Software - Application
83 companies · $304B combined revenue · $32.9B operating profit
The typical US-listed software - application company grew revenue 14.8% and earnings 18% in its latest year, at a 7.9% operating margin, and 21 of 83 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
14.8%Median revenue growth
18%Median earnings growth
14.2%Median revenue growth, 3 yrs
23.8%Median earnings growth, 3 yrs
7.9%Median operating margin
6.4%Median ROCE
Fastest revenue growthSoundhound AI SOUN99.4%Fastest earnings growthLyft LYFT12382%Highest ROCEFair Isaac FICO90.8%Biggest margin gainSoundhound AI SOUN+389.3 pts
Growth engines: the 4 Cylinders
All four working: 20% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more73%
- Operating leverage · Operating income growing faster than a growing revenue74%
- Margin expansion · Operating margin up 1 point or more69%
- Debt reduction · Debt down 5% or more, or net cash51%
Combined revenue · 79 companies reporting in US dollars
Combined operating margin
All 83 companies
| Median | – | 14.8% | 18% | 7.9% | 6.4% | 0.48x |
| SAPSAP | EUR 36.8B | 7.7%▼ | 133%▲ | 26.1%▲ | 18.2%▲ | 0.14x▲ |
| SHOPShopify | $11.6B | 30.1%▲ | -39%▼ | 12.7%▲ | 10.6%▲ | – |
| CRMSalesforce | $41.5B | 9.6%▼ | 20.3%▲ | 20.1%▲ | 11.1%▲ | 0.24x▲ |
| NOWServiceNow | $13.3B | 20.9%▲ | 22.7%▲ | 13.7%▲ | 11.7%▲ | 0.12x▲ |
| UBERUber Technologies | $52.0B | 18.3%▲ | 2%▼ | 10.7%▲ | 11.2%▲ | 0.39x▲ |
| SNPSSynopsys | $7.1B | 15.1%▲ | -41.1%▼ | 13%▲ | 2.1%▼ | 0.48x |
| CDNSCadence Design Systems | $5.3B | 14.1%▼ | 5.1%▼ | 28.2%▲ | 17.5%▲ | – |
| APPAppLovin | $5.5B | 70%▲ | 111%▲ | 75.8%▲ | 70.1%▲ | 1.65x▼ |
| INTUIntuit | $21.4B | 13.9%▼ | 18% | 27.4%▲ | 22.1%▲ | 0.40x▲ |
| NTESNetEase | CNY 113B | 7%▼ | 15%▼ | 31.8%▲ | 21.2%▲ | – |
| DASHDoorDash | $13.7B | 27.9%▲ | 660%▲ | 5.3%▼ | 5.4%▼ | – |
| MSTRStrategy | $477M | 3%▼ | – | -1141%▼ | -8.9%▼ | 0.19x▲ |
| TEAMAtlassian | $6.6B | 26%▲ | – | 0.2%▼ | 0.4%▼ | 0.93x▼ |
| ADSKAutodesk | $7.2B | 17.5%▲ | 1.1%▼ | 21.9%▲ | 23.7%▲ | 0.82x▼ |
| WDAYWorkday | $9.6B | 13.1%▼ | 31.7%▲ | 7.5%▼ | 6.2%▼ | 0.38x▲ |
| TTWOTake Two Interactive Software | $6.7B | 18.2%▲ | – | -1.6%▼ | -1.5%▼ | 0.72x▼ |
