep 2024 65.4 | Dec 2024 48.5 | Mar 2025 37.7 | Jun 2025 39.3 | Sep 2025 85.0 | Dec 2025 47.7 | Mar 2026 60.6 | Jun 2026 — - NET: Sep 2021 42.5 | Dec 2021 52.5 | Mar 2022 75.6 | Jun 2022 24.7 | Sep 2022 30.6 | Dec 2022 23.9 | Mar 2023 31.4 | Jun 2023 34.0 | Sep 2023 30.3 | Dec 2023 36.8 | Mar 2024 41.3 | Jun 2024 32.1 | Sep 2024 28.5 | Dec 2024 35.5 | Mar 2025 27.4 | Jun 2025 55.0 | Sep 2025 55.8 | Dec 2025 47.6 | Mar 2026 47.8 | Jun 2026 — - SNPS: Sep 2021 — | Dec 2021 9.6 | Mar 2022 8.8 | Jun 2022 7.9 | Sep 2022 10.1 | Dec 2022 8.1 | Mar 2023 9.5 | Jun 2023 9.7 | Sep 2023 11.5 | Dec 2023 11.6 | Mar 2024 12.2 | Jun 2024 11.3 | Sep 2024 11.1 | Dec 2024 8.9 | Mar 2025 8.7 | Jun 2025 7.2 | Sep 2025 4.3 | Dec 2025 3.0 | Mar 2026 2.9 | Jun 2026 3.0 - XYZ: Sep 2021 37.4 | Dec 2021 22.9 | Mar 2022 4.5 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 1.5 | Dec 2023 2.6 | Mar 2024 2.8 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 2.5 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 — - 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 2025 9.1 | Jun 2025 28.1 | Sep 2025 17.6 | Dec 2025 10.8 | Mar 2026 8.7 | Jun 2026 — - NTAP: Sep 2021 — | Dec 2021 26.2 | Mar 2022 21.8 | Jun 2022 19.2 | Sep 2022 23.7 | Dec 2022 12.5 | Mar 2023 12.7 | Jun 2023 11.5 | Sep 2023 18.5 | Dec 2023 19.2 | Mar 2024 18.3 | Jun 2024 18.2 | Sep 2024 27.8 | Dec 2024 27.2 | Mar 2025 25.7 | Jun 2025 17.1 | Sep 2025 21.5 | Dec 2025 23.4 | Mar 2026 16.7 | Jun 2026 15.8 - TWLO: Sep 2021 5.1 | Dec 2021 4.3 | Mar 2022 2.7 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 0.9 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 2.1 | Mar 2025 1.9 | Jun 2025 2.4 | Sep 2025 1.9 | Dec 2025 2.8 | Mar 2026 2.5 | Jun 2026 — - VRSN: Sep 2021 -16.1 | Dec 2021 -22.3 | Mar 2022 -19.0 | Jun 2022 -12.4 | Sep 2022 -12.0 | Dec 2022 -13.9 | Mar 2023 -13.8 | Jun 2023 -14.4 | Sep 2023 -12.7 | Dec 2023 -13.2 | Mar 2024 -11.6 | Jun 2024 -9.6 | Sep 2024 -9.6 | Dec 2024 -10.0 | Mar 2025 -12.1 | Jun 2025 -13.6 | Sep 2025 -12.7 | Dec 2025 -10.4 | Mar 2026 -10.2 | Jun 2026 -10.1 - CPAY: Sep 2021 6.7 | Dec 2021 6.2 | Mar 2022 6.6 | Jun 2022 5.9 | Sep 2022 5.8 | Dec 2022 5.3 | Mar 2023 5.4 | Jun 2023 5.7 | Sep 2023 6.0 | Dec 2023 6.2 | Mar 2024 6.8 | Jun 2024 6.7 | Sep 2024 7.1 | Dec 2024 7.6 | Mar 2025 7.1 | Jun 2025 6.0 | Sep 2025 5.0 | Dec 2025 5.3 | Mar 2026 5.5 | Jun 2026 — - MDB: Sep 2021 — | Dec 2021 52.5 | Mar 2022 41.0 | Jun 2022 35.9 | Sep 2022 32.1 | Dec 2022 18.5 | Mar 2023 20.3 | Jun 2023 21.4 | Sep 2023 34.1 | Dec 2023 25.6 | Mar 2024 27.3 | Jun 2024 21.1 | Sep 2024 13.7 | Dec 2024 13.4 | Mar 2025 7.9 | Jun 2025 4.6 | Sep 2025 6.6 | Dec 2025 10.1 | Mar 2026 10.1 | Jun 2026 6.9 - ZS: Sep 2021 — | Dec 2021 84.2 | Mar 2022 67.2 | Jun 2022 54.1 | Sep 2022 38.7 | Dec 2022 51.5 | Mar 2023 34.1 | Jun 2023 21.9 | Sep 2023 32.6 | Dec 2023 29.2 | Mar 2024 36.8 | Jun 2024 23.9 | Sep 2024 21.5 | Dec 2024 19.4 | Mar 2025 19.5 | Jun 2025 19.5 | Sep 2025 25.1 | Dec 2025 26.6 | Mar 2026 14.6 | Jun 2026 8.9 - OKTA: Sep 2021 — | Dec 2021 6.4 | Mar 2022 5.2 | Jun 2022 3.4 | Sep 2022 2.9 | Dec 2022 1.7 | Mar 2023 2.2 | Jun 2023 