Research library · Software & Internet
Software & Internet: the moats, the numbers, the verdicts.
68 companies covered. Every report re-run after the latest earnings.
It also stopped reporting the artificial intelligence bookings figure it had published every quarter through last August, and the shares are 36% below their high.
Adobe's revenue growth has accelerated three quarters running, to 13%, and the market pays sixteen times earnings for it.
Adyen's take rate rose from 16.25 to 17.05 basis points across 2025 and then fell to 16.21 in the first half of 2026.
Agilysys grew subscription revenue 26.1% last quarter and raised its full-year guidance to at least 32% subscription growth.
AppLovin grew revenue 52.8% last quarter at an 83.9% adjusted margin, and the shares sit at $298.59 against a 52-week high of $745.61.
Big Digital Energy is the rebranded shell of Mawson Infrastructure (former MIGI, same SEC CIK 0001218683), a sub-scale Bitcoin-hosting operator with negative equity, a working-capi
At $132 a share you're paying $44.9B for roughly $26B of net cash and investments plus an $18B-EV operating business, where AI Cloud revenue compounded 79% YoY and GPU Cloud 184% Y
BILL's customer count peaked at 498,500 in December and has fallen every quarter since, to 479,300.
Box's net retention rate has risen for six consecutive quarters, from 102% to 105%.
Cheche Group is a Chinese online auto-insurance broker whose stock has run from $0.35 to $13 in a year on a real inflection: FY2025 revenue fell 13% to RMB 3.0B (≈$415M) while the
CDW's gross margin rose from 19.7% to 21.8% in one year and has sat between 21.7% and 21.9% ever since.
Corpay's debt reached $10.6B against $3.5B of book equity, three times over, after buying Alpha Group for about $2.4B in October.
Salesforce just reported its first accelerating quarter in three years, raised the full-year guide, and the stock jumped about 10% overnight, and even after the jump it costs rough
CrowdStrike Holdings, Inc. CRWD
CrowdStrike's free cash flow margin reached 33.7%, its highest ever, two years after an update it shipped crashed millions of computers worldwide.
CoreWeave, Inc. Class A Common Stock CRWV
CoreWeave paid $640M of interest last quarter, against $2.58B of revenue and $5.02B of total equity.
DoorDash grew revenue 36% last quarter and its profit fell 30%, and the market cap is $103B against $2.13 of trailing earnings per share.
Disney's Entertainment segment grew operating income 64% last quarter and Sports fell 17%.
dLocal's take rate fell from 2.79% to 2.26% over five quarters, and the gross profit it keeps per dollar processed fell from 1.07% to 0.72%.
Euronet's processing revenue per transaction fell from 14 cents to 8 cents over four years.
You're paying about 7.5 times depressed 2026 consensus earnings, roughly $34 billion, for one of the two dominant US bank-and-merchant processing platforms whose stock has fallen a
The wholesale royalty on a FICO score used in a mortgage went from 60 cents to $10.00 over five years, including a doubling from $4.95 in 2026.
Figma has accelerated revenue growth three quarters running, 48% in the latest, and the stock has fallen 63% from its post-IPO high anyway, because the sellers are the people who b
Fidelity National Information Services, Inc. FIS
In January FIS handed Global Payments its remaining 45% of Worldpay plus $7.7B in cash, and took back a card-issuing business.
Fiserv shares are $52.56 against a 52-week high of $238.59, and both the Securities and Exchange Commission's enforcement division and the United States Attorney for the Southern D
Shift4's blended spread dipped to 57 basis points in December and has recovered to 65, a five-quarter high.
Fortinet builds the network security boxes (FortiGate firewalls) and the software that runs on them, plus an expanding SASE and security operations layer on top, monetized through
GoDaddy's customer count was falling, so at the start of this year it stopped publishing the number.
Gen Digital is the consumer cyber-safety cash machine behind Norton, LifeLock, and Avast, now bolted to MoneyLion, a consumer-fintech business meant to graft a growth engine onto a
Alphabet sits at 28x trailing earnings and about 34x forward, a market multiple for a business whose Cloud arm is now growing 30%-plus into a structural compute shortage while Sear
Alphabet reported $112.1B of net income in a single quarter. Ninety-nine billion of it was writing up private shareholdings, mostly SpaceX.
Every forward indicator GitLab publishes has fallen for five consecutive quarters, in lockstep, while revenue still grows 23%.
International Business Machines Corporation IBM
It also stopped publishing the artificial intelligence number it had been leading with, which was $12.5B cumulative the last time anyone saw it.
Intuit just guided its small-business half to grow 13% to 14% and its TurboTax half to grow 2% to 3%, and the stock is priced at 11 times free cash flow as though both halves were
Jack Henry & Associates, Inc. JKHY
Jack Henry grew earnings per share 20% over nine months on 8% revenue growth, and roughly a quarter of the extra profit came from customers leaving.
