# Software - Infrastructure — company-by-company sector analysis > Software - Infrastructure: Oracle Corporation owns the largest revenue base; CoreWeave, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Software - Infrastructure has outperformed S&P 500 by 4.1% over 52 weeks and 12.2% over 13 weeks. 18 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 27 beat the sector itself. Oracle Corporation leads with revenue of $67,358 million, based on 22 of 28 comparable companies through Jun 2026. ## Sector relative strength Software - Infrastructure has outperformed S&P 500 by 4.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.2%. 18 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Palo Alto Networks, Inc. is the strongest against the sector itself at +40.1%. 13-week sector return versus NIFTY 500: 12% 52-week sector return versus NIFTY 500: 4.1% Stocks leading NIFTY: 18/27 Stocks leading sector: 9/27 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: ₹58.2 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Fortinet, Inc. (FTNT): 67/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 21.4/35 | Capital efficiency 17.8/25 | Valuation 9.4/20 | Relative strength 18.6/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 21.4 + 17.8 + 9.4 + 18.6 = 67.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 2. NetApp, Inc. (NTAP): 65/100 — Favorable setup; evidence 85% - Growth & earnings 19.4/35 | Capital efficiency 16.1/25 | Valuation 11.9/20 | Relative strength 18.0/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 19.4 + 16.1 + 11.9 + 18 = 65.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Corpay, Inc. (CPAY): 63/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 21.9/35 | Capital efficiency 15.2/25 | Valuation 14.3/20 | Relative strength 11.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 21.9 + 15.2 + 14.3 + 11.5 = 62.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. VeriSign, Inc. (VRSN): 61/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 22.2/35 | Capital efficiency 21.6/25 | Valuation 10.6/20 | Relative strength 6.1/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 22.2 + 21.6 + 10.6 + 6.1 = 60.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Palantir Technologies Inc. (PLTR): 60/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 29.3/35 | Capital efficiency 15.9/25 | Valuation 8.9/20 | Relative strength 5.9/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 29.3 + 15.9 + 8.9 + 5.9 = 60 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.6% and the one-year return is -13.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 6. CrowdStrike Holdings, Inc. (CRWD): 56/100 — Mixed-positive evidence; evidence 67% - Growth & earnings 22.2/35 | Capital efficiency 6.5/25 | Valuation 8.5/20 | Relative strength 18.5/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 22.2 + 6.5 + 8.5 + 18.5 = 55.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. Okta, Inc. (OKTA): 54/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 18.1/35 | Capital efficiency 8.2/25 | Valuation 9.5/20 | Relative strength 18.6/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 18.1 + 8.2 + 9.5 + 18.6 = 54.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. F5, Inc. (FFIV): 54/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.7/35 | Capital efficiency 14.2/25 | Valuation 10.5/20 | Relative strength 12.3/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 16.7 + 14.2 + 10.5 + 12.3 = 53.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Toast, Inc. (TOST): 53/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 25.0/35 | Capital efficiency 10.7/25 | Valuation 9.9/20 | Relative strength 7.6/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 25 + 10.7 + 9.9 + 7.6 = 53.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 10. GoDaddy Inc. (GDDY): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 21.2/35 | Capital efficiency 15.3/25 | Valuation 11.4/20 | Relative strength 4.1/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 21.2 + 15.3 + 11.4 + 4.1 = 52 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Microsoft Corporation (MSFT): 52/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 16.7/35 | Capital efficiency 16.2/25 | Valuation 10.8/20 | Relative strength 7.8/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 16.7 + 16.2 + 10.8 + 7.8 = 51.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. DigitalOcean Holdings, Inc. (DOCN): 51/100 — Mixed-positive evidence; evidence 71% - Growth & earnings 16.8/35 | Capital efficiency 10.7/25 | Valuation 10.4/20 | Relative strength 13.3/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 16.8 + 10.7 + 10.4 + 13.3 = 51.2 - Decision use: Price leads the evidence: RS versus the benchmark is 50.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. Nutanix, Inc. (NTNX): 51/100 — Mixed-positive evidence; evidence 75% - Growth & earnings 19.0/35 | Capital efficiency 11.0/25 | Valuation 9.8/20 | Relative strength 10.8/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks - Exact sum: 19 + 11 + 9.8 + 10.8 = 50.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Rubrik, Inc. (RBRK): 50/100 — Mixed-positive evidence; evidence 64% - Growth & earnings 25.7/35 | Capital efficiency 3.1/25 | Valuation 10.0/20 | Relative strength 11.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 25.7 + 3.1 + 10 + 11.3 = 50.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Samsara Inc. (IOT): 49/100 — Mixed-negative evidence; evidence 67% - Growth & earnings 24.5/35 | Capital efficiency 7.1/25 | Valuation 8.6/20 | Relative strength 9.1/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks - Exact sum: 24.5 + 7.1 + 8.6 + 9.1 = 49.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Gen Digital Inc. (GEN): 49/100 — Mixed-negative evidence; evidence 74% - Growth & earnings 17.4/35 | Capital efficiency 15.8/25 | Valuation 7.1/20 | Relative strength 8.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 17.4 + 15.8 + 7.1 + 8.5 = 48.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Cloudflare, Inc. (NET): 49/100 — Mixed-negative evidence; evidence 61% - Growth & earnings 18.0/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | Relative strength 17.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 18 + 3.5 + 10 + 17.3 = 48.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 18. Twilio Inc. (TWLO): 48/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 18.5/35 | Capital efficiency 8.5/25 | Valuation 8.8/20 | Relative strength 11.