AI cloud software valuation
Query: US AI and cloud software stocks by forward P/E, revenue growth and distance from 52-week high · data as of 2026-10-16
Screened 83 US AI/cloud software names (semis excluded) with positive forward P/E and positive revenue growth; delivered a 45-row table sorted by forward P/E ascending (valuation, growth, drawdown, returns, momentum + per-name comments), a sector/industry heatmap, and a narrative on the valuation-vs-growth dispersion and which growing names sit furthest off 52-week highs.
45 profitable-growth AI & cloud software names with a positive forward P/E and positive revenue growth, as of October 16, 2026. Median forward P/E 15.1x; median revenue growth 12.2%; median distance from 52-week high -20.0%. Cheap-and-growing but still meaningfully off the highs: ADBE (-32% off high, rev +11%, fwd P/E 8.9), APPS (-34% off high, rev +15%, fwd P/E 10.1), ORCL (-59% off high, rev +17%, fwd P/E 11.8), INTU (-52% off high, rev +16%, fwd P/E 11.9), APP (-64% off high, rev +70%, fwd P/E 12.7), VERX (-48% off high, rev +12%, fwd P/E 13.1).
Reading the dispersion
Valuation vs. growth dispersion
The forward-price forward multiple in this screen is not a growth ranking — multiples run from single digits to triple digits inside one industry group, while median revenue growth sits near the mid-teens. What separates the cohorts is revenue model and duration, not growth:
One: the sub-15x bucket — cheap legacy SaaS. These are overwhelmingly seat-based or services-adjacent models whose core workflow is plausibly being absorbed by AI-native tools (creative seats, contact-center agents, e-signature, RPA, back-office reconciliation). Their cash generation is real — high gross margins, meaningful free-cash-flow yields, buyback capacity — but the discount is a terminal-value discount, not a cyclical one. In a tape where the cost of capital is doing the sorting and long-duration cash flows are being marked down hardest, these names get a second penalty. They re-rate only on visible net-new ARR inflection or capital-return acceleration. Adobe and Salesforce are the purest versions: best-in-class margins, mid-teens multiples, and a market that has stopped paying for optionality.
Two: the mid-cap AI-toll band. Data platforms, observability, cybersecurity and compliance/vertical SaaS. Here consumption-based pricing means AI workloads are revenue, not cannibalization — but moderating enterprise deal cycles and platform bundling keep multiples in a narrow band. Estimate revisions, not narrative, are the swing factor.
Three: the consumption-priced premium cohort. Priced for durable 20%+ growth with operating leverage still to arrive. Any deceleration in net revenue retention, or evidence that inference costs are not being passed through, compresses these the fastest. They also sit closest to their highs — the market is paying for revenue visibility regardless of multiple, which makes them the mirror-image risk if guidance slips.
Off the highs but still growing
The most actionable subset combines a deep drawdown with revenue growth still in double digits and a moderate forward multiple — mostly the mid-cap application names (creative tools, e-signature, HTML/HCM, marketing automation) plus larger franchise-name discounts. These are not broken businesses; the de-rating came from duration and multiple compression, and their cash flow is intact. The honest caveat: a cheap multiple is not a catalyst. What closes the gap is a quarter or two of stabilization in net-new ARR and an AI monetization attach that shows up in revenue rather than a press release.
Semis, separately
Semiconductor hardware remains the highest-beta expression of the AI cycle and was screened previously; it is excluded here by design. Note only that software's valuation dispersion has decoupled from semis' earnings-cycle sensitivity — software now trades on discount rates and seat-count fears, semis on order books. That divergence is the reason software's cheapest quartile can stay cheap even if the AI capex cycle continues.