Meta raised its capital spending guidance three times in eight months, from $115B to $145B, and the shares fell from $790.80 to $559.02.
Microsoft spent $115.95B on property and equipment last fiscal year, up 80%, and its finance lease obligations grew 44% to $66.59B.
Strategy owns 846,000 bitcoin that cost $63.9B and are carried at $49.7B, so the position is roughly $14.3B underwater.
Nebius has reported net income twice in six quarters, and both times it came from revaluing a stake in a private database company rather than from operations.
Cloudflare sits near a 52-week high at ≈42x trailing sales and roughly 270x trailing free cash flow, a price the underlying content-delivery and Zero-Trust business cannot carry on
Netflix stopped reporting subscriber counts and average revenue per member after the December 2024 quarter, at a record 301.6 million members.
NICE has de-rated roughly 45% from its $175 high to ≈$96.81 on a single fear: that conversational-AI agents deflect calls, shrink the human-seat count its contact-center software i
ServiceNow grew subscriptions 24% and beat every number it guided last quarter, and the stock still sits 35% below its high because GAAP earnings are a third of the adjusted ones.
Oracle's contracted future revenue went from $138B to $638B in one year, and the stock fell 59% from its high while that happened.
Payoneer's take rate fell from 126 to 116 basis points over five quarters while its revenue per customer rose from $452 to $533.
Palantir Technologies Inc. PLTR
Palantir's revenue grew 93% last quarter, and its contracted future business doubled from $5.4B to $11.2B in a year.
PTC's design software business has grown at exactly 8% in constant currency for six consecutive quarters.
Qualys prints a 39% EBITDA margin, an 83% gross margin, a 5.2% FCF yield on TTM cash flow, and holds ≈$467M net cash on a $5.6B market cap, yet trades at 29x TTM earnings after a 1
Q2's net revenue retention has risen three years running, from 108% to 113%, meaning every cohort of banks spends more each year than the last.
Reddit's revenue per user in the United States went from $7.04 to $10.79 in a year, a 53% increase, on a user base growing 19%.
Remitly's active customers grew from 8.9 million to 10.2 million in four quarters while its take rate held near 2.1%.
Roku just printed its first full year of GAAP net income ($88M in 2025) and doubled free cash flow to $478M, and the stock has re-rated ≈1.8x off its 52-week low to $142 as the mar
Roper Technologies is a serial acquirer of niche vertical software and medical product franchises, running 28 businesses across Application Software, Network Software, and Technolo
Shopify processed $115.6B of merchandise last quarter and grew revenue 34%, its fifth consecutive quarter above 30%.
Snap's daily users in North America have declined for seven straight quarters, and the rate of decline is getting worse: down 1%, then 2%, 3%, 5%, and now 7%.
Snowflake's revenue growth went 25.7%, 31.8%, 28.7%, 30.1%, then 33.5%. Software companies this size are supposed to decelerate.
The argument over Spotify is no longer whether it can make money, it made a record 33.4% gross margin and €655M of quarterly operating profit, but whether a business now growing by
SS&C Technologies Holdings, Inc. SSNC
A hedge fund that outsources its books to SS&C is not buying software, it is handing over the function, and taking it back means rehiring the department.
StoneCo's loans more than ninety days overdue went from 3.61% of its credit book to 8.60% in six quarters.
Teradata is the legacy enterprise data-warehouse incumbent re-platforming onto the cloud, and at roughly 1.7 times revenue with a 9% free-cash-flow yield it is priced as a melting
Atlassian is the default operating system for software and IT teams, charging per-seat subscriptions on Jira, Confluence, and Service Management, a business compounding TTM revenue
TKO owns the two highest-margin franchises in live sports, UFC and WWE, and just walked into a media-rights step-up cycle that drops almost entirely to a 60%-plus-margin EBITDA lin
Toast added a record 9,500 restaurant locations last quarter and its take rate has not moved from about 2.6% in six quarters.
Twilio's net expansion rate has risen in every one of the last seven quarters, from 106% to 116%.
Uber's mobility take rate held between 29.9% and 30.7% for five straight quarters and then broke to 25.4%.
Every property insurer in America hands Verisk its claims and premium data, and Verisk sells the pooled result back to all of them.
WEX's fleet payment transactions have been flat or falling for six consecutive quarters, from 134.5 million to 139.3 million with four declines in between.
Square's take rate bottomed at 1.18% in December and has risen for two quarters since, while its payment volume growth accelerated from 7.2% to 13%.
You're paying about 5.3 times revenue and roughly 19 times EBITDA, near $5.2 billion enterprise value, for the CLEAR identity network: a debt-free, FCF-rich subscription business w