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 18.5 + 8.5 + 8.8 + 11.9 = 47.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Akamai Technologies, Inc. (AKAM): 46/100 — Mixed-negative evidence; evidence 81% - Growth & earnings 10.0/35 | Capital efficiency 11.6/25 | Valuation 15.2/20 | Relative strength 8.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 10 + 11.6 + 15.2 + 8.9 = 45.7 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 20. MongoDB, Inc. (MDB): 45/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 20.9/35 | Capital efficiency 5.0/25 | Valuation 10.0/20 | Relative strength 8.9/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks - Exact sum: 20.9 + 5 + 10 + 8.9 = 44.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 21. Check Point Software Technologies Ltd. (CHKP): 43/100 — Thin evidence · provisional; evidence 58% - Growth & earnings 13.9/35 | Capital efficiency 14.2/25 | Valuation 11.2/20 | Relative strength 4.0/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 13.9 + 14.2 + 11.2 + 4 = 43.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. Oracle Corporation (ORCL): 42/100 — Mixed-negative evidence; evidence 85% - Growth & earnings 16.1/35 | Capital efficiency 13.1/25 | Valuation 12.4/20 | Relative strength 0.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks - Exact sum: 16.1 + 13.1 + 12.4 + 0.6 = 42.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. Palo Alto Networks, Inc. (PANW): 40/100 — Mixed-negative evidence; evidence 85% - Growth & earnings 7.9/35 | Capital efficiency 6.8/25 | Valuation 5.5/20 | Relative strength 19.9/20 - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks - Exact sum: 7.9 + 6.8 + 5.5 + 19.9 = 40.1 - Decision use: Price leads the evidence: RS versus the benchmark is 54.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 24. Zscaler, Inc. (ZS): 36/100 — Mixed-negative evidence; evidence 64% - Growth & earnings 16.4/35 | Capital efficiency 4.5/25 | Valuation 10.0/20 | Relative strength 4.9/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 16.4 + 4.5 + 10 + 4.9 = 35.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. CoreWeave, Inc. (CRWV): 34/100 — Adverse evidence; evidence 61% - Growth & earnings 16.0/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 2.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 16 + 5.4 + 10 + 2.5 = 33.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. Block, Inc. (XYZ): 31/100 — Adverse evidence; evidence 71% - Growth & earnings 5.2/35 | Capital efficiency 6.5/25 | Valuation 9.6/20 | Relative strength 9.7/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks - Exact sum: 5.2 + 6.5 + 9.6 + 9.7 = 31 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Synopsys, Inc. (SNPS): 30/100 — Adverse evidence; evidence 85% - Growth & earnings 10.3/35 | Capital efficiency 9.8/25 | Valuation 8.4/20 | Relative strength 1.9/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 10.3 + 9.8 + 8.4 + 1.9 = 30.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Cerebras Systems Inc. (CBRS): 50/100 — Thin evidence · provisional; evidence 41% - Growth & earnings 25.6/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 25.6 + 4.2 + 10 + 10 = 49.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action DigitalOcean Holdings, Inc. has the strongest one-year price move in Software - Infrastructure at +290%. Palo Alto Networks, Inc. leads on Mansfield relative strength against the S&P 500 at +54.3%. 18 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. DigitalOcean Holdings, Inc. (DOCN): 290% 2. Fortinet, Inc. (FTNT): 126% 3. Palo Alto Networks, Inc. (PANW): 119% 4. CrowdStrike Holdings, Inc. (CRWD): 99% 5. Twilio Inc. (TWLO): 97% ### Strongest relative strength versus NIFTY 500 1. Palo Alto Networks, Inc. (PANW): 54% 2. Fortinet, Inc. (FTNT): 54% 3. DigitalOcean Holdings, Inc. (DOCN): 50% 4. CrowdStrike Holdings, Inc. (CRWD): 46% 5. Okta, Inc. (OKTA): 41% ## Revenue Scale & Growth Durability What the numbers say: Oracle Corporation is the scale leader at $67,358 million, 175.2% ahead of Block, Inc.. 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: Oracle 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: Oracle Corporation's growth falls below CoreWeave, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Oracle Corporation · $67,358 million | 175.2% versus #2 · Block, Inc. | 8/8 recent comparable periods | 22/28 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. Oracle Corporation (ORCL): ₹67.4K Cr 2. Block, Inc. (XYZ): ₹24.5K Cr 3. Palo Alto Networks, Inc. (PANW): ₹10.6K Cr 4. Synopsys, Inc. (SNPS): ₹8.7K Cr 5. NetApp, Inc. (NTAP): ₹6.9K 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 - 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 — - 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 — - 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 - 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 - 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 — - 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 - 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 — - 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 — - 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 — - 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 - 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 - 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 - 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 — - 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 — ### 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% - 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 — - 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 — - 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% - 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% - 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 — - 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% - 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 — - 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 — - 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 — - 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 — - 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% - 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% - 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 — - 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 — ## 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% - 