AI & Cloud Software — Valuation vs. Growth (sorted by Forward P/E, as of October 16, 2026)
| Symbol | Company | Sector | Industry | AI / Cloud Themes | Market Cap | Forward P/E | P/E (TTM) | Revenue Growth (YoY) | EPS Growth (YoY) | From 52W High | Above 150D SMA | 1M Return | 3M Return | 6M Return | 1Y Return | Momentum Potential | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RPD | Rapid7, Inc. | Information Technology | Software - Infrastructure | Cybersecurity | 8.499e+08 | 6.21 | 40.68 | 1.87% | -8.40% | -34.53% | 37.89% | 1.61% | 5.52% | 122.01% | -31.36% | 39.1 | Cheapest multiple in the group but the growth is barely positive — the de-rating reflects seat-based vulnerability-management pricing pressure as platforms bundle exposure scanning. Thesis rests on managed-detection cross-sell and cost discipline, not reacceleration; take-private speculation is the main non-fundamental catalyst. High beta to small-cap liquidity. |
| GLOB | Globant S.A. | Information Technology | Information Technology Services | IT Services & Consulting | 1.708e+09 | 6.32 | 15.45 | 1.62% | -38.49% | -44.45% | 3.04% | 4.85% | 22.51% | -20.83% | -31.22% | 14.4 | Service-heavy model with thin gross margins relative to product software — AI coding tools compress the billable-hours arbitrage its business is built on. Demand from enterprise digital transformation has softened in the US/Europe, and the cheap multiple is the market pricing structural disintermediation risk rather than a cyclical dip. |
| SPT | Sprout Social, Inc | Information Technology | Software - Application | Enterprise AI & Automation | 6.835e+08 | 7.33 | — | 12.72% | 30.09% | -3.34% | 39.49% | 4.25% | 34.13% | 104.35% | 0.62% | 95.5 | Social-media management suite with a very high gross margin and a low absolute valuation for its growth rate; the debate is whether AI-generated content reduces the need for a scheduling/analytics layer. Margin expansion and any enterprise upmarket traction are the swing factors. Small-cap, so flow-driven volatility is high. |
| FIVN | Five9, Inc. | Information Technology | Software - Infrastructure | Enterprise Cloud Applications | 2.408e+09 | 8.4 | 47.4 | 10.28% | 408.06% | -16.61% | 28.46% | -6.58% | 25.41% | 104.25% | 47.37% | 94 | Contact-center cloud vendor where AI voice agents are simultaneously the growth engine and the existential risk — customers may buy fewer human-seat licenses. Heavy SBC and thin GAAP profitability keep the trailing multiple unrepresentative; the forward number is where the actual bet sits. |
| ADBE | Adobe Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 9.543e+10 | 8.92 | 14.04 | 10.53% | 28.24% | -31.87% | 0.70% | -2.96% | 4.46% | 0.31% | -25.84% | 82.4 | Deep discount for a franchise with best-in-class margins and cash generation; the market is charging it for generative-AI substitution risk across creative seats and for an underwhelming AI monetization story so far. Buyback capacity and Firefly attach rates are the visible offsets — a classic duration-penalty name in a higher-for-longer tape. |
| GDDY | GoDaddy Inc. | Information Technology | Software - Infrastructure | Web Hosting & Domain Services | 1.342e+10 | 9.61 | 15.74 | 8.26% | -6.61% | -21.62% | 17.71% | 7.96% | 10.13% | 28.70% | -19.98% | 87.2 | Domains and hosting with a payments/AI-website-builder attach; low multiple reflects low-teens growth and a levered balance sheet rather than any demand problem. Cash-return profile is the support. Interest expense sensitivity makes it rate-sensitive relative to peers. |
| APPS | Digital Turbine, Inc. | Information Technology | Software - Application | Technology Licensing & Mobile Platforms | 1.164e+09 | 10.06 | — | 15.24% | 59.03% | -33.56% | 16.79% | -12.77% | 14.63% | 154.93% | 31.32% | 93.5 | Ad-tech distribution model dependent on carrier/device relationships; growth is lumpy and concentrated among a few OEM partners. Valuation looks optically cheap but revenue quality is lower than enterprise SaaS — treat earnings growth as volatile. |