2.0 | Sep 2023 2.2 | Dec 2023 1.9 | Mar 2024 2.4 | Jun 2024 2.6 | Sep 2024 2.6 | Dec 2024 2.0 | Mar 2025 2.6 | Jun 2025 3.0 | Sep 2025 2.6 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 1.9 - FFIV: Sep 2021 5.1 | Dec 2021 6.2 | Mar 2022 5.3 | Jun 2022 3.9 | Sep 2022 3.5 | Dec 2022 3.3 | Mar 2023 3.2 | Jun 2023 3.3 | Sep 2023 3.4 | Dec 2023 3.7 | Mar 2024 3.8 | Jun 2024 3.3 | Sep 2024 4.1 | Dec 2024 4.5 | Mar 2025 4.7 | Jun 2025 4.9 | Sep 2025 5.2 | Dec 2025 4.1 | Mar 2026 4.5 | Jun 2026 — - IOT: Sep 2021 — | Dec 2021 — | Mar 2022 8.5 | Jun 2022 6.5 | Sep 2022 7.8 | Dec 2022 6.8 | Mar 2023 7.7 | Jun 2023 10.3 | Sep 2023 15.8 | Dec 2023 12.6 | Mar 2024 19.4 | Jun 2024 22.7 | Sep 2024 20.4 | Dec 2024 26.0 | Mar 2025 27.3 | Jun 2025 20.9 | Sep 2025 17.0 | Dec 2025 17.8 | Mar 2026 11.5 | Jun 2026 11.8 - TOST: Sep 2021 25.0 | Dec 2021 16.1 | Mar 2022 9.7 | Jun 2022 5.8 | Sep 2022 7.8 | Dec 2022 8.6 | Mar 2023 8.5 | Jun 2023 11.2 | Sep 2023 8.8 | Dec 2023 8.3 | Mar 2024 11.4 | Jun 2024 11.3 | Sep 2024 11.3 | Dec 2024 13.5 | Mar 2025 11.4 | Jun 2025 14.2 | Sep 2025 10.6 | Dec 2025 9.9 | Mar 2026 7.7 | Jun 2026 — - GEN: Sep 2021 — | Dec 2021 -64.1 | Mar 2022 — | Jun 2022 -168.6 | Sep 2022 -42.6 | Dec 2022 10.5 | Mar 2023 5.0 | Jun 2023 5.1 | Sep 2023 4.7 | Dec 2023 6.0 | Mar 2024 6.5 | Jun 2024 7.8 | Sep 2024 8.1 | Dec 2024 7.9 | Mar 2025 7.2 | Jun 2025 — | Sep 2025 7.9 | Dec 2025 7.0 | Mar 2026 6.8 | Jun 2026 4.3 - AKAM: Sep 2021 3.7 | Dec 2021 4.2 | Mar 2022 4.5 | Jun 2022 3.4 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.9 | Jun 2023 3.2 | Sep 2023 3.7 | Dec 2023 3.9 | Mar 2024 3.6 | Jun 2024 2.9 | Sep 2024 3.2 | Dec 2024 2.9 | Mar 2025 2.6 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 2.5 | Mar 2026 3.4 | Jun 2026 — - NTNX: Sep 2021 — | Dec 2021 -10.7 | Mar 2022 -8.3 | Jun 2022 -7.8 | Sep 2022 -4.3 | Dec 2022 -8.0 | Mar 2023 -8.3 | Jun 2023 -7.2 | Sep 2023 -10.2 | Dec 2023 -13.7 | Mar 2024 -22.5 | Jun 2024 -24.2 | Sep 2024 -18.4 | Dec 2024 -24.3 | Mar 2025 -22.7 | Jun 2025 -25.9 | Sep 2025 -29.1 | Dec 2025 -28.9 | Mar 2026 -12.6 | Jun 2026 -15.0 - RBRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -11.0 | Sep 2024 -13.5 | Dec 2024 -14.7 | Mar 2025 -25.1 | Jun 2025 -24.5 | Sep 2025 -33.2 | Dec 2025 -28.7 | Mar 2026 -24.6 | Jun 2026 -22.7 - CHKP: Sep 2021 4.7 | Dec 2021 4.6 | Mar 2022 5.7 | Jun 2022 5.2 | Sep 2022 5.0 | Dec 2022 5.2 | Mar 2023 5.5 | Jun 2023 5.4 | Sep 2023 5.8 | Dec 2023 6.1 | Mar 2024 6.7 | Jun 2024 6.6 | Sep 2024 7.7 | Dec 2024 7.3 | Mar 2025 9.0 | Jun 2025 8.5 | Sep 2025 7.3 | Dec 2025 6.8 | Mar 2026 5.3 | Jun 2026 — - GDDY: Sep 2021 -112.6 | Dec 2021 173.4 | Mar 2022 -28.8 | Jun 2022 -24.4 | Sep 2022 -39.6 | Dec 2022 -34.7 | Mar 2023 -33.5 | Jun 2023 -16.7 | Sep 2023 -10.8 | Dec 2023 242.5 | Mar 2024 40.8 | Jun 2024 125.9 | Sep 2024 61.7 | Dec 2024 40.3 | Mar 2025 128.5 | Jun 2025 61.8 | Sep 2025 201.9 | Dec 2025 77.7 | Mar 2026 46.2 | Jun 2026 — - DOCN: Sep 2021 9.3 | Dec 2021 14.9 | Mar 2022 14.3 | Jun 2022 83.0 | Sep 2022 115.2 | Dec 2022 51.8 | Mar 2023 -17.4 | Jun 2023 -13.3 | Sep 2023 -5.8 | Dec 2023 -10.6 | Mar 2024 -12.2 | Jun 