| RBLXRoblox | $4.9B | 35.8%▲ | – | -25.2%▼ | -27.8%▼ | 2.56x▼ |
| ZMZoom Communications | $4.9B | 4.4%▼ | 88.1%▲ | 23.1%▲ | 11.3%▲ | – |
| PTCPTC | $2.7B | 19.2%▲ | 95%▲ | 35.9%▲ | 18.3%▲ | 0.31x▲ |
| SSNCSS&C Technologies | $6.3B | 6.6%▼ | 4.8%▼ | 22.9%▲ | 9.2%▲ | 1.08x▼ |
| UUnity Software | $1.8B | 2%▼ | – | -25.9%▼ | -9%▼ | – |
| FICOFair Isaac | $2.0B | 15.9%▲ | 27.1%▲ | 46.5%▲ | 90.8%▲ | – |
| TYLTyler Technologies | $2.3B | 9.1%▼ | 20%▲ | 15.3%▲ | 9.2%▲ | 0.16x▲ |
| DOCUDocusign | $3.2B | 8.2%▼ | -71.1%▼ | 9.3%▲ | 13.6%▲ | – |
| GWREGuidewire Software | $1.5B | 22.7%▲ | 99.5%▲ | 10.2%▲ | 7.8%▲ | 0.57x▼ |
| MANHManhattan Associates | $1.1B | 3.7%▼ | 0.7%▼ | 25.9%▲ | 73%▲ | – |
| GRABGrab | $3.4B | 20.5%▲ | – | 1.9%▼ | 0.9%▼ | 0.31x▲ |
| HUBSHubspot | $3.1B | 19.2%▲ | 892%▲ | 0.2%▼ | 0.3%▼ | – |
| FIGFigma | $1.1B | 41%▲ | – | -122%▼ | -82.1%▼ | – |
| SAILSailPoint | $1.1B | 24.4%▲ | – | -28.7%▼ | -4.4%▼ | 0.00x▲ |
| PAYCPaycom Software | $2.1B | 8.9%▼ | -9.7%▼ | 27.6%▲ | 25.4%▲ | – |
| BSYBentley Systems | $1.5B | 11%▼ | 18.3%▲ | 24.1%▲ | 14%▲ | 1.05x▼ |
| YMMFull Truck Alliance | CNY 12.5B | 11.1%▼ | 42.8%▲ | 33.2%▲ | 10%▲ | – |
| PCTYPaylocity | $1.7B | 12.2%▼ | 18.8%▲ | 23.4%▲ | 26.4%▲ | 0.07x▲ |
| PCORProcore Technologies | $1.3B | 14.8%▲ | – | -9.4%▼ | -9.2%▼ | – |
| ZETAZeta Global | $1.3B | 29.7%▲ | – | 0.4%▼ | 0.5%▼ | 0.24x▲ |
| NTSKNetskope | $709M | 31.7%▲ | – | -92%▼ | -59.8%▼ | – |
| DBXDropbox | $2.5B | -1.1%▼ | 12.4%▼ | 27.3%▲ | 72.4%▲ | – |
| DSGXDescartes Systems | $729M | 12%▼ | 14.3%▼ | 28.8%▲ | 12.6%▲ | – |
| APPFAppfolio | $951M | 19.7%▲ | -30.9%▼ | 16.1%▲ | 26.3%▲ | – |
| DUOLDuolingo | $1.0B | 38.7%▲ | 367%▲ | 13.1%▲ | 9.4%▲ | – |
| NICENICE | $2.9B | 7.7%▼ | 39.3%▲ | 21.9%▲ | 15.3%▲ | – |
| GLBEGlobal-E Online | $962M | 27.8%▲ | – | 7.4%▼ | 7.5%▲ | – |
| RNGRingCentral | $2.5B | 4.8%▼ | – | 4.8%▼ | 45.9%▲ | – |
| NAVNNavan | $702M | 30.8%▲ | – | -28%▼ | -14.2%▼ | 0.10x▲ |
| CVLTCommvault Systems | $1.2B | 18.9%▲ | -7.2%▼ | 6.3%▼ | 6%▼ | – |
| LYFTLyft | $5.9B | 9.9%▼ | 12382%▲ | -3.2%▼ | -4.2%▼ | 0.32x▲ |
| MBLYMobileye Global | $1.9B | 14.5%▼ | – | -23.2%▼ | -3.6%▼ | – |
| TTDTrade Desk | $2.9B | 18.5%▲ | 12.8%▼ | 20.3%▲ | 20.4%▲ | – |