| BL | BlackLine, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 1.732e+09 | 10.72 | 53.21 | 7.21% | -84.79% | -49.35% | -2.44% | 4.56% | -1.59% | -8.50% | -40.65% | 14 | Back-office automation for finance teams; growth is decelerating and the partner channel (large ERP vendors) is being consolidated. Take-private interest has supported the shares. Flat-to-modest growth with a low multiple is the definition of a value-trap debate. |
| SSNC | SS&C Technologies Holdings, Inc | Information Technology | Software - Application | Enterprise Cloud Applications | 1.973e+10 | 10.88 | 24.16 | 6.63% | 4.86% | -6.19% | 15.81% | 5.03% | 21.39% | 17.48% | 5.55% | 94.6 | Financial-services software and fund administration — sticky, mission-critical, and generating real free cash flow, with leverage from acquisitions offsetting softer organic growth. Growth is the slowest in the screen but the revenue visibility is arguably the highest; more of a cash-flow annuity than an AI story. |
| PD | PagerDuty, Inc. | Information Technology | Software - Application | IT Operations & Incident Management | 1.271e+09 | 11.5 | 7.81 | 5.36% | 505.69% | -6.32% | 59.82% | 11.91% | 56.29% | 155.70% | 2.21% | 85.5 | Incident-response tooling facing bundling pressure from observability platforms; seat growth has stalled and AI-driven incident triage could cut the human on-call market it monetizes. Speculative reacceleration story. |
| ORCL | Oracle Corporation | Information Technology | Software - Infrastructure | Enterprise Cloud Applications | 3.887e+11 | 11.75 | 21.99 | 17.35% | 37.08% | -59.03% | -18.40% | -14.53% | 6.03% | -26.22% | -57.20% | 36 | The one genuine AI-infrastructure software name at a low forward multiple — cloud backlog (RPO) from AI training contracts is enormous, but the market is now underwriting the financing and leverage around that backlog, not the bookings. Use of debt to fund data-center buildout makes this rate- and credit-sensitive; the re-rating hinges on converting contracted demand into cash flow without balance-sheet stress. |
| INTU | Intuit Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 8.689e+10 | 11.92 | 19.83 | 15.63% | 30.58% | -52.42% | -2.93% | 4.32% | 11.18% | -16.56% | -49.48% | 49 | Consumer and small-business finance franchise with mid-teens growth and the most defensible closed ecosystem in the group (tax, accounting, payments, credit). AI assist is a monetization lever rather than a threat here. Multiple is modest for the durability. |
| CHKP | Check Point Software Technologi | Information Technology | Software - Infrastructure | Cybersecurity | 1.408e+10 | 12.2 | 14.14 | 6.25% | 24.97% | -32.55% | 3.72% | 1.20% | 1.58% | 1.06% | -27.53% | 54.1 | Value-priced cybersecurity incumbent — strong margins and cash conversion but losing share in cloud-native security; growth is thin and largely price-driven. Defensive ballast if the sector de-rates, limited upside optionality. |
| APP | Applovin Corporation | Communication Services | Advertising Agencies | Ad-Tech & Digital Advertising | 8.94e+10 | 12.67 | 20.47 | 69.99% | 111.03% | -63.72% | -35.51% | -17.25% | -37.32% | -44.23% | -55.81% | 87.1 | Not a software economic model but an AI-driven ad-ranking engine with exceptional growth and cash generation. Excluded-ish from pure software comps, but it is the strongest demonstration in this screen that AI monetization, not AI narrative, drives multiple expansion. Regulatory and platform-concentration risks are the main offsets. |
| VERX | Vertex, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 2.169e+09 | 13.08 | — | 12.25% | 113.68% | -48.46% | 6.35% | 8.70% | 3.72% | 8.26% | -45.89% | 6.7 | Tax-technology vendor levered to e-invoicing compliance mandates globally; growth is steady but the market questions the terminal rate once compliance waves pass. Low absolute multiple reflects limited AI optionality. |
| PEGA | Pegasystems Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 5.679e+09 | 13.1 | 19.63 | 16.61% | 296.65% | -48.17% | -1.22% | -4.16% | 9.37% | -20.44% | -37.12% | 74 | Workflow automation with a genuine AI decisioning attach (customer engagement); the transition from maintenance to subscription has flattered growth. Inflection in cloud mix and AI agent adoption is the catalyst; low float and a controlling founder add governance considerations. |