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 — - 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 — - 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% - 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% - 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 — - 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% - 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 — - 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 — - 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 — - 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% - 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% - 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% - 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 — - 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 — ### 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 - 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 — - 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 — - 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 - 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 - 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 — - 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 - 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 — - 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 — - 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 — - 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 — - 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 - 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 - 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 — - 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 — ## Profit Scale & Acceleration What the numbers say: Oracle Corporation leads with $17,087 million of TTM profit, 644.9% above Palantir Technologies Inc.. 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: Oracle 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: Oracle Corporation · $17,087 million | 644.9% versus #2 · Palantir Technologies Inc. | 7/8 recent comparable periods | 22/28 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. Oracle Corporation (ORCL): ₹17.1K Cr 2. Palantir Technologies Inc. (PLTR): ₹2.3K Cr 3. NetApp, Inc. (NTAP): ₹1.3K Cr 4. Corpay, Inc. (CPAY): ₹1.2K Cr 5. Gen Digital Inc. (GEN): ₹973 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 - 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 — - 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 — - 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 - 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 - 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 — - 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 - 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 — - 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 — - 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 — - 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 - 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 - 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 - 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 — - 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 — ### 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% - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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 — - 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% - 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 — - 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 — ## Return On Capital Employed What the numbers say: VeriSign, Inc. leads ROCE at 1141.8%, 1130.2 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% | 98.4× versus #2 · Fortinet, Inc. | 7/8 recent comparable periods | 28/28 companies · 514 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): 12% 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 7.6% - 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 12% - 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% - 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 — - 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 — - 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% - 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% - 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% - 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% - 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 — - 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 4.4% - 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 — - 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 — - 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% - 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% - 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% - 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 — - 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 3.8% - 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 6.8% ### 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 −0.3 pp - 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 +2.6 pp - 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 - 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 — - 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 — - 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 - 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 - 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 - 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 - 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 — - 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 −0.2 pp - 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 — - 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 — - 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 — - 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 - 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 - 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 — - 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 −1.5 pp - 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 +1.6 pp ## Valuation Against Growth & Quality What the numbers say: Akamai Technologies, Inc. has the lowest comparable PEG at 0.7×, 30.7% below Corpay, Inc.. Only 7 of 28 companies have earnings and growth steady enough for the ratio to mean anything, 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: Akamai Technologies, Inc. · 0.7× | 30.7% versus #2 · Corpay, Inc. | 0/8 recent comparable periods | 7/28 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Akamai