| PEGAPegasystems | $1.7B | 16.6%▲ | 297%▲ | 15.1%▲ | 29.4%▲ | – |
| BOXBox | $1.2B | 8%▼ | -52.8%▼ | 7.1%▼ | 11.2%▲ | – |
| KVYOKlaviyo | $1.2B | 31.6%▲ | – | -5.5%▼ | -5.2%▼ | – |
| VRNSVaronis Systems | $624M | 13.2%▼ | – | -23.5%▼ | -12.9%▼ | – |
| ACIWAci Worldwide | $1.8B | 10.4%▼ | 11.6%▼ | 18.7%▲ | 13.8%▲ | 0.54x▼ |
| BBBlackberry | $549M | 2.7%▼ | – | 8.8%▲ | 4.9%▼ | 0.26x▲ |
| YOUClear Secure | $901M | 16.9%▲ | -35.7%▼ | 20.7%▲ | 34.3%▲ | – |
| CCCCCC Intelligent Solutions | $1.1B | 11.9%▼ | -94.6%▼ | 8.9%▲ | 2.8%▼ | 0.72x▼ |
| FSLYFastly | $624M | 14.8% | – | -19.1%▼ | -9.1%▼ | 0.39x▲ |
| WKWorkiva | $885M | 19.7%▲ | – | -4.8%▼ | -5.6%▼ | – |
| BILLBILL | $1.7B | 13%▼ | -147%▼ | -4.4%▼ | -1.4%▼ | 0.52x▼ |
| QTWOQ2 | $795M | 14.1%▼ | – | 5%▼ | 5.4%▼ | – |
| MNDYmonday.com | $1.2B | 26.7%▲ | 267%▲ | -0.1%▼ | -0.1%▼ | – |
| FRSHFreshworks | $839M | 16.4%▲ | – | 1.6%▼ | 1.2%▼ | – |
| MGNIMagnite | $714M | 6.9%▼ | 535%▲ | 13.7%▲ | 7.4%▲ | 0.60x▼ |
| BRZEBraze | $738M | 24.4%▲ | – | -19.6%▼ | -20.9%▼ | – |
| WIXWix.com | $2.0B | 13.2%▼ | -63.4%▼ | 0.1%▼ | 0.1%▼ | – |
| SPSCSPS Commerce | $752M | 17.8%▲ | 21.1%▲ | 15.7%▲ | 11.6%▲ | – |
| INTAIntapp | $578M | 14.6%▼ | – | -6.9%▼ | -11.5%▼ | – |
| AVPTAvePoint | $419M | 26.9%▲ | – | 7.9% | 6.4% | – |
| ALRMAlarm.com | $1.0B | 7.6%▼ | 7.4%▼ | 13.2%▲ | 9.1%▲ | 0.58x▼ |
| TDCTeradata | $1.7B | -5%▼ | 14%▼ | 12.3%▲ | 23.7%▲ | 1.98x▼ |
| CLBTCellebrite DI | $476M | 18.6%▲ | – | 14%▲ | 11.7%▲ | – |
| APPNAppian | $727M | 17.8%▲ | – | 0.1%▼ | 0.3%▼ | – |
| VIAVia Transportation | $434M | 28.6%▲ | – | -17.6%▼ | -12%▼ | – |
| KCKingsoft Cloud | CNY 9.6B | 22.8%▲ | – | -8.1%▼ | -4.5%▼ | 0.68x▼ |
| FIVNFive9 | $1.1B | 10.3%▼ | – | 2.5%▼ | 1.8%▼ | – |
| ADEAAdeia | $443M | 17.9%▲ | 71.9%▲ | 39.5%▲ | 18.2%▲ | 0.87x▼ |
| ASANAsana | $791M | 9.2%▼ | – | -25%▼ | -57.5%▼ | – |
| BLKBBlackbaud | $1.1B | -2.3%▼ | – | 16.9%▲ | 15.8%▲ | 13x▼ |
| NCNOnCino | $595M | 10%▼ | – | 0.6%▼ | 0.3%▼ | 0.20x▲ |
| VERXVertex | $748M | 12.2%▼ | – | 0.3%▼ | 0.3%▼ | 1.30x▼ |
| AMPLAmplitude | $343M | 14.7%▼ | – | -24.9%▼ | -33.3%▼ | – |
| SOUNSoundhound AI | $169M | 99.4%▲ | – | -13.8%▼ | -3.8%▼ | – |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).