| BILL | BILL Holdings, Inc. | Information Technology | Software - Application | Fintech & Digital Payments | 3.889e+09 | 13.5 | — | 13.36% | 182.41% | -19.02% | 9.64% | -4.14% | 0.93% | 17.50% | -7.43% | 92.2 | SMB payments-and-payables software with growth decelerating sharply as small-business spend softens; AI agents handling AP could commoditize its core. Cheap on forward numbers but estimate risk is high. |
| MNDY | monday.com Ltd. | Information Technology | Software - Application | Enterprise AI & Automation | 3.82e+09 | 13.52 | 38.29 | 26.75% | 266.80% | -55.97% | 13.12% | 0.09% | 17.75% | 39.05% | -50.05% | 46.9 | Work-management platform with healthy growth and a very high gross margin at a discount to its own history; AI-workflow products are early but well-received. Seat-based model is exposed to the same 'AI cuts headcount' argument as every collaboration tool — this is the key bear case. |
| HUBS | HubSpot, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 1.182e+10 | 13.94 | 82.19 | 19.17% | 892.03% | -53.31% | 4.68% | 0.59% | -0.12% | 3.80% | -48.15% | 35.6 | CRM/marketing suite for SMBs; durable mid-teens growth with seat expansion, but the valuation has compressed on go-to-market efficiency concerns and AI-agent pricing uncertainty. Best-in-class retention is the floor. |
| PATH | UiPath, Inc. | Information Technology | Software - Infrastructure | Enterprise AI & Automation | 6.697e+09 | 14.17 | 21.42 | 12.65% | 483.11% | -33.39% | 4.27% | -6.61% | 5.67% | 23.44% | -23.01% | 81.5 | RPA vendor most directly exposed to agentic AI substitution — the technology it sells is being re-implemented by LLM-native competitors. Cheap multiple is warranted until the agentic product line shows net-new ARR. |
| CCC | CCC Intelligent Solutions Holdi | Information Technology | Software - Application | Enterprise AI & Automation | 4.482e+09 | 14.52 | 108.71 | 11.88% | -94.60% | -18.61% | 28.99% | 15.30% | 21.57% | 34.93% | -18.00% | 67.1 | Insurance-claims AI with sticky P&C carrier relationships and high retention; growth is steady rather than explosive. Private-equity ownership overhang limits multiple expansion. |
| DOCU | DocuSign, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 1.395e+10 | 14.65 | 48.47 | 8.16% | -71.06% | -3.70% | 37.61% | 5.68% | 42.73% | 63.21% | 9.92% | 83.7 | E-signature franchise fighting the same AI-substitution narrative as Adobe; core growth is low single digit and the market worries contract workflows get absorbed into broader productivity suites. Cash return and margin discipline are the defense. |
| WDAY | Workday, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 4.599e+10 | 15.1 | 59.63 | 13.09% | 31.75% | -22.33% | 25.34% | -4.25% | 29.61% | 54.09% | -18.72% | 69.3 | HCM/Finance cloud with solid subscription backlog but real anxieties about seat counts and AI-agent-driven headcount reductions at customers. Backlog durability is the argument; the multiple says the market wants proof of net-new ACV. |
| CRM | Salesforce, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 1.981e+11 | 15.51 | 27.89 | 9.58% | 20.33% | -9.59% | 24.06% | -0.89% | 38.74% | 32.73% | 2.60% | 93.3 | Largest application software franchise in the screen and now a mid-teens-multiple cash-flow story after years of de-rating; Agentforce is the optionality the market is not paying for. Margin expansion plus buybacks give downside support — the classic 'priced for no growth' setup. |
| PLUS | ePlus inc. | Information Technology | Software - Application | IT Services & Consulting | 2.454e+09 | 15.79 | 20.18 | 22.12% | 26.83% | -3.09% | 9.82% | 2.18% | 4.36% | 11.14% | 29.85% | 85.6 | IT solutions reseller with thin margins — low multiple is structural, not a mispricing. Revenue mix shifts with hardware refresh cycles. |
| KVYO | Klaviyo, Inc. Series A | Information Technology | Software - Application | Enterprise Cloud Applications | 5.112e+09 | 16.15 | — | 31.63% | 31.15% | -48.65% | -0.66% | 7.62% | -3.34% | -7.17% | -30.11% | 44.1 | Marketing automation with high growth and strong retention; the discount versus peers reflects SMB exposure and the competitive threat of AI-native email/personalization tools. Watch net revenue retention. |
