Software - Infrastructure
30 companies · $507B combined revenue · $191B operating profit
The typical US-listed software - infrastructure company grew revenue 20.3% and earnings 26.6% in its latest year, at a 4.1% operating margin, and 6 of 30 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 25% 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 more90%
- Operating leverage · Operating income growing faster than a growing revenue63%
- Margin expansion · Operating margin up 1 point or more60%
- Debt reduction · Debt down 5% or more, or net cash42%
Combined revenue · 30 companies reporting in US dollars
Combined operating margin
All 30 companies
| Median | – | 20.3% | 26.6% | 4.1% | 0.8% | 0.67x |
| MSFTMicrosoft | $332B | 17.8%▼ | 31.3%▲ | 46.8%▲ | 26.3%▲ | 0.09x▲ |
| PLTRPalantir Technologies | $4.5B | 56.2%▲ | 252%▲ | 31.6%▲ | 18.3%▲ | – |
| ORCLOracle | $67.4B | 17.3%▼ | 37.3%▲ | 30.6%▲ | 9.4%▲ | 3.05x▼ |
| PANWPalo Alto Networks | $11.5B | 24.5%▲ | -72.9%▼ | 6.1%▲ | 1.8%▲ | – |
| CRWDCrowdStrike | $4.8B | 21.7%▲ | – | -6.1%▼ | -4.2%▼ | 0.17x▲ |
| FTNTFortinet | $6.8B | 14.2%▼ | 6.2%▼ | 30.7%▲ | 38.9%▲ | 0.81x▼ |
| SNOWSnowflake | $4.7B | 29.2%▲ | – | -30.6%▼ | -30.5%▼ | – |
| NETCloudflare | $2.2B | 29.8%▲ | – | -9.6%▼ | -5.6%▼ | – |
| DDOGDatadog | $3.4B | 27.7%▲ | -41.4%▼ | -1.3%▼ | -0.9%▼ | – |
| ADBEAdobe | $23.8B | 10.5%▼ | 28.2%▲ | 36.6%▲ | 45.1%▲ | 0.53x▲ |
| NBISNebius | $530M | 479%▲ | – | -115%▼ | -5.6%▼ | 0.90x▼ |
| TWLOTwilio | $5.1B | 13.7%▼ | – | 3.1%▼ | 1.8%▲ | 0.13x▲ |
| OKTAOkta | $2.9B | 11.8%▼ | 739%▲ | 5.1%▲ | 2.1%▲ | – |
| CRWVCoreWeave | $5.1B | 168%▲ | – | -0.9%▼ | -0.1%▼ | 6.41x▼ |
| ZSZscaler | $3.4B | 25.4%▲ | – | -4%▼ | -2.7%▼ | – |
| MDBMongoDB | $2.5B | 22.8%▲ | – | -5.6%▼ | -4.4%▼ | – |
| VRSNVerisign | $1.7B | 6.4%▼ | 5.1%▼ | 67.7%▲ | -15569%▼ | – |
| RBRKRubrik | $1.3B | 48.5%▲ | – | -26.2%▼ | -23.8%▼ | – |
| NTNXNutanix | $2.9B | 12.4%▼ | 700%▲ | 9.6%▲ | 8.1%▲ | – |
| DTDynatrace | $2.0B | 18.8%▼ | -66.4%▼ | 12.2%▲ | 8.6%▲ | – |
| GENGen Digital | $5.0B | 27.1%▲ | 51.3%▲ | 42.4%▲ | 16.5%▲ | 3.14x▼ |
| CHKPCheck Point Software Technologies | $2.7B | 6.3%▼ | 25%▼ | 30.5%▲ | 14.2%▲ | – |
| DOCNDigitalOcean | $901M | 15.5%▼ | 207%▲ | 17.4%▲ | 12.9%▲ | – |
| AKAMAkamai Technologies | $4.2B | 5.4%▼ | -10.5%▼ | 13.5%▲ | 5.4%▲ | – |
| FROGJFrog | $532M | 24.1%▲ | – | -17.3%▼ | -9.8%▼ | – |
| ESTCElastic | $1.7B | 17.3%▼ | – | -1.9%▼ | -1.7%▼ | 0.45x▲ |
| GTLBGitlab | $955M | 25.8%▲ | – | -7.4%▼ | -6.6%▼ | – |
| SSentinelOne | $1.0B | 21.9%▲ | – | -32.1%▼ | -19.1%▼ | – |
| QLYSQualys | $669M | 10.1%▼ | 14.2%▼ | 33.2%▲ | 35.4%▲ | – |
| TENBTenable | $999M | 11%▼ | – | -0.9%▼ | -1%▼ | – |
▲ 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).