2024 -12.6 | Sep 2024 -17.6 | Dec 2024 -15.5 | Mar 2025 -14.5 | Jun 2025 -14.9 | Sep 2025 — | Dec 2025 -154.2 | Mar 2026 10.1 | Jun 2026 — ## 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. ### Strongest one-year price performers 1. DigitalOcean Holdings, Inc. (DOCN): 337% 2. Palo Alto Networks, Inc. (PANW): 85% 3. NetApp, Inc. (NTAP): 73% 4. CrowdStrike Holdings, Inc. (CRWD): 63% 5. Twilio Inc. (TWLO): 60% ### Strongest relative strength versus NIFTY 500 1. Fortinet, Inc. (FTNT): 45% 2. Palo Alto Networks, Inc. (PANW): 42% 3. DigitalOcean Holdings, Inc. (DOCN): 40% 4. Okta, Inc. (OKTA): 36% 5. NetApp, Inc. (NTAP): 35% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - Microsoft Corporation (MSFT) — market value ₹29.2 L Cr; latest fundamentals Mar 2026 - Oracle Corporation (ORCL) — market value ₹3.5 L Cr; latest fundamentals Jun 2026 - Palantir Technologies Inc. (PLTR) — market value ₹3.0 L Cr; latest fundamentals Mar 2026 - Palo Alto Networks, Inc. (PANW) — market value ₹2.6 L Cr; latest fundamentals Jun 2026 - CrowdStrike Holdings, Inc. (CRWD) — market value ₹1.9 L Cr; latest fundamentals Jun 2026 - Fortinet, Inc. (FTNT) — market value ₹1.1 L Cr; latest fundamentals Mar 2026 - Cloudflare, Inc. (NET) — market value ₹93.7K Cr; latest fundamentals Mar 2026 - Synopsys, Inc. (SNPS) — market value ₹73.5K Cr; latest fundamentals Jun 2026 - Block, Inc. (XYZ) — market value ₹49.9K Cr; latest fundamentals Mar 2026 - Cerebras Systems Inc. (CBRS) — market value ₹43.7K Cr; latest fundamentals Mar 2026 - CoreWeave, Inc. (CRWV) — market value ₹36.7K Cr; latest fundamentals Mar 2026 - NetApp, Inc. (NTAP) — market value ₹34.2K Cr; latest fundamentals Jun 2026 - Twilio Inc. (TWLO) — market value ₹29.5K Cr; latest fundamentals Mar 2026 - VeriSign, Inc. (VRSN) — market value ₹25.4K Cr; latest fundamentals Jun 2026 - Corpay, Inc. (CPAY) — market value ₹25.1K Cr; latest fundamentals Mar 2026 - MongoDB, Inc. (MDB) — market value ₹25.0K Cr; latest fundamentals Jun 2026 - Zscaler, Inc. (ZS) — market value ₹24.5K Cr; latest fundamentals Jun 2026 - Okta, Inc. (OKTA) — market value ₹23.7K Cr; latest fundamentals Jun 2026 - F5, Inc. (FFIV) — market value ₹22.9K Cr; latest fundamentals Mar 2026 - Samsara Inc. (IOT) — market value ₹21.9K Cr; latest fundamentals Jun 2026 - Toast, Inc. (TOST) — market value ₹18.7K Cr; latest fundamentals Mar 2026 - Gen Digital Inc. (GEN) — market value ₹16.5K Cr; latest fundamentals Jun 2026 - Akamai Technologies, Inc. (AKAM) — market value ₹16.3K Cr; latest fundamentals Mar 2026 - Nutanix, Inc. (NTNX) — market value ₹16.0K Cr; latest fundamentals Jun 2026 - Rubrik, Inc. (RBRK) — market value ₹14.7K Cr; latest fundamentals Jun 2026 - Check Point Software Technologies Ltd. (CHKP) — market value ₹14.1K Cr; latest fundamentals Mar 2026 - GoDaddy Inc. (GDDY) — market value ₹13.6K Cr; latest fundamentals Mar 2026 - DigitalOcean Holdings, Inc. (DOCN) — market value ₹13.2K Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Software - 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. Narrative sector analysis: https://www.sectoralpha.in/sectors/software-infrastructure