| FRSH | Freshworks Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 3.585e+09 | 16.49 | 21.81 | 16.43% | 292.65% | -3.58% | 30.88% | 8.02% | 24.34% | 60.89% | 24.12% | 96.7 | Mid-market ITSM/CRM with improving profitability; growth is steady but the AI assistant layer is table stakes now. Reasonable multiple leaves limited re-rating upside without an acceleration. |
| CLBT | Cellebrite DI Ltd. | Information Technology | Software - Infrastructure | Cybersecurity | 2.772e+09 | 16.89 | 47.96 | 18.56% | 127.68% | -42.79% | -16.25% | -6.68% | -28.24% | -16.31% | -42.85% | 37.2 | Digital forensics with government-heavy revenue — budget-cycle dependent and lumpy, but high switching costs. Cheap multiple reflects geopolitical/contract concentration. |
| TENB | Tenable Holdings, Inc. | Information Technology | Software - Infrastructure | Cybersecurity | 4.097e+09 | 17.03 | — | 11.04% | 0.50% | -12.78% | 25.30% | 3.16% | -1.48% | 92.25% | 26.40% | 90.6 | Exposure-management vendor facing competition from platform bundling; growth stabilized by OT/IoT security but the multiple now assumes modest growth. |
| PCTY | Paylocity Holding Corporation | Information Technology | Software - Application | HR & Benefits Administration | 9.208e+09 | 17.17 | 33.8 | 13.74% | 9.85% | 0.00% | 33.57% | 13.74% | 35.16% | 69.85% | 10.52% | 95.3 | Payroll/HCM for mid-market — recurring revenue with float income tailwind, but seat-based exposure to employment trends. Solid but unexciting compounder at a roughly market multiple. |
| IBM | International Business Machines | Information Technology | Information Technology Services | Data Center & Enterprise Networking | 2.187e+11 | 17.64 | 20.62 | 7.62% | 75.88% | -29.49% | -3.88% | -2.36% | 9.77% | -7.08% | -15.16% | 35.5 | Consulting-plus-software mix where AI (watsonx, hybrid cloud automation) is a real services revenue driver; growth is low but the dividend and backlog make it a defensive way to own enterprise AI adoption. Not a multiple-expansion story. |
| PAYC | Paycom Software, Inc. | Information Technology | Software - Application | HR & Benefits Administration | 1.134e+10 | 18.17 | 26.63 | 8.95% | -9.68% | -0.49% | 52.18% | 11.32% | 68.36% | 99.12% | 27.33% | 88.3 | Payroll/HCM with high margins but decelerating growth and heavy exposure to SMB hiring; earnings quality is good, top-line is the problem. Buybacks support the multiple, AI is not a near-term driver. |
| DUOL | Duolingo, Inc. | Information Technology | Software - Application | Education Services | 6.605e+09 | 18.47 | 16.76 | 38.71% | 367.48% | -57.12% | 14.28% | -3.63% | 5.88% | 41.04% | -58.44% | 86.3 | Consumer subscription app with strong engagement and now monetizing AI features (video calls, generated lessons) — a rare case where AI is incremental revenue rather than a threat. Multiple is high but growth durability and expanding margins are the offset; DAU trends are the key tell. |
| WK | Workiva Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 4.098e+09 | 18.6 | 89.65 | 19.75% | 52.46% | -19.29% | 25.56% | 2.88% | 31.68% | 31.34% | -12.71% | 86 | Compliance-reporting SaaS with sticky enterprise relationships and steady growth; AI is a modest productivity lever. Low float, growth-at-reasonable-multiple name. |
| ALRM | Alarm.com Holdings, Inc. | Information Technology | Software - Application | Cybersecurity | 2.816e+09 | 18.69 | 25.38 | 7.59% | 7.44% | -0.47% | 15.23% | 5.75% | 8.35% | 23.35% | 12.18% | 78 | Connected-device platform with hardware-adjacent revenue mix; steady SaaS ARPU growth and an underappreciated recurring base, but the multiple reflects low-teens growth and M&A integration risk. |
| QTWO | Q2 Holdings, Inc. | Information Technology | Software - Application | Fintech & Digital Payments | 3.862e+09 | 18.86 | 43.61 | 14.12% | 234.96% | -17.96% | 15.98% | 6.87% | 11.42% | 19.53% | 2.40% | 88.9 | Regional-bank digital banking software — deposit-pressure-era spending is recovering; deal cycles are long and revenue is concentrated among a handful of large banks. Low multiple fits the end-market consolidation risk. |
