U.S. Software Undervalued over 20% based on DCF

Oracle

Market Cap: US$421.0b

Offers products and services that address enterprise information technology environments worldwide.

International Business Machines

Market Cap: US$232.9b

Provides integrated solutions and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Salesforce

Market Cap: US$172.8b

Provides customer relationship management technology services that connect companies and customers together in the United States, Europe, and the Asia Pacific.

AppLovin

Market Cap: US$130.3b

Provides end-to-end artificial intelligence-powered advertising solutions for businesses in the United States and internationally.

Accenture

Market Cap: US$123.6b

Provides strategy and consulting, industry X, song, and technology and operation services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Intuit

Market Cap: US$116.8b

Provides financial management, payments and capital, compliance, and marketing products and services in the United States.

ServiceNow

Market Cap: US$106.7b

Provides cloud-based solution for digital workflows in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally.

Snowflake

Market Cap: US$52.4b

Provides a cloud-based data platform for various organizations in the United States and internationally.

Autodesk

Market Cap: US$50.2b

Engages in the provision of 3D design, engineering, and entertainment technology solutions worldwide.

Datadog

Market Cap: US$42.6b

Operates an observability and security platform for cloud applications in the United States and internationally.

Roper Technologies

Market Cap: US$36.8b

Designs and develops vertical software and technology enabled products in the United States, Canada, Europe, Asia, and internationally.

Fair Isaac

Market Cap: US$25.9b

Provides analytics software in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Zoom Communications

Market Cap: US$24.3b

Provides an Artificial Intelligence-first open work platform for human connection in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

Zscaler

Market Cap: US$22.3b

Operates as a cloud security company worldwide.

Trimble

Market Cap: US$15.2b

Offers technology solutions and platform that enable office professionals and field workers to connect workflows and industry lifecycles in North America, Europe, the Asia Pacific, and internationally.

Tyler Technologies

Market Cap: US$14.5b

Provides integrated software and technology management solutions for the public sector in the United States.

Okta

Market Cap: US$14.2b

Operates as an identity partner in the United States and internationally.

Guidewire Software

Market Cap: US$12.8b

Provides a platform for property and casualty (P&C) insurers worldwide.

Gen Digital

Market Cap: US$11.4b

Engages in the provision of cyber safety solutions for individuals, families, and small businesses.

Dynatrace

Market Cap: US$11.2b

Engages in the advancement of observability for digital businesses, which transforms the complexity of modern digital ecosystems in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America.

Gartner

Market Cap: US$11.1b

Provides business and technology insights for decisions and performance on an organization’s mission-critical priorities in the United States, Canada, Europe, the Middle East, Africa, and internationally.

Figma

Market Cap: US$11.1b

Develops and sells a collaborative, browser-based platform for designing, prototyping, building digital experiences, and subscriptions for access to its platform.

Nutanix

Market Cap: US$10.9b

Provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa.

Rubrik

Market Cap: US$10.4b

Provides data security solutions to individuals and businesses worldwide.

Manhattan Associates

Market Cap: US$8.1b

Develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations.

EPAM Systems

Market Cap: US$7.5b

Provides digital platform engineering and software development services worldwide.

Amdocs

Market Cap: US$7.1b

Through its subsidiaries, provides software and services to communications, entertainment, media, and other service providers worldwide.

Clear Secure

Market Cap: US$6.8b

Operates a secure identity platform under the CLEAR brand name primarily in the United States.

ServiceTitan

Market Cap: US$6.0b

Provides an end-to-end cloud-based software platform in the United States and Canada.

Dolby Laboratories

Market Cap: US$5.9b

Engages in the design and manufacture of audio, imaging, accessibility, and other hardware and software solutions for television, broadcast, and live entertainment industries in the United States and internationally.

OneStream

Market Cap: US$5.9b

OneStream, Inc. delivers a unified, AI-enabled, and extensible software platform in the United States and internationally.

UiPath

Market Cap: US$5.9b

Provides an automation platform that offers a range of robotic process automation (RPA) solutions primarily in the United States, Romania, the United Kingdom, the Netherlands, and internationally.

Klaviyo

Market Cap: US$5.8b

Provides a cloud-based software-as-a-service platform in the United States, rest of the Americas, the Asia-Pacific, the United Kingdom, rest of Europe, the Middle East, and Africa.

AppFolio

Market Cap: US$5.7b

Provides cloud-based platform for the real estate industry in the United States.

SentinelOne

Market Cap: US$4.5b

Operates as a cybersecurity provider in the United States and internationally.

ACI Worldwide

Market Cap: US$4.2b

Develops, markets, installs, and supports software products and services for facilitating electronic payments in the United States and worldwide.