Technologies, Inc. (AKAM): 0.7 2. Corpay, Inc. (CPAY): 1.0 3. Oracle Corporation (ORCL): 1.1 4. NetApp, Inc. (NTAP): 1.4 5. Synopsys, Inc. (SNPS): 1.8 ### P/E — lowest P/E 1. Gen Digital Inc. (GEN): 12.0 2. GoDaddy Inc. (GDDY): 12.6 3. Check Point Software Technologies Ltd. (CHKP): 13.5 4. NetApp, Inc. (NTAP): 17.1 5. Corpay, Inc. (CPAY): 17.4 ### 20-quarter 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 — - 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 — - 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 — - 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 20.8 - 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 54.1 - 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 33.1 - 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 — - 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 — - 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 - 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 - 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 — - 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 13.5 - 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 12.6 ## 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 ₹36.6 L Cr; latest fundamentals Jun 2026 - Oracle Corporation (ORCL) — market value ₹4.2 L Cr; latest fundamentals Jun 2026 - Palantir Technologies Inc. (PLTR) — market value ₹3.9 L Cr; latest fundamentals Mar 2026 - Palo Alto Networks, Inc. (PANW) — market value ₹3.0 L Cr; latest fundamentals Jun 2026 - CrowdStrike Holdings, Inc. (CRWD) — market value ₹2.2 L Cr; latest fundamentals Jun 2026 - Fortinet, Inc. (FTNT) — market value ₹1.2 L Cr; latest fundamentals Jun 2026 - Cloudflare, Inc. (NET) — market value ₹1.1 L Cr; latest fundamentals Mar 2026 - Synopsys, Inc. (SNPS) — market value ₹77.3K Cr; latest fundamentals Jun 2026 - Cerebras Systems Inc. (CBRS) — market value ₹51.5K Cr; latest fundamentals Mar 2026 - Block, Inc. (XYZ) — market value ₹50.8K Cr; latest fundamentals Mar 2026 - CoreWeave, Inc. (CRWV) — market value ₹50.1K Cr; latest fundamentals Mar 2026 - NetApp, Inc. (NTAP) — market value ₹37.4K Cr; latest fundamentals Jun 2026 - MongoDB, Inc. (MDB) — market value ₹30.6K Cr; latest fundamentals Jun 2026 - Twilio Inc. (TWLO) — market value ₹29.5K Cr; latest fundamentals Mar 2026 - VeriSign, Inc. (VRSN) — market value ₹27.0K Cr; latest fundamentals Jun 2026 - Zscaler, Inc. (ZS) — market value ₹26.4K Cr; latest fundamentals Jun 2026 - Corpay, Inc. (CPAY) — market value ₹25.9K Cr; latest fundamentals Mar 2026 - Okta, Inc. (OKTA) — market value ₹25.7K Cr; latest fundamentals Jun 2026 - F5, Inc. (FFIV) — market value ₹23.4K Cr; latest fundamentals Jun 2026 - Samsara Inc. (IOT) — market value ₹22.5K Cr; latest fundamentals Jun 2026 - Toast, Inc. (TOST) — market value ₹19.6K Cr; latest fundamentals Mar 2026 - Akamai Technologies, Inc. (AKAM) — market value ₹17.9K Cr; latest fundamentals Mar 2026 - Gen Digital Inc. (GEN) — market value ₹16.9K Cr; latest fundamentals Jun 2026 - Rubrik, Inc. (RBRK) — market value ₹16.7K Cr; latest fundamentals Jun 2026 - Nutanix, Inc. (NTNX) — market value ₹16.6K Cr; latest fundamentals Jun 2026 - DigitalOcean Holdings, Inc. (DOCN) — market value ₹15.1K Cr; latest fundamentals Mar 2026 - Check Point Software Technologies Ltd. (CHKP) — market value ₹12.7K Cr; latest fundamentals Jun 2026 - GoDaddy Inc. (GDDY) — market value ₹11.3K Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-04. 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 ### Is the Software - Infrastructure sector outperforming S&P 500? Software - Infrastructure has outperformed S&P 500 by 4.1% over 52 weeks and 12.2% over 13 weeks. 18 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 9 of 27 beat the sector itself. ### Which Software - Infrastructure company is largest by revenue? Oracle Corporation leads with revenue of $67,358 million, based on 22 of 28 comparable companies through Jun 2026. ### Which Software - Infrastructure company is growing fastest? CoreWeave, Inc. has the fastest current revenue growth at 100%, across 22 of 28 comparable companies. ### Which Software - Infrastructure company has the strongest 4-Factor Sector Score? Fortinet, Inc. ranks first at 67.2/100 with 57.8% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Software - Infrastructure company has the lowest comparable PEG? Akamai Technologies, Inc. has the lowest comparable PEG at 0.7, among 7 of 28 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Software - Infrastructure comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns 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. ### Which Software - Infrastructure company is the biggest? Oracle Corporation is the largest, with trailing-twelve-month revenue of $67,358 million, ahead of Block, Inc. at $24,478 million. That covers 22 of 28 companies with comparable reporting through Jun 2026. ### 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? Oracle Corporation earns the most, at $17,087 million of trailing-twelve-month net profit, from 22 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 PEG — where a LOWER number is cheaper — Akamai Technologies, Inc. screens cheapest at 0.7×. Only 7 of 28 companies have earnings and growth steady enough for the ratio to mean anything, 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. ### Is the Software - Infrastructure sector beating the market? Software - Infrastructure has outperformed S&P 500 by 4.1% over the last 52 weeks and 12.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 18 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? Palo Alto Networks, 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? Fortinet, Inc. scores 67.2 out of 100 with 57.8% evidence confidence, from 21.4 points on growth and earnings, 17.8 on capital efficiency, 9.4 on valuation and 18.6 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, 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 $5,818,068 million of combined market value. Microsoft Corporation is the largest at $3,659,383 million, about 63% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### 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 40.8×, 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 2026-08-04. ### How is the Software - Infrastructure sector performing? 18 of the 27 covered Software - Infrastructure companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### 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.