| ASAN | Asana, Inc. | Information Technology | Software - Application | Enterprise Cloud Applications | 2.258e+09 | 20.97 | — | 9.25% | 26.03% | -34.70% | 27.13% | -2.28% | 29.74% | 68.84% | -30.22% | 79.1 | Work-management software with strong enterprise wins but persistent GAAP losses; AI-workflow competition from larger suites is the core risk. Speculative. |
| QLYS | Qualys, Inc. | Information Technology | Software - Infrastructure | Cybersecurity | 6.263e+09 | 21.51 | 31.38 | 10.13% | 14.19% | -10.56% | 33.68% | 1.67% | 15.78% | 117.69% | 41.70% | 98.3 | Vulnerability management with strong margins and cash generation; growth limited by the same bundling dynamic hitting peers. The market rewards its profitability, penalizes its low growth. |
| BOX | Box, Inc. | Information Technology | Software - Infrastructure | Enterprise Cloud Applications | 5.428e+09 | 21.96 | 61.81 | 7.99% | -52.83% | 0.00% | 36.93% | 14.10% | 28.23% | 66.57% | 20.87% | 89.6 | Content management with an AI-agent layer (Enterprise Advanced) that is genuinely differentiated for unstructured data — the question is whether agentic retrieval expands its TAM or gets absorbed by hyperscaler tooling. Solid cash generation, small float. |
| INTA | Intapp, Inc. | Information Technology | Software - Application | Enterprise AI & Automation | 3.347e+09 | 22.31 | — | 17.09% | 43.11% | -8.45% | 47.40% | 18.94% | 49.66% | 91.24% | 16.19% | 95.4 | Vertical AI for professional services (legal, accounting, financial); durable growth and high retention, but the multiple already reflects success. Deal-cycle sensitivity to professional-services hiring is the risk. |
| MSFT | Microsoft Corporation | Information Technology | Software - Infrastructure | Enterprise Cloud Applications | 3.928e+12 | 22.44 | 29.46 | 17.79% | 31.34% | -2.65% | 21.23% | 6.29% | 31.76% | 25.64% | 3.89% | 96.9 | The only mega-cap at a sub-25x forward multiple with dominant share in both cloud infrastructure and enterprise AI software attach; Copilot seat adoption and Azure AI consumption are the swing factors. The multiple is the sector's de facto benchmark — the rest of this board is priced relative to it. |
| BSY | Bentley Systems, Incorporated | Information Technology | Software - Application | Construction & Property Technology Software | 1.069e+10 | 22.52 | 39.3 | 10.99% | 18.35% | -32.31% | 5.77% | 12.85% | 9.58% | 1.25% | -29.72% | 72 | Infrastructure engineering software with a subscription transition largely complete; growth is stable but capped, and AI design tools are a longer-dated threat. Reasonable multiple for a quasi-monopoly in its niche. |
| U | Unity Software Inc. | Information Technology | Software - Application | Media & Streaming | 1.778e+10 | 23.21 | — | 2.01% | 39.35% | -18.33% | 24.33% | -3.44% | 35.52% | 55.86% | 7.99% | 88.6 | Game/advertising engine pivoting to AI inference workloads — a genuine optionality story but revenue quality and licensing mix remain lumpy. High multiple on unstable earnings base. |
| SAP | SAP SE | Information Technology | Software - Application | Enterprise Cloud Applications | 1.83e+11 | 23.36 | 29.05 | 7.68% | 132.57% | -20.03% | 21.94% | 4.98% | 41.64% | 25.92% | -16.00% | 65.9 | Enterprise ERP with a strong cloud backlog and Business AI attach in a comparatively cheap European valuation — the arbitrage to US software peers is persistent and partly structural (lower growth, FX, conglomerate-ish mix). A defensive AI-adoption proxy. |
| ESTC | Elastic N.V. | Information Technology | Software - Application | Enterprise Cloud Applications | 9.632e+09 | 23.67 | 26.75 | 17.26% | 440.17% | -8.18% | 37.67% | 3.11% | 46.22% | 92.89% | 14.40% | 97.8 | Search-and-observability with high consumption growth; the multiple exceeds peers despite similar growth, so execution on sales productivity is already priced in. Watch for deceleration in cloud consumption revenue. |
AI & Cloud Software Heatmap — Valuation, Growth & Drawdown
[heatmap: AI & Cloud Software Heatmap — Valuation, Growth